| In ages past, a numismatic coin's condition was a | | | | precise criteria for VF-20 Morgan silver dollars: |
| rather vague and subjective matter. When serious coin | | | | "Two-thirds of hair lines from top of forehead to ear |
| collecting emerged about the 14th century in Europe, it | | | | visible. Ear well defined. Feathers on eagle's breast |
| was tied to the Renaissance's rediscovery of classical | | | | worn." The step-up to XF-40 grading requires, "All hair |
| Greek and Roman culture. The first big collectors such | | | | lines strong and ear bold. Eagle's feathers all plain but |
| as the Italian poet Petrarch were interested in ancient | | | | with slight wear on breast and top edges of wings." |
| coins as artifacts akin to the Grecian urns and Roman | | | | That doesn't leave much room for argument. |
| art that were turning up. For centuries, rare and | | | | Argument-Breaking Consensus Coin Grading |
| expensive ancient coins were the heart of European | | | | Circulated coin grading is fairly clear-cut, as the |
| numismatics (known as "the Hobby of Kings" as well | | | | examples above show. Disagreement about grading |
| as "the King of Hobbies") and a coin's relative beauty | | | | has been more frequent in higher mint-state rankings, |
| was strictly in the eye of the beholder (buyer and | | | | where a great value gap may exist between MS-63 |
| seller). In fact, even numismatic books of the 17th and | | | | and MS-65. One professional grader's eye might differ |
| 18th centuries seldom addressed the condition of coins. | | | | from another's at least some of the time in these |
| As the hobby grew in the 19th century, some general | | | | categories. A solution developed in the mid-1980's |
| terms of a coin's condition began to be used as a | | | | when consensus coin grading (by a panel of three |
| gauge of value: Very Fine, Extremely (or Extra) Fine | | | | experts) was introduced and generally accepted in the |
| and Uncirculated. But it remained very much a | | | | U.S. coin world as a means of settling grades for more |
| subjective matter of eye-appeal. | | | | expensive coins. The Professional Coin Grading |
| Dr. Sheldon's Revolutionary Grading System | | | | Service (PCGS) and Numismatic Guaranty |
| It was not until 1948 that the American Dr. William H. | | | | Corporation (NGC) have remained the leading |
| Sheldon, an ardent collector of early cents, introduced | | | | practitioners of consensus coin grading. The coins are |
| a complex grading system that would take hold in the | | | | sealed in protective transparent plastic cases with the |
| collecting world. His precise method of assessing | | | | consensus grade certifications, which today even |
| individual U.S. coins' condition (or grade) worked on a | | | | include refinements in every step from MS-61 to |
| scale of 1-70. A Poor-1 described an almost totally | | | | MS-70. Grading has come a long way over the past |
| worn coin whose origin could still be determined. A | | | | generation to assure the buyer of expensive coins as |
| non-plus-ultra MS-70 grade was reserved for a | | | | objective and accurate appraisals of condition as |
| precious few mint-state specimens that met almost | | | | possible. |
| impossibly high standards of perfection and luster. In | | | | Could coin grading become even more refined and |
| practice in the coin trade, however, grades were | | | | "infallible" in the future? There is talk among experts |
| generally limited to Fair (F-2), Good (G-4), Very Good | | | | today of possible computerized grading down the |
| (VG-8), Fine (F-12), Very Fine (VF-20), Extremely Fine | | | | road, which would match digital images of chiefly rare |
| (XF-40), About Uncirculated (AU-50), Average | | | | coins' accepted grades with those being assessed. |
| Mint-State (MS-60), Choice Mint-State (MS-63) and | | | | With some practice, coin collectors develop their own |
| Gem Mint-State (MS-65). Occasionally, there might be | | | | sharp eyes regarding grades and learn to trust the |
| refinements on the scale for costly rarities. Sheldon's | | | | assessments of one coin dealer over another. Very |
| descriptions for his grades are still followed today as a | | | | popular books that are valuable in developing a grading |
| general guide for grading. | | | | eye are The Official American Numismatic Association |
| But professional graders also follow very specific | | | | Grading Standards for United States Coins and |
| guidelines for particular coin types. For example, A | | | | Photograde. |
| Guide Book for United States Coins gives these very | | | | |