Coin Grading System

The Sheldon Coin Grading System is based upon that created by Dr. William H. Sheldon in 1949 for use in his book Early American Cents. The Sheldon Grading Scale is a combination of numbers and letters and was originally intended to be part of a formula for determining market values with his early American copper coins. His grading system was widely accepted at the time and remains the benchmark of coin grading today.

Grading of coins is nothing more then an opinion of the quality of a specific coin. Opinions will always very, especially with raw coins. Collectors should understand the grading standards to make sure the coin their purchasing meets the grade and price that it has been assigned. Over grading of a coin will establish a inflated price for that coin and make it more difficult to recover your original investment.

Always buy the coin, not the grade. Whether in a third-party holder or a raw coin, eye appeal is a critical attribute with every coin. If the coin "wows" you, it will "wow" future recipients as well. Another rule to abide by is to never settle on a coin. If you don't find a coin attractive and one that meets your personnel standards for your collection, then walk away from that coin.

Grade & Description

POOR-1 Identifiable date and type of coin

FAIR-2 Mostly worn, though some detail is visible

ALMOST GOOD-3 Worn rims but most lettering is readable though worn

GOOD-4 Slightly worn rims, flat detail, peripheral lettering nearly full

GOOD-6 Rims complete with flat detail, peripheral lettering full

VERY GOOD-8 Design worn with slight detail

VERY GOOD-10 Design worn with slight detail, slightly clearer

FINE-12 Some deeply recessed areas with detail, all lettering sharp

FINE-15 Slightly more detail in the recessed areas, all lettering sharp

VERY FINE-20 Some definition of detail, all lettering full and sharp

VERY FINE-25 Slightly more definition in the detail and lettering

VERY FINE-30 Almost complete detail with flat areas

VERY FINE-35 Detail is complete but worn with high points flat

EXTRA FINE-40 Detail is complete with most high points slightly flat

EXTRA FINE-45 Detail is complete with some high points flat

ALMOST UNCIRCULATED-50 Full detail with friction over most of the surface,
slight flatness on high points

ALMOST UNCIRCULATED-53 Full detail with friction over 1/2 or more of
surface, very slight flatness on high points

ALMOST UNCIRCULATED-55 Full detail with friction on less than 1/2 surface,
mainly on high points

ALMOST UNCIRCULATED-58 Full detail with only slight friction on the high points

MINT STATE/PROOF-60 No wear. May have many heavy marks/hairlines,
strike may not be full

MINT STATE/PROOF-61 No wear. Multiple heavy marks/hairlines, strike may not be full

MINT STATE/PROOF-62 No wear. Slightly less marks/hairlines, strike may not be full

MINT STATE/PROOF-63 Moderate number/size marks/hairlines, strike may not be full

MINT STATE/PROOF-64 Few marks/hairlines or a couple of severe ones,
strike should be average or above

MINT STATE/PROOF-65 Minor marks/hairlines though none in focal areas, above
average strike

MINT STATE/PROOF-66 Few minor marks/hairlines not in focal areas, good strike

MINT STATE/PROOF-67 Virtually as struck with minor imperfections, very well struck

MINT STATE/PROOF-68 Virtually as struck with slight imperfections, slightest
weakness of strike allowed

MINT STATE/PROOF-69 Virtually as struck with minuscule imperfections,
near full strike necessary

MINT STATE/PROOF-70 As struck, with full strike, a perfect coin

Proofs are graded the same as Mint State coins, 60 through 70, and are as
follows: Proof-60, Proof-61, etc. An impaired or rubbed Proof can be assigned
a lower grade, such as Proof-50 or Proof-58.

Two books are available that will help you in understanding the grading of coins:

•  The ANA's “Grading Standards Book”

•  Coin World's “Making The Grade”