Sheldon Grading Scale
The basic coin grading scale created by Dr. William Sheldon to more accurately assess the value of ones coins. At the time the numbers represented the multiple in value for a coins worth in comparison to a lower number. For example, a coin graded good is worth four times the amount for that same coin in Poor condition.
The system has evolved over the years with the advent of third party grading services, currency inflation and grading level rarities. Although awkward, the system works quite well because it possesses enough room the necessary advancements in grading while not being too esoteric. While a round metric-like number would have been better. We can and have to live with 70.
Summary of Grade Levels
- MS 60-70: Uncirculated.
- AU 50, 53, 55, 58: About/Almost Uncirculated.
- XF 40, 45: Extremely Fine.
- VF 20, 25, 30, 35: Very Fine.
- F 12, 15: Fine.
- VG 8, 10: Very Good.
- G 4, 6: Good.
- AG 3: About/Almost Good.
- FR 2: Fair.
- PR 1: Poor.
In the last few years NGC, PCGS, and the other services have added specific attributes that have either extended or added onto the current grading system. While varieties such as First Strike and Satin Finish derive more from new minting processes or collector interest for more specificity; some grading number have arisen from grading dilemmas. For example, only recently has there been so many About Uncirculated grading designations, as well as the range of Extremely Fine to Fine.
Additionally, we must now account for the nearly new market in proof cameo coins. While there have been cameo and deep cameo proof coins around since the 19[th] Century, only in the last quarter century has it been so prominent. Even more so as of late, we now see Reverse Proof and not quite Reverse Proof surface finished coming from the US Mint.
While, the grading designations are the same for these new varieties, the market has had to define what is and is not a perfect Reverse Proof. This is smoothly being worked out by the third party graders, but keep in mind these same companies have shown to make mistakes in judgement and integrity throughout the years. Even PCGS, a very trustworthy grader has retracted new policies on grading or re-enacted old ones. These companies are not expected to be perfect, but what we do expect is tranperancy. That we are getting from this grading system and the integrity of NGC and PCGS.
