Afternoon everyone….
Let’s talk coin grading…
Now I’m not going to go on a rant about modern coins being graded. Unfortunately coin grading is a business to make money and modern coins do not go under the scrutiny of coin produced for every day commerce.
All grading companies accept bulk submissions from big dealers. Meaning they send in sealed unopened tubes of just produced coins for grading. They have a unwritten agreement that a certain percentage will be graded MS70 and a certain amount will be MS69.
In my opinion this is where the grading companies fail miserably. But that’s for a different post…..
We all want that perfect coin…..
Today I want to give you a little knowledge on the Sheldon Coin Grading Scale is a 70-point coin grading scale used in the numismatic assessment of a coin's quality. The American Numismatic Association based its Official ANA Grading Standards in large part on the Sheldon scale. The scale was created by William Herbert Sheldon in 1953. It was modified by the ANA in 1970 just a little bit to the one that is still currently used today.
I have broken down the entire list for you with explanations.
I have pulled pictures from eBay on each grade to show you examples of each to go with my explanation. I hope you appreciate the time spent putting this together. I used all Morgan silver dollars for consistancy.
Coin Grading Scale
1 - Poor (PO)
Clear enough to identify, date may be worn smooth with one side of the coin blanked. Coins that are very badly corroded may also fall under this category.
2 - Fair (FR)
In addition to the criteria for poor, some detail shows.
3 - About Good (AG)
Readable lettering although very heavily worn. The date and design may be worn smooth.
4 - Good (G or G4-G6)
Rims of the coin are slightly worn, design is visible, but faint in areas, with many parts of the coin worn flat. Peripheral lettering nearly full.
8 - Very Good (VG or VG8-VG10)
Slight detail shows, with two to three letters of the word LIBERTY showing in coins with this feature.
Fine - (F or F12-F18)
Some deeply recessed areas show detail. All lettering is sharp. The letters in the word LIBERTY show completely in coins with this feature, but may be weak. Moderate to considerable, but even wear throughout the coin.
Very Fine (VF or VF 20-39)
This is where things start to get broken down further. A VF20 will have moderate wear on the higher surface features. But as you move up the VF numbers. All lettering and major features are sharp. Light to moderate, but even wear is seen on the surface and high points of the coin. Then over VF35 All lettering and major features are sharp. Light, but even wear is seen on the surface and high points of the coin. Traces of mint luster may show.
Extremely Fine (EF40 or VF40-49)
Overall sharpness. Light wear seen at the highest points of the coin. Details of the coin are sharp. Traces of mint luster may show. Higher EF’s Slight, overall wear is seen at the highest points of the coin (examples being raised features). All the details are full and very sharp. Mint luster may show only in protected areas of the coin's surface (Such as between the star points).
About Uncirculated (AU or AU50-59)
Traces of wear at the highest points of the coin. At least half of the original mint luster remains. Mid range AU Three-fourths of the original mint luster remains. then high range AU Almost all of the original mint luster remains.
Mint State (MS or MS60-70)
Now mint state is where things get very technical. This is truly the only grading level that you will find consistently uses each grade number from 60-70.
MS 60-62 in considered completely uncirculated.
MS 63 is considered choice uncirculated.
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MS64 is the top of uncirculated.
MS65 and MS66 begins the gem uncirculated or brilliant uncirculated (BU) this is where you see BU used by dealers.
MS 67, 68 & 69
These are considered superb gem uncirculated or what dealers call PPQ. On older coins these are the best of the best. On modern coins to me these should be everything from the mint at minimum.
MS70
Technical term is perfect uncirculated. These coins should be flawless.
The only MS70 Morgan silver dollars are the ones produced by the US Mint in 2021.