Modern Coin Grading Explained: The Sheldon Scale & Beyond
Learn how modern coins are graded using the Sheldon 1–70 scale, what Mint State really means, and how grading affects a coin’s value. Includes tips for collectors, NGC and PCGS standards, and insider advice from the numismatic world.
The Real Reason Grading Exists
If you’ve ever held two shiny coins and thought, “they both look perfect to me,” — well, welcome to the madness of modern grading.
Collectors will spend hours arguing whether a coin is MS-64 or MS-65, and believe it or not, that tiny jump can double the price.
Modern grading isn’t just a fancy system — it’s the language of trust between collectors, dealers, and investors.
Without it, everyone would just say, “eh, looks nice,” and that wouldn’t get us very far.
The Birth of the Sheldon Scale
The story goes back to 1949, when a guy named Dr. William Sheldon decided there had to be a better way to describe how worn a coin was.
He created a scale that ran from 1 to 70, with “1” meaning “barely recognizable” and “70” meaning “so perfect it almost glows.”
What started as a way to grade old large cents ended up becoming the gold standard for all modern coins.
Today, companies like PCGS and NGC use it for everything — from Morgan dollars to modern proof sets.
So… What Does 1 to 70 Actually Mean?
Let’s keep it simple.
| Grade | Description | Collector’s Thoughts |
|---|---|---|
| 1–3 | Poor–Fair | “It’s a coin. Barely.” |
| 4–12 | Good–Fine | Heavy wear, but design still there. |
| 15–35 | Very Fine | You can actually make out most of the details. |
| 40–58 | XF to AU | Light wear, good eye appeal. |
| 60–64 | Uncirculated (MS) | Never used, but might have tiny marks. |
| 65–70 | Gem–Perfect | Sharp strike, crazy luster, basically flawless. |
The jump from 64 to 65 doesn’t sound like much, but in the collector world, it’s like the difference between a solid guitar riff and a Grammy-winning solo.
The Grading Companies We All Argue About
There are a few big names that everyone knows — and sometimes debates about:
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PCGS (Professional Coin Grading Service): the one that dealers swear by.
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NGC (Numismatic Guaranty Company): global favorite, especially for world coins.
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ANACS: the old veteran, been around since the ‘70s.
They all have slightly different standards, but their goal is the same — to make grading fair, consistent, and (mostly) sane.
They seal the coin inside a plastic slab with a label that shows the grade, coin name, and ID number. It looks official because it is official — once slabbed, it’s like the coin got its diploma.
Mint State Coins: Where the Real Obsession Starts
Once you hit MS (Mint State), the grading gets picky.
These coins have never been used — no scratches from pockets or circulation — but the tiniest mark can make or break them.
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MS-60 to 62 – “eh, shiny but kind of beat up.”
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MS-63 to 64 – still nice, with some small scuffs.
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MS-65 to 66 – really nice, great luster, sharp strike.
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MS-67 to 70 – basically perfection. If you breathe too close, it might lose a point.
Then you have proof coins — those mirror-finish ones made just for collectors.
They get labels like PF-68 Cameo or PF-70 Ultra Cameo, which sound more like car names than coin grades, but hey, they sell.
What Graders Actually Look At
It’s not just about shiny surfaces.
Here’s what really matters when professionals put a coin under the light:
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Luster – that natural shine from the minting process.
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Strike – how crisp the design came out.
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Surface Marks – scratches, nicks, or bag marks.
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Eye Appeal – does it look good, or does something feel off?
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Cleanliness – and no, you can’t fix a coin by polishing it. That’s a death sentence for value.
Decoding Those Slab Labels
Ever seen a label like “1881-S Morgan Dollar MS-65 PL (PCGS)” and wondered what half of that meant?
Here’s the breakdown:
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1881-S – the year and mint (San Francisco).
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Morgan Dollar – the coin type.
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MS-65 – grade on the Sheldon Scale.
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PL – Prooflike (reflective surfaces).
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PCGS – the company that graded it.
So yeah, it’s like a résumé for your coin — birthplace, condition, and who approved it.
Little Extras That Change Everything
Grading companies sometimes add special labels for perfectly struck coins:
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FB – Full Bands (Mercury dimes)
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FS – Full Steps (Jefferson nickels)
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FT – Full Torch (Roosevelt dimes)
These mean the coin was struck really well — and collectors will pay a premium for that.
A Note on Subjectivity (aka Why Collectors Argue)
Even though grading is “scientific,” there’s still a lot of human opinion involved.
Two graders can look at the same coin and one might say MS-65, the other says MS-64+.
It’s like arguing about which shade of blue looks better — both are right in their own way.
That’s why experienced collectors talk about buying the coin, not the grade.
A beautiful MS-63 can have more soul than a lifeless MS-66 that looks like it came out of a vending machine.
How Much Does One Point Really Matter?
Oh, a lot.
A 1921 Morgan Dollar in MS-63 might sell for around $100. The same coin in MS-65? Could be $400.
At MS-67, we’re talking thousands. One extra point can change a hobby coin into a showpiece.
It’s not just the number — it’s what that number represents: rarity, eye appeal, and perfection.
Rookie Mistakes (We’ve All Done Them)
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Cleaning coins to make them “shine” (don’t).
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Assuming slabs mean profit.
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Buying the highest grade instead of the nicest coin.
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Ignoring how strike quality affects everything.
We all learn this the hard way once. The good news? You only need to learn it once.
Final Thoughts: The Beauty of Precision
Grading modern coins can feel obsessive — counting hairlines, spotting microscopic nicks — but that’s part of what makes collecting so addictive.
It’s the chase for that one perfect piece that makes your heart skip when the light hits it just right.
Whether it’s an MS-70 proof dollar or a humble MS-62 you found in a coin show box, grading teaches us to look closer, appreciate craftsmanship, and respect the small details that connect us to history.
At the end of the day, it’s not about the label — it’s about the feeling when you hold a coin and know it’s special.
🎁 Download the Free NumisHaven Coin Grading Chart (PDF)
Compare ancient and modern grading systems, side by side. Keep it near your collection — it’ll save you from a lot of guesswork.