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Grading Information

An overview of the
American Numismatic Association grading standards.

Uncirculated Coins
Coins with no wear at all ("contact marks" or "bag marks" are not considered as "wear") are referred to as uncirculated or in mint state (MS) coins. 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 as well as overall eye appeal.
Terms such as brilliant uncirculated (BU), choice BU, gem BU, select BU and premium BU are sometimes used in lieu of numerical grades.
MS-70 Absolutely flawless, many numismatists consider MS-70 to be an unobtainable ideal although there have in fact been coins certified as MS-70.
MS-66, MS-67 Truly exceptional coins
MS-65 should have brilliant cartwheel luster (when you tilt the coin the light reflects on the coin's surface in a cart-wheel-like shape), at most a few inconspicuous contact marks, no hairlines, and nearly complete striking details. Attractive toning is permissible.
MS-61 to MS-64 covers intermediate grading of the range between MS-60 & MS-65.
MS-60 may have dull luster and numerous contact marks in prime focal areas, as long as there is no wear.

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.
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; still has at least half of the original mint luster.
EF-45 or XF-45, choice 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, choice 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 clear 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, about good: heavily worn; date may be barely discernible.
While coins more worn than AG are rarely collected, two additional grades are nevertheless used to characterize them:
F-2, fair -- very heavily worn; major portions may be completely smooth.
P-1, poor, filler or the more commonly used "cull" -- barely 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 better 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 between 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 appropriate 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 another at MS-65/63 could be considered to have an overall grade of MS-64.

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