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Coins are generally graded according to the Sheldon scale, which is demonstrated below.  Coins are graded on a scale of 1 to 70, 1 being a barely recognizable coin and 70 being a perfectly struck new uncirculated coin.

Mercury coins are primarily graded by the detail of the fasces, indicated at right:

Grading Mercury Coins

Grade	Description	Sample Images
P-1 (Poor)	Damaged and barely identifiable
FA-2 (Fair)	Very little detail throughout, but date must be recognizable
AG-3 (Almost Good)	No detail to obverse, worn into rim, but date must be recognizable.  Worn into reverse lettering with no detail to fasces.
G-4 to G-6 (Good)	Slight detail to wing, must have full date.  Rims may slightly touch lettering, fasces have little to no detail.
VG-8 to VG-10 (Very Good)	Full date and rims, some feathering on wing, approximately 50% of vertical fasces lines visible.
F-12 to F-18 (Fine)	Approximately half of feathering on wing noticeable.  All vertical lines must be visible with magnifying glass.
VF-20 to VF-35 (Very Fine)	Most of feathering noticeable, bold rims and date.  Full vertical lines visible.	(VF-20)
EF-40 to EF-45  (also XF-40 to XF-49)	Nearly all feathers visible.  Vertical lines are continuous and some of diagonal bands raised.	(EF-40)
AU-50 (Almost Uncirculated)	Slight wear to high points of wing.  Full vertical lines as well as horizontal lines, with only slight traces of wear on diagonal lines.  Some mint luster visible.
AU-58 (Almost Uncirculated)	Only slight wear noticeable with magnification on high points of wing feathering.  Same for diagonal bands.
MS-60 (Uncirculated)	No wear visible upon magnification on high points of wing and reverse diagonal bands.
MS-61 to MS-63 (Brilliant Uncirculated)	Showing moderate bag marks in field, and retaining much original luster
MS-64 (Choice Brilliant Uncirculated)	Showing only light bag marks in field, most mint luster present
MS-65 (Gem Brilliant Uncirculated)	Full mint luster, full strike, slightest of field distractions
MS-66 (Choice Gem Brilliant Uncirculated)	Full strike and luster, imperfections found only with magnifying glass
MS-67 to MS-69 (Extraordinarily Uncirculated Coin)	Full strike and luster, with no noticeable field distractions
MS-70 (Perfect)	Perfection both obverse and reverse, as well as rim -- very few coins reach this grade today; no early coins graded MS-70

Note: Mercury dimes are not graded on the horizontal bands, as many mint state examples may be weakly struck.  Those coins exhibiting split bands command a higher premium and are given the designation "Full Bands".