A London-based production coordinator emails asking to "pencil you in" for next month. A studio in Los Angeles asks to "put a first hold" on the same week. If you've worked on both sides of the Atlantic, you've probably noticed these are two names for exactly the same thing.
In the UK and much of Europe, it's a "pencil" — you're "penciled in" for a first pencil or second pencil. In North America, the same concept is called a "hold" — first hold, second hold.
Same meaning, different word
There's no functional difference. A first pencil works exactly like a first hold: it's exclusive to one client for a given block of dates. A second pencil works exactly like a second hold: you're in line, and the client can challenge the first pencil to try to convert it into a booking, with the same customary 24-hour window to respond.
Why this matters in practice
If you regularly work with clients across both regions, it's worth being fluent in both terms — the London coordinator asking to "pencil you in" is asking for exactly the same commitment as the LA studio asking for a "first hold." Mixing up the vocabulary doesn't change the mechanics, but using the wrong term with a client can read as unfamiliarity with how their market works, which is a small but avoidable dent in how professional you come across on a first interaction.
Firsthold's own calendar terminology adapts to whichever region you're in, so "hold" and "pencil" both show up correctly depending on where you're based.