The Sheldon Coin Grading Scale is a 70-point coin grading scale used in the numismatic assessment of a coin's quality. The American Numismatic Association based its Official ANA Grading Standards in large part on the Sheldon scale.[1] The scale was created by William Herbert Sheldon.
In 1949, the original scale was first presented in Dr. William H. Sheldon's Early American Cents, 1793–1814 titled "A Quantitative Scale for condition" as a way to grade Large cents. The scale is known today as the Sheldon scale.[2]
By 1953 the original Sheldon scale had become outdated. It was not until the 1970s, however, that the ANA chose to adapt the scale for use on all US coins.[3] The scale used today is a modification of the original Sheldon scale, with added adjustments, additions, deletions, and modifications to it.[4][5]
Note: Some early American coin varieties are almost always found to be weakly struck in places. This does not bring the grade of these coins down as in some cases no flawless coin exists for the variety. Early coins in general usually have planchet quality issues which depending on severity and market conditions can bring the grade down for other coins.[6][7]
Mint State refers to a coin minted for regular distribution that was never actually put into circulation, i.e., it was never used for daily commerce; it is uncirculated.[4] Since individuals never used these coins to purchase goods or services, the coins were not handed from one person to another; they were not jumbled up with other coins in pockets or purses; and they were not repeatedly counted—and touched—by retailers and bank personnel. Consequently, uncirculated coins should not show signs of wear.[α]
In modern-day United States numismatics, collectors, coin dealers, and third-party grading services grade mint state coins using a number from 60 to 70 inclusive, with 70 representing a perfect coin with no visible blemishes. Coins in the lower grade range (60-63), are usually unworn, and may suffer from weak striking, bag marks and other defects that make them less attractive to the collector. Some Mint State early coins appear to be circulated due to weak strikes, die cracks, planchet problems, or metal quality. There are a few United States coins for which no mint state specimens exist,[10][11] such as the 1792 silver dime, and the 1802 Draped Bust (Heraldic Eagle reverse) silver half dime.[12][13][14]
Coin dealers and individual coin collectors often use adjectives—with or without an accompanying Sheldon numerical grade—to describe an uncirculated coin's grade. The term Brilliant Uncirculated (often abbreviated as BU) is probably the most common—and the most ambiguous—of such adjectives.[15][16] While Brilliant Uncirculated (BU) ought to refer to an uncirculated coin that retains its original mint luster, some equate BU with Uncirculated, i.e., they might refer to an MS-60 coin with little or no effulgence (brightness) as Brilliant Uncirculated. Along these lines, some numismatists argue that an unscrupulous subset of coin dealers mislead customers by using adjectival grades without defining their terms.[17] At the same time, there appears to be at least some consensus[18][19][20][21][22][23] in the numismatic community for the following definitions.
However, bear in mind that if a coin dealer advertises a coin as "Gem Uncirculated", it does not necessarily mean that a third-party coin grading company would assign an MS-65 or MS-66 grade to the coin.[γ]
Like circulated grades, proof coins are graded on the Sheldon scale from 1 to 70, and are preceded by the abbreviation ‘PF’ or ‘PR’ to distinguish them from circulation strikes. Proof coins graded 60 to 70 are mirrored to those of Uncirculated grades with the difference that the coin was not made for circulation. Proof coins with the grade of PR-63 are sometimes called "Choice Proofs".[25] Proof coins that are below the grade of 60 and show signs of circulation or mishandling have been classified as Impaired Proofs, these are not included alongside circulated coins as they were never issued or intended for circulation in the first place.[26] Coins in impaired proof condition include coin patterns which accidentally found their way into circulation.
The following table shows coins that have detracting features. Coin dealers will normally grade these coins at or below the ones shown for that respective type, the grades here depend on how bad the issue or issues are.[27] Grading services typically label these coins as "authentic" with x grade "details" (ex: "EF details"). Coins that are uncirculated as mentioned above can not go below an MS-60 grade.
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: CS1 maint: others (link)The finest known 1792 Silver Disme AU50 PCGS ... realized an impressive $998,750 final price...
Half dimes of this era are scarce, with 1802 being a prime rarity. Most surviving examples of various 1800-1805 dates are seen in lower ranges of condition, from About Good to Very Good or so. Fine specimens are not easy to locate, Very Fine pieces are still more elusive, and Extremely Fine coins are rare. Strictly Uncirculated pieces are extremely rare. Those that do come on the market are apt to be dated 1800. Uncirculated specimens dated 1801, 1802, 1803 and 1805 are exceedingly rare or non-existent. (No pieces were coined in 1804.)
The majority of pieces surviving today are dated 1800, and nearly all of the AU or finer coins are of this date.
... the designation BU (Brilliant Uncirculated) is frequently used to describe uncirculated coins. Because of the absence of a numerical grade, this term is ambiguous at best. Often, coins that are offered as BU may in reality be AU (About Uncirculated) by strict definition.
Brilliant Uncirculated - Refers to a coin which has not been circulated and which still retains the majority of its original mint luster. Sometimes "Uncirculated" and "Brilliant Uncirculated" are used interchangeably. However "Brilliant" [should] not be applied to a coin which has significant defects impairing its eye appeal or which is lacking in luster.
I am concerned that some advertisers in widely read 'print' coin publications are selling uncertified coins as 'Choice' (implied or thought to be MS-63 or higher), Very Choice (thought to grade MS-64), or Gem Uncirculated (thought to be MS-65 or higher) that do NOT come close to qualifying for such grades.
The ANA has not established equivalent official adjectives for the listings within the MS-60 to MS-70 range. Commercially, MS-70 coins are often called Perfect Uncirculated, MS-65 coins are often called Gem Uncirculated, and MS-63 coins are Choice Uncirculated.
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: CS1 maint: others (link)Common adjective grading usually maps to the following Mint State grades: Uncirculated (MS-60, MS-61, MS-62): A technically uncirculated coin with abundant and noticeable defects such as bag marks and scrapes. It is usually accompanied by a poor strike and dull mint luster. Select Uncirculated (MS-63): An uncirculated coin with fewer deficiencies and better eye appeal been lower Mint State grades. Choice Uncirculated (MS-64): These coins have moderate distracting bag marks and/or very few, but noticeable, light scratches due to handling. Eye appeal will be good, but not outstanding. Gem Uncirculated (MS-65, MS-66): any uncirculated coin with only minor and light distracting marks or imperfections. Strike and eye appeal will be above average for the coin type.
Choice Uncirculated - An Uncirculated coin grading MS-63 or MS-64. ... Gem Uncirculated - The adjectival equivalent of Mint State 65 or 66.
Sheldon Scale - The modern numerical grading scale used for grading coins. The scale was created by American numismatist Dr. William H. Sheldon in 1949. This scale has become widely known and firmly accepted as the standard for coin grading in the US. The scale runs from 1 to 70 as follows: ... MS-60 - Uncirculated, ... MS-63 - Choice Uncirculated ... MS-65 - Gem Uncirculated ... MS-67 - Superb Gem Uncirculated
UNCIRCULATED is often paired with the additional qualifiers of BRILLIANT, CHOICE, or GEM. NGC considers BRILLIANT UNCIRCULATED to be any coins that would grade from 60-70 on the Sheldon Grading Scale. CHOICE UNCIRCULATED is considered to be any coins that would grade from 63 to 70 and GEM UNCIRCULATED is used for coins that would grade from 65 to 70.
Coins with no wear at all are alternately referred to as Uncirculated (Unc.), Brilliant Uncirculated (BU), and Mint State (MS). ... It is important to note that Uncirculated and similar terms refer only to the fact that the coin has no wear. The presence or absence of bagmarks, toning (discoloration), or a strong strike does not affect a coin's Uncirculated status, although such things can affect the numerical grade of the coin. ... Uncirculated (MS-60, 61, 62) ... Although most price guides will give a price for coins in MS-60 condition, in many cases this is a very unusual grade, with typical uncirculated pieces often grading somewhere in the MS-62 to MS-64 range depending on the series. Select Uncirculated (MS-63) ... Choice Uncirculated (MS-64) ... Choice Uncirculated is sometimes used to refer to a coin grading MS-63. Gem Uncirculated (MS-65, 66) ... Superb Gem Uncirculated (MS-67, 68, 69) ... Perfect Uncirculated (MS-70): An utterly flawless coin.
... grading is, always has been, and will forever admit of a generous proportion of, old-fashioned opinion. What is Gem Uncirculated or Mint State-65 to one expert can legitimately be viewed as a lower grade, MS-64 by another expert, and MS-66 by yet another. This is because grading is interpretive, not an exact science.
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: CS1 maint: location missing publisher (link)Album slide marks: Lines (often parallel) imparted to the surface of a coin by the plastic "slide" of an album, mostly found on proof coins.