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Uncirculated
Grades:
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Coin
grading can be defined as ”a standardized short-hand description of a coin’s
relative condition.” Assigning a Grade to a coin allows dealers and
collectors to accurately describe coins to each other, regardless of whether
they are able to see the pieces.
In the 19th century the first attempts to grade coins were pretty poor. Descriptions such as “pretty good”, “rather poor”, “much circulated”, “uncommonly fine” and “quite Uncirculated” were used. Since photographs in catalogs were not widely used a collector was never quite sure what a coin would look like until he saw it in person. As coin collecting increased in popularity the need for a standardized grading system became obvious. Howland Wood was one of the first to attempt to establish a set of written standards. He felt that “While it is unreasonable to expect everyone to see things exactly alike, it is possible for everyone to see things more nearly alike.” Dr. William Sheldon also recognized the need for a standardized grading system and in 1949 he introduced a 70-point numerical grading scale for large cents. The circulated grades ranged from 1 to 55 and the uncirculated grades ranged from 60 through 70. His “Quantitative Scale for Condition” includes the grades of 1-Basal, 2-Fair, 3-Very Fair, 4-Good, 5-Very Good, 12-Fine, 20-Very Fine, 40-Extremely Fine, 50-About Uncirculated and 60-70 for Uncirculated. He introduced this scale as an algebraic pricing formula for large cents. He felt the value of a coin could be determined by multiplying the value of a particular coin in its basal state by the numerical grade. The formula was presented as: Book Value = Basal Value X Numerical Designation. As an example, if a coin’s basal value was $2 and it was graded Extremely Fine (40) the value of the coin should be $80 ($2X40). Today’s grading system is loosely based on Dr. Sheldon’s work and is used for all U.S. coins. Coins are now graded on a scale of 1 – 70 points, with a 1 assigned to a coin that is barely recognizable and a 70 to a coin that is perfect in every way. Coins that have been circulated will grade in range from 1-58. Uncirculated coins, or coins in their original mint state, are graded from Mint State (MS) 60 – 70. It should be noted that coins direct from the mint that have not circulated will rarely carry a grade of MS70 due to flaws that occur during the minting process and nicks that occur during packaging. For our example lets take a look at the Morgan Dollar. We will take a look at various grades and see what the differences are in the coins. For our examples we'll use the mid-grade coins. MS65 Morgan Dollar 1887 The ANA describes an MS65 coin as “virtually flawless but with very minor imperfections”. The coin cannot be lackluster or weakly struck. It cannot have excessive nicks, scratches, marks, or flaws of any kind. It is by no means a perfect coin and there is room for minor detraction visible with a 5-power glass. This 1887-P is graded MS65 by PCGS. It has a nice satin finish and does show some imperfections on the cheek and in the fields just in front of Liberty’s face. MS 64 Morgan Dollar 1884-O A cursory glance at a MS64 would indicate that a grade of MS65 is in order. Closer inspection of the eMS64 reveals a detracting overall characteristic such as the lack of full mint bloom or too many surfaces marks. What sets this grade apart from an MS63 is it’s nearly convincing claim to MS65. It may be lightly fingerprinted or exhibit weakness of strike in important areas. This 1884-O is graded MS64 by PCGS. It has the same satin like finish of the 1887-P. Coins from the New Orleans Mint are usually weakly struck. While this coin does have a clearer cheek and minimal detractions in front of Liberty’s face it does have some nicks on the base of the neck and the fields behind the cap. Normally detractions in the non-critical areas of the coin won’t lower the grade.
MS 63 Morgan Dollar 1881-S An MS63 coin will often have claims to a grade of 65, except there are noticeable marks visible to the unaided eye. It may be nearly full struck but not necessarily 100 percent fully struck. They are often found with fingerprints, which may result in dark spots on the coin. This 1881-S is graded MS63 by PCGS. Many S Mint coins have mirrored fields and frosty devices, which give it a different look then the coin above. You should notice some flaws on the cheek and many more marks in the fields in front of Liberty’s face.
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