During the course of a typical day, the graders at Professional Coin Grading Service (PCGS) examine hundreds of coins - coins that can include specimens from every denomination, series, size, and coinage metal.

In each and every case, they bring to bear not only their personal knowledge but also the collective wisdom gained by PCGS in the course of evaluating millions of rare coins since 1986. That wisdom has been codified in the PCGS Coin Grading Standards - a body of guidelines constantly reviewed, studied, and implemented by members of the grading staff.

Now, for the first time, those standards are being promulgated publicly in this book so that members of the coin collecting public can incorporate these carefully formulated guidelines into their own grading calculations.

Before we consider the grading standards, let's go behind the scenes at PCGS and look over the shoulder of one of the veteran graders as he goes about his work.

After coins are received and processed at PCGS, they are brought into the grading room and distributed in boxes by the grading room manager. Each box contains only the coins from a particular invoice, and each box is assigned a unique number. The boxes are generic, and the graders don't know what types or dates of coins they contain until they examine them.

The grader begins by entering the box number into his computer; information regarding the first coin in that group then appears on the screen. The grader takes that coin from the box and carefully removes it from its plastic flip. He examines the coin, makes a grading determination, then enters his grade into the computer.

Upon confirmation of this grade in the computer, the next coin listing appears on the screen and the grader returns the previously graded coin to its flip. He then removes the next coin from its flip examines and grades it. The process is repeated until all the coins in the box have been graded. The grader then enters another box number into the computer and begins the entire process anew. Determining the Grade

What thought processes go into combining the elements of a coin and determining its overall grade? Obviously, the brain makes many subconscious evaluations before the conscious act of entering the final grade into the computer. First and foremost, it "measures" the coin's physical characteristics against those of previously seen coins.

Determining the amount of wear - or lack thereof - is usually the first element considered by the grader. At the outset, he decides whether it merits a grade of 60 or above or, on the other hand, a sub-60 grade. Once he has made this determination, he evaluates the marks, strike, and luster. The coin's striking status - whether it is a business strike or a Proof - will have been determined already. Sometimes coins are submitted as Proofs but are really business strikes, and vice versa. This determination has to be made before the other elements are considered, as Proofs and business strikes are evaluated differently. (There is an option in the computer to "switch" the coin's status, and the grader can do this when he considers its status to be different from the one listed .)

After reaching a preliminary conclusion, the grader will evaluate more technical elements such as the planchet's condition and any striking irregularities, and factor these into the final grade. Before assigning that final grade, he also will consider any added designations, if these are applicable. These include a designation of color (RD, RB, or BN) for copper coins, proof-like or deep-mirror proof-like (PL and DMPL) status for Morgan silver dollars, full split bands (FB) for Winged Liberty Head (Mercury) dimes, full head (FH) for Standing Liberty quarters, and cameo and deep cameo (CAM and DCAM) for post-1950 Proof coins. Finally, the grader will consider the color or toning, if any, and the eye appeal.

Judgments regarding color or toning are sometimes subjective. When a coin has beautiful original color or toning, this is almost universally viewed in a positive way. However, many coins have color or toning that may be considered differently by different graders. Eye appeal is a combination of all the other elements of a coin's grade, so there is often some disagreement on this factor as well. When a coin has blazing luster and is fully struck with almost no marks, the eye appeal is great and there is little or no controversy. As with color or toning, however, most coins don't fall into that category. A grader then makes a partly conscious, partly subconscious decision on the eye appeal. These factors are then combined into a final grade.

This is a simplified walk-through of the grading process. Magnification is often used to examine the subtle nuances of the elements of grading. Many times, coins have been lightly cleaned, and this affects their luster and eye appeal. Many coins have been exposed for years to reactive chemicals and their surfaces may have been affected, depending on the chemicals, storage procedures, length of exposure, and the coin's reactive metals. Graders make thousands of subconscious decisions during the grading process, and their experience and knowledge give them the insight to make those evaluations accurately.

When all of the graders have finished their evaluations, a coin is given a final grade. The coin is then encapsulated and verified. If the verifier disagrees with the final grade, the coin is tagged and given to the senior graders for discussion and possibly comparison to examples from the PCGS Grading Set. The Grading Set contains coins that visually illustrate the PCGS standards, and the entire set is examined by each grader on a weekly basis. Most of the coins in this set have been there since 1986, with new specimens being added when especially good examples of a particular grade are found. Once the senior graders have determined the final grade, the coin is boxed and sent to the shipping room and returned to the submitter.

Although grading is a combination of art and science, relatively few changes are made in the PCGS graders evaluations. More than 95 percent of the grades they assign are not changed by the verifiers and senior graders. The graders broad knowledge and the in-depth expertise that many of them possess in specific areas of numismatics make PCGS consensus grading a very accurate process.