A coin which has "circulated" shows evidence of use in commerce, such as luster interruption, wear, circulation marks, dirt, etc. Conversely, an "uncirculated" coin displays no such evidence.
Lots of wear on the coin and the lowest grading possible.
edge of a coin with grooved lines that run around the entire perimeter of the coin
In coin collecting, it means Brilliant Uncirculated, a very nice coin, but not as good as a Proof coin.
A coin described as "Premium Quality" is an above average example.
It means the front side the "heads" of the coin. The reverse is the opposite end often called the "tails" of a coin.
A coin collection is called, well, a coin collection. The hobby of collecting coins is called numismatics.
The term "circulated" in the world of coins means not in mint condition. In particular, any coin that you find in change is by definition circulated. The way you can tell is by looking closely at the coin and checking for dents, scratches, wear and other signs that the coin has been used (circulated). If in doubt, get it graded by your local coin shop and have them evaluate it for you.
a coin collector
It means "premium quality". It is not an official form of grading.
If you mean an 1853 $1 gold coin value can be $125.00 to $270.00 for a circulated coin. And more than $300.00 for uncirculated coins.
The most circulated coin would be the half dollar. I am not much of a coin expert but I have seen the half dollar mostly circulated then any other coin. That is if your thinking about coins that the mint had stopped making or don't make much of any more.
Coin collecting