Coin Grading Explained: The 1–70 Scale, Raw vs. Graded Coins, and Details Grades

One of the fastest ways to overpay for a rare coin is to treat the grade on its label like a price tag.

It is not.

A coin’s grade describes its condition. Its value also depends on the date, mintmark, variety, rarity, originality, eye appeal, collector demand, and current market activity. Two coins carrying the same numerical grade can look noticeably different—and they may not sell for the same amount.

That is why understanding the coin grading scale is important whether you are buying your first Morgan Dollar, comparing raw and graded coins, or deciding whether a valuable coin should be submitted to PCGS or NGC.

At Bourbon Bullion & Coins, we look beyond the number. We examine wear, luster, strike quality, contact marks, hairlines, surfaces, color, and overall eye appeal. The holder may provide useful information, but the coin still has to earn your attention.

What Is Coin Grading?

Coin grading is the process of evaluating a coin’s physical condition and assigning it a standardized grade.

Most U.S. coins are graded using the Sheldon scale, which runs from 1 through 70. Dr. William Sheldon introduced the scale in 1948. It was originally connected to relative coin values, but the modern numismatic market uses it primarily to communicate condition.

The scale ranges from:

• Poor-1 (PO-1): Heavily worn but still identifiable by type and date

• Good-4 (G-4): Major design elements remain visible despite substantial wear

• Fine-12 (F-12): Moderate, even wear with the principal design still clear

• Very Fine-20 to VF-35: More design detail remains, with moderate circulation wear

• Extremely Fine-40 or XF-45: Light wear appears primarily on the highest points

• About Uncirculated-50 to AU-58: Only slight friction or wear is present

• Mint State-60 to MS-70: No circulation wear is present

The American Numismatic Association’s official grading standards provide detailed descriptions for circulated and Mint State grades. PCGS and NGC also publish their own grading standards based on the 1–70 scale.

What Does “MS” Mean in Coin Grading?

“MS” means Mint State. It applies to business-strike coins that show no evidence of circulation wear.

This is an important distinction: Mint State does not automatically mean beautiful, rare, or flawless.

An MS-60 coin can have:

• Numerous contact marks

• Weak or unattractive luster

• Heavy hairlines

• Rim nicks

• Poor eye appeal

The coin still qualifies as Mint State because those problems are not circulation wear.

As the grade increases from MS-60 toward MS-70, collectors generally expect fewer marks, better luster, stronger eye appeal, and more attractive surfaces. The PCGS grading standards and NGC grading scale provide service-specific descriptions for these grades.

Proof coins use different prefixes. NGC generally uses PF, while PCGS generally uses PR. Proof refers to the coin’s method of manufacture—not simply its condition or shininess.

Is an MS-70 Coin Really Perfect?

MS-70 is the highest grade on the traditional coin grading scale, but “perfect” must be understood within the grading service’s standards.

The ANA describes MS-70 as a coin with an excellent strike, original luster, outstanding eye appeal, and no visible contact marks under magnification. NGC defines a 70 as having no post-production imperfections at 5x magnification. PCGS permits minor as-minted defects when they do not negatively affect the coin’s eye appeal.

In practical terms, an MS-70 coin should be an exceptional example. However, the grade does not mean every microscopic feature is literally perfect or that the coin is automatically rare.

A modern bullion coin with a large certified population may be readily available in MS-70. An older coin in MS-65 could be far rarer and more valuable.

Always evaluate the coin, its population, and its actual market—not just the number.

The Difference Between AU-58 and MS-60

The line between About Uncirculated and Mint State causes considerable confusion.

An AU-58 coin may have excellent luster, clean fields, and strong eye appeal, but show a small amount of friction on one or more high points.

An MS-60 coin should show no circulation wear, but it may have unattractive marks, impaired luster, or poor eye appeal.

That creates an interesting reality: an attractive AU-58 coin can look better than an MS-60 example.

The lower numerical grade does not always mean the coin is less desirable. Experienced collectors often look for attractive AU coins because they can offer much of the visual appeal of Mint State coins at a more approachable price.

This is also why learning to distinguish weak strike from actual wear matters. A weakly struck coin may lack detail because the metal did not fully fill the dies—not because circulation wore the design away.

What Professional Graders Examine

When evaluating coin condition, graders consider several interacting characteristics.

Circulation Wear

Wear normally appears first on the highest points of a coin’s design. The specific locations vary by coin type.

On a Morgan Dollar, collectors often inspect areas such as Liberty’s hair above the ear and the eagle’s breast feathers. On other series, completely different areas may reveal the first signs of friction.

Mint Luster

Original mint luster is created when metal flows across the dies during striking. On many uncirculated coins, that luster rotates across the surface in a cartwheel pattern when the coin is tilted under a light.

Broken or missing luster on high points can indicate friction. However, toning, storage conditions, strike quality, and surface contamination can complicate the evaluation.

Contact Marks

Coins can acquire marks while being handled, counted, bagged, transported, or stored—even before entering circulation.

Graders consider:

• The number of marks

• Their size and depth

• Their location

• Whether they cross an important focal area

• How distracting they are

A prominent mark on a face or open field usually matters more than a similar mark hidden inside a busy part of the design.

Strike Quality

Strike describes how completely the coin’s design was transferred from the dies.

Some dates and mints are commonly found with weaker strikes. A grader must understand what is normal for that specific issue before deciding whether missing detail represents strike weakness or wear.

Hairlines and Surface Disturbances

Fine lines may result from wiping, cleaning, friction, mishandling, or contact with packaging materials. Their direction, depth, concentration, and placement all matter.

Parallel hairlines across open fields are often a warning sign that a coin has been wiped or improperly cleaned.

Eye Appeal

Eye appeal includes the overall visual impression created by luster, color, toning, strike, marks, and surface quality.

Eye appeal is not a substitute for technical condition, but it can strongly influence desirability within a grade. Two MS-63 Morgan Dollars can meet the same general standard while one has much stronger collector appeal.

What Is a Details Grade?

A Details grade means a coin has enough remaining design detail to resemble a particular circulated or uncirculated grade, but a surface problem prevents it from receiving a standard numerical grade.

Common reasons include:

• Improper cleaning

• Significant scratches

• Holes or plugging

• Rim damage

• Environmental damage

• Artificial color

• Altered surfaces

• Mount removal

• Damage or repair

For example, a holder labeled XF Details – Improperly Cleaned indicates that the coin retains approximately Extremely Fine design detail, but cleaning prevents a normal XF numerical grade.

That does not make the coin worthless.

Some Details-graded coins are genuinely scarce dates or historically significant types that remain desirable. Their values, however, depend heavily on the type, severity, and location of the problem. NGC specifically notes that the value of a Details-graded coin cannot be determined from the wear grade alone. Its Details grading guide explains the major surface problems and terminology.

A lightly cleaned key date and a deeply scratched common date should not be evaluated the same way merely because both say “Details.”

Why You Should Never Clean a Collectible Coin

Cleaning is one of the most common ways owners unintentionally reduce a coin’s numismatic value.

Polish, abrasive cloths, baking soda, chemical dips, and even gentle wiping can alter the original surface. Cleaning may leave unnatural brightness, fine hairlines, residue, or a washed-out appearance.

A coin does not have to look new to be collectible.

Original toning and honest circulation wear are often preferable to an artificially bright surface. If you are uncertain about residue or contamination, consult an experienced dealer or professional conservator before doing anything.

Once original surface texture is removed, it cannot be restored.

Raw vs. Graded Coins: Which Is Better?

A raw coin is not sealed inside a third-party grading holder. A graded or certified coin has been authenticated, evaluated, and encapsulated by a grading service.

Neither category is automatically better.

Advantages of Raw Coins

Raw coins can offer:

• Lower purchase prices

• No grading expense built into the price

• Easier viewing of the edge and natural surfaces

• Good opportunities for knowledgeable collectors

• Practical options for lower-value or common coins

Raw coins are especially appropriate when certification costs would represent a large percentage of the coin’s value.

Advantages of Graded Coins

Certified coins can offer:

• Third-party authentication

• A standardized condition opinion

• Tamper-evident protection

• Easier comparison and resale

• Certification-number verification

• Access to population data and registry collecting

Certification becomes more useful when authenticity, variety attribution, or a one-point grade difference could materially affect value.

Browse our rare and collectible U.S. coins to compare raw and certified examples across different series and price levels.

When Is Professional Coin Grading Worth It?

Before submitting a coin for grading, ask several practical questions.

Is the Coin Valuable Enough?

Grading involves service fees, shipping, insurance, and processing time. A common coin worth less than the total submission expense may be better left raw.

PCGS even notes that many coins valued under $10 are rarely submitted because grading fees exceed the coin’s value. Its price guide instructions also emphasize that listed prices are guides and starting points—not guaranteed selling prices.

Could Authentication Affect the Value?

Certification can be particularly helpful for:

• Key dates

• Commonly counterfeited coins

• Gold coins

• Rare varieties

• High-grade coins

• Coins frequently altered or repaired

Is the Potential Grade Difference Important?

If the market difference between AU-58 and MS-61—or MS-64 and MS-65—is substantial, professional grading may reduce uncertainty. That does not mean the coin will receive the grade you expect.

Does the Coin Have a Surface Problem?

A cleaned, scratched, damaged, or altered coin may receive a Details grade. Before submitting, examine the surfaces carefully and consider whether certification would still add enough authentication or marketability to justify the expense.

Are You Planning to Sell It?

Certified coins are often easier to describe, compare, insure, and sell remotely. Buyers can verify the certification information and evaluate the holdered coin through photographs.

Does a Higher Grade Always Mean a Higher Value?

Not across different coins.

An MS-65 common-date coin may be worth less than a heavily circulated key date. Grade is only one part of value.

Rare coin value can also depend on:

• Date and mintmark

• Mintage and survival

• Variety

• Collector demand

• Originality

• Toning and eye appeal

• Certification service

• Recent comparable sales

• Market timing

Price guides are useful research tools, but actual transactions matter. Compare recent sales for the same date, mintmark, variety, grade, and grading service whenever possible.

How to Buy Raw and Graded Coins Online

When shopping for rare coins online, use the same discipline you would use at a coin show.

1. Look for photographs of the exact coin. Stock images do not reveal marks, toning, strike quality, or surface problems.

2. Inspect both sides carefully. Enlarge the images and examine focal areas, rims, fields, and high points.

3. Read the full description. Look for disclosed cleaning, scratches, damage, altered surfaces, or other concerns.

4. Verify certified coins. Check the certification number using the grading service’s official verification tool.

5. Compare more than the grade. Study eye appeal, strike, luster, and originality.

6. Review the seller’s policies. Understand shipping, insurance, returns, and what happens if an item is not as described.

7. Ask questions. A trustworthy dealer should be willing to discuss the coin’s surfaces, grade, and any visible concerns.

At Bourbon Bullion & Coins, every coin is individually photographed and described so buyers can evaluate the actual item being offered. If you have questions about a particular coin, contact us before purchasing.

Frequently Asked Questions About Coin Grading

What is the highest coin grade?

MS-70 or PF/PR-70 is the highest grade on the traditional 1–70 coin grading scale.

Does MS mean a coin came directly from the mint?

No. MS means the coin shows no circulation wear. It does not describe where the coin was purchased or guarantee flawless surfaces.

Are all uncirculated coins MS-70?

No. Mint State grades range from MS-60 through MS-70. Most uncirculated coins are not MS-70.

Is PCGS better than NGC?

PCGS and NGC both use the 1–70 grading scale and publish detailed grading standards. Collectors may have preferences based on the coin type, registry, holder, market, or personal experience. The quality and appeal of the coin should remain the primary consideration.

Are graded coins always worth more than raw coins?

No. Certification can improve buyer confidence and marketability, but it does not make a common or unattractive coin rare. The coin’s identity, condition, demand, and market still determine value.

What does “cleaned” mean on a coin holder?

It means the grading service found evidence that the coin’s surface was improperly altered through cleaning, wiping, polishing, dipping, or another process. The coin may receive a Details grade rather than a standard numerical grade.

Can I estimate a coin’s grade myself?

You can develop a reasonable opinion through study and comparison. PCGS Photograde and the ANA grading resources provide photographs and educational tools. Final certification decisions belong to the grading service.

Final Thoughts

Learning how coin grading works will not make every grading decision easy. It will make you a more informed buyer.

Pay attention to wear, luster, strike, marks, hairlines, originality, and eye appeal. Learn why an AU-58 can look better than an MS-60. Understand what a Details grade tells you—and what it does not. Most importantly, remember that the number on a holder describes condition, not the entire story or value of the coin.

A knowledgeable collector buys the coin, not just the label.

Explore our current selection of rare and collectible coins, including Morgan Dollars, early U.S. coinage, raw coins, and certified PCGS and NGC examples.

This article is provided for educational purposes and is not financial or investment advice. Coin grading and valuation include professional judgment, and market values can change.

References and Further Reading

• American Numismatic Association – Official Coin Grading Standards

• American Numismatic Association – Coin Grading Resources

• PCGS – Grading Standards

• PCGS – Photograde

• PCGS – Coin Price Guide Disclosures

• NGC – Coin Grading Scale

• NGC – Details Grading