Why grading exists
Before independent grading, a coin’s condition was whatever the seller said it was. Grading replaced that with a consistent, independent assessment that buyers anywhere can rely on. It protects buyers from overpaying and lets sellers prove what they have.
The Sheldon scale
Modern grading uses a 1 to 70 scale developed by the American numismatist William Sheldon in the mid twentieth century. The major grading companies, PCGS and NGC, adopted it in the 1980s, and it is now the standard worldwide.
| Grade range | Meaning |
|---|---|
| 1 to 59 | Circulated coins, from heavily worn to almost uncirculated |
| 60 to 70 | Mint State or Proof coins that have not circulated |
| 70 | Perfect: no post production imperfections visible at five times magnification |
MS, PF and SP
- MS, Mint State: coins struck for circulation or bullion that have never been used.
- PF or PR, Proof: coins struck with polished dies onto prepared blanks, usually more than once, giving mirror fields and frosted design. NGC writes PF; PCGS writes PR.
- SP, Specimen: coins struck with extra care, above a normal strike but not a full proof.
What graders look at
- Strike: how fully the design details have been brought up.
- Surface preservation: marks, hairlines and spots, and where they are. A mark in a prominent spot costs more than one hidden in the design.
- Lustre: the way light moves across an original surface.
- Eye appeal: the overall impression, including toning.
The top grades
| Grade | What it means in practice |
|---|---|
| 70 | Flawless under magnification. Rare, and priced accordingly. |
| 69 | Tiny imperfections visible only under magnification. Often far better value. |
| 68 | Minor imperfections under magnification. Still an exceptional coin. |
The jump from 69 to 70 is where prices move most. We look at it closely in MS69 vs MS70.
Designations on the label
- Ultra Cameo (NGC) or Deep Cameo (PCGS): strong contrast between mirror fields and frosted design on a proof.
- Early Releases or First Releases (NGC), and First Strike (PCGS): coins submitted within a set period after release.
Raw vs certified
A raw coin is ungraded and loose. A certified coin is graded and sealed in a holder, or slab, with its grade and certification number. Removing a coin from its slab ends the certification.
When grading is worth it
- Worth it: rare coins, high value proofs, and modern coins likely to reach the top grades.
- Not worth it: common bullion coins, where the fee outweighs any gain.
- Never: cleaned or damaged coins, which cannot grade well.
Population reports
Both companies publish how many coins they have graded at each grade. That data shows how scarce a coin really is at a given grade. See what is a coin population report.
Questions people ask
What does MS70 mean?
Mint State 70: a perfect coin with no post production imperfections visible at five times magnification.
What is the difference between PF and PR?
Nothing but the company. NGC writes PF for proof; PCGS writes PR.
Is an uncirculated coin the same as MS70?
No. Uncirculated covers the whole range from 60 to 70.
Can I verify a graded coin?
Yes. Enter the certification number on the NGC or PCGS website.
Can a coin be regraded?
It can be resubmitted, but the grade may go up, down or stay the same, and fees apply.
This guide is general information, not financial, investment or tax advice. The value of precious metals can go down as well as up.
