The Sheldon Scale: From Poor to Perfect
Every serious coin collector must speak the language of grading, and that language is built on the 70-point Sheldon Scale. Developed by Dr. William Sheldon in 1949 for Large Cents, this system now governs every coin transaction worldwide. Understanding what each grade actually represents transforms you from buyer to informed numismatist.
The Circulated Grades: 1-58
PO-1 (Poor): Barely identifiable as to type. Date may be worn smooth. Think “slug that was once a coin.” These exist primarily for extreme rarities where any example is desirable.
FR-2 (Fair): Mostly worn smooth but major design elements visible. Type identifiable. Date may be partially readable.
AG-3 (About Good): Heavily worn with outline of design visible. Date readable but may be weak. Rim may be worn into letters.
G-4 and G-6 (Good): Major design elements clear but flat. Full rim present. Date and mint mark clear. This is often the minimum grade for type collections. G-4 shows more wear than G-6.
VG-8 and VG-10 (Very Good): Design clearly outlined with some detail visible. Liberty visible in LIBERTY on Barber coins. Stars show some points.
F-12 and F-15 (Fine): Moderate to heavy wear on high points. All major and some minor details visible. Approximately 50% of original detail remains.
VF-20, VF-25, VF-30, VF-35 (Very Fine): Light to moderate wear on high points only. All major details sharp. VF-20 shows noticeable wear; VF-35 approaches choice.
EF-40 and EF-45 (Extremely Fine): Light wear only on highest points. Mint luster may be visible in protected areas. Most detail fully present.
AU-50, AU-53, AU-55, AU-58 (About Uncirculated): Trace wear only on highest points. AU-50 shows wear visible without magnification; AU-58 requires a loupe to distinguish from Mint State. Full luster in most areas.
The Mint State Grades: 60-70
MS-60 (Mint State – Basal): No wear, but may have heavy bag marks, poor luster, or unattractive surfaces. Technically uncirculated but not pretty.
MS-61: No wear. Slightly better than MS-60 with fewer marks or better luster, but still heavily marked or dull.
MS-62: No wear. Noticeable marks but better overall appearance. May have slight weakness of strike or scattered marks.
MS-63 (Choice): No wear. Moderate marks/hairlines. Above-average strike and luster. This is often considered minimum “collector grade” for Mint State coins.
MS-64: No wear. Few scattered marks, none prominent. Good strike, above-average luster. The “value sweet spot” for many collectors.
MS-65 (Gem): No wear. Minor marks only, none in prime focal areas. Strong luster and strike. Eye appeal above average. This is registry-quality for most series.
MS-66: No wear. Few minor marks, none detracting. Excellent strike and luster. Well above average eye appeal.
MS-67 (Superb): No wear. Virtually mark-free. Exceptional strike and luster. Outstanding eye appeal. Extremely difficult to achieve for most issues.
MS-68: No wear. Nearly perfect surfaces. Exceptional in all aspects. Very few coins achieve this grade for series predating 1950.
MS-69: No wear. Near-perfect coin. Any imperfections require strong magnification to detect. Essentially perfect to the naked eye.
MS-70: Perfect. No marks, hairlines, or imperfections visible under 5x magnification. The theoretical perfect coin. Common in modern bullion issues, essentially unknown in classic coins.
The Proof Scale
Proof coins use the same 60-70 range with PR or PF prefix. Proofs were specially struck for collectors with polished dies and planchets. They are graded on hairlines (from handling) rather than bag marks. A PR-65 shows minor hairlines; a PR-67 is essentially hairline-free.
The Value Curve
Prices don’t increase linearly. The jump from MS64 to MS65 might double the price. MS65 to MS66 might triple it. MS66 to MS67 can multiply value by 5-10x. This “population scarcity” reflects how few coins survive in each progressively higher grade.
Example: 1881-S Morgan Dollar
- MS63: $65
- MS64: $80
- MS65: $200
- MS66: $450
- MS67: $4,500
Grade Compression
Professional graders compress grades at either end. The difference between AG-3 and G-4 is often subtle. Similarly, distinguishing MS64 from MS65 can require experienced eyes. This compression creates opportunities for “crackout” artists who resubmit coins hoping for higher grades.
The Practical Application
For most collectors, grades between VF-30 and MS-65 represent the practical collecting range. Higher grades become exponentially expensive; lower grades may lack aesthetic appeal. Know your series, understand the grade points that matter, and buy quality within your budget.
