How to Get a Coin Graded

Ever wondered what your grandfather’s coin is worth? Inherited an interesting old coin collection? New to the numismatic world? Not to worry, coin grading is a process that involves several steps, but it’s fairly straightforward. With a lot of online resources, anyone can do it. And, of course, there’s also an app for that.

What Is Coin Grading?

First, what is coin grading? Grading is an industry term for determining the physical condition of a coin. As PCGS explains:

“Grading is a way of determining the physical condition of a coin. Grades range from Poor (almost completely worn out) to Perfect Uncirculated (a coin with absolutely no wear and no flaws of any kind). Over 99.9% of all coins fall somewhere between these two extremes.”

Uncirculated coins can also be referred to using another industry term, Mint State. That’s because they were carefully and properly stored since the moment they were minted. If the coin has been circulated for a short time but still looks new it’s graded as About Uncirculated.

Why You Want to Grade Your Coin

It’s simple: If you want to know how much the coin is worth you need to get it graded. Coin grading and authentication emerged as a solution to rampant counterfeiting and coin doctoring in the collectible coin industry. Depending on the type of coin, minute differences in grade can sometimes mean thousands of dollars difference in a coin’s market value.

A Word About the Sheldon Grading Scale

Until notable numismatist, Dr. William H. Sheldon, developed what is referred to as the Sheldon Scale in 1949, there were no industry standards for evaluating coins. What looked great to one dealer another would describe (and therefore the coin’s value) very differently.

The Sheldon grading scale determines the condition of a coin based on a 70-point system. Why 70 and not 100? We are not sure. Apparently, to Dr. Sheldon, a coin that received a “70” would be worth 70 times as much as a coin that received a “1.” Regardless, this grading system became the industry standard all reputable third-party coin certification companies use.

The ANA Grading Standards

The American Numismatic Association (ANA) also bases its coin grading standards largely on the Sheldon Scale but includes the addition of a clearly defined description of each numerical grade. Here’s a quick list of coin grades:

• Proof – (PF/PR): A specially made coin distinguished by sharpness of detail, minted primarily for collectors and not released for general circulation.
• Mint State (MS): A term interchangeably used with Uncirculated (UNC) to describe the coin without any trace of wear.
• Perfect Uncirculated (MS-70): The coin is in new condition showing no trace of wear. Very few regular-issue coins are ever found in this condition.
• Gem Uncirculated (MS-65 to MS-69): Very few signs of wear and contact marks.
• Choice Uncirculated (MS-63 to MS-64): Similar to GU above, but a grade lower, maybe lightly toned, with a few contact marks.
• Uncirculated (MS-60 to MS-62): No wear but has contact marks and maybe some spotting.
• Choice About Uncirculated (AU-55 TO AU-58): Light wear, but still in very good condition.
• About Uncirculated (AU-50 TO AU-53): Light wear, some luster remains.
• Choice Extremely Fine (XF-45 or EF-45): Light wear shows, but details are still clear. Minor mint luster is present.
• Extremely Fine (XF-40 or EF-40): The design is lightly worn throughout, but all features are clear and well-defined. Traces of luster may show.
• Choice Very Fine (VF-30 to VF-35): Light wear throughout, major features including lettering still visible but not clearly.
• Very Fine (VF-20 top VF-25): Moderate wear, major features including lettering still visible but not clearly.
• Fine (F-12 to F-15): Moderate to considerable even wear. The entire design is still visible but is worn.
• Very Good (VG-8 to VG-10): Well-worn with main features clear.
• Also Good (G-4 to G-6): Heavily worn, details not clearly visible.
• Also About Good (AG-3): Very heavily worn, with portions of the lettering, date, and legends worn smooth. The date is barely readable. Rims merge into the lettering.
• Fair (2): Most of the design details are worn completely smooth. Rims are flat or missing. May have serious nicks, dents, and defects.
• Poor (1): Only the basic coin type is identifiable. The date and mintmark must be strong enough to be readable. The entire surface is worn and may sport numerous blemishes.

The CGC Grading Scale

The Certified Guaranty Company (CGC) grading scale is another standardized system used to assess the condition and quality of coins. CGC is one of the leading independent grading services for coins, offering an unbiased and consistent method for determining a coin’s grade.

The scale ranges from 1 to 70, with each number corresponding to a specific level of preservation and visual appeal. Coins graded at the top of the scale, such as MS-70 or PR-70, are considered perfect, with no visible imperfections, while lower grades reflect varying degrees of wear, damage, or imperfections that have accumulated over time.

The CGC Grading Scale is divided into two primary categories: Mint State (MS) for uncirculated coins and Proof (PR) for specially minted coins with a higher level of detail. Mint State coins, such as MS-60 to MS-70, are further defined by their level of sharpness, luster, and the presence of any marks or abrasions. An MS-60 coin may show visible marks and wear, while an MS-70 will be flawless, often described as perfect.

On the other hand, Proof coins, which are struck using specially polished dies, range from PR-60 to PR-70, and their grade depends on their surface quality, design details, and overall appearance. A PR-70 coin is considered flawless, with sharp contrasts between the design and background fields.

Each grade on the CGC scale has its own detailed criteria, designed to ensure that coins are evaluated fairly and consistently. For example, a coin graded AU-50 (About Uncirculated) shows slight wear, usually on the high points of the design, while a coin graded VF-20 (Very Fine) will exhibit more noticeable wear, but its basic features will still be clearly visible. As the grade decreases, more wear and imperfections are present, with coins in Good (G-4) condition showing significant erosion of design details, but still identifiable as the original coin.

At first glance, the CGC and Sheldon grading scales may appear quite different due to their numerical ranges. The Sheldon Scale goes up to 70, while the CGC scale tops out at 10. However, when you look at the number of actual grades in use, the two systems are fairly similar. The CGC typically uses 25 grades, and the Sheldon Scale uses about 29, making them roughly comparable.

Why Grade Coins Professionally

If you are a coin collector, you can probably learn to grade your coins with some accuracy, but to get it authenticated, certified as genuine, and professionally graded requires the expertise and precision of experts.

With professional coin grading not only will you get peace of mind but the numeric grade assigned by experts will be recognized and accepted by dealers and collectors worldwide. Each coin is given a unique registration number which serves to catalog the coin at the grading service. It’s also sonically sealed in an archival acrylic holder to preserve its condition and permanently attest to its grade and its authenticity after grading.

Your Options for Coin Grading Services

The go-to in the industry are Professional Coin Grading Services (PCGS) and Numismatic Guaranty Company (NGC). They offer an unbiased appraisal of the condition or grade of each coin, which is accepted in the marketplace.

But there’s a new kid on the block. Certified Acceptance Corp (CAC) has refined their service, introducing CAC Grading.

This initiative started with an early launch in mid-June 2023, during which nearly 50,000 coins were certified. Grading was fully available by October 2023.

Previously, CAC was known for affixing green stickers to coins already graded by other services, indicating that the coin met their high standards. With the introduction of their own grading service, CAC now offers comprehensive authentication, grading, and encapsulation services. This move allows collectors and dealers to submit coins directly to CAC for evaluation, streamlining the process and potentially reducing costs associated with multiple submissions.

CAC will not be stickering coins any longer with their iconic green bubble. Instead, their new grading service adds more competition to the grading market, adding pressure to ensure that industry leaders maintain the standards collectors have come to expect.

How to ID a Coin: The DIY Approach

PCGS Photograde is a helpful tool to use when you want to identify your coin. It won’t give you the price, but it may help you get the necessary info for your submission form and avoid that pesky fee. We have used Photograde to drill down the images to ID our sample coin, and it was very easy. Turns out, we had an 1879 Morgan dollar MS65 on our hands (pictured, front and back). We found it on sale for $109.99 at the PCGS auction. Again, this is not grading, just identifying, and does not accurately reflect the condition or the value of the coin.

The Bottom Line

Three major factors determine the grade the coin will be awarded: how the coin was made, handled, and stored. The best-preserved coins tend to have the greatest value. You’ll want a professional to grade your coin, someone who can authenticate your coin and whose expert opinion is accepted in the marketplace.

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