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COIN GRADING

grading coins Once coins are entered into our database, they are barcoded and stored within NGC's vault until they are ready to be graded. Before grading, coins that will include variety designations are examined by a numismatist who specializes in variety attribution. He compares each coin against published references and determines whether it qualifies as a particular variety. If so, the appropriate descriptions and numbers are then added to its record. As with the coin grading process that follows, this work is performed without labeling that could identify the submitter.

The coin grading process is a team effort, with a minimum of three professional grading experts examining every coin. NGC's graders come from diverse backgrounds, though all were coin dealers at some time in their careers. In becoming familiar with market standards for coin grading, experience in the commercial sector is an essential ingredient. Conversely, NGC's full-time graders cannot be involved in the commercial buying and selling of coins. The grading scale policy that prohibits full-time graders from buying and selling coins is not adhered to by all coin grading services, but it's a firm rule at NGC.

Each coin is examined by one grader at a time, and he enters his grade (using the Sheldon numerical scale from one to 70, an industry standard) into the system.

The coin grading scale utilized by NGC is the one universally accepted within the numismatic community. The following table lists the adjectival and numeric grades:

Business Strikes
MS	60–70	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 1–70.
What is a 70? NGC defines a Mint State or Proof 70 coin as having no post-production imperfections at 5x magnification.

Once the first grader has viewed all the coins in a particular box, that box is then routed to the next grader and the process repeated. Only after three or more graders have examined each coin is its final grade arrived at. Occasionally the graders may confer with one another on a particular coin. When this happens, a consensus is ultimately reached which reflects their collective experience as rare coin experts.

In some instances, it may be necessary to add supplemental information describing a particular coin more fully. For example, copper is a chemically reactive metal that tends to lose its mint red color over time, so the amount of red color is often diminished. Therefore, an NGC grader must also enter his determination of whether a copper or bronze coin is fully red (RD), a mixture of red and brown (RB), or all or nearly all brown (BN). These designations appear following the coin's numerical grade. Other examples of supplemental designations assigned by the grader include a determination of whether a Mercury Dime has full split bands, or whether a Franklin Half Dollar displays full lines on its Liberty Bell. These distinctions may seem esoteric to the beginner collector, but they play a significant role in providing a more complete description, and thus they are essential in the coin grading process.

Designation Abbreviations and Their Meanings
BN = Brown	PF = Proof
CA = Cameo	PL = Prooflike
DPL = Deep Prooflike	RB = Red Brown
FB = Full Split Bands	RD = Red
FBL = Full Bell Lines	SP = Specimen
FH = Full Head	UC = Ultra Cameo
FT = Full Torch	5FS = Five Full Steps
MS = Mint State	6FS = Six Full Steps

no grade coins Coins that have been damaged or display excessive surface hairlines or other detrimental surface conditions must have their surface impairments properly described. This is done using NGC Details Grading, a service performed automatically when applicable. Coins with detrimental surface conditions are described using Details Grades that accord to the level of wear and descriptions of their impairments. They are then encapsulated using a distinctive purple NGC Details Grading label.

There are other coins that cannot be encapsulated by NGC at the determination of NGC’s grading team. These include coins that are not genuine or have altered dates or mintmarks. Coins with active residue, including PVC, also cannot be encapsulated but many of these coins are likely to be eligible for NGC certification after conservation. One advantage of submitting coins through an NGC Authorized Dealer is that these experienced individuals can often screen out coins that are not likely to be certified, sparing the customer disappointment and saving him or her money.

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COIN GRADING