Circulated Coins

For circulated coins grade is primarily an indication of how much wear has occurred and generally does not take into account presence or absence of dings, scratches, toning, dirt and other foreign substances (though such information may also be noted).

ANA grading standards recognize 11 grades for circulated coins (listed here with brief, generic descriptions):

AU-58, very choice about uncirculated: just traces of wear on a coin with nearly full luster and no major detracting contact marks

AU-55, choice about uncirculated: small traces of wear visible on highest points

AU-50, about uncirculated: very light wear on highest points; still has at least half of original mint luster

EF-45 or XF-45, choice extremely fine: all design details are sharp; some mint luster remains, though perhaps only in "protected areas"

EF-40 or XF-40, extremely fine: slightly more wear than a "45"; traces of mint luster may show

VF-30, choice very fine: light even wear on high points, all lettering and design details are sharp

VF-20, very fine: most details are still well defined; high points are smooth

F-12, fine: major elements are still clear but details are worn away

VG-8, very good: major design elements, letters and numerals are worn but clear

G-4, good: major design elements are outlined but details are gone; for some series date may not be sharp and rim may not be complete.

AG-3, about good: heavily worn; date may be barely discernable While coins more worn than AG are rarely collected, two additional grades are nevertheless used to characterize them:

F-2, fair -- very heavily worn; major portions may be completely smooth

P-1, poor, filler or cull -- barely recognizable While not included in ANA standards, intermediate grades like AU-53, VF-35, F-15 and G-6 are used by some dealers and grading services. When a grader believes a coin is better than minimum requirements but not nice enough for next higher grade "+" or "PQ" may be included (e.g. MS64PQ or VG+) or a range may be given (e.g. F-VF).

Split Grades

When there are significant differences between obverse and reverse sides, a split grade may be assigned. Split grades are denoted with a "/". For example, "F/VF" means that obverse is F and reverse is VF.

The overall grade is often determined by obverse. An intermediate value may be appropriate when difference is significant, especially if reverse is lower. A coin graded MS-60/61 would be considered to have an overall grade of MS-60, and another at MS-65/63 could be considered to have an overall grade of MS-64.

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Buy Rare Coins During Market Lulls - Since January of 1970, U.S. Rare Coin Market has had eight very definitive market cycles. There have been three complete Bull and Bear Market cycles since 1970. To maximize profits, collectors prefer to acquire coins that are currently undervalued. They hold their coins and wait until a Bull Market when investors move in and bid up coin prices- then they sell and take their profits.

The most profitable period for U.S. Rare Coin Market showed increases of 1,195% from December of 1975 through March of 1980. This market cycle parallels a time of high inflation in U.S., rising gold prices, and a very weak economy- a market cycle that appears to be on horizon ahead.

Other Rare Coin Market cycles since 1970 showed increases of 665% and 348%. Past performance is no guarantee of future value, but it is an indication of just how volatile and profitable collecting U.S. Rare Coins can be in uncertain economic climates when there's a flight to safety from stocks to hard assets.