What is the meaning of the phrase “coined the term”?

The phrase “coined the term” is used to mean that someone basically created a commonly used term, so “coined the term” is synonymous with “created the phrase” or “was the first to use the phrase”.

"Many people have said that they were the ones 
who coined the term "social media", but it's 
hard to know who really was the first to use
the term."

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