FR-2 This is for "Fair" (the grade) and "2" (the numerical designation that means Fair). A coin that is worn out. There will be some detail intact, the date will be discernible (if not fully readable) and there is almost always heavy wear into the rims and fields. Lowball means lowest possible points awarded in a registry set. Lately, there has been a fad to go in the opposite direction (highest points available in registry sets) of the intent of the registry and that is to score the "least" possible points, or have the worst possible set. Some coins are very scarce in this condition. Happy Collecting
A lowball set is for the people that don't have the big bucks to go for super high grade. I think going for a grade that is lower then others can be just as silly as spending huge money for one grade higher regardless of the what the coin looks like.