| Grading coinsThe condition of a coin is
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| | collectors and dealers you trust, or
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| commonly summarized by a grade. Because
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| | concentrate on circulated
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| the value of collectible coins often
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| | coins.Circulated CoinsFor circulated
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| varies dramatically with grade and overly
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| | coins the grade is primarily an
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| generous grading is not uncommon,
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| | indication of how much wear has occurred
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| reasonable grading proficiency is an
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| | and generally does not take into account
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| important skill for collectors. The
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| | the presence or absence of dings,
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| material presented here is intended only
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| | scratches, toning, dirt and other foreign
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| as an introduction to the subject.
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| | substances (though such information may
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| Grading is a skill that can only be
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| | also be noted).ANA grading standards
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| developed over time through referrals to
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| | recognize 11 grades for circulated coins
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| grading guides, consultation with
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| | (listed here with brief, generic
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| experienced collectors and dealers, and
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| | descriptions):AU-58, very choice about
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| lots of practice.Published standards set
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| | uncirculated: just traces of wear on a
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| objective criteria for grading, yet some
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| | coin with nearly full luster and no major
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| amount of subjectivity is inevitable --
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| | detracting contact marksAU-55, choice
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| even expert graders will often assign
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| | about uncirculated: small traces of wear
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| slightly different grades to the same
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| | visible on the highest pointsAU-50, about
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| coin. While you can often ask an
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| | uncirculated: very light wear on the
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| experienced grader for an opinion, being
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| | highest points; still has at least half
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| able to make your own reasonable
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| | of the original mint lusterEF-45 or
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| assessment of grade is your best
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| | XF-45, choice extremely fine: all design
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| protection.An overview of American
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| | details are sharp; some mint luster
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| Numismatic Association standards follows.
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| | remains, though perhaps only in
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| ANA standards are widely used in the U.S.
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| | "protected areas"EF-40 or XF-40,
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| but are not the only system used. Much of
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| | extremely fine: slightly more wear than a
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| the rest of the world uses the grades
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| | "45"; traces of mint luster may
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| Fair, Fine, Very Fine, Extremely Fine,
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| | showVF-30, choice very fine: light even
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| Uncirculated and Fleur-de-coin.Numerals
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| | wear on high points, all lettering and
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| used in coin grades have been taken from
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| | design details are sharpVF-20, very fine:
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| the Sheldon scale (see
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| | most details are still well defined; high
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| Glossary).Uncirculated CoinsCoins with no
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| | points are smoothF-12, fine: major
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| wear at all are referred to as
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| | elements are still clear but details are
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| uncirculated or in mint state (MS).
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| | worn awayVG-8, very good: major design
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| Grades from MS-60 to MS-70 in one point
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| | elements, letters and numerals are worn
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| increments are used for mint state coins.
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| | but clearG-4, good: major design elements
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| Criteria include luster; the number, size
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| | are outlined but details are gone; for
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| and location of contact marks; the
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| | some series the date may not be sharp and
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| number, size and location of any
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| | the rim may not be complete.AG-3, about
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| hairlines, and the quality of the strike
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| | good: heavily worn; date may be barely
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| and overall eye appeal..An MS-60 coin may
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| | discernable
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| have dull luster and numerous contact
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| | While coins more worn than AG are rarely
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| marks in prime focal areas, as long as
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| | collected, two additional grades are
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| there is no wear. To merit MS-65, a coin
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| | nevertheless used to characterize
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| should have brilliant cartwheel luster
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| | them:F-2, fair -- very heavily worn;
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| (attractive toning is permissible), at
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| | major portions may be completely
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| most a few inconspicuous contact marks,
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| | smoothP-1, poor, filler or cull -- barely
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| no hairlines, and nearly complete
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| | recognizable
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| striking details. Grades from MS-61 to
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| | While not included in the ANA standards,
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| MS-64 cover intermediate parts of this
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| | intermediate grades like AU-53,
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| range. Truly exceptional coins may be
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| | VF-35, F-15 and G-6 are used by some
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| graded MS-66, MS-67 or, if absolutely
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| | dealers and grading services. When a
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| flawless, as high as the theoretical
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| | grader believes a coin is better than the
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| maximum of MS-70. Many numismatists
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| | minimum requirements but not nice enough
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| consider MS-70 to be an unobtainable
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| | for the next higher grade "+" or "PQ" may
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| ideal.Terms such as brilliant
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| | be included (e.g. MS64PQ or VG+) or a
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| uncirculated (BU), choice BU, gem BU,
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| | range may be given (e.g. F-VF).Split
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| select BU and premium BU are still used
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| | GradesWhen there are significant
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| in lieu of numerical grades by some
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| | differences between the obverse and
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| dealers, auctioneers and others.
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| | reverse sides, a split grade may be
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| Correlations between these terms and the
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| | assigned. Split grades are denoted with a
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| numeric MS grades are difficult at best,
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| | "/". For example, "F/VF" means that the
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| because of inconsistent usage and in some
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| | obverse is F and the reverse is VF.The
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| cases overgrading.Market values for many
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| | overall grade is often determined by the
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| uncirculated coins vary dramatically from
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| | obverse. An intermediate value may be
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| one grade to the next. Remember that
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| | appropriate when the difference is
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| whether a coin is described with a
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| | significant, especially if the reverse is
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| numerical or an adjectival grade, it's
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| | lower. A coin graded MS-60/61 would be
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| only someone's opinion. Until you are
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| | considered to have an overall grade of
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| comfortable with your ability to grade
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| | MS-60, and another at MS-65/63 could be
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| uncirculated coins, make liberal use of
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| | considered to have an overall grade of
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| other opinions, such as those available
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| | MS-64.
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| with slabbed coins or from experienced
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