Bucket of Coins

In 1978 the ANA Grading System was published and its purpose was to bring standardization to coin grading. Before the grading system was adopted grading coins was very subjective and someone’s opinions would often times be reflected in their grading. A dealer might tell you your coin was one grading to buy it cheaper and then turn around and sell it with a higher grading. We now have reputable third party companies like PCGS, NGC, ICG, and ANACS that grade coins and follow the standards outlined by the ANA. These aren’t the only four grading companies to be found, but they are viewed as the most consistent and trusted by the collecting community. A coin graded by one of these companies will draw full market value and can mostly be bought without ever needing to see the coin.

Grading is based on a 1-70 scale that was originally developed by Dr. William Sheldon in 1949 (today’s grading companies use a modified version of the original scale). A coin graded at a MS70/PF70 are going to be your highest rated coins and be worth a premium whereas a P-1 graded coin will likely be worth face value or the worth of its medal (whichever is higher).

Grading is broken into 4 main groups: Circulated, About Uncirculated, Mint State, and Proof. Listed below are the major points of each group and not all numbers are listed. You may own a coin that is rated a G5, but it isn’t on the list. Basically this coin was better than the standard for G4, but not good enough for the G6 rating. PF70 is not listed as either, but is basically the same as MS70 except for a proof coin.

* Essential Elements of the ANA Grading System as found in the Red Book by R.S. Yeoman *

Circulated

About Good (AG3): Very heavily worn with portions of lettering, date, and legends worn smooth. The date may be barely readable.

Good (G4): Heavily worn with design visible but faint in areas. Many details are flat.

Very Good (VG8): Well worn with main features clear and bold although rather flat.

Fine (F12): Moderate to considerable even wear. Entire design is bold with overall pleasing appearance.

Very Fine (VF20): Shows moderate wear on high points of design. All major details are clear.

Choice Very Fine (VF30): Light even wear on the surface and highest parts of the design. All lettering and major features are sharp.

Extremely Fine (EF40): Design is lightly worn throughout, but all features are sharp and well defined. Traces of luster may show.

Choice Extremely Fine (EF45): Light overall wear shows on highest points. All design details are very sharp. Some of the mint luster is evident.

About Uncirculated (AU)

About Uncirculated (AU50): Has traces of light wear on many of the high points. At least half of the mint luster is still present.

Choice About Uncirculated (AU55): Evidence of friction on design high points. Most of mint luster remains.

Mint State

Uncirculated (MS60): Has no trace of wear but may show a number of contact marks and surface may be spotted or lack some luster.

Uncirculated (MS63): Some distracting contact marks or blemishes in prime focal areas. Luster may be impaired.

Choice Uncirculated (MS65): An above average Uncirculated coin that may be brilliant or lightly toned and has very few contact marks on the surface or rim. MS67 through MS62 indicate a slightly higher or lower grade of preservation.

Perfect Uncirculated (MS70): Perfect new condition, showing no trace of wear. The finest quality possible, with no evidence of scratches, handling, or contact with other coins. Very few regular issue coins are ever found in this condition.

Proof (PR)

Proof (PF60): Surface may have several contact marks, hairlines, or light rubs. Luster may be dull and eye-appeal lacking.

Attractive Proof (PF63): Reflective surfaces with only a few blemishes in secondary focal places. No major flaws.

Choice Proof (PF65): Reflective surfaces with no noticeable blemishes or flaws. Few scattered barely noticeable marks or hairlines.