Coin Grading Guide: The Sheldon Scale Explained
Understanding coin grades is essential to determining value. Learn the difference between P-1 and MS-70, and what to look for at every grade level.
What Is Coin Grading?
Coin grading is the process of evaluating a coin's physical condition and assigning it a standardized numerical grade. This grade is the single most important factor in determining a coin's market value. Two coins of the same year and mint mark can differ in value by thousands of dollars based solely on their grade.
Professional grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) employ teams of expert graders who examine coins under controlled conditions and assign grades that the market trusts. Once graded, the coin is sealed in a tamper-evident plastic holder (called a "slab") with its grade clearly displayed.
While professional grading is the gold standard, understanding the grading scale helps every collector make informed decisions about buying, selling, and evaluating their coins.
The Sheldon Scale (1-70)
The Sheldon scale was created by Dr. William H. Sheldon in 1949 for grading early American large cents. It originally tied the numerical grade to a coin's market value (a coin graded 20 was worth twice as much as one graded 10), but over time the scale was adopted industry-wide for all US coins regardless of denomination.
The scale runs from 1 (Poor, or P-1) to 70 (Perfect). It is divided into two major categories:
- Circulated grades (1-58): Coins that show wear from handling or use in commerce. The amount and location of wear determines the specific grade.
- Uncirculated grades (60-70): Coins with no wear whatsoever. Differences are based on contact marks, luster quality, strike sharpness, and overall eye appeal.
Additionally, proof coins are graded on a parallel scale (PR-60 to PR-70 or PF-60 to PF-70) that evaluates their special strike characteristics alongside surface quality.
Circulated Grades (P-1 to AU-58)
Circulated coins have been used in commerce or otherwise handled enough to show wear on their surfaces. The degree of wear determines the grade. Here are the standard circulated grade levels from most worn to least worn.
Poor
Barely identifiable. The design is heavily worn with only the outline of the coin visible. The date may be unreadable. The coin can be identified as to type only by its size and general shape.
What to look for: Can you tell what type of coin it is? Is the outline of the main design barely visible? If the coin is almost completely flat but still identifiable, it is P-1.
Fair
Heavily worn. Design elements are mostly flat but the coin type can be identified. The date is usually readable, though it may be partially worn. Enough detail remains to attribute the coin.
What to look for: The coin type should be identifiable and the date usually readable. Some lettering may be worn away, but enough remains to confirm what the coin is. A step above P-1 with slightly more visible detail.
About Good
Very heavily worn with portions of the lettering, date, and design worn smooth. The outline of the design is visible but details are mostly gone. The rim may be worn down into the lettering.
What to look for: Can you read the date? Is the main design outline visible? If yes, the coin is at least AG-3.
Good
Heavily worn with the design visible but faint in spots. Major features are clear but details are flat. The rim is complete but may merge with the lettering in places.
What to look for: Major design elements (Liberty, eagle, shield) should be outlined but flat. Letters along the rim should be readable, though some may be weak.
Very Good
Well worn with main features clear but flat. Some design detail begins to show in protected areas. The rim is complete and separated from the lettering on most of the coin.
What to look for: Look for the beginnings of detail in the hair, feathers, or other design elements. The word LIBERTY (on coins that feature it) should be fully readable.
Fine
Moderate to heavy even wear over the entire coin. All lettering is sharp. Design elements show some detail, particularly in protected recesses. This is where many collectors find the best balance of detail and affordability.
What to look for: Hair strands or feather details should be partially visible. All lettering and the date should be sharp and clear. Wear should be even across the coin.
Very Fine
Moderate wear on the high points of the design. Medium-level detail visible in most areas. The coin has a pleasing, even appearance with clear design elements.
What to look for: Major hair details and feather tips should be visible but worn on the highest points. The overall design should still show considerable depth and dimension.
Extremely Fine
Light wear on the highest points only. All design details are sharp and well-defined. Traces of mint luster may remain in protected areas.
What to look for: Wear should be confined to the very tops of the highest design elements (hair above the ear, eagle's breast feathers). Protected areas should show nearly full detail. Some luster may be visible around letters and devices.
About Uncirculated
Slight wear on the highest points. At least half of the original mint luster remains, though it may be somewhat impaired. The coin has an overall fresh, minimally handled appearance.
What to look for: Look for slight friction on the highest points. Luster should be clearly visible in the fields when tilted under a light, though it may be broken on high points.
About Uncirculated (Choice)
Obvious slight wear on the high points with approximately two-thirds of the original mint luster remaining. A step up from AU-50 with better overall eye appeal.
What to look for: Friction is limited to the very highest points. Most of the luster should be intact, particularly in the fields. The coin should have an overall attractive appearance.
About Uncirculated (Choice)
Slight wear on only the highest points with nearly three-quarters of the original mint luster remaining. Very close to uncirculated.
What to look for: Only the slightest friction on the absolute highest points (cheekbone, hair above ear). Luster should be nearly complete. Without close examination, the coin may appear uncirculated.
About Uncirculated (Near Mint)
The slightest trace of wear on the very highest points. Nearly full mint luster with perhaps only the faintest friction. This is the highest circulated grade and often the best value in the AU range.
What to look for: Under a light, you may see the faintest dulling or friction on the highest point. Rotate the coin under a single-point light source; any break in luster on the high points distinguishes this from MS-60.
Uncirculated / Mint State Grades (MS-60 to MS-70)
Mint State (MS) coins show absolutely no wear. They may have left the mint and been stored in bags, rolls, or other containers, but they were never used in commerce. The differences between MS grades come down to contact marks (bag marks), luster quality, strike sharpness, and overall eye appeal.
Mint State (Basal)
No trace of wear, but the coin may show numerous contact marks, hairlines, or other imperfections. Luster may be impaired. This is the entry point for uncirculated coins.
What to look for: Full luster across the entire surface with no wear whatsoever. However, the coin may have heavy bag marks, scratches, or dull/lifeless luster. No wear is the key distinction from AU-58.
Mint State
No wear with some distracting contact marks or minor blemishes. Luster may be slightly impaired in spots. A step above MS-60 with fewer or less noticeable marks.
What to look for: Full luster with no wear. Contact marks are present but somewhat less numerous or prominent than MS-60.
Mint State
No wear with noticeable but not overly distracting blemishes. Above-average luster. The coin is starting to look attractive despite its imperfections.
What to look for: Full luster that is reasonably attractive. Marks are present but do not overwhelm the coin's appearance. No major distracting marks in the prime focal areas.
Mint State (Choice)
No wear with some small contact marks and blemishes. Attractive mint luster. This is a popular collector grade that balances quality with affordability.
What to look for: Full, attractive luster. Some scattered contact marks but none in prominent positions. The coin should look good at arm's length and be a pleasing example of the type.
Mint State (Near Gem)
No wear with only a few small scattered contact marks. Above-average strike and luster. A very attractive coin that falls just short of gem quality.
What to look for: Full, bright luster with an attractive strike. Only minor, unobtrusive marks. The coin should be eye-catching and look "almost perfect" to the casual observer.
Gem Mint State
No wear with strong luster, good eye appeal, and only minor contact marks or flaws. This is the threshold for "gem" quality and is a key grade for collectors and investors.
What to look for: Brilliant, full luster with sharp strike details. Any marks must be tiny and not in the primary focal areas (face, central design). The coin should be immediately attractive and stand out.
Gem+ Mint State
No wear with only the slightest contact marks. Outstanding luster, strike, and eye appeal. A truly superior coin that is very difficult to improve upon.
What to look for: Exceptional luster and strike. Contact marks, if any, are so minor they require magnification to see. The coin should be stunning at first glance.
Superb Gem Mint State
No wear with virtually no visible contact marks. Exceptional luster, strike, and eye appeal. Very few coins achieve this grade and they command substantial premiums.
What to look for: Near-perfect surfaces with extraordinary luster. Any imperfection is trivial and barely detectable even under magnification. The coin should appear essentially perfect to the naked eye.
Mint State
Near-perfect with only the most trivial imperfections. Extraordinary in every respect. Very few pre-modern coins achieve this grade.
What to look for: Virtually perfect surfaces. Only under strong magnification might the faintest mark be detected. For modern coins, this is achievable; for classic coins, it is exceptionally rare.
Near Perfect Mint State
A nearly perfect coin with only the most minute imperfection. Full, blazing luster and an extraordinary strike. Very few coins earn this grade.
What to look for: An essentially perfect coin. The imperfection, if any, requires strong magnification and expertise to identify. Achievable mainly for modern issues.
Perfect Mint State
A perfect coin. No contact marks, hairlines, or other imperfections are visible under 5x magnification. Absolutely flawless strike, luster, and eye appeal.
What to look for: Zero imperfections of any kind under 5x magnification. Full strike, full luster, and perfect surfaces. For classic coins, this grade is virtually unattainable.
Plus (+) Grades
Both PCGS and NGC now assign "+" grades (such as MS-64+, AU-58+, VF-35+, etc.) to coins that are above average for their assigned grade but do not quite meet the criteria for the next grade up. The plus designation indicates a coin that sits in the upper portion of its grade range.
Plus grades typically command a 10-30% premium over the base grade, making them an attractive option for collectors who want better-than-average quality without paying the full price jump to the next grade. For example, an MS-64+ often sells for meaningfully more than a standard MS-64, but less than an MS-65.
Plus grades are available for most circulated and Mint State grades. They are especially significant in the MS-64+ to MS-66+ range, where the price differences between whole grades can be substantial.
Proof Grades (PR-60 to PR-70)
Proof coins are specially manufactured collector pieces struck on polished planchets using specially prepared dies. The result is a coin with mirror-like reflective fields and (on modern proofs) frosted, sculptural design elements. Proof is a method of manufacture, not a grade. Proof coins are graded on their own scale from PR-60 to PR-70 (also written PF-60 to PF-70).
Modern proofs with strong contrast between frosted devices and mirror fields may receive a Cameo (CAM) or Deep Cameo (DCAM) designation, which adds significant value. For example, a PR-69 DCAM is more valuable than a plain PR-69.
Proof (Basal)
A proof coin with no wear but significant hairlines, contact marks, or other handling evidence. The proof surfaces are evident but impaired.
What to look for: Mirror-like fields should be present but may be significantly hairlined or marked. The coin is identifiable as a proof but shows heavy evidence of mishandling.
Proof (Choice)
A proof coin with reflective surfaces and only moderate hairlines or blemishes. An attractive proof that shows some evidence of handling.
What to look for: Good reflective fields with noticeable but not overwhelming hairlines. Frosted devices (on modern proofs) should be clear. An attractive coin despite its imperfections.
Gem Proof
A proof coin with bright, reflective surfaces and only minor hairlines or flaws. Strong cameo contrast on modern proofs. A very attractive specimen.
What to look for: Brilliant mirror fields with minimal hairlines visible only under magnification. Strong frosted devices on cameo examples. The coin should be immediately impressive.
Superb Gem Proof
A proof coin with virtually flawless reflective surfaces. Any hairlines are so minor as to be nearly invisible. Outstanding cameo contrast where applicable.
What to look for: Nearly perfect mirror surfaces with exceptional depth of reflection. Hairlines, if present, are trivial. Deep cameo contrast on frosted devices.
Near Perfect Proof
A nearly perfect proof coin. Full mirror depth, exceptional contrast, and only the most trivial imperfection detectable under magnification.
What to look for: Essentially perfect proof surfaces with deep, watery reflections. Any flaw is minute and barely detectable even under magnification.
Perfect Proof
A perfect proof coin with no hairlines, haze, or imperfections of any kind visible under 5x magnification. The highest possible grade for a proof coin.
What to look for: Absolutely flawless in every respect. Deep mirror fields, full frosted devices, and no imperfections whatsoever under 5x magnification.
PCGS vs. NGC: Comparing the Major Grading Services
PCGS and NGC are the two dominant coin grading services in the United States. Both are respected and widely accepted by dealers, auction houses, and collectors. Here is how they compare:
| PCGS | NGC | |
|---|---|---|
| Founded | 1986 | 1987 |
| Scale Used | Sheldon (1-70) | Sheldon (1-70) |
| Holder Style | Blue insert, edge-view design | Various colored inserts, open-edge design |
| Market Premium | Often slight premium for US coins | Preferred for world coins and ancients |
| Price Guide | PCGS CoinFacts & Price Guide | NGC Coin Explorer & Price Guide |
| Guarantee | Grade and authenticity guarantee | Grade and authenticity guarantee |
Both services are excellent choices. For US coins, PCGS coins sometimes trade at a small premium (often called the "PCGS premium"), but this varies by series and era. Many serious collectors submit to both services and compare grades. CoinValueDB tracks prices for coins graded by both PCGS and NGC.
Tips for Grading Coins at Home
While professional grading is the most reliable method, you can develop a strong sense of coin grades with practice. Here are practical tips for evaluating your coins at home:
- Use proper lighting. A single-point light source (like a desk lamp) works best. Tilt the coin under the light to reveal luster, hairlines, and wear patterns. Avoid fluorescent lighting, which can mask imperfections.
- Use a loupe or magnifying glass. A 5x to 10x loupe is standard. Examine the highest points of the design first, as this is where wear appears first: the cheekbone on Liberty, the breast feathers on an eagle, the hair above the ear.
- Handle coins by the edges only. Oils from your fingers can damage coin surfaces. Use cotton gloves or hold coins by the rim over a soft surface.
- Compare to known examples. Use PCGS PhotoGrade or NGC's online galleries to compare your coin to authenticated examples at each grade level.
- Check the high points first. Wear always appears first on the highest points of the design. If these areas are sharp, the coin is likely in higher grade.
- Evaluate luster separately from wear. A coin can have no wear (technically uncirculated) but have impaired luster from cleaning, dipping, or environmental damage. Such coins grade lower.
- Never clean your coins. Cleaning a coin, even gently, almost always reduces its value. Grading services can detect cleaning and will assign "details" grades that significantly reduce market value.
For a quick, AI-powered grade estimate, you can scan your coin with CoinValueDB. Our scanner analyzes your coin's surfaces and provides an estimated grade range along with a market value.
Frequently Asked Questions
What is the Sheldon coin grading scale? +
What is the difference between PCGS and NGC grading? +
Should I get my coins graded? +
What does "uncirculated" mean for coins? +
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What is the difference between a proof coin and an uncirculated coin? +
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