Grading a coin is the process by which its value is determined and set. The
grade of a coin is important to both sellers and collectors of coins. If you are
a coin collector or have coins to sell, you should know how to grade a coin.
The primary purpose of grading a coin is to determine what the coin's market
value is based on how well the coin was originally struck, how well the coin
metal itself has been preserved, and how much wear and damage the coin has
suffered since it was minted.
A range of grades are used to describe the condition of coins. Valuation of a
coin is impossible without a sound knowledge of the grading of coins. For this
there is no real substitute for experience. However, the following is a guide to
the main grading scheme used for UK coins (please note that the UK standards are
higher than for US coins):
Poor: Inscriptions worn off, date illegible, only outline of design visible.
(US: AG-3)
Fair: Date, legends and denomination (if any) legible, type recognisable. Very
little detail visible. (US: VG-8)
Good (G): (A US grade, better described as Mediocre) Inscriptions and date
considerably worn but legible.
Very Good (VG): A US grade, Fair in UK. Considerable wear over the whole coin,
and high spots worn through. Coins in this or the previous grades are really
only collectable if extremely rare. (US: VG-8)
Fine (F): Worn over whole area, but only the highest spots are worn completely
through. (US: VF-20)
Very Fine (VF): Detail clear, but obvious evidence of very limited circulation.
High spots worn but detail remains. Traces of mint lustre may linger amongst the
letters of the inscription. (US: EF-40)
Extremely Fine (EF): Slight wear on high spots on close inspection, and all
other detail clear and sharp. Much mint lustre may remain. May appear
uncirculated to the naked eye. (US: MS-60)
Uncirculated (Unc): No wear at all, although it is possible for the design not
to be fully struck up in the minting process. There may be bag abrasions. Older
coins may be tarnished or toned.(US: MS-62 to 65)
There are two higher grades seen in dealers lists:
Brilliant Uncirculated (BU): Usually implies full mint lustre.(US: MS-67)
FDC (Fleur de Coin): Perfect mint state, with no abrasions or marks, and full
lustre. Usually applied to proof coins only, or coins from sealed mint sets.
(US: MS-70)
Proof: Not a condition, but the coin has been struck using specially prepared
dies and blanks, and the minting process has been carried out usually twice with
extra pressure to ensure the die is filled. Normally the fields are highly
polished, with the design matte, however matte proofs where the whole coin is
matte are known (especially the 1902 GB proofs), and sometimes even the design
is polished (especially from the early 1970's for UK proof sets). Proof coins
usually have very sharp edges.
Many coins fall in between grades, and so terms such as 'nearly VF', 'good VF',
'gem BU' are encountered.
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