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