The Sheldon Scale is the numbering system every major US coin grading service uses. It runs from 1 to 70, where 1 is a coin barely identifiable as genuine and 70 is a perfect, as-struck specimen. This guide explains what each tier means, what to look for under magnification, and how USCNE applies these grades during intake.
This page is also the canonical reference our intake tooling uses for the AI-grade-suggestion overlay. If you have a coin you'd like to consign, grading it yourself before shipping is optional, but understanding the scale helps you set realistic value expectations.
The eight tiers in plain language
The full scale has 70 numbers but only a handful of named tiers. From most worn to most pristine:
Poor (P-1) and Fair (FR-2)
A coin you can identify as a US dime but not which date or mint. Heavy wear has erased most surface detail. Type can usually still be told from the rim shape and overall outline. Date and mint mark may be partially visible but unreliable. Common-date silver coins in this grade trade at melt value or barely above. Key dates retain meaningful collector premiums even at P-1 simply because survival is rare.
About Good (AG-3) and Good (G-4 through G-6)
The full design outline is visible but interior detail is gone. On a Morgan dollar, Liberty's hair flows merge into a single mass; the eagle's feathers are smooth. The date is fully readable. This is the grade most circulated 19th-century silver lands at. For common dates, retail prices run 10 to 30 percent above melt. For semi-key dates, the grade-tier multiplier starts to matter.
Very Good (VG-8 through VG-10)
Most major design elements are still distinguishable. Letters in mottoes show partial separation. Hair lines on portraits begin to reappear in protected areas. The two or three highest points of the design (Liberty's cheek, the eagle's breast) remain flat from wear. This is the floor for most modern collector demand on common dates.
Fine (F-12 through F-15)
Roughly 50 percent of major design detail is visible. Hair, feathers, and drapery lines reappear in most areas but remain soft on the highest points. Mintmark is sharp. Letters in legends are bold. For most collectors building a date set, F-12 is the entry point where coins start to look "complete" rather than worn-out.
Very Fine (VF-20, VF-25, VF-30, VF-35)
70 to 80 percent of original detail. The coin shows clear evidence of light to moderate wear but every major design element is fully present. Lustre is gone except for occasional protected areas. This is the workhorse grade for serious collectors and the largest band of trading volume for 19th-century US coinage.
Extremely Fine (EF-40, EF-45, also written XF)
90 percent of original detail with only the highest points showing wear. Many details that look like wear at this grade are actually weak strikes from the original mint. Light luster remains in protected areas around devices and in the fields adjacent to lettering. EF coins are where many collectors stop because cost-to-quality starts climbing rapidly above this tier.
About Uncirculated (AU-50, AU-53, AU-55, AU-58)
Trace wear visible only on the very highest points (Liberty's cheek, the eagle's breast, the upper hair curls on Lincoln). Most original mint luster is intact. AU-58 in particular is a coin one or two grade points away from a Mint State call; the difference is often microscopic friction visible only at 10x magnification on a single high point.
Mint State (MS-60 through MS-70)
No wear at all. Distinctions within this tier come from contact marks, strike sharpness, and luster quality:
- MS-60 through MS-62: Heavy contact marks but no wear. Often called "bag marks" because they were caused by coin-to-coin contact in original Mint bags before circulation.
- MS-63 (Choice BU): Moderate marks, average strike, full luster. The most common Mint State grade for common-date Morgans.
- MS-64: Above-average for the type. Fewer marks in the central focal areas (Liberty's cheek, the eagle's breast).
- MS-65 (Gem BU): Marks confined to peripheral areas. Strong luster. The first "true investment grade" tier for most series.
- MS-66, MS-67: Each step up doubles or triples typical price. Marks visible only under 5x magnification.
- MS-68 through MS-70: Survival rare; for many older series, no MS-70 examples exist at any grading service. Modern bullion (American Silver Eagles since 1986) is the main category that routinely grades MS-69 and MS-70.
Proof grades (PR-60 through PR-70)
Proofs are coins struck from polished dies on polished planchets, intended for collectors from the start. They use the same numerical scale (PR-60 through PR-70) but the criteria are different: instead of wear, graders evaluate the depth of the mirror finish, frosting on devices, and absence of hairlines from improper handling. A "Cameo" or "Deep Cameo" designation means the contrast between mirror fields and frosted devices is exceptional.
How USCNE applies these grades
For raw (uncertified) coins consigned to USCNE, our intake operator assigns a grade using the criteria above plus US Mint reference specifications for weight and diameter. Operator grades are in-house assessments, not professional certifications. The buyer-facing item detail page makes this distinction explicit with the "operator grade" badge.
For certified coins (those already in PCGS, NGC, ANACS, or ICG holders), we record the grade exactly as assigned by the grading service and surface the cert number. Buyers can independently verify any cert number against the grading service's public lookup tools.
Where the AI-grade-suggestion overlay disagrees with operator-assigned grade, the operator's call wins. The overlay is a sanity check, not a replacement for trained-eye judgment.
What to look for if you are grading at home
Three pieces of equipment cover most needs:
- A 10x loupe (any decent jeweler's loupe under $30 works).
- Direct, even lighting (incandescent or full-spectrum LED, not fluorescent which makes silver look gray).
- A reference image of the coin in your suspected grade range. NGC and PCGS publish high-resolution grade-by-grade reference photos free on their websites.
Common errors at home:
- Confusing weak strike (original to the coin) with wear (post-mint). Use multiple reference images at the same grade to recognize the difference.
- Calling damage "an MS-62" when it's actually an AU-55 with a scratch. Damaged coins typically grade lower than their wear suggests because contact marks shift the call down.
- Over-grading toned coins. Toning hides surface marks at first glance but the underlying grade is unchanged. Tilt the coin under direct light to see past the toning.
Reference sources
All wear descriptions on this page were independently written using publicly available educational content from NGC, ANA, and PCGS. The Red Book (R.S. Yeoman, A Guide Book of United States Coins) is copyrighted and not reproduced here. For comprehensive grade-by-grade photo references, consult the NGC Photograde or PCGS Photograde tools, both free online.
For consignors: assign a working grade if you're comfortable, or leave it blank and let our intake operator assess. The settlement statement will reflect the final operator-assigned grade and the realized hammer price.