Grading Your Collection

Numismatic grading is both the blessing and curse of coin collecting. Here's my approach, which, I believe, is somewhat standard.

First, if you are new to coin collecting, forget all this hoopla about coin grading. Simply buy coins you like and add them to you collection. Never buy a coin you don't like, even if it appears to be a terrific deal. Chances are you will get ripped off during so-called terrific deals. Never pay more than your gut tells you. Nevertheless, practice, practice, practice your grading skills.

When grading, I ask myself a series of six questions.

Question #1 -- does the coin have problems? Many numismatists (me included) feel that a problem coin cannot be graded. Cleaning, dipping, staining, scraping and so forth are 'problems.' Problems are inflicted on coins after the minting process is complete. Shysters clean coins. Skilled shysters clean coins so it is difficult to tell that they have been cleaned. If a coin looks funny, it probably is. If the coin looks too good to be true, it probably is.

Question #2 -- is the coin a proof coin? Proof coinage falls into a separate category from normal business strikes. Proof coins do not display mint luster (see next question); they do display mirrored surfaces.

Question #3 -- is the coin uncirculated? This is usually easy to answer. Those 'almost unc' pieces are the coins in question. A circulated piece shows definite wear. That is, it shows metal eroded away by circulation. An uncirculated piece (almost always) shows mint luster. Mint luster is not shiny-ness. Mint luster is a 'creamy-ness' (there are probably better words) that is evident when you look at a coin from different angles under a point source of light. Rock a coin back and forth under a good light and look for highlights emanating from the mint luster. Remember that mint luster comes from microscopic radial striations in the metal's surface. An uncirculated coin displays mint luster on all parts of the coin, especially the fields. Look for evidence of wear by checking the high points for luster. If it is there, the coin is an unc. If the high points do not reflect light like the rest of the coin, the coin is probably AU.

Question #4a -- how worn is a circulated piece? This is easy. There are many detailed grading guides on this subject. It is easy to tell the difference between, say, between a G4 and a VG8. Likewise, it is easy to tell the difference between an XF40 and an AU50. Just look at the grading guides. The Red Book (A Guidebook to United States Coins by R. S. Yeoman) is a good source. The ANA (American Numismatic Association) publishes an official grading guide. But watch out if your interest lies in early United States copper coins. A small subculture of Early American Copper collectors enjoy their own grading standards which are more strict than those of the ANA and other collectors in general.

Question #4b -- how badly marked is an uncirculated or proof piece? This becomes a little tricky. The grading guides attempt to help, but experience is the best teacher. An 'average' number of marks usually gets you an MS63. Look at 100 unc Morgan Dollars and you get to know what 'average' means. Look at 100 unc Mercs and you'll come up with an 'average' for them. To qualify for a '5' (that is, MS65), your coin better have darn few marks -- and no prominent ones, either. A small collection of small marks is better than a pristine coin with one big blemish. Grading uncs is much more an art than grading circs. Take the plunge and assign a grade. It's your grade that matters. Nobody else's!

The grading is over. After answering the previous four questions, you should have a number. Is your coin a G4, a VF20 or an MS65? You are done grading, but you are not done describing the coin.

A coin is not fully described until it has a grade and its attributes are fully articulated. 'Attributes' are different than 'varieties.' You can find 'varieties' in the Red Book (e.g., 'with arrows', 'VDB' and 'small motto' are varieties). You can find attributes in the answers to Questions #5 and #6 below.

Question #5 -- how are luster, strike and eye appeal? Three primary attributes are luster, strike and eye appeal. Exceptionally lustrous uncs deserve mention over normal luster. Uncs with exceptionally crisp strike also deserve special mention. Finally, exceptional eye appeal can be found on both uncs and circs. Eye appeal is difficult to define, but you know it when you see it.

Question #6 -- are there any other attributes? Attributes fall into 8 major categories. Here is a comprehensive list of attributes for numismatic coins. When you list them all out, they make your head spin!

Color & Toning	Proof	Superlative	Die
red red-brown brown white full white original color dark color light tone pleasing tone rainbow tone unusual tone dark fields light devices	matte cameo deep cameo ultra cameo mirror semi-prooflike prooflike deep mirror PL ultra DMPL proof only frosted unc	premium quality extra nice pleasing look appears undergraded key date semi-key more info: URS more info: R	repunched mm repunched date misplaced date doubled die obv doubled die rev blundered die clashed die cracked die cud polished die scratched die gouged die split die early die state mid die state late die state
Strike	Doctoring	Physical Abuse	Improper Care
off center rotated die clipped planchet flawed planchet filled die strike doubling out of collar wrong planchet wrong metal unstruct planchet partial collar capped die brockage first brockage struck thru wire die protector planchet flaw flan flaw gas bubbles full steps full split bands full head full bell lines	cleaned light clean cleaned&re-toned artificially toned whizzed light whiz heavy dip light dip polished coin tooled/engraved reprocessed acid-raised date	rim ding flattened edge hairlines small scratch large scratch obverse scratch reverse scratch scuffed gouge/dig icepick hole(s) holed plugged holechopmarks bent/unbent foreign material solder jewelry alteration grafitti uneven wear coin counter marks counterfeit deceptive plating	porous pitted corroded spots stains rusted verdigris delaminated pvc damage fire damamge water damage soil damage cabinet friction sliding rub mount mark