| Grading coins
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| | from experienced collectors and dealers
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| The condition of a coin is commonly
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| | you trust, or concentrate on circulated
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| summarized by a grade. Because the value
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| | coins.
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| of collectible coins often varies
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| | Circulated Coins
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| dramatically with grade and overly
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| | For circulated coins the grade is
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| generous grading is not uncommon,
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| | primarily an indication of how much wear
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| reasonable grading proficiency is an
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| | has occurred and generally does not take
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| important skill for collectors. The
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| | into account the presence or absence of
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| material presented here is intended only
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| | dings, scratches, toning, dirt and other
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| as an introduction to the subject.
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| | foreign substances (though such
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| Grading is a skill that can only be
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| | information may also be noted).
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| developed over time through referrals to
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| | ANA grading standards recognize 11 grades
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| grading guides, consultation with
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| | for circulated coins (listed here with
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| experienced collectors and dealers, and
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| | brief, generic descriptions):
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| lots of practice.
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| | AU-58, very choice about uncirculated:
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| Published standards set objective
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| | just traces of wear on a coin with nearly
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| criteria for grading, yet some amount of
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| | full luster and no major detracting
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| subjectivity is inevitable -- even expert
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| | contact marks
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| graders will often assign slightly
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| | AU-55, choice about uncirculated: small
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| different grades to the same coin. While
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| | traces of wear visible on the highest
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| you can often ask an experienced grader
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| | points
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| for an opinion, being able to make your
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| | AU-50, about uncirculated: very light
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| own reasonable assessment of grade is
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| | wear on the highest points; still has at
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| your best protection.
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| | least half of the original mint luster
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| An overview of American Numismatic
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| | EF-45 or XF-45, choice extremely fine:
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| Association standards follows. ANA
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| | all design details are sharp; some mint
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| standards are widely used in the U.S. but
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| | luster remains, though perhaps only in
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| are not the only system used. Much of the
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| | \"protected areas\"
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| rest of the world uses the grades Fair,
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| | EF-40 or XF-40, extremely fine: slightly
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| Fine, Very Fine, Extremely Fine,
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| | more wear than a \"45\"; traces of mint
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| Uncirculated and Fleur-de-coin.
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| | luster may show
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| Numerals used in coin grades have been
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| | VF-30, choice very fine: light even wear
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| taken from the Sheldon scale (see
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| | on high points, all lettering and design
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| Glossary).
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| | details are sharp
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| Uncirculated Coins
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| | VF-20, very fine: most details are still
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| Coins with no wear at all are referred to
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| | well defined; high points are smooth
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| as uncirculated or in mint state (MS).
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| | F-12, fine: major elements are still
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| Grades from MS-60 to MS-70 in one point
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| | clear but details are worn away
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| increments are used for mint state coins.
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| | VG-8, very good: major design elements,
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| Criteria include luster; the number, size
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| | letters and numerals are worn but clear
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| and location of contact marks; the
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| | G-4, good: major design elements are
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| number, size and location of any
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| | outlined but details are gone; for some
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| hairlines, and the quality of the strike
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| | series the date may not be sharp and the
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| and overall eye appeal..
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| | rim may not be complete.
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| An MS-60 coin may have dull luster and
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| | AG-3, about good: heavily worn; date may
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| numerous contact marks in prime focal
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| | be barely discernable While coins more
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| areas, as long as there is no wear. To
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| | worn than AG are rarely collected, two
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| merit MS-65, a coin should have brilliant
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| | additional grades are nevertheless used
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| cartwheel luster (attractive toning is
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| | to characterize them:
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| permissible), at most a few inconspicuous
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| | F-2, fair -- very heavily worn; major
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| contact marks, no hairlines, and nearly
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| | portions may be completely smooth
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| complete striking details. Grades from
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| | P-1, poor, filler or cull -- barely
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| MS-61 to MS-64 cover intermediate parts
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| | recognizable While not included in the
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| of this range. Truly exceptional coins
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| | ANA standards, intermediate grades like
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| may be graded MS-66, MS-67 or, if
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| | AU-53, VF-35, F-15 and G-6 are used by
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| absolutely flawless, as high as the
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| | some dealers and grading services. When a
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| theoretical maximum of MS-70. Many
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| | grader believes a coin is better than the
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| numismatists consider MS-70 to be an
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| | minimum requirements but not nice enough
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| unobtainable ideal.
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| | for the next higher grade \"+\" or \"PQ\"
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| Terms such as brilliant uncirculated
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| | may be included (e.g. MS64PQ or VG+) or a
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| (BU), choice BU, gem BU, select BU and
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| | range may be given (e.g. F-VF).
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| premium BU are still used in lieu of
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| | Split Grades
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| numerical grades by some dealers,
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| | When there are significant differences
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| auctioneers and others. Correlations
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| | between the obverse and reverse sides, a
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| between these terms and the numeric MS
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| | split grade may be assigned. Split grades
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| grades are difficult at best, because of
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| | are denoted with a \"/\". For example,
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| inconsistent usage and in some cases
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| | \"F/VF\" means that the obverse is F and
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| overgrading.
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| | the reverse is VF.
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| Market values for many uncirculated coins
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| | The overall grade is often determined by
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| vary dramatically from one grade to the
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| | the obverse. An intermediate value may be
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| next. Remember that whether a coin is
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| | appropriate when the difference is
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| described with a numerical or an
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| | significant, especially if the reverse is
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| adjectival grade, it\'s only someone\'s
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| | lower. A coin graded MS-60/61 would be
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| opinion. Until you are comfortable with
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| | considered to have an overall grade of
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| your ability to grade uncirculated coins,
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| | MS-60, and another at MS-65/63 could be
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| make liberal use of other opinions, such
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| | considered to have an overall grade of
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| as those available with slabbed coins or
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| | MS-64.
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