Coin Grading Services

Grading services will grade coins and place them in a labeled, air-tight plastic holder.

Two highly respected grading services are the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading service (PCGS). Damage of any sort (e.g. holes, edge dents, repairs, cleaning, re-engraving or gouges) can substantially reduce the value of a coin. Specimens are occasionally cleaned or polished in an attempt to pass them off as higher grades or as uncirculated strikes. Because of the substantially lower prices for cleaned or damaged coins, some specialize in their collection.

 

Grading Categories (from Wikipedia)

(from Wikipedia)

Mint State (MS) 60–70: Uncirculated

About/Almost Uncirculated (AU) 50, 53, 55, 58

Extremely Fine (XF or EF) 40, 45

Very Fine (VF) 20, 25, 30, 35

Fine (F) 12, 15

Very Good (VG) 8, 10

Good (G) 4, 6

About Good (AG) 3

Fair (FA, FR) 2

Poor (PR, PO) 1

 

Proper Evaluation

When evaluating whether to buy a coin, it is important to develop a system for finding the best coin for the type you are looking to buy. As good system to use is to follow the following steps: 1) determine whether the coin has superb eye appeal; 2) check the rim for dents; 3) examine the surface of the coin for unsightly scratches or other blemishes; 4) determine whether the coin has nice luster; 5) determine whether the coin has nice toning; 6) determine whether the coin has full details. If the coin meets these requirements, you have found a good coin to purchase.

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Coin Grading System

History and Basics of the Coin Grading System

Coin collecting is a form of enjoyment dating back to ancient times. Kings and Emperors minted and collected coins as gifts for visiting dignitaries. While saving and collecting coins due to their value goes back to the beginning of coinage, collecting coins as art was a later development. Known as the “Hobby of Kings” and the “King of Hobbies”, modern coin collecting is generally believed to have begun in the fourteenth century.

Numismatics reached its peak during the Middle Ages and the early Renaissance due to great demand. In this period, ancient coins were collected by many European Kings, Princes, and nobility.

Coin grading has evolved over the years to a system of finer and finer grade distinctions, particularly when talking about United States minted coins.   In the beginning, people collected the rare ancient coins of which there were two grades, new and used.

This evolved for a time to the letter grading system beginning with the lowest grade – Basal State (also Poor (PO)), then continuing Fair (Fr), About or Almost Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extra Fine (EF or XF), Almost or About Uncirculated (AU), Uncirculated (Unc) and up to Brilliant or Beautiful Uncirculated (BU). Gem Uncirculated was roughly equivalent in usage to BU at that time.

William H. Sheldon in his book Penny Whimsy is credited with coming up with the Sheldon Scale in the 1950s, a numeric system going from 1-70. It was intended to be a reflection of the value of a 1794 Large Cent, which was then worth $1 in Basal State and $70 in Uncirculated MS-70.

This numerical system was used primarily within the community of large copper coin collectors (a very specialized part of numismatics that often has its own ideas about quality and grading compared to the rest of the coin collecting community) until the mid 1980s.

Grading systems improved such in the 1980’s to become a true science.  But still only the collector knows for sure what the coin is worth when and if he accepts the strike price.

The advantage of doing business in an auction is another approach to getting a better sales price for higher grades.  It gives you the opportunity to strike the price and see if the seller will reach your level of expectation.  As a seller, you can have price protection by enabling a Reserve Price.  In times of uncertainty, cash is king and this is the collector’s opportunity – thus willing sellers want your trade.

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