The facts behind increasing demand for gold and silver, rare coins, and historic collectibles from U.S. Mint...

No other substance on Earth embodies unique characteristics of gold. Its yellow lustre and beauty are unsurpassed. Since earliest days of man, it has been admired, molded, shaped, and worn as a symbol of wealth and good taste.

The romance and lure of gold is enhanced by its historic use as a storehouse of wealth. Gold's value is intrinsic. Its value is a measure of true wealth and stability of national currencies world over. Throughout history, every paper currency has become totally worthless over time; yet gold remains.

The precious metal gold cannot be created or destroyed or altered. It forever remains one of most liquid investments with no geographic boundaries. Gold is bought, sold, traded, and stored in most parts of free world with complete privacy. Likewise, U.S. gold coins enjoy many of these unique advantages.

The condition of a coin is commonly summarized by a grade. Because value of collectible coins often varies dramatically with grade and overly generous grading is not uncommon, reasonable grading proficiency is an important skill for collectors. The material presented here is intended only as an introduction to subject. Grading is a skill that can only be developed over time through referrals to grading guides, consultation with experienced collectors and dealers, and lots of practice.

Published standards set objective criteria for grading, yet some amount of subjectivity is inevitable -- even expert graders will often assign slightly different grades to same coin. While you can often ask an experienced grader for an opinion, being able to make your own reasonable assessment of grade is your best protection.

An overview of American Numismatic Association standards follows. ANA standards are widely used in U.S. but are not only system used. Much of rest of world uses grades Fair, Fine, Very Fine, Extremely Fine, Uncirculated and Fleur-de-coin.

Numerals used in coin grades have been taken from Sheldon scale (see Glossary).

Uncirculated Coins

Coins with no wear at all are referred to as uncirculated or in mint state (MS). Grades from MS-60 to MS-70 in one point increments are used for mint state coins. Criteria include luster; number, size and location of contact marks; number, size and location of any hairlines, and quality of strike and overall eye appeal..

An MS-60 coin may have dull luster and numerous contact marks in prime focal areas, as long as there is no wear. To merit MS-65, a coin should have brilliant cartwheel luster (attractive toning is permissible), at most a few inconspicuous contact marks, no hairlines, and nearly complete striking details. Grades from MS-61 to MS-64 cover intermediate parts of this range. Truly exceptional coins may be graded MS-66, MS-67 or, if absolutely flawless, as high as theoretical maximum of MS-70. Many numismatists consider MS-70 to be an unobtainable ideal.

Terms such as brilliant uncirculated (BU), choice BU, gem BU, select BU and premium BU are still used in lieu of numerical grades by some dealers, auctioneers and others. Correlations between these terms and numeric MS grades are difficult at best, because of inconsistent usage and in some cases overgrading.