Understanding Coin Grades

A coin's grade describes its condition, and condition usually drives its value more than anything else.

The 70-point scale

US coins are graded on the Sheldon scale from 1 to 70. Higher is better. Circulated coins (those that saw use) fall roughly from 1 to 58, with familiar steps along the way: Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF or XF), and About Uncirculated (AU). Uncirculated coins, called Mint State, run from MS60 to a perfect MS70. Proof coins, struck specially for collectors, use a parallel PR or PF scale.

Why one grade matters so much

Near the top of the scale, a single point can change the price dramatically. A coin in MS64 and the same coin in MS65 can differ by multiples, because higher grades are scarcer and more in demand. Eye appeal, luster, and the absence of marks all push a coin up the scale.

Grading services and slabs

A coin sealed in a tamper-evident plastic holder, a "slab," has been graded and authenticated by a third party. The most widely trusted services are PCGS and NGC; ANACS and ICG are also recognized. A slab from a top service tells buyers the coin is genuine and gives an independent opinion of its grade, which is why slabbed coins usually sell at a premium over raw ones.

Raw vs graded

A raw (ungraded) coin carries more risk for the buyer: is it authentic, has it been cleaned, is the grade what the seller claims? That risk shows up as a lower price. If a coin is valuable enough, professional grading can pay for itself by removing that doubt.

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