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Coin Grading Introduction: Coins are usually described by their country of origin, type, denomination,
date, mint mark, variety and condition. With all but the last of
these, there is rarely any ambiguity. However, with their state
of preservation or condition, there often are differing opinions,
so a standard system of grading coins has evolved which allows
us to more clearly determine and communicate their relative quality. |
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Coins meant for use in daily commerce are referred to as "Business
Strikes" and are generally mass-produced. In addition, Canada
and other countries produce special pieces for official presentation
or for collectors.
These "Specimens", "Proofs" and "Proof-Likes"
are usually carefully produced from specially prepared dies, and
are given special handling and packaging. These pieces are quite
noticeably different in quality from business strikes, and are classified
and collected separately from them.
This material is being used under license from the Canadian Coinoisseur, inc.
You can find more information at http://www.coinoisseur.com
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Coin conditions / grades range from the poorest state, where neither
the date nor the designs are discernible, to the best state
where all of the elements of the design are as clear and detailed
as they were when they were struck at the mint. The first
objective in grading coins is to determine whether the coin
is Mintstate or if it is Circulated -- or in plain words,
whether it is new or used. Mintstate coins must have absolutely
no visible signs of wear on any part of the coin's surface.
They are not necessarily flawless, as the majority will have
small marks (not wear), resulting from, among other things,
contact with other coins in hoppers, bins and counting machines
at the mint and in bags during distribution to the banks.
Circulated coins will have varying degrees of surface wear
as a result of handling.
There are no exact scientific means available to measure
the surface condition of coins, so grading is an art that
takes into account many factors, both objective and subjective.
Coin grading involves much more than simply determining whether
the coin has seen wear or not. With eleven different Mintstate
grades to chose from, the grader must accurately assess the
condition of the surfaces, the quality of the lustre and the
fullness of the strike, as well as the interplay of these
factors with each other. However, unlike with US coin grading,
eye appeal is not a factor in the technical grading of Canadian
coins. If there is particularly attractive toning which greatly
enhances the eye appeal of the coin, for example, this fact
is appended to the grade such as "with Great Eye Appeal"
or "with Superb Eye Appeal".
With circulated coins, the amount of wear is the most important
consideration. But the fullness of the strike, the amount
and quality of the residual lustre, the condition of the surfaces,
the general quality of the piece, and many other factors also
lend an influence. Sometimes there is thick and obscuring
toning which may hide small surface marks, evidence of cleaning
or signs of wear. All of these factors make the complex task
of grading more difficult, and since a great deal of human
judgment is involved, we can expect there to be some differences
of opinion on the precise grade of many coins.
When a coin's condition is determined it is assigned one
of a range of Circulated or Mintstate grades according to
generally accepted grading standards. Early standards for
grading coins used as few as six descriptive or adjectival
terms: Good, Very Good, Fine, Very Fine, Extremely Fine and
Uncirculated, to describe grades. Today, with uncertified
coins, a dozen or so grades are commonly seen, however, with
Certified coins, at least fifteen grades are regularly used
just to assess the circulated coins, while a further ten grades
are used to designate the Mintstate coins, giving a total
of more than twenty-five grades.
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Historically, an adjectival system was virtually the only
one used to grade coins, however, in the late 40's a numerical
system was devised by an American, Dr. William Sheldon, using
numbers from one to seventy. The circulated grades were assigned
numbers from 1 to 59, while the numbers from 60 to 70 were
used for the Mintstate grades. The basis of his number selection
was the relationship of prices of early American copper coins
with their grades. For example, in the late 1940's, the price
of a typical Mintstate coin (MS-60) was about five times the
price of a typical Fine (F-12) example of the same date and
variety. It is important to note that both the adjectival
and the numerical grading systems use the same grade definitions.
Sheldon's numerical system has been extended far beyond
early American copper coins and is now the generally accepted
standard for grading in most areas of North America. Not all
of the numbers in the range are used, and the following are
the more commonly seen numerical grades and their adjectival
equivalents:
aG-3 About Good
G-4 Good
VG-8 Very Good
VG-10 Very Good Plus
F-12 Fine
F-15 Fine Plus
VF-20 Very Fine
VF-30 Very Fine Plus
EF-40 Extremely Fine
EF-45 Choice Extremely Fine
AU-50 About Uncirculated
AU-55 Choice About Uncirculated
AU-58 Very Choice About Uncirculated
MS-60 Typical Mintstate
MS-61 Typical Mintstate
MS-62 Select Mintstate
MS-63 Choice Mintstate
MS-64 Very Choice Mintstate
MS-65 Gem Mintstate
MS-66 Gem Mintstate
MS-67 Superb Mintstate
MS-68 Superb Mintstate
MS-69 Superb Mintstate
MS-70 Perfect Mintstate
Proofs, Proof-Likes and Specimens are designated with the
prefixes PF, PL and SP, and further assigned a numerical grade:
60, 63, 65 and so on. Impaired pieces (those that have sustained
wear through either mishandling or circulation) are assigned
grades below 60, such as SP-55, and PF-50. Except in years
or varieties where only Proofs or Specimens were issued, it
is the exception to find a grade assigned below 50 since the
surface and strike characteristics that are generally required
for correct attribution are most likely gone.
See our Grading Minstate Coins and Grading Circulated Coins for grading samples and detailed descriptions.
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Coins may be graded by someone with little or no grading skill
or experience, or by a person trying to deceive. If you are
buying uncertified coins, particularly sight-unseen, it is
wise to determine the credentials of their grader, since inexperience
or error on the part of the grader may lead to incorrect grading
- and usually not in your favor. If you have no knowledge
of the integrity nor of the skills and experience of the coin's
grader, then it is wise to stick to buying Certified coins
until your own grading skills are keenly honed. Until then,
it is better to allow the reputation and integrity of the
Certification Services, and their particular grading standards,
be your protection.
NEXT:
Go to Coin Certification Services Page
This material is being used under license from the Canadian Coinoisseur, inc.
You can find more information at http://www.coinoisseur.com
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