Grading Guide

[WoodenJefferson]

Comprehensive grading guide for Business Strikes

 

Here are some generic terms that coin collectors usually toss about when discussing a business struck coin’s condition. Familiar terms are sometimes interchangeable, while others are rather rigid in their meaning. Familiarize yourself with all of these adjectives, verbs and numbers and you will enjoy this hobby to its optimum level. This guide is not specifically directed at any one coin or series, it is only meant to cover general areas of a coins condition. As you collect a specific series, you will eventually learn to pin point exact details of that series in order to determine a more accurate grade.

 

Business Strike

A business strike is a coin struck for the purpose of becoming circulating coinage; a coin meant for commerce, rather than specifically for collectors.

 

 

Basal State

Identified as a coin, but not able to identify much more than that. A disk of metal.

 

 

Poor-1 or P-1 (Poor) - The detail is barely discernable, but little else can be determined, due to the coin being badly damaged or worn smooth. There are some specific coins that can grade Poor because they are the only coins minted for that one-year-type ie: a silver Kennedy half dollar can be graded PO-1 because there was only 1 year, 1964 when the 90% coin silver was used.

 

 

Fair or FR-2

This is for "Fair" (the grade) and "2" (the numerical designation that means Fair). A coin that is worn out. There will be some detail intact, the date will be discernible (if not fully readable) and there is almost always heavy wear into the rims and fields. The rims are obliterated.

 

 

AG-3 (About Good) - Type and date are discernable, although some spots may be worn out. Some lettering should be apparent, but not necessarily readable.

 

Good

The adjective corresponding to the grades G-4 and G-6. Coins in these grades usually have little detail but outlined major devices. On some coins, the rims may be worn to the tops of some letters.

G-4 (Good)

G-6 (Good-plus)

 

 

VG-8

This is for "Very Good" (the grade) and "8" (the numerical designation of the grade). A slight amount of design detail is still showing on the coin, such as a couple of letters in the word LIBERTY.

 

 

VG-10

This is for "Very Good" (the grade) and "10" (the numerical designation of the grade). A higher grade (less worn) than the VG-8 coin. Design detail is still heavily worn but the major devices and lettering are clear.

 

 

F-12

This is for "Fine" (the grade) and "12" (the numerical designation of the grade). The design detail is partially in evidence. The coin is still heavily worn. If there is any eye appeal in this grade it comes from the smooth surfaces associated with this grade, as any distracting marks have usually been worn off through circulation.

 

 

F-15

This is for "Fine" (the grade) and "15" (the numerical designation of the grade). Most of the letters in LIBERTY are visible, about 35-50% of the wing feathers are visible, or whatever applies to the coin in question. In other words, the coin is still in highly collectible shape.

 

 

VF-20

This is for "Very Fine" (the grade) and "20" (the numerical designation of the grade). Wing feathers show most of their detail, lettering is readable but sometimes indistinct and some minor detail is sometimes separate but usually blended. (Very Fine)

 

 

VF-25

This is for "Very Fine" (the grade) and "25" (the numerical designation of the grade). In this grade about 60% of the original detail is evident, with the major devices being clear and distinct.

 

 

VF-30

This is for "Very Fine" (the grade) and "30" (the numerical designation of the grade). The devices are sharp with only a small amount of blending. Up to 75% of the original detail is evident. (Good Very Fine)

 

VF-35

This is for "Very Fine" (the grade) and "35" (the numerical designation of the grade). This grade used to be called VF/EF (or VF/XF) before numerical grading was accepted throughout the hobby. Devices are sharp and clear and up to 80% of the detail is in evidence. (Choice Very Fine)

 

 

EF-40

This is for "Extremely Fine' (the grade) and "40" (the numerical designation of the grade). Also called XF-40. About 90% of the original detail is still evident and the devices are sharp and clear. (Extremely Fine)

 

 

EF-45

This is for "Extremely Fine" (the grade) and "45" (the numerical designation of the grade). Also called XF-45. About 95% of the original detail is still evident and the devices are sharp and clear. (Choice Extremely Fine)

 

 

 

Extra Fine

Alternate form of Extremely Fine.

 

 

 

AU-50

This is for "About Uncirculated" (the grade) and "50" (the numerical designation of that grade). Also called "Almost Uncirculated-50." This is the lowest of the four AU grades, with the others being AU53, AU55, and AU58. Between 50% and 100% of the surfaces will exhibit luster disturbances, and perhaps the only luster still in evidence will be in the protected areas. The high points of the coin will have wear that is easily visible to the naked eye. (About Uncirculated)

 

 

AU-53

This is for "About Uncirculated" (the grade) and "53" (the numerical designation of that grade). Also called "Almost Uncirculated-53." There is obvious wear on the high points with light friction covering 50-75% of the fields. There are noticeable luster breaks, with most of the luster still intact in the protected areas.

 

AU-55

This is for "About Uncirculated" (the grade) and "55" (the numerical designation of that grade). Also called "Almost Uncirculated-55." There is slight wear on the high points with minor friction in the fields. Luster can range from almost nonexistent to virtually full, but it will be missing from the high points. The grade of "Choice AU" equates to AU55. (Good About Uncirculated)

 

 

AU-58

This is for "About Uncirculated" (the grade) and "58" (the numerical designation of that grade). Also called "Almost Uncirculated-58." There is the slightest wear on the high points, even though it may be necessary to tilt the coin towards the light source to see the friction. In many cases the reverse of an AU58 coin will be fully Mint State. Less than 10% of the surface area will show luster breaks. The grade of "Borderline Unc" equates to AU58. (Choice About Uncirculated)

 

 

Almost Uncirculated

Alternate form of About Uncirculated

 

 

MS-60

This is for "Mint State" (the grade) and "60" (the numerical designation of that grade). This is the lowest of the eleven Mint State grades that range from MS60 through MS70. An MS60 coin will usually exhibit the maximum number of marks and/or hairlines. The luster may range from poor to full, but is usually on the "poor" side. Eye appeal is usually minimal.

 

MS-61

This is for "Mint State" (the grade) and "61" (the numerical designation of that grade). This grade meets the minimum requirements of Mint State plus includes some virtues not found on MS60 coins. For instance, there may be slightly fewer marks than on an MS60 coin, or better luster, or less negative eye appeal.

Mint State

 

MS-62

This is for "Mint State" (the grade) and "62" (the numerical designation of that grade). This grade is nearly in the "choice" or MS63 category, but there is usually one thing that keeps it from a higher grader. Expect to find excessive marks or an extremely poor strike or dark and unattractive toning. Some MS62 coins will have clean surfaces and reasonably good eye appeal but exhibit many hairlines on the fields and devices.

Mint State

 

MS-63

This is for "Mint State" (the grade) and "63" (the numerical designation of that grade). The equivalent of "choice" or "Choice BU" from the days before numerical grading was prevalent. This grade is usually found with clean fields and distracting marks or hairlines on the devices OR clean devices with distracting marks or hairlines in the fields. The strike and luster can range from mediocre to excellent.

Mint State choice

 

MS-64

This is for "Mint State" (the grade) and "64" (the numerical designation of that grade). This grade is also called "Borderline Gem" at times, as well as "Very Choice BU." There will be no more than a couple of significant marks or, possibly, a number of light abrasions. The overall visual impact of the coin will be positive. The strike will range from average to full and the luster breaks will be minimal.

 

 

MS-65

This is for "Mint State" (the grade) and "65" (the numerical designation of that grade). This grade is also called "Gem" or "Gem Mint State" or "Gem BU." There may be scattered marks, hairlines or other defects, but they will be minor. Any spots on copper coins will also be minor. The coin must be well struck with positive (average or better) eye appeal. T

Mint State Gem BU

 

MS-66

This is for "Mint State" (the grade) and "66" (the numerical designation of that grade). This is not only a Gem-quality coin, but the eye appeal ranges from "above average" to "superb." The luster is usually far above average, and any toning can not impede the luster in any significant way. This is an extra-nice coin.

 

MS-67

This is for "Mint State" (the grade) and "67" (the numerical designation of that grade). A superb-quality coin! Any abrasions are extremely light and do not detract from the coin’s beauty in any way. The strike is extremely sharp (or full) and the luster is outstanding. This is a spectacular coin!

 

MS-68

This is for "Mint State" (the grade) and "68" (the numerical designation of that grade). A nearly perfect coin, with only minuscule imperfections visible to the naked eye. The strike will be exceptionally sharp and the luster will glow. This is an incredible coin.

 

MS-69

This is for "Mint State" (the grade) and "69" (the numerical designation of that grade). Virtually perfect in all departments, including wondrous surfaces, a 99% full strike (or better), full unbroken booming luster and show-stopping eye appeal. You may have to study this coin with a 5X glass to find the reason why it didn’t grade MS70.

 

MS-70

This is for "Mint State" (the grade) and "70" (the numerical designation of that grade). A perfect coin! Even with 5X magnification there are no marks, hairlines or luster breaks in evidence. The luster is vibrant, the strike is razor-sharp, and the eye appeal is the ultimate. Note: Minor die polish and light die breaks are not considered to be defects on circulation strike coins.

 

Mint State Basal

Coins with this designation are generally unattractive, dinged-up, bag-marked, ill-toned specimens, but they are in mint condition and free of any wear.

 

Mint State

The term corresponding to the numerical grades MS-60 through MS-70, used to denote a business strike coin that never has been in circulation. A Mint State coin can range from one that is covered with marks (MS-60) to a flawless example (MS-70).

 

 

 

 

Net Grading

Net grading is a term used when referring to coins that have some type of problem. As an example, a coin might have XF wear, but have been scratched, corroded, cleaned, etc. Often, such a coin will be given a "net" grade, say VF reflecting the undesirable issues. This is meant to reflect that while the coin may technically grade XF, the market value should be somewhere close to that of an average VF coin.

 

 

Gem

Adjectival description applied to Mint State and Proof-65 coins. It also is used for higher grades and as a generic term for a superb coin.

 

Gem BU

Short for Gem Brilliant Uncirculated.

 

Gem Unc

Short for Gem Uncirculated.

 

Gem Uncirculated

The adjectival equivalent of Mint State 65 or 66.

 

 

 

Most definitions are compiled from ATS

ATS: Across the Street (you know who)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Schatzy]

Very good job!! (thumbs u

 

 

[Smilie Puss]

 

 

 

[basal State

Identified as a coin, but not able to identify much more than that. A disk of metal.]

 

 

I don't agree to the phrase 'identified as a coin'. The metal disk after it is punched out from the rolled strip is called a blank. Then, after the blank goes through the upsetter (raising the edge) is called a planchet. After striking with dies the planchet becomes, identified as, a coin.

 

 

 

 

 

 

 

 

 

 

 

 

[WoodenJefferson]

 

 

[basal State

Identified as a coin, but not able to identify much more than that. A disk of metal.]

 

 

I don't agree to the phrase 'identified as a coin'. The metal disk after it is punched out from the rolled strip is called a blank. Then, after the blank goes through the upsetter (raising the edge) is called a planchet. After striking with dies the planchet becomes, identified as, a coin.

 

Should I add "indentified as a coin by size and/or type of metal"

[Smilie Puss]

Basal State

Can be identified as a 'blank' or metal disk.

 

Secondary State

Can be identified as a 'planchet' (i.e. processed through the upsetting mill)

 

Final State

Can be identified as a finished coin( i.e.striking of the planchet)

[physics-fan3.14]

No, Basal state is after the coin has been struck, snow. This is what we more commonly refer to as PR-1. You can tell its a coin, you can identify what type, but that's about it. This is pretty much slick, but not quite. It has nothing to do with Type I and Type II blanks, which you have invented non-standard and confusing terminology for.

[Bugmann1974]

Basal state

 

[Smilie Puss]

physics-fan3.14:

 

Yes. I stand corrected.

 

What was I thinking?

 

I never heard the phrase "Basal State". I have heard of the Sheldon observation of "Basal Value" in which he describes a coin to be the lowest collectable condition---"identifiable and unmutalated".........assigned a grade of 1 to coins in that level of preservation. (PO-1) Referenced in PCGS OGTCG & CD, 2 nd ED. p. 6 .

 

Perhaps if WJ had stated it this way I would have kept my comments to myself. But then again nothing ventured nothing gained.

 

 

Thank you for bringing this to my attention.

[RareSov]

Basal = worth base metal a slug

[brog]

That is very good info WJ. Sometimes you wonder if they keep these standards when grading.

[oncom-migration]

my grandma collect a lot of coins,and she gave all the coins to my uncle,but she have 2 special coins (that what she said) that she gave it to me,its 1864 2 cent,the other is 2 1/2 dollar indian head 1911,and i try to find information about this coins,and i found that this coins its very valuable,but i have no idea about this coins,grade and anything about it,can you help me?