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Prof. Vic's "What's It Worth?"

SELLERS OF SCRAP GOLD BEWARE!

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.  Initially this scale was used as a factor to determine price (i.e., an MS-60 coin would be valued at twice that of a VF-30); however, as numismatic trends have changed, this is no longer the case.  Grades are determined by the level of wear exhibited on a particular coin.  It is important to note the difference between wear and sharpness of strike: branch mints are known to at times have weakly struck coins.

Grades are designated by an alphabetic prefix followed by a precise number (e.g., VG-10).  MS stands for "Mint State" — it is the industry standard designation for an uncirculated grade.  BU (Brilliant Uncirculated) is a common designation for coins exhibiting full luster in the MS-61 to MS-63 range.  No numeric grade is associated with this designation.

The term "Choice" (or CH) indicates a higher grade within a specifically designated range; for example, AU coins can range from 50 to 58.  CH/AU would therefore indicate an AU-55 or AU-58 grade.  This term is most commonly used with XF, AU, and BU coins, although it is sometimes seen in lower grades (e.g., CH/VF).

A note about damaged or altered coins:  Coins which present damage (holes, scratches, rim dings, bends, etc.) are valued at much less despite the grade details they may exhibit.  Additionally, many coins have been improperly cleaned over the years and exhibit an unattractive surface.  This also detracts from the value of the coin.  Terms such as polished, whizzed, rubbed, acid dated, etc. are often used to describe the type of cleaning performed.  It is important to be aware of this as some less-than-honest dealers (eBay is infamous) may sell these as undamaged/unaltered.  If you are unsure, ask!  HRC will never sell a damaged or altered coin without clearly indicating its condition.

Until recently, when submitted for grading by a third party grading service (NGC, PCGS, ANACS, etc.), the coin will be returned as a "no grade" in what is affectionately called a "body bag."  Recently, however, NGC and PCGS have changed their policies and will return the coin in a holder with a "detail grade" (the approximate grade of the coin had it not been altered) and a description of why the coin is not in its original state.

Examine Our Guides On Grading Commonly Collected Coins:
(complete with photographic examples!)

•  Lincoln Wheat Cents
   
•  Buffalo Nickels
   
•  Mercury Dimes
   
•  Barber Coinage
   
•  Morgan Dollars

Stop by HRC to learn more about grading!

Grading Proof Coins

•  PF-50 to PF-59 (Impaired Proof)
•  PF-60 (Proof)
•  PF-61 to PF-63 (Brilliant Proof)
•  PF-64 (Choice Proof)
•  PF-65 (Gem Proof)
•  PF-66 (Choice Gem Proof)
•  PF-67 to PF-69 (Extraordinary Proof)
•  PF-70 (Perfect Proof)

Proof coins are struck as perfect coins.  They are struck using highly polished planchets and highly detailed dies.  Great care is taken when handling proofs to prevent contact with other coins and maintain high quality.  Proof coins present a mirror-like appearance, and in cameo grades devices have a frosted or satiny finish.  Coins are graded by distractions created in post-production, such as hairlines, scratches, oxidation, fingerprints, and general wear.  While still legal tender (at least in the U.S.), these coins are now produced with pure numismatic interest in mind.  Proofs were initially minted as examples for mint and government officials to examine, and early examples are exceedingly rare — be sure to check out a spectacular example of an 1833 25¢ Proof Quarter graded PF65★ Cameo here.

Left: Proof Silver Eagle  /  Right: Uncirculated Silver Eagle