A term that refers to going second in a match.
A holdover term from the days of Gwent's Beta (when the coin was color-coded to show which player was in control of the current turn), the Red Coin simply means that the player in question is acting second in the first round of the match. In contrast, the Blue Coin refers to a player who must act first in the first round.
This is also often referred to as "winning the coin flip," as reacting to the opponent's plays without risk of losing the round with the same number of cards in hand as the opponent is generally considered a positive.
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