The Sheldon Scale is the universal language of coin grading. Every certified coin from PCGS, NGC, and other major services receives a numeric grade on this 70-point scale, from Poor-1 to perfect MS-70 or PR-70. Understanding what each grade represents is fundamental knowledge for every coin dealer and collector.
Originally developed by Dr. William Sheldon in 1949 for grading Large Cents, the scale has been adapted and expanded to cover all US coins (and many world coins). While the scale appears straightforward—higher numbers mean better condition—the nuances of grade determination involve multiple factors that experienced graders balance to arrive at accurate assessments.
This comprehensive guide explains every grade on the Sheldon Scale, the criteria graders use, and practical knowledge for dealers evaluating coins in their daily business. By the end, you'll understand not just what each grade means, but how to recognize grade levels and communicate accurately with collectors.
History and Development
Understanding the Sheldon Scale's origins helps explain some of its quirks:
Dr. William Sheldon's Original System
In 1949, Dr. William Herbert Sheldon published "Early American Cents" and introduced a grading system specifically for Large Cents (1793-1857). His scale assigned numbers based on a relationship between grade and market value:
- Base unit: A Poor-1 coin represented the minimum collectible grade
- Price correlation: Numbers roughly corresponded to value multiples (a VF-30 was worth about 30× a Poor-1)
- 70 maximum: The highest grade was 70, representing theoretical perfection
"The chief purpose of any grading system should be to serve as a reliable guide to relative values."
— Dr. William Sheldon, "Early American Cents" (1949)
Adoption and Standardization
Key developments in scale adoption:
- 1970s: American Numismatic Association (ANA) adopted modified Sheldon Scale
- 1986: PCGS founded using 70-point scale for all US coins
- 1987: NGC followed with same scale
- Today: Sheldon Scale is universal standard for US coins and widely used for world coins
Scale Quirks
The scale has gaps (no grades 2-3, 5-7, 9-11, 13-14, 16-19, etc.) because Sheldon focused only on grades relevant to Large Cent values. These gaps persist in modern usage, though they serve no functional purpose today.
The Three Main Grading Categories
Coins fall into three broad categories based on their production method and condition:
Circulated Grades (P-1 through AU-58)
Coins showing wear from circulation. Grades from Poor (heavily worn, barely identifiable) through About Uncirculated (slight friction on highest points only).
Mint State / Uncirculated (MS-60 through MS-70)
Business strike coins showing no wear from circulation. Grade differences reflect contact marks, luster, strike quality, and eye appeal rather than wear.
Proof (PR-60 through PR-70)
Specially struck coins using polished dies and planchets, typically with mirror fields and/or frosted devices. Graded on similar 60-70 scale but evaluated differently.
Circulated Grades: Poor through AU
Circulated grades describe the amount of wear a coin has experienced:
Poor (P-1)
The lowest collectible grade. A coin barely identifiable as to type:
- Design elements mostly worn smooth
- Date may be barely visible or require holder attribution
- Must be identifiable as specific type
- Often collected for rare dates where higher grades don't exist affordably
Fair (FR-2)
Heavily worn but with some design elements visible:
- More detail visible than Poor
- Rim may be worn into design
- Type clearly identifiable
- Date typically visible without magnification
About Good (AG-3)
Very heavily worn with outline visible:
- Design outlined but most detail worn smooth
- Date and mintmark typically visible
- Legends may be partially worn away
- Rim distinct from field in most areas
Good (G-4 and G-6)
Heavily worn with major design elements visible:
- G-4: Main design elements outlined, legends complete, date clear
- G-6: Slightly better detail than G-4, some minor details visible
- Rim complete but may be worn
- Popular grade for type collecting on budget
Very Good (VG-8 and VG-10)
Well-worn with main features clear:
- VG-8: Design well outlined, some details visible, legends sharp
- VG-10: Full rim, slightly more detail than VG-8
- Stars and other small devices generally complete
- Attractive grade for circulated coin collectors
Fine (F-12 and F-15)
Moderate to considerable even wear:
- F-12: Even moderate wear on high points, all lettering sharp
- F-15: Slightly less wear than F-12, more detail on highest points
- Hair/feather details visible in protected areas
- Popular grade balancing detail and affordability
Very Fine (VF-20, VF-25, VF-30, VF-35)
Light to moderate wear on high points:
- VF-20: Moderate wear on high points, all lettering and devices sharp
- VF-25: Slight wear on highest points only
- VF-30: Light wear on highest points, most minor details sharp
- VF-35: Minimal wear on highest points, nearly full hair detail
- Excellent detail, often considered best "value" grade range
Extremely Fine (EF-40 and EF-45)
Light wear on highest points only:
- EF-40: Trace wear on highest points, all features sharp and clear
- EF-45: Slightest trace of wear on highest points
- Full mint luster may be visible in protected areas
- Choice circulated coins with excellent eye appeal
About Uncirculated (AU-50, AU-53, AU-55, AU-58)
Slight wear on highest points, significant luster remaining:
- AU-50: Trace wear on multiple high points, half or more luster
- AU-53: Obvious friction on high points, most luster present
- AU-55: Slight friction on high points, nearly full luster
- AU-58: Slightest friction on highest points, appears uncirculated at first glance
- AU-58 is one grade below Mint State, often providing excellent value
Dealer Tip: AU-58 Value
AU-58 coins often represent excellent value for dealers and collectors. The price jump from AU-58 to MS-60/MS-62 can be substantial, while the visual difference is minimal. Many AU-58 coins are more attractive than heavily bagmarked MS-60 examples.
Mint State Grades: MS60-MS70
Mint State coins show no wear from circulation. Grade differences reflect contact marks, luster, strike, and eye appeal:
MS-60 to MS-62: Uncirculated, Basal Grades
| Grade | Contact Marks | Luster | Eye Appeal |
|---|---|---|---|
| MS-60 | Many, obvious, possibly distracting | May be impaired | Below average |
| MS-61 | Many, less distracting than MS-60 | Average or slightly impaired | Below average to average |
| MS-62 | Scattered, may include distracting marks | Average | Average |
MS-63 to MS-64: Choice Uncirculated
| Grade | Contact Marks | Luster | Eye Appeal |
|---|---|---|---|
| MS-63 | Moderate, no major marks in prime focal areas | Above average | Above average |
| MS-64 | Light, none major, few in prime areas | Above average to full | Above average to attractive |
MS-65 to MS-66: Gem Uncirculated
| Grade | Contact Marks | Luster | Eye Appeal |
|---|---|---|---|
| MS-65 | Light, scattered, minor in prime areas | Full or nearly full | Attractive |
| MS-66 | Few, minor, well hidden | Full | Very attractive |
MS-67 to MS-68: Superb Gem Uncirculated
| Grade | Contact Marks | Luster | Eye Appeal |
|---|---|---|---|
| MS-67 | Virtually none, tiny if present | Full, vibrant | Exceptional |
| MS-68 | Nearly imperceptible | Full, vibrant | Outstanding |
MS-69 to MS-70: Near-Perfect to Perfect
| Grade | Contact Marks | Luster | Eye Appeal |
|---|---|---|---|
| MS-69 | None visible without magnification | Full, pristine | Virtually perfect |
| MS-70 | None at any magnification | Perfect | Perfect in every respect |
MS-70: Perfect But Not Rare for Modern Coins
MS-70 is achievable for modern coins struck with advanced technology and carefully handled. For classic coins (pre-1965), true MS-70 is essentially impossible due to production and storage methods. An MS-68 Morgan Dollar is far rarer than an MS-70 American Silver Eagle.
Proof Grades: PR60-PR70
Proof coins are specially struck, not a grade. The numeric grade describes condition after striking:
Proof Production Process
- Specially prepared, polished planchets
- Polished dies (and/or frosted devices)
- Multiple strikes at higher pressure
- Careful handling throughout production
Proof Grade Standards
Proof grades parallel Mint State but with different emphasis:
| Grade | Characteristics |
|---|---|
| PR-60 to PR-62 | Obvious hairlines or contact marks, impaired surfaces |
| PR-63 to PR-64 | Light hairlines, minor marks, attractive overall |
| PR-65 to PR-66 | Very minor hairlines, excellent surfaces, attractive |
| PR-67 to PR-68 | Virtually no hairlines, superb surfaces, exceptional |
| PR-69 to PR-70 | Perfect or near-perfect, no visible flaws at magnification |
Proof Designations
- DCAM (Deep Cameo) or Ultra Cameo: Heavy frosted devices, deep mirror fields (highest premium)
- CAM (Cameo): Moderate frosted devices, mirror fields
- No designation: Minimal or no contrast between devices and fields
The Five Grading Factors
Professional graders evaluate five factors when determining a coin's grade:
1. Luster
The way light reflects from the coin's surface:
- Cartwheel effect: Rotating bands of light on uncirculated coins
- Frosty vs. brilliant: Different types of original luster
- Impaired luster: From cleaning, environmental damage, or wear
- Weight: Critical for Mint State grades, important for AU
2. Surface Preservation
Contact marks, hairlines, and other post-strike damage:
- Contact marks: Bag marks, handling marks, nicks
- Hairlines: Fine lines from cleaning or mishandling
- Location matters: Marks in prime focal areas (face, fields) weigh more heavily
- Weight: Primary factor in Mint State grade determination
3. Strike
The sharpness and completeness of the design:
- Full strike: All design details sharp and complete
- Average strike: Typical for the issue
- Weak strike: Incomplete details due to striking pressure or die wear
- Weight: Considered but rarely determines final grade alone
4. Eye Appeal
The overall aesthetic impression:
- Toning: Can enhance (attractive colors) or detract (dark, blotchy)
- Balance: Overall impression when all factors combine
- Subjectivity: Most subjective factor, but experienced graders show consistency
- Weight: Can push grades up or down within technical limits
5. Coloration/Toning
The surface coloration of the coin:
- Original toning: Natural aging, typically acceptable or desirable
- Artificial toning: Applied to enhance appearance, may result in details grade
- Cleaned coins: Unnatural brightness, hairlines, may receive details grade
- Retoning: Toning applied to cleaned coins to mask cleaning
Grade Modifiers and Designations
Beyond the numeric grade, modifiers and designations add information:
Plus Grades (+)
Indicates a coin at the high end of its grade:
- Available for grades 60-69 at PCGS and NGC
- Coin just misses the next grade
- Commands 10-30% premium over standard grade
- Example: MS-65+ is between MS-65 and MS-66
Star Designation (★)
Exceptional eye appeal beyond what's expected for the grade:
- Extraordinary toning, luster, or visual appeal
- Available at most grades
- Commands significant premium
- Example: MS-64★ has eye appeal rivaling MS-65 or better
Special Designations
| Designation | Meaning | Application |
|---|---|---|
| Full Bands (FB) | Complete horizontal bands on Mercury Dimes | Mercury Dimes |
| Full Bell Lines (FBL) | Complete lines on bell on Franklin Halves | Franklin Half Dollars |
| Full Head (FH) | Complete detail on Liberty's head | Standing Liberty Quarters |
| Full Steps (FS) | Complete steps on Monticello | Jefferson Nickels |
| Deep Cameo (DCAM) | Heavy frost contrast on proofs | Proof coins |
Details Grades for Problem Coins
Coins with problems receive "Details" grades that indicate the technical grade while noting the issue:
Common Problem Designations
- Cleaned: Evidence of cleaning (hairlines, unnatural surfaces)
- Improperly Cleaned: Harsher cleaning evident
- Polished: Surfaces have been polished
- Whizzed: Mechanical cleaning to simulate luster
- Scratched: Post-strike scratches beyond normal contact marks
- Damaged: Physical damage (bent, holed, plugged)
- Environmental Damage: Corrosion, pitting, burial damage
- Tooled: Surfaces have been altered with tools
- Repaired: Damage has been repaired
- Artificial Toning: Toning applied to enhance appearance
- Questionable Toning: Toning may not be natural
Details Grade Format
Details grades appear as: "PCGS Genuine - [Problem] - [Technical Grade] Details"
Example: "PCGS Genuine - Cleaned - AU Details" indicates:
- Coin is genuine
- Coin shows evidence of cleaning
- Technical grade would be About Uncirculated without the cleaning
Details Grade Pricing
Details graded coins typically sell for 20-70% less than problem-free examples at the same technical grade, depending on the severity of the problem and the coin's rarity. For very rare coins, details grades may be the only affordable option.
Practical Grade Determination
How to evaluate grades in real-world dealer situations:
Step-by-Step Grading Process
- First impression: Note immediate eye appeal before detailed examination
- Check for wear: Examine high points under good lighting at angle
- Assess luster: Rotate coin to see luster quality and coverage
- Count marks: Note quantity, size, and location of contact marks
- Evaluate strike: Check design completeness in typically weak areas
- Check for problems: Look for cleaning, damage, artificial toning
- Assign grade: Balance all factors against grading standards
Common Grading Mistakes
- Overgrading cleaned coins: Bright doesn't equal high grade
- Ignoring strike: Weak strike can mask wear or add to confusion
- Focal area blindness: Not weighting prime areas appropriately
- Color bias: Preferring white coins over naturally toned
- Single-factor focus: Overweighting one factor at expense of others
When to Trust Holder Grades
PCGS and NGC grades are generally reliable, but:
- Old holders: Grading standards have evolved; old holders may be over or under grade by current standards
- Market segments: Some buyers demand CAC approval for additional verification
- High stakes: For expensive coins, personal evaluation or expert opinion is valuable
Grade and Price Relationships
Understanding how grades affect prices helps with buying and selling decisions:
Price Progression Patterns
Prices don't increase linearly with grade. Typical patterns:
- Circulated grades: Relatively modest increases per grade point
- AU to MS: Often significant jump as "uncirculated" is crossed
- MS-60 to MS-64: Moderate, relatively linear increases
- MS-65+: Exponential increases for condition-sensitive coins
- MS-67+: Extreme premiums for classic coins, moderate for modern
Condition Rarity
Some coins are common in low grades but rare in high grades:
- Soft-struck issues: Rarely found with full details
- Heavily circulated types: Few survivors in Mint State
- Poor storage historically: Few pristine examples exist
Dealer Strategy: Condition Rarity
Condition-rare coins in high grades often outperform key dates in lower grades. Understanding population reports and condition rarity helps identify undervalued inventory opportunities. SyncAuction's analytics can help track grade distribution in your inventory.
Key Takeaways
- The Sheldon Scale runs from 1 to 70, covering Poor through perfect MS/PR-70
- Circulated grades (1-58) measure wear from circulation
- Mint State grades (60-70) measure contact marks, luster, strike, and eye appeal
- Five factors determine grade: luster, surface preservation, strike, eye appeal, and coloration
- Plus grades and star designations add information beyond the numeric grade
- Details grades indicate problems that preclude a numeric grade
- Price progression is not linear—high grades command exponentially higher premiums
- Condition rarity creates opportunities for savvy dealers
- Understanding grading is fundamental to accurate pricing and inventory evaluation
- Trust certified grades but develop your own grading skills for buying decisions
Automate Grade-Based Pricing
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Request a Demo →Frequently Asked Questions
What does MS mean in coin grading?
MS stands for Mint State, indicating a coin that has never circulated and shows no wear. MS grades range from MS-60 (uncirculated with many contact marks) to MS-70 (perfect, flawless). The term distinguishes business strike uncirculated coins from Proof coins, which use PR or PF prefix. All MS grades indicate the coin has original mint luster and no wear from circulation.
Why does the Sheldon Scale have gaps in the numbers?
The gaps exist because Dr. Sheldon's original 1949 system only included grades relevant to Large Cent values at the time. He assigned numbers that correlated to price multiples, so he didn't need every number. When the scale was adopted for all coins, the existing numbers were kept rather than creating a new continuous scale. The gaps serve no functional purpose today.
Is MS-70 actually achievable for older coins?
True MS-70 is essentially impossible for classic coins (pre-1965) due to production methods. Coins were struck into bags, handled without care, and stored loosely. Even the finest known examples of most classic coins max out at MS-67 or MS-68. MS-70 is achievable for modern coins produced with advanced technology and careful handling. An MS-68 Morgan Dollar is far rarer than an MS-70 American Silver Eagle.
What is the difference between AU-58 and MS-60?
AU-58 (About Uncirculated) shows the slightest friction on the highest points, while MS-60 (Mint State) shows no wear but may have many contact marks. Ironically, many AU-58 coins are more visually appealing than heavily bagmarked MS-60 examples. The key difference is wear versus contact marks—AU-58 has slight wear, MS-60 has none. Price differences can be substantial despite minimal visual difference.
What does a Details grade mean?
A Details grade indicates the coin has a problem that prevents it from receiving a numeric grade. The format shows the problem (cleaned, scratched, damaged, etc.) and what the technical grade would be without the problem. For example, "VF Details - Cleaned" means the coin has Very Fine level of wear but has been cleaned. Details graded coins typically sell for 20-70% less than problem-free examples.
How do graders decide between grades like MS-64 and MS-65?
Graders evaluate five factors: luster, surface preservation, strike, eye appeal, and coloration. For MS-64 vs MS-65, the primary differences are contact marks (fewer and smaller for MS-65), luster (fuller for MS-65), and overall eye appeal (more attractive for MS-65). No single mark makes or breaks the grade—it's the combination of all factors. Experienced graders maintain consistency across thousands of coins.
What is a plus grade (+) in coin grading?
A plus grade indicates a coin at the high end of its grade that just misses the next grade level. For example, MS-65+ is between MS-65 and MS-66—better than a typical MS-65 but not quite MS-66. Plus grades are available for grades 60-69 at both PCGS and NGC. They typically command 10-30% premiums over standard grades, offering value for buyers seeking quality within a grade.
Does strike quality affect the grade?
Strike is considered but rarely determines the final grade alone. A weakly struck coin with perfect surfaces can still grade MS-67 if other factors support it. However, strike affects eye appeal, which does influence grades. Strike is more important for special designations (Full Bands, Full Steps) that specifically reward sharp strikes. Some collectors pay premiums for well-struck examples even at the same numeric grade.
Why do prices increase exponentially at higher grades?
Higher grades become exponentially rarer due to the compounding effect of avoiding damage over time. Few coins survive mint production, handling, and storage without accumulating marks. The finest survivors become condition rarities—even common-date coins can be valuable in top grades. Registry set collectors competing for finest known examples drive prices higher. The difference between MS-66 and MS-67 populations can be 10:1 or more.
Should I learn to grade coins myself or trust the holder?
Both. Trust certified grades for transaction purposes—PCGS and NGC grades are the market standard. But develop your own grading skills for buying decisions, identifying undergraded coins, and spotting problems that might have been missed. Understanding grading helps you evaluate whether a certified grade seems fair, identify resubmission candidates, and communicate accurately with collectors about your inventory.
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