What are the coin grades and what do they mean?
The Sheldon scale basics
Most U.S. coins use the Sheldon numerical scale, which runs from 1 to 70. The lower numbers (1–15) cover heavily worn coins, while the middle range (20–58) covers circulated coins with varying detail.
Mint State (MS) grades run from 60 to 70 and apply to uncirculated coins with no wear from circulation. Proof (PF) grades also run 60–70 but are for specially made coins with mirror-like fields.
The difference between grades can mean thousands of dollars. For example, a Morgan silver dollar in MS-65 might be worth $200, while the same coin in MS-67 could be $2,000 or more.
- P-1 to FR-2: Poor to Fair – barely identifiable.
- AG-3 to G-6: About Good to Good – heavy wear, major details flat.
- VG-8 to F-12: Very Good to Fine – moderate wear, all letters readable.
- VF-20 to XF-45: Very Fine to Extremely Fine – light wear on high points.
- AU-50 to AU-58: About Uncirculated – only a trace of wear.
- MS-60 to MS-70: Mint State – no wear, from 60 (many marks) to 70 (perfect).
Why grading matters
Grading is subjective, but it gives buyers and sellers a common language. A coin's grade affects its market value more than almost any other factor, aside from rarity.
Two coins that look similar to a beginner can be several grades apart to an expert. That's why professional grading is often used for valuable coins.
For circulated coins, the most important thing is whether key details (like the date, mintmark, and major design elements) are visible. For uncirculated coins, the number of contact marks and the quality of luster determine the grade.
Common mistakes
- Thinking that any shiny coin is Mint State—uncirculated coins must have no wear from circulation.
- Confusing the numeric grade with a percentage—MS-60 is not '60% perfect'.
- Assuming that all grading services use the same standards—they vary, and some are stricter than others.
