According to section 101.5.3 (Command for Declaring New Shapes) of chapter 101 (Nodes and Shapes) of the TikZ & PGF manual for version 3.0.1a (p. 1034), the following code-snippet is the definition of PGF's built-in coordinate node shape.
\pgfdeclareshape{coordinate}{%
\savedanchor\centerpoint{%
\pgf@x=.5\wd\pgfnodeparttextbox%
\pgf@y=.5\ht\pgfnodeparttextbox%
\advance\pgf@y by -.5\dp\pgfnodeparttextbox%
}
\anchor{center}{\centerpoint}
\anchorborder{\centerpoint}
}
Note the use of the macro \pgfnodeparttextbox. This macro is created automatically by PGF and stores the textbox (a simple TeX box) of the coordinate's label. This textbox is placed such that its lower left corner coincides with the text anchor. If no such anchor is explicitly defined, it is at the origin by default (this is stated in the bottom of p. 1036).
Therefore, I would expect the center of the node to be located at .5(W,H), where W is \pdfnodeparttextbox's width, and H is \pdfnodeparttextbox's total height, i.e. <label height> + <label depth>. However according to the above code, the \pgf@y of the center of the node is at .5*(<label height> - <label depth>).
\htthe distance from the baseline to the top of the textbox? This is what I gather from this answer. – Evan Aad Jul 23 '17 at 11:11\pgfnodeparttextboxis expected to be an empty box in a coordinate, so all dimensions are0pt. – Mark Wibrow Jul 24 '17 at 16:14