Coin Grading Explained: The 1–70 Sheldon Scale, Decoded

Two coins with the same date and the same design can sell for $5 and $5,000. The difference is almost always grade — a shorthand for how much of the coin’s original detail, luster and surface survives. Once you can read a grade like “VF-30” or “MS-65”, price guides and auction listings stop being a wall of letters and start telling you exactly what you’re looking at.

Where the 1–70 scale came from

The numbers come from the Sheldon scale, published by Dr William Sheldon in 1949 for pricing early US large cents. His idea was that a coin in grade 70 was worth roughly 70 times one in grade 1. The price formula didn’t survive, but the numbering did: today’s grading services use a refined version for coins from every country, with 70 meaning a flawless strike under magnification.

The grades, from worn to perfect

Circulated grades (1–58)

• Poor (P-1), Fair (FR-2), About Good (AG-3): heavily worn; the date may be barely readable.
• Good (G-4, G-6): outline of the design visible, rims mostly complete, little fine detail.
• Very Good (VG-8, VG-10): major features clear, some interior detail.
• Fine (F-12, F-15): moderate, even wear; all major elements sharp.
• Very Fine (VF-20 to VF-35): light to moderate wear on high points; finer details visible.
• Extremely Fine (EF/XF-40, 45): light wear only on the highest points; traces of luster.
• About Uncirculated (AU-50 to AU-58): a trace of wear on the high points; most luster remains.

Uncirculated grades (60–70)

Mint State (MS-60 to MS-70) coins show no wear at all. What separates them is everything else: contact marks from other coins in mint bags, the strength of the strike, the quality of the luster, and overall eye appeal. An MS-60 can be baggy and dull; an MS-65 is attractive with only minor marks; MS-67 and above are exceptional; MS-70 shows no post-production imperfections at 5× magnification.

Proofs

Proof coins are specially struck for collectors, usually with mirror-like fields and frosted designs. They use the same numbers with a PR or PF prefix — a PR-69 is a nearly perfect proof. “Proof” describes how the coin was made, not its condition.

The jump in price between neighbouring grades is steepest at the top. For many modern coins, MS-69 and MS-70 can be separated by a single tiny spot — and by a multiple of the price.

What graders actually look at

• Wear on the high points of the design — the first metal to go.
• Luster: the cartwheel shine of an untouched mint surface.
• Strike: how fully the design was pressed into the metal.
• Marks and hairlines: bag marks, scratches, cleaning lines.
• Eye appeal: color, toning and how the coin looks as a whole.

Labels you’ll see on graded coins

MS-65

Mint State, gem uncirculated

PR-69 / PF-69

Proof strike, near-perfect

RD / RB / BN

Copper color: red, red-brown, brown

DMPL / DCAM

Deep mirror prooflike / deep cameo contrast

+ (plus)

High end of the grade

Details / Genuine

Authentic but cleaned, damaged or altered — no numeric grade

Is it worth sending a coin for grading?

Third-party graders such as PCGS and NGC authenticate a coin, assign a grade and seal it in a tamper-evident plastic holder (a “slab”) with a certification number you can look up online. That makes a valuable coin far easier to sell, because the buyer no longer has to trust the seller’s eye. But grading has fees plus shipping and insurance, so it makes sense for key dates, gold, errors and high-grade coins — not for common circulated change.

Before paying, grade the coin yourself honestly against published photo guides, then check what that coin sells for in the grade you expect and one grade lower. If both numbers comfortably exceed the cost, grading is worth it.

The takeaway

Coin grades run from 1 to 70. Below 60 the number tracks wear; from 60 up it tracks marks, strike, luster and eye appeal on a coin with no wear at all. Learn the letter codes, keep your coins uncleaned, and send only the coins whose value clearly outruns the grading fee to PCGS or NGC.

At a glance

The Sheldon coin grading scale

Grade	Abbreviation	Description
1–3	P / FR / AG	Poor to About Good: heavily worn
4–6	G	Good: outline visible, little detail
8–10	VG	Very Good: major features clear
12–15	F	Fine: moderate, even wear
20–35	VF	Very Fine: light to moderate wear on high points
40–45	EF / XF	Extremely Fine: light wear on highest points
50–58	AU	About Uncirculated: trace of wear
60–70	MS	Mint State: no wear; judged on marks, luster, strike, eye appeal
60–70	PR / PF	Proof strikes, same numeric scale

Frequently asked questions

What does MS-65 mean on a coin?

Mint State 65: an uncirculated “gem” coin with no wear, strong luster and only minor marks.

What is the difference between PCGS and NGC?

Both are leading third-party grading services that authenticate, grade and encapsulate coins with verifiable certification numbers. Both are widely accepted; prices can differ slightly by series.

What does “details” mean on a graded coin?

The coin is authentic but has a problem — cleaning, damage, corrosion or alteration — so it receives a descriptive details label instead of a numeric grade.

Is it worth getting a coin graded?

When its likely value comfortably exceeds grading, shipping and insurance costs — typically key dates, gold, errors and high-grade coins, not common circulated change.

Sources and further reading

1. Coin Grading Scale — NGC (Numismatic Guaranty Company)
2. Coin Grades — PCGS (Professional Coin Grading Service)
3. Sheldon coin grading scale — Wikipedia
4. Coin grading — Wikipedia

Links checked September 14, 2026.