Circulated means used, so if it has any wear, it's circulated.

For a numismatic collection the non-circulated coins are more valuable.

The price difference between circulated an non-circulated coins is very important in catalogs.

Trade dollars circulated in China and the Far East.

In average circulated condition, it's worth about $2.

Silver value in bad circulated condition, $25 in average circulated condition, $35 in good circulated condition, and $730 in uncirculated condition.