Coin grading basics: what G‑4 to MS‑70 mean

The scale

Dr. William Sheldon created the 1 to 70 scale in 1949 for large cents. Today the ANA and the major grading services use it for all US coins. A number is paired with a short name. The coin catalog on Lustre uses these steps: G‑4, VG‑8, F‑12, VF‑20, EF‑40, AU‑50, AU‑58, MS‑60, MS‑63 and MS‑65.

Grades below MS‑60 are for coins that were used as money. Grades from MS‑60 up (“MS” is Mint State) are for coins that never circulated. Proof coins, made with polished dies for collectors, use PR (for example PR‑65) in this catalog; the grading services write PF.

What each grade looks like

Grade	Name	What you see
G‑4	Good	Heavy wear. The main design is outlined, and the rims are worn into the lettering.
VG‑8	Very Good	Heavy wear, but the design is clearer and most of the lettering is readable, though worn.
F‑12	Fine	Moderate to heavy wear. The main design is clear and the lettering is complete.
VF‑20	Very Fine	Moderate wear. The high points are worn, and the major details are clear.
EF‑40	Extremely Fine	Light wear on the highest points only. Most of the detail is sharp.
AU‑50 to AU‑58	About Uncirculated	Traces of wear on the highest points. Much of the original luster remains.
MS‑60 to MS‑70	Mint State	No wear. The number then reflects luster, scratches and marks from handling: MS‑60 has many, MS‑70 has none.

These are plain-language summaries of the standard descriptions. The exact standards differ a little by coin type, because a Morgan dollar and a Lincoln cent wear in different places.

Why grades change prices

Collectors pay more for the better example of the same coin, so scarce coins climb steeply as the grade goes up. The effect is small for common coins: a worn 1921 Morgan dollar is worth little more than its silver, and the price only separates from melt in uncirculated grades. On each coin page, the grade table shows the range. Key dates use the PCGS and NGC price guides, and other dates are Lustre estimates.

Two things to watch for in any grade table. The price of a coin in a low grade can follow the metal price, so it moves each day. And the price for a high grade can include a premium for how few were saved, not just how nice the coin looks.

Graded or raw?

A raw coin is one that has not been through a grading service. A graded, or slabbed, coin is sealed in a plastic holder with the grade and a certificate number. The services check authenticity as well as condition, which is why graded coins are easier to sell sight unseen.

The fee for grading is charged per coin, so it only makes sense when the coin is worth clearly more than the fee. A common-date silver coin is usually not. If you think you have a key date or an uncirculated scarce coin, get a quote from a service or ask a dealer you trust first.

Estimating your own coin

1. Look at the high points of the design with a magnifier and one light. Shiny flat spots mean wear.
2. Compare with the table above and pick the closest grade. If you are torn between two, pick the lower one.
3. Do not clean the coin and do not rub it. Hold it by the edges.
4. Look up the date and mint mark on the coin pages, and add the coin to My Stack at your best-guess grade. Grade changes the collector estimate, never the melt value.

If a coin could be worth far more than its metal, read melt value vs collector value before you sell it by weight.