Coin Grading

Coin grading is the method used to determine the grade or condition of a coin. The early grading system just showed whether a coin was ‘new’ or ‘used’. Then came the letter grading system that decided if a coin was in basal state (PO) , Fair (Fr), About or Almost Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF), Almost or About Uncirculated (AU), Uncirculated (Unc) and up to Brilliant Uncirculated (BU). In 1948, Dr. William Herbert Sheldon created a numerical grading system called the Sheldon grading system. The Sheldon scale graded coins between 1 and 70.

The current grading systems use a mix of the letter grading and the Sheldon scale. The circulated coins are usually graded from 1-Poor to 58-Choice about Uncirculated. The uncirculated coins are considered to be in Mint state condition (i.e. fresh out of the mint!) and are graded Mint State-60 to Mint State-70 (MS-60 to MS-70). The Proof coins Pr60 to Pr70 are similar to uncirculated coins and are graded from 60 to 70. The under 60 grades are called ‘Impaired Proofs’.

A grading scale is used to describe a coin’s condition. Historically, a variety of descriptive adjectives were used to relate the appearance or condition of a coin. A 70-point numerical scale that correlated to the most commonly used adjectives was first employed in the late 1940s. Numerical grades eventually became the preferred method to describe a coin’s condition.

NGC grades coins on a numerical scale from 1 to 70, with 70 being the highest grade assigned.

Prefix		Numerical Grade		Adjectival Description
MS		60–70		Mint State (Uncirculated)
AU		50, 53, 55, 58		About Uncirculated
XF		40, 45		Extremely Fine
VF		20, 25, 30, 35		Very Fine
F		12, 15		Fine
VG		8, 10		Very Good
G		4, 6		Good
AG		3		About Good
FA		2		Fair
PR		1		Poor

Proof issues incorporate the same grades. Proof coins will be so noted with the use of the prefix PF for all grades 1 through 70. Less commonly, but where appropriate, coins displaying proof characteristics indicative of special handling that are not true proofs are described with the grade prefix PL, proof like, or SP, specimen. 

There are four major coin grading companies in the USA. They are all suitable to quote in listings as they can confirm certification of coins against the Third Party Grading database (TPG). These companies are:

• The Professional Coin Grading Service (PCGS)
• The Numismatic Guaranty Corporation (NGC)
• Independent Coin Graders (ICG)
• American Numismatic Association Certification Service (ANACS)