Puncheon

Puncheon is a metal tool with an engraved image, used to strike coins or medals. Strictly speaking, in numismatics, a puncheon is the primary matrix from which dies for mass minting are subsequently made. The impression of the puncheon is the first step in creating any coin: the clarity of details on the issued specimens depends on the quality of the puncheon's engraving.

There have been cases where entire series of counterfeits were created based on famous puncheons, and antique experts debated whether they were seeing the original or a clever imitation! Interest in puncheons is so great that museums even collect worn-out tools to study the evolution of coin images. There is an element of mystery, since it is often unknown how many specimens were struck from a particular puncheon: sometimes such a 'parent' makes a coin particularly valuable in the eyes of collectors.