Before the 1980s, coins that were marketed as uncirculated but may not have been were frequently offered under titles like Brilliant Uncirculated, Choice Brilliant Uncirculated, and Gem Brilliant Uncirculated, which attempted to describe their condition of preservation. The terminology that was employed was frequently imprecise, and there were no generally recognized grading guidelines.
Due to this circumstance, third-party grading firms began to emerge in the 1980s. The two significant ones at that time are Professional Coin Grading Service (PCGS), which was established in 1986 by a group of dealers, and Numismatic Guarantee Corporation (NGC), which was established in 1987 by additional dealers. PCGS and NGC have consistently ensured the legitimacy of the coins they certify.
PCGS and NGC employed a grading scheme based on a framework created by Dr. William H. Sheldon, who used a scale ranging from 1 to 70 to grade huge copper coins. Grading is still more of an art than a science, even though it is now more accurate and consistent than it was in the past due to the use of a numerical system.
Mint State 60 (also known as MS60) to MS70 are the possible grades for mint state coins.
Even at high magnification, an MS70 coin should be free of markings and hairlines, and an MS69 coin should have no more than two minor faults that do not detract from the coin's overall aesthetic appeal.
Modern U.S. Mint coins are frequently graded MS69 or MS70, especially those created for collectors and properly managed during manufacture. In a famous series like the Morgan silver dollar and Peace silver dollar, coins that grade higher than MS67 are seldom encountered.
The three most important Mint State grades are MS60, which is a coin with no wear but lacks eye appeal due to issues like multiple contact marks; MS63, which has an appealing eye appeal but might have some distracting marks or hairlines in the coin's important fields; and MS65, which is an extremely attractive coin with all of its original luster and only a few light marks that are not in the coin's main focal areas.
It takes time to become proficient at grading, and it is a procedure that applies to the coin series that you are interested in.
See as many coins as you can, such as at large coin shows; enrolling in a grading course (especially those provided by the major third-party grading services); and learning as much as you can about the specific coin type that interests you and its grading properties are the best ways to learn how to grade.
I bought my initial Peace Dollar coins in mint condition. I didn't know much about coins and just wasn't comfortable enough with buying old coins.
Back then, the market was not as flooded with fake coins from China as it is today.
I am glad I did.
Reference
https://www.pcgs.com/services
https://www.ngccoin.com/
https://en.wikipedia.org/wiki/William_Herbert_Sheldon
https://www.pcgs.com/news/4-fundamental-components-of-mint-state-grading
https://coinweek.com/what-are-mint-state-coins/
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