The 1-70 Grading Scale in a Nutshell
The American Numismatic Association (ANA) filled the need for a
quantifiable way to describe coins by endorsing a system created by
Dr. William H. Sheldon an published in his book "Early American
Coins". Here it is in a nutshell:
There are three types of coins; Circulated, Uncirculated, and Proof.
Circulated coins have been worn by handling.
Uncirculated (Mint State, or MS) coins are manufactured the same way
as ordinary coins but are sealed before they are handled.
Proof (PR) coins are specially made on the finest planchets. They are
treasured by collectors for their quality and mirror-like sheen.
Grades 1 to 58 (Circulated)
PO-1 Identifiable date and type
FR-2 Mostly worn, though some detail is visible
AG-3 Worn rims, but most lettering is visible though worn
G-4 Slightly worn rims, flat detail, peripheral lettering nearly full
G-6 Rims complete with flat detail, peripheral lettering full
VG-8 Design worn with slight detail
VG-10 Design worn with slight detail, slightly clearer
F-12 Some deeply recessed areas with detail, all lettering sharp
F-15 Slightly more detail in recessed areas, all lettering sharp
VF-20 Some definition of detail, all lettering full and sharp
VF-25 Slightly more definition in the detail and lettering
VF-30 Almost complete detail with flat areas
VF-35 Detail is complete but worn with high points flat
EF-40 Detail is complete with most high points slightly flat
EF-45 Detail is complete with some high points flat
AU-50 Full detail with friction over most of the surface, slight flatness on high points
AU-53 Full detail with friction over 1/2 or more of the surface, very slight flatness on
high points
AU-55 Full detail with friction on less than 1/2 surface, mainly on high points
AU-58 Full detail with only slight friction on the high points
Grades 60 to 70 (Mint State coins or Proof coins)
MS/PR-60 No Wear. May have many heavy marks/hairlines, strike may not be full
MS/PR-61 No Wear. Multiple heavy marks/hairlines, strike may not be full
MS/PR-62 No wear. Slightly less marks/harilines, strike may not be full
MS/PR-63 Moderate number/size marks/hairlines, strike may not be full
MS/PR-64 Few marks/hairlines or a couple of severe ones, strike should be average
or above
MS/PR-65 Minor marks/hairlines though none in focal areas, above average strike
MS/PR-66 Few minor marks/hairlines not in focal areas, good strike
MS/PR-67 Virtually as struck with minor imperfections, very well struck
MS/PR-68 Virtually as struck with slight imperfections, slightest weakness of strike
allowed
MS/PR-69 Virtually as struck with miniscule imperfections, near full strike necessary
MS/PR-70 As struck, with full strike
NOTE: In addition to the grades listed above, there can be other designations added
to the coin grade. The most common of these with regard to copper coins like the
Lincoln Head Cent is the designation of R for Red, R/B for Red/Brown, or B for
Brown. Copper coins are red when they are minted, and over time turn brown. Red
copper coins are generally more valuable than red/brown coins, which are in turn
more valuable than brown ones. CAM for Cameo and DCAM for Deep Cameo are
designations for some visually stunning Proof coins. Cameo is used to describe
lightly frosted coins. Deep Cameo is a designation that describes deeply frosted
coins.
Copper coins are red when they are minted, and turn brown
over time. Mint State coins are often assigned the grading
designations "Red" (R), "Red/Brown" (RB), or "Brown" (B).
In general Red copper coins are more valuable than
Red/Brown coins which are in turn more valuable than
Brown coins. The photos below show examples of Red,
Red/Brown, and Brown Lincoln Cents.
Some Standing Liberty Quarters are afforded the grading
designation "Full Head" (FH) when the helmet of the head
has full detail. Coins with the FH designation have
considerably more value than similar coins without the FH
designation. Here is an example of a Full Head:
Some Mercury Dimes are afforded the grading designation "Full
Split Bands" (FB) when the horizontal bands around the fasces on
the reverse of the coin are "split", that is there is a complete line
between them from side to side. Coins with the FB designation
have considerably more value than similar coins without the FB
designation. Here is an example of Full Split Bands:
Bands
The designations "Cameo" and "Deep Cameo" are given to
coins, mostly Proof coins, that have frosted features
("devices") such as the bust of Kennedy. The photos below
show examples of a normal Proof, a Cameo Proof, and a
Deep Cameo proof Kennedy Half.
Some Jefferson Nickels are afforded the grading designation "Full
Steps" (FS) when there are at least five complete distinct steps
leading up to the Monticello mansion on the reverse of the coin.
Since Nickel is a very hard metal, the dies used to strike the coin
wore quickly, and the first place to show the wear is these steps,
making Jefferson Nickels with Full Steps much more difficult to
find.
Coins with the FS designation have considerably more value than
similar coins without the FS designation. Here is an example of
Full Steps: