The primary purpose of grading a coin is to determine what the coin's market value is based on how well the coin was originally struck, how well the coin metal itself has been preserved, and how much wear and damage the coin has suffered since it was minted. For most practical purposes, especially for beginners, we're going to be concerned with how to tell how much wear the coin has had, and where it fits on the 70-point scale.
The 70-Point Grading Scale
When coins are graded, they are assigned a numeric value on the Sheldon Scale. The Sheldon Scale ranges from a grade of Poor (P-1) to Perfect Mint State (MS-70.) Grades are usually assigned at key points on this scale, with the most commonly used points being:
- (P-1) Poor - Barely identifiable; must have date and mintmark, otherwise pretty thrashed.
- (FR-2) Fair - Worn almost smooth but lacking the damage Poor coins have.
- (G-4) Good - Heavily worn such that inscriptions merge into the rims in places; details are mostly gone.
- (VG-8) Very Good - Very worn, but all major design elements are clear, if faint. Little if any central detail.
- (F-12) Fine - Very worn, but wear is even and overall design elements stand out boldly. Almost fully-separated rims.
- (VF-20) Very Fine - Moderately worn, with some finer details remaining. All letters of LIBERTY, (if present,) should be readable. Full, clean rims.
- (EF-40) Extremely Fine - Lightly worn; all devices are clear, major devices bold.
- (AU-50) About Uncirculated - Slight traces of wear on high points; may have contact marks and little eye appeal.
- (AU-58) Very Choice About Uncirculated- Slightest hints of wear marks, no major contact marks, almost full luster, and positive eye appeal.
- (MS-60) Mint State Basal - Strictly uncirculated but that's all; ugly coin with no luster, obvious contact marks, etc.
- (MS-63) Mint State Acceptable - Uncirculated, but with contact marks and nicks, slightly impaired luster, overall basically appealing appearance. Strike is average to weak.
- (MS-65) Mint State Choice - Uncirculated with strong luster, very few contact marks, excellent eye appeal. Strike is above average.
- (MS-68) Mint State Premium Quality - Uncirculated with perfect luster, no visible contact marks to the naked eye, exceptional eye appeal. Strike is sharp and attractive.
- (MS-69) Mint State All-But-Perfect - Uncirculated with perfect luster, sharp, attractive strike, and very exceptional eye appeal. A perfect coin except for microscopic flaws (under 8x magnification) in planchet, strike, or contact marks.
- (MS-70) Mint State Perfect - The perfect coin. There are no microscopic flaws visible to 8x, the strike is sharp, perfectly-centered, and on a flawless planchet. Bright, full, original luster and outstanding eye appeal.