Wikipedia
Internal conversion is a radioactive decay process wherein an excited nucleus interacts electromagnetically with one of the orbital electrons of the atom. This causes the electron to be emitted (ejected) from the atom. Thus, in an internal conversion process, a high-energy electron is emitted from the radioactive atom, but not from the nucleus. For this reason, the high-speed electrons resulting from internal conversion are not called beta particles, since the latter come from beta decay, where they are newly created in the nuclear decay process.
Internal conversion is possible whenever gamma decay is possible, except in the case where the atom is fully ionised. During internal conversion, the atomic number does not change, and thus (as is the case with gamma decay) no transmutation of one element to another takes place.
Since an electron is lost from the atom, a hole appears in an electron shell which is subsequently filled by other electrons. This process produces characteristic X-ray(s), Auger electron(s), or both. The atom thus emits high-energy electrons and X-ray photons, but none of these originate in the nucleus, which supplies only the needed energy.
Since primary electrons from internal conversion carry a fixed (large) part of the characteristic decay energy, they have a discrete energy spectrum, rather than the spread (continuous) spectrum characteristic of beta particles. Whereas the energy spectrum of beta particles plots as a broad hump, the energy spectrum of internally converted electrons plots as a single sharp peak (see example below).
Internal conversion is a transition from a higher to a lower electronic state in a molecule or atom. It is sometimes called "radiationless de-excitation", because no photons are emitted. It differs from intersystem crossing in that, while both are radiationless methods of de-excitation, the molecular spin state for internal conversion remains the same, whereas it changes for intersystem crossing. The energy of the electronically excited state is given off to vibrational modes of the molecule. The excitation energy is transformed into heat.