Grading coinsThe 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.
Market values for many uncirculated coins vary dramatically from one grade to
next. Remember that whether a coin is described with a numerical or an adjectival grade, it's only someone's opinion. Until you are comfortable with your ability to grade uncirculated coins, make liberal use of other opinions, such as those available with slabbed coins or from experienced collectors and dealers you trust, or concentrate on circulated coins.