Good-4 to 6 (G-4, G-6)

Very Good-8 or 10 (VG-8, VG-10)

Fine-12 or 15 (F-12, F-15)

Very Fine-20, 25, 30, 35 (VF-20, etc.)

Extremely Fine-40 or 45 (EF-40, EF-45)

AU-50, 53, 55, or 58 (AU-50, etc.)

MS-60 continuously through MS-70 (MS-60, MS-61, MS-62, etc.)

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.

To determine the value of a coin the numerical or technical grade must first be established. Beyond that there are other important considerations, including the sharpness of strike, the quality of the planchet, the presence or absence of adjustment marks, whether the piece has been cleaned or artificially toned, how attractive the surfaces are, the pedigree (if it has one), etc. More information about these other aspects will be given later.

Grading: A Matter of Opinion

The following paragraphs, which describe modern grading "precision" and encapsulated (slabbed) coins, are intended as a caveat. As a professional rare coin dealer I have to grade coins every day, and each day I see numerous coins graded by others. Grading has been, is presently, and probably always will be an art and a matter of opinion. To be sure, there are some elements of a science, such as the measurement of wear on a coin or the counting of nicks and scratches, but the final determination is a judgment call. A computer can also measure wear or count abrasions, and come up with a precise number such as 65.48, but there is no computer to let me or you know if one coin graded as MS-65 is a low-end piece, unattractive and unappealing, worth $500, and if another is an aesthetically satisfying coin worth $1,000.