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Circulated Coins

For circulated coins the grade is primarily an indication of how much wear has occurred and generally does not take into account the 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 the highest points

AU-50, about uncirculated: very light wear on the highest points;

Grading coins

The condition of a coin is chiefly summarized by a grade. the 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 the 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 degree of subjectivity is inevitable -- even expert graders will often pick out slightly different grades to the same coin. While you can often ask an experienced grader for an opinion, texture able to make your own reasonable levy of grade is your best protection.

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

Numerals used in coin grades have been taken from the 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; the number, size and location of contact marks; the number, size and location of any hairlines, and the quality of the 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 witty cent 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 incalculably flawless, as high as the theoretical maximum of MS-70. Many numismatists consider MS-70 to be an unobtainable ideal.

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

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

Circulated Coins

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

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

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

AU-55, hand-picked randomly uncirculated: small traces of wear visible on the highest points

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

EF-45 or XF-45, acceptance 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, appraisal 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 free and easy 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 the date may not be sharp and the rim may not be complete.

AG-3, circa good: heavily worn; date may be a little discernable While coins more worn than AG are rarely collected, two more grades are nevertheless used to stand for them:

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

P-1, poor, filler or cull -- slightly recognizable While not included in the 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 adventurer than the minimum requirements but not nice enough for the 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 midst the obverse and reverse sides, a split grade may be assigned. Split grades are denoted with a "/". For example, "F/VF" means that the obverse is F and the reverse is VF.

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

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