What a sweet name!
Since leading zeros of a binary number can be dropped, it is safe to not actually include the first 1. There will always be one, so there is no need to show it.
The exponent is adjusted so that the most significant 1 is in the one's place of the mantissa. Then that 1-bit is dropped.
For example: say that you wish to represent 3.17578125 as a float.
In binary, this is
00011.00101101
.
11.00101101
1.100101101 × 21
100101101 × 21
10010110100000000000000 × 21
10010110100000000000000
Is the mantissa always zero or positive?