Coin Grading

Proof

The term proof refers to the method of how the coin is manufactured, not its state of preservation or grade. Proof blanks are cleaned,  specially treated and polished to ensure high-quality strikes. The blanks are then fed into presses fitted with highly polished dies and struck at least twice, resulting in exceptional razor sharp detail, high rims and in most cases mirrored fields. The coins are then carefully packaged and sold to the collector markets. Proof coins that show signs of wear or damaged from poor handling are described as impaired proofs.

Gem Uncirculated (GEM)

A GEM coin would be a virtually perfect struck example, it may have one or two minute detracting marks only. Such a coin has exceptional eye appeal and would be fully lustrous with sharp detail and no weakness of strike, there would be no signs of circulation what so ever.

Choice Uncirculated (CHU)

A coin which shows a very good strike but in some cases may have the very slight of weaknesses on small details of the design, especially on the high points, but must not be confused with wear. Such a coin would display nearly full lustre and a very pleasing eye appeal.

Uncirculated (UNC)

A coin which shows no sign of having being in circulation; however due to being struck in a high-speed press, even uncirculated coins can display slight imperfections such as minor bag marks or tiny rim indentations, especially on larger coins. Lustre is generally present for most coins but can be subdued due to the use of worn dies. Uncirculated coins may suffer from a weakness of strike and ares of the finer detail may not be present. A slight hint of rubbing or cabinet friction may be seen under magnification. Overall, eye appeal is very pleasing.

Almost Uncirculated (aUNC)

A coin that displays the faintest traces of wear to the highest points, not to be confused with weakness of strike. In the majority of cases natural mint lustre will be present.

Good Extremely Fine (gEF)

A coin that has seen light circulation, wear is slightly more evident and can just be seen with the naked eye, still confined to the highest point of the design. Mint lustre in most cases would still be highly present.

Extremely Fine (EF)

Light overall wear on the high areas of the design can now be discerned with the naked eye in addition to slight bag marks. Wear is still confined only to the high points and around 90% of the natural mint lustre common to uncirculated coins remains evident. From here on, the importance of the amount of lustre or brilliance exhibited on the coin is superceded by the amount of wear and detracting marks found.

Almost Extremely Fine (aEF)

In percentage terms, wear is now becoming significant – 11 to 15%. Under magnification, flat areas are starting to develop of the high points of the design. Edge nicks and other detracting marks at this grade are common and should be described separately.

Very Fine (VF)

Slightly more obvious wear will be evident without magnification with small details now rubbed away, but the coin is still in a relatively high state of preservation. A magnifier will show numerous light scratches over the high points and on the fields of the coin. Most of the high points will be affected and only traces of the mint lustre will be present. Detracting marks are now relatively common, but not severe, on a coin which now exhibits wear of around 35%.

Below this grade, definitions for intermediate grades (the one third grades of ‘a‘ – almost and ‘g – good) lose their significance, in valuation terms, for all but scarce and rare issues. Klaus Ford discourages their use, instead promoting better use of adjectives to describe the good and/or bad features of the coin.

Fine (F)

Considerable signs of wear will be apparent on raised surfaces and the fields of the coin will be quite dull. Almost all sections of the coin will exhibit some forms of wear. Generally there will be no traces of lustre and the rim border will be smooth in parts. Many coins are found at this grade which have been subjected to unprofessional cleaning. In silver coins, this removes their natural patina and leaves a flat, dull, unattractive and unnatural look.

Very Good (VG)

A strange and misleading description for a coin which is rather ordinary. If you see a coin for sale described as ‘circulated’, you should assume that this is the best it will grade. The whole of the coin is showing significant amounts of wear although all of the main detail is still visible and the design outlines are still sharp. Usually only scarce coins and those of historical significance are worth collecting in this condition.

Good (G)

Again, the wrong word to describe the state of preservation of the coin. Nearly all the fine detail is lost although most of the main detail and lettering is still visible. The surface of the coin will be showing considerable scratching.

Fair (Fr)

A coin that’s been exposed to a hard life. The design, date and legend can still be identifiable; however, all detail will be worn completely flat. Generally, not normally collectable unless they are rare, or space fillers!

Poor (P)

A coin which is barely identifiable all the design, legend and date would be mostly worn flat. Coins are not normally collectable at this level unless they are very rare, generally scrap value only.