Reference
Coin Grading Guide
Grading assigns a number (1-70) to a coin's preservation. That number drives pricing. Learning to grade accurately protects a collector from overpaying.
What Grading Actually Is
Coin grading assigns a numerical value to a coin's state of preservation. Grades have governed how coins are priced since the American rare coin market took shape in the late 1850s. Every transaction in numismatics hinges on the buyer and seller agreeing, at least roughly, on a coin's grade.
The system in universal use today is the Sheldon scale, a 1-to-70 numbering system that Dr. William Sheldon introduced in 1949 for early American large cents.1 Sheldon designed the numbers to correspond to market values at the time: a coin graded 10 was worth about ten times what a coin graded 1 would bring.1 Prices stopped following those ratios almost as soon as the book appeared, and the numbers survived as a grading shorthand.1 By the 1970s, the American Numismatic Association had adopted a modified version of Sheldon's scale for all U.S. coin series, and it remains the standard used by PCGS, NGC, and every major auction house.2
Before Sheldon, collectors relied on descriptive terms alone. A coin might be called "Fine," "Very Fine," or "Uncirculated," and those words meant slightly different things to different dealers. The numbers did not end disagreement over grades, but they are fine enough that a single grade point can now mark a difference of thousands of dollars.
The Grading Scale at a Glance
30 grades, P-1 to MS-70| Grade | Name | Division |
|---|---|---|
| P-1 | Poor | Circulated (1-58) |
| FR-2 | Fair | |
| AG-3 | About Good | |
| G-4 | Good | |
| G-6 | Good | |
| VG-8 | Very Good | |
| VG-10 | Very Good | |
| F-12 | Fine | |
| F-15 | Fine | |
| VF-20 | Very Fine | |
| VF-25 | Very Fine | |
| VF-30 | Very Fine | |
| VF-35 | Very Fine | |
| EF-40 | Extremely Fine | |
| EF-45 | Extremely Fine |
| Grade | Name | Division |
|---|---|---|
| AU-50 | About Unc. | |
| AU-53 | About Unc. | |
| AU-55 | Choice AU | |
| AU-58 | Very Choice AU | |
| MS-60 | Uncirculated | Uncirculated (60-70) |
| MS-61 | Uncirculated | |
| MS-62 | Uncirculated | |
| MS-63 | Choice Unc. | |
| MS-64 | Choice Unc. | |
| MS-65 | Gem | |
| MS-66 | Gem | |
| MS-67 | Superb Gem | |
| MS-68 | Superb Gem | |
| MS-69 | Near Perfect | |
| MS-70 | Perfect |
Market Grading and Technical Grading
The ANA's beginner's guide to grading separates two approaches. Technical grading measures the degree and location of wear, along with minting-process issues, and is mostly applied to circulated coins. Market grading is usually reserved for Mint State coins and gives eye appeal real weight; in the guide's words, the market grader is "pricing" the coin.
The ANA's first grading book, published in 1977, used Sheldon's numbers. ANACS, then the ANA's grading service, adopted the technical scale in 1979, grading obverse and reverse separately and issuing split grades such as MS-65/MS-63. PCGS began accepting coins on February 3, 1986, using all eleven Mint State numbers from 60 to 70, and that June the ANA Board of Governors unanimously adopted the same 11-point Mint State system, introducing AU-58 at the same time.
Why Grading Matters
The practical importance of grading comes down to pricing. A 1942 Walking Liberty half dollar in VF-20 trades for little more than its silver content.3 The same date in PCGS MS-68 brought $9,600 at Heritage in August 2025.3 Both coins carry the same silver and the same design, so the whole difference in price comes from condition, which the grade records.
For the working collector, grading skill serves two purposes. First, it prevents overpaying. A coin advertised as "Extremely Fine" that actually grades VF-30 costs its buyer the price gap between the two grades. Second, it lets a collector find coins that sellers have graded too low. A coin in a dealer's case that is graded and priced conservatively can be bought below its worth by a collector who grades it correctly.
Professional graders at PCGS and NGC handle thousands of coins per week, and they still disagree on borderline pieces. A coin submitted to PCGS as an MS-64 might come back as MS-63 on one attempt and MS-65 on another. A realistic target for a collector is to land within a grade point of the professionals most of the time.
Reading the Grade Columns on Our Coin Pages
The series tables on Collector's Key compress each coin's price rows into seven columns, Good through Mint State, and each column shows the price at the low end of that grade band. A VF-30 coin falls in the VF column and will usually be worth more than the figure shown there, which belongs to the lowest Very Fine grade we price. Proof coins use the same columns. Our methodology page explains where the ranges come from.
Two adjustments apply when you match a coin to the columns. A details-graded coin has no numeric grade, so expect it to sell below the column for its wear, as the section on surface problems explains. For common silver and gold coins in low grades, the metal sets the floor: our price figures are raised to the coin's live melt value where melt is higher, and the melt calculator works that value out from the current spot price.
Circulated vs. Uncirculated: The Fundamental Division
Shows wear from handling or commerce. Graded on how much original detail remains. Ranges from barely identifiable (P-1) to nearly pristine (AU-58).
Never entered circulation. Retains original mint luster. Graded on surface quality: contact marks, strike sharpness, luster, and eye appeal.
The dividing line between AU-58 and MS-60 is the break between circulated and uncirculated coins. It is also the hardest to call. An AU-58 coin may show only the faintest friction on the very highest points. An MS-60, by contrast, might be covered in bagmarks and contact abrasions but still technically qualifies as uncirculated because no wear from circulation is present. The distinction rests entirely on whether the surfaces show wear (friction that removes metal) versus contact marks (damage from coins striking each other in bags or bins at the mint).
Proof coins receive the same 1-to-70 scale but use the prefix "PR" or "PF" instead of "MS." A proof graded PR-65 follows the same logic as an MS-65, though the evaluation criteria differ somewhat because proof surfaces are smoother and more reflective, making hairlines and handling marks more visible.
The Sheldon Scale: A Complete Reference
The grades below represent the full Sheldon scale as applied by PCGS, NGC, and the ANA. Each grade carries both a number and a verbal descriptor inherited from the pre-Sheldon era. In practice, most collectors and dealers use the abbreviation (MS-65, VF-30, etc.) rather than the full descriptor, but understanding the terminology helps when reading older references or auction descriptions.
Mint State (MS-60 through MS-70)
Mint State coins have never circulated. They retain full original luster across all surfaces, though that luster may be obscured by contact marks, toning, or other non-wear impairments. The grade within the Mint State range depends on strike quality, surface preservation, luster, and eye appeal.
No contact marks, hairlines, or imperfections of any kind visible under 5x magnification.8 The strike is full and sharp, the luster is complete and undisturbed, and the eye appeal is outstanding. In practice, MS-70 is extraordinarily rare for any coin struck before the modern era. PCGS and NGC grade modern bullion and commemorative issues 70 in large numbers.8 Collectors should approach any pre-1950 coin offered as MS-70 with serious skepticism.
A virtually perfect coin with only the most trivial imperfection, such as a single microscopic contact mark or the slightest weakness in strike, visible only under magnification. Functionally reserved for modern issues. On classic coins, the difference between MS-68 and MS-69 is largely theoretical.
MS-68
Exceptional surfaces with only the most minor blemishes. At MS-67, you might find one or two light contact marks in non-focal areas, but the overall impression is of a nearly perfect coin. Luster is full and attractive, the strike is sharp, and eye appeal is strong. For most classic series (Morgan dollars, Walking Liberty halves, Barber coinage), MS-67 represents the practical ceiling. Coins grading higher exist in population reports but rarely appear in the market.
MS-66
MS-65 has long been the trade's threshold for "gem" quality. A coin at this level shows strong luster, a solid strike, and attractive eye appeal. Minor contact marks or a slight weakness in one area of the strike is acceptable, provided the overall presentation remains clean. MS-66 tightens the standard: fewer marks, better luster, stronger strike. The price jump from MS-65 to MS-66 can be dramatic on popular series, particularly Morgan and Peace dollars, where registry set collectors drive demand at the upper grades.
MS-64
These grades represent the heart of the uncirculated market for most collectors. An MS-63 is a fully uncirculated coin with moderate contact marks, possibly a weaker strike, and average luster. An MS-64 is noticeably cleaner, with fewer distracting marks and better overall presentation. Many experienced collectors consider MS-64 the best value point in the Mint State range: the coin looks attractive in hand, but it costs a fraction of what a gem-level piece commands.
MS-62
Fully uncirculated but with significant contact marks, possibly a below-average strike, or subdued luster. An MS-60 can look surprisingly rough. Coins at this level often spent decades jostling against other coins in mint-sewn bags before reaching collectors. The surfaces may be heavily marked, particularly on larger denominations like silver dollars that absorbed more bag damage. Original luster is present throughout, and that luster is what separates these coins from the About Uncirculated grades below. Even a heavily bagmarked MS-60 will show cartwheel luster across the fields when rotated under a light source.
About Uncirculated (AU-50 through AU-58)
About Uncirculated coins show slight to moderate wear on the highest points of the design. They retain significant original luster, particularly in protected areas of the fields and around the devices.
The slightest trace of wear on only the very highest points. An AU-58 often retains nearly full original luster, and in some cases, the wear is so minimal that the coin could pass for Mint State to a casual observer. An AU-58 Morgan dollar often sells for less than its MS-63 counterpart while looking nearly as nice in hand. The key diagnostic is a slight dulling or friction on the absolute highest relief. On a Morgan dollar, that means the hair above Liberty's eye and ear and the high upper fold of her cap. On a Walking Liberty half, it means Liberty's breast; her outstretched left hand is often flat from the strike rather than from wear.
Small patches of wear on the highest points, with most of the original mint luster still visible. The wear is unmistakable at this level, but the coin retains a brightness and life that clearly separates it from the Extremely Fine grades.
Moderate wear on the high points. Traces of luster remain, primarily in protected areas near the lettering and around the devices. An AU-50 shows more obvious circulation evidence than the higher AU grades, but its remaining luster and generally sharp details set it apart from an EF-45, which keeps luster only in traces.
Extremely Fine (EF-40 to EF-45)
EF-45
Light, even wear on the high points, but all design elements remain sharp and fully defined. Individual hair strands, feather details, and fine design elements are distinct. Traces of mint luster may survive in the deepest recesses of the design. EF-45 shows slightly less wear than EF-40, with better definition in the highest-relief areas. For many classic series, Extremely Fine shows nearly all of the design for a fraction of the Mint State price.
Very Fine (VF-20 through VF-35)
VF-35
Moderate wear on all high points, with the design still well-defined and all lettering sharp. Fine details such as individual hair curls or feather barbs begin to merge at VF-20 but remain largely distinct at VF-35. Collectors assembling date-and-mintmark sets of classic series like Barber quarters, Seated Liberty dimes, and Capped Bust half dollars often build them in this range. A VF-25 or VF-30 of a moderately scarce date shows the design clearly and costs less than the same date in Extremely Fine.
Fine (F-12 to F-15)
F-15
Even, moderate wear across the entire coin. Major design elements are clear but have lost their fine detail. Lettering is complete and readable, though some letters near the rims may show softness. For Barber coinage, F-12 carries a specific diagnostic: the word "LIBERTY" in the headband must be fully legible, though it need not be sharp. Graders have traditionally used that single feature to set the Fine threshold on Barber coinage.
Very Good (VG-8 to VG-10)
VG-10
Well-worn but with the main design elements still bold and clear. The outline of all major features is visible, but fine interior details are largely gone. Rims are complete on most issues, though they may show weakness on coins struck from worn dies. VG-8 represents the minimum grade that most type collectors find visually acceptable. A collector who cannot justify a Fine example of a scarce date can often find a presentable VG-8 at a manageable price.
Good (G-4 to G-6)
G-6
Heavily worn. The design outline is visible but flat, with almost no interior detail remaining. Rims may be worn into the outermost letters on some issues. Peripheral lettering is often weak but generally readable. For key dates and major rarities, Good is a perfectly respectable grade. A genuine 1916-D Mercury dime in G-4 is a significant coin that most collectors would gladly own.
About Good, Fair, and Poor (AG-3, FR-2, P-1)
Extremely heavy wear, with the design visible only in outline. The date is readable, and the coin is identifiable, but little else can be said for its surfaces. Peripheral lettering may be partially worn away.
The coin is identifiable as to type and date, but barely. Most design detail is worn completely smooth. The date may be partially worn but remains readable. Rims may merge with the lettering or field in places. FR-2 sits between About Good and Poor and is recognized by PCGS on their holders. For extreme rarities, a Fair example may be the only realistic option for many collectors.
The coin is barely identifiable as to date and type, and the rims are flat or nearly flat. The lowest grade on the Sheldon scale. Coins this worn are collected and certified mainly when the issue is extremely rare. A P-1 1793 Chain cent, for instance, still finds buyers.
Plus Grades and Star Designations
Both PCGS and NGC award "+" designations to coins that fall at the very top of a grade range.7 An MS-64+ coin has exceeded the normal MS-64 standard but falls just short of MS-65. In the market, plus-graded coins often trade at a premium over their base grade, sometimes approaching the next full grade level. NGC also awards a star designation (★) to coins with exceptional eye appeal within their grade.7 A star does not change the technical grade but signals that the coin's visual presentation exceeds expectations for the assigned number.
Modern Mint Issues and the 70 Grade
For coins sold directly by the United States Mint, the grading question narrows to the top two points. A CoinWeek survey of the MS-70 grade, published in March 2024, notes that the Mint handles its special commemorative and bullion coins more carefully during production, that these coins typically grade MS-69, and that 70s sell for multiples of the 69 price although many collectors can barely tell the two grades apart. PCGS's 2004 grading guide defined an MS-70 as having no defects of any kind visible with a 5x glass, and did not count minor die polish or light die breaks as defects on a business strike.
Before paying a 70 premium, examine the coin at 5x yourself and check how many 70s the services have already certified for that issue. Release labels such as PCGS First Strike and NGC Early Releases are awarded on timing alone: both cover coins that the service or an approved depository received within 30 days of the Mint's release, and neither says anything about the coin's quality.
Color Designations for Copper
Retains 95%+ of original mint-red color.9 Carries significant premiums.
Between 5% and 95% red remaining, with the balance turned brown through natural oxidation.9
Lost essentially all original red color.9 The most common state for circulated copper.
Proof Grades and Cameo Contrast
Proof describes how a coin was made, so a proof that has been handled or spent can grade well down the scale. Such coins are called impaired proofs, and the ANA's 7th-edition standards treat them alongside proofs generally.
Contrast between frosted devices and mirrored fields earns a second designation on proofs. NGC adds Cameo when the fields are deeply mirrored and the devices frosted for moderate contrast on both sides, and Ultra Cameo when the devices are heavily frosted for bold contrast on both sides. PCGS uses Cameo (CAM) for light to moderate frosting of the devices and Deep Cameo (DCAM) for deep, even frosting, and it too requires frosted devices on both sides. Check the reverse as closely as the obverse before paying for a contrast label.
Judging Copper Color
The color designation is judged on both sides of the coin. PCGS requires at least 95 percent original red on both sides for RD, with only slight diminishing of the luster or reflectivity allowed. A coin with one side full red and the other fully brown is RB, and a coin with up to 10 percent red on one side and no red, or only traces, on the other is BN. NGC applies the same three designations to Mint State and proof copper.
Compare both sides under the same light before you accept an RD label. The designation is for original color as struck, and NGC gives a coin with altered color a details grade only.
How to Grade a Coin
Grading rests on careful observation of the coin in hand. Experienced graders evaluate wear, luster, strike, surfaces and eye appeal, usually in that order.
Establish the Wear Level
Before considering marks, luster, or eye appeal, determine how much wear the coin has sustained. Hold the coin at roughly a 45-degree angle under a single directed light source and rotate it slowly. Worn areas reflect light differently than original surfaces. On a Mint State coin, light flows smoothly across the fields in the characteristic cartwheel pattern. On a circulated coin, the high points appear flat or dull where metal has been displaced by contact with other surfaces.
Focus first on the coin's highest-relief areas. These are the first places to show wear, so they are the first to lose detail as a coin moves down the grading scale. On most coin designs, the highest points are on the obverse: cheekbones, hair above the ear, and the central portrait. Once you have identified the extent of wear on these focal points, you have established a preliminary grade range.
Read the Luster
Mint luster results from the metal flow created when a planchet is struck between dies under tremendous pressure. On an uncirculated coin, this flow produces a characteristic sheen that radiates outward from the center of the design when the coin is tilted under a light. Collectors call this the "cartwheel effect," and an unbroken cartwheel is a strong sign that a coin is uncirculated.
Circulation disrupts luster on the high points first. A coin with full, unbroken cartwheel luster across every surface is Mint State. A coin with luster broken only on the highest points, while the fields and protected areas still show strong cartwheel, is About Uncirculated. Once luster has been disrupted across the majority of the coin's surface, you are looking at an Extremely Fine coin or lower.
Luster quality also matters within the Mint State grades. Deep, frosty luster is more attractive than flat, lifeless luster, and the grading services weigh this in their assessments. A coin with "blast white" luster that fills the fields with vibrant cartwheel will often receive a higher grade than a technically similar coin with dull or muted luster.
Evaluate the Strike
Strike refers to the sharpness with which the die impressed its design into the planchet. A fully struck coin shows every intended design detail, from the finest hair strands to the tiniest feather barbs. A weakly struck coin may appear worn in areas that simply never received a full impression from the die.
Weak strike is easily mistaken for wear, and a grader who confuses the two can mark a Mint State coin down as circulated. A weakly struck MS-65 is still an MS-65, but it will generally bring less than a fully struck example at the same grade. Certain series are notorious for strike inconsistency: Buffalo nickels frequently show weakness on the bison's horn and shoulder. Standing Liberty quarters of the 1916-1924 period often lack full detail on Liberty's head. Franklin half dollars vary dramatically in the completeness of the bell lines on the reverse.
- FB (Full Bands) on Mercury dimes
- FBL (Full Bell Lines) on Franklin halves
- FH (Full Head) on Standing Liberty quarters
- FS (Full Steps) on Jefferson nickels
Strike Designations and Prooflike Surfaces
On a handful of twentieth-century series, both major services add letters after the grade when one diagnostic feature came up fully struck. NGC's strike-character table lists FB for Mercury dimes, FT (Full Torch) for Roosevelt dimes, FH for Standing Liberty quarters, FBL for Franklin halves, and 5FS or 6FS for Jefferson nickels; the criteria for each appear under its series in High-Wear Points by Series. PCGS calls its Roosevelt torch designation Full Bands, so FB on a PCGS Roosevelt dime and FT on an NGC one refer to the same bands, although NGC also requires the vertical lines of the torch to be fully defined.
On some common dates the designation is worth far more than the grade. Jeff Garrett, writing in CoinWeek in October 2021, put a 1945 Mercury dime in MS-66 with Full Bands at over $20,000 and the same coin without Full Bands at around $35. Check the population with and without the designation before paying for it. NGC does not give FBL to Franklin proofs, which it assumes were well struck.
Prooflike and Deep Prooflike describe business strikes with mirrored fields. NGC defines PL as mirrored fields and DPL as deeply mirrored fields, and applies neither to proofs. PCGS calls the deeper level Deep Mirror Prooflike (DMPL), uses it for Morgan dollars, and assigns PL or DMPL only to coins grading MS-60 or better. Mirrored fields show every contact mark and hairline, so grade a prooflike coin's surfaces with the care you would give a proof.
Assess Surface Preservation
Once you have established the wear level, luster quality, and strike, turn your attention to the surfaces themselves. Contact marks, hairlines, scratches, and other impairments all factor into the final grade.
For Mint State coins, surface preservation is often the deciding factor between grade levels. An MS-63 and an MS-65 may show identical luster and strike. What separates them is the number, size, and placement of contact marks. A single heavy bagmark across Liberty's cheek can drop an otherwise gem-quality coin to MS-63 or even MS-62. The same mark hidden near the rim or in a busy area of the design might have little impact.
Location matters enormously. Marks in the open field are more distracting than marks on the devices. Marks on the obverse matter more than marks on the reverse. Marks on the central portrait, particularly the face, matter most of all.
On proof coins, the evaluation shifts from contact marks to hairlines. Proof surfaces are mirror-smooth, which makes even the finest hairline visible under light. A proof coin with heavy hairlines from improper cleaning or mishandling will grade significantly lower than a hairline-free example, regardless of how sharp and lustrous the underlying surfaces appear.
Consider Eye Appeal
Eye appeal is the most subjective element in grading. Both PCGS and NGC explicitly state that eye appeal factors into their grade determinations. A coin with strong eye appeal can receive the benefit of the doubt on a borderline grade. A coin with poor eye appeal, even if technically sound, may not.
Eye appeal encompasses the overall visual impression: the quality of the luster, the attractiveness of any toning, the cleanliness of the surfaces, and the balance of the strike. A coin that simply looks "right" when you pick it up has good eye appeal. A coin that makes you hesitate usually has a cause worth finding, such as a mark in the field, a dull patch of luster, or toning that hides the surface.
Attractive toning can enhance eye appeal significantly. A Morgan dollar with even, concentric rainbow toning from decades of album storage often commands a premium well beyond what its technical grade would suggest. Conversely, dark or blotchy toning, even if natural, can suppress eye appeal and depress prices.
High-Wear Points by Series
Every coin design has characteristic weak spots where wear first becomes visible. Learning these points for the series you collect allows you to grade quickly and accurately, even at a coin show where you may have only a few seconds with each piece. The following reference covers the major U.S. series from half cents through dollars. For each, the high-wear points are listed in the order they typically show wear, from earliest to latest.
Half Cents and Large Cents
Draped Bust (1800-1808 Half Cent / 1796-1807 Large Cent)
The highest point of the hair above Liberty's forehead wears first, followed by the drapery at the bustline. On the reverse, the top leaves of the wreath and the bow at the bottom show early wear. The curls behind Liberty's neck tend to merge before the facial features flatten, making hair detail the primary grading focus.
Classic Head (1809-1836 Half Cent)
Liberty's cheek and the hair curls above the headband show friction first. The stars flanking the portrait lose their central radial lines as wear progresses. On the reverse, the top of the wreath and the central ribbon are diagnostic.
Braided Hair (1840-1857 Half Cent / 1839-1857 Large Cent)
The hair above Liberty's ear and the cheekbone are first to show friction. The individual braids of the hair cord flatten progressively and give a useful gauge from EF down through Good. The reverse wreath wears evenly, with the topmost leaves losing definition first.
Small Cents
Indian Head Cent (1859-1909)
The feather tips at the top of the headdress wear first, and the diamonds on the headdress ribbon help separate the higher circulated grades. Liberty's cheek below the eye shows early friction. The word "LIBERTY" on the headband is the key threshold: full readability indicates Fine or better. On the reverse, the wreath bow and the top leaves are the first areas affected.
Lincoln Wheat Cent (1909-1958)
Lincoln's cheekbone shows friction first, followed by the hair above the ear and the jawline. The bow tie often appears flat, but this is frequently a strike weakness rather than wear. Examine the hair detail at the top of the head to distinguish the two. On the reverse, the inner lines of the wheat stalks merge progressively. Fully separated wheat stalk lines indicate VF or better on most dates.
Lincoln Memorial Cent (1959-2008)
The same obverse diagnostics apply. On the memorial reverse, the Lincoln statue inside the memorial shows wear first, followed by the upper columns. The horizontal lines between the columns are useful for separating MS from AU. These are modern coins with generally strong strikes, so weak strike is less of a confusing factor.
Nickels
Shield Nickel (1866-1883)
The cross at the top of the shield wears first, followed by the horizontal and vertical lines within the shield. The number "5" on the reverse and the surrounding stars lose definition progressively. The shield lines are the most useful diagnostic, as their intersections thin and merge in a predictable pattern.
Liberty Head (V) Nickel (1883-1913)
Liberty's hair immediately below the coronet wears first, followed by the hair at the back of the head above the ear. The word "LIBERTY" on the headband parallels the Barber series: full readability indicates Fine. On the reverse, "CENTS" and the wreath top are the high points.
Buffalo Nickel (1913-1938)
The Indian's cheekbone wears first on the obverse, followed by the braid above the ear and the feather at the back of the neck. On the reverse, the bison's horn, the high ridge of its back, the front shoulder, and the hip bone are all high-relief areas that show wear early. However, the horn and front shoulder are also notoriously subject to strike weakness. A coin that appears to show horn wear but retains sharp detail on the Indian's cheek and braid may simply be weakly struck in that area.
Jefferson Nickel (1938-present)
Jefferson's cheekbone wears first, followed by the hair above the ear and behind the queue ribbon. On Monticello reverses, the four pillars and the steps are the primary focus. PCGS awards Full Steps (FS) when five steps are fully separated and uninterrupted, NGC distinguishes 5FS from 6FS coins, and the designation is overwhelmingly a strike characteristic.10
Dimes
Barber Dime (1892-1916)
"LIBERTY" on the headband is the single most important grading diagnostic. All seven letters sharp and complete indicates EF or better. Full readability with some softness indicates Fine. Partial letters suggest VG or below. Beyond the headband, the hair above the forehead and below the wreath wears progressively. On the reverse, the eagle's breast and wing tips flatten first.
Mercury Dime (1916-1945)
Liberty's cheek, the hair along her face and above the ear, and the top of the wing show friction first. The cheekbone shows friction early as well. On the reverse, the horizontal bands on the fasces are the primary diagnostic and the basis for the Full Bands (FB) designation. Full separation of the central crossbands on the fasces, with no interruption across the central trough, qualifies a coin for the FB designation.10
Roosevelt Dime (1946-present)
Roosevelt's cheekbone and the hair above the ear show wear first. The torch on the reverse loses definition at the flame tips progressively. These are generally well-struck coins, and grading distinctions in the upper circulated range are often more about surface preservation than wear specifics.
Quarters
Barber Quarter (1892-1916)
The same "LIBERTY" diagnostic applies as on the Barber dime. The larger flan makes wear on the eagle reverse more visible, particularly on the breast feathers and the claws. The shield on the eagle's breast loses its horizontal lines progressively, providing a reliable secondary gauge.
Standing Liberty Quarter (1916-1930)
Liberty's head is the focal point, and the Full Head (FH) designation commands a significant premium. On the Type 2 design, a Full Head coin shows three complete leaves in the helmet, a complete outline along the bottom of the helmet, and a clear ear hole.10 Many Standing Liberty quarters, even in MS grades, lack a full head due to die spacing and strike issues. The date is another critical area: on the Type 1 design (1916-1917) and early Type 2 (1917-1924), the date sits on a raised pedestal that wore rapidly. The 1925 recessing of the date into the field reduced but did not eliminate the problem.
Washington Quarter (1932-1998)
Washington's hair above the ear wears first, followed by the cheekbone and the curls at the back of the head. The eagle's breast feathers on the heraldic reverse show wear progressively. The clad issues struck from 1965 onward tend to show strike weakness on the eagle's wing tips that should not be confused with wear.
Half Dollars
Barber Half Dollar (1892-1915)
Follows the same pattern as the Barber dime and quarter. The larger size makes wear evaluation easier. The eagle reverse offers more surface area, so breast feather detail, wing tip definition, and talon sharpness all contribute to the grade assessment.
Walking Liberty Half Dollar (1916-1947)
Light rub usually shows first on Liberty's breast, and her outstretched left hand is often flat from the strike rather than from wear. The gown's high fold across the left leg wears next, followed by the head and the cape at Liberty's back. On the reverse, the eagle's breast and upper left leg show the first rub. Strike weakness on the hand and head is common, particularly on San Francisco issues from 1940-1944.
Franklin Half Dollar (1948-1963)
Franklin's cheekbone wears first, followed by the hair curls at the back of the head. On the reverse, the Liberty Bell's horizontal lines at the bottom are the basis for the Full Bell Lines (FBL) designation.10 The bell crack line is a design element, not a flaw. Philadelphia and San Francisco mint coins are particularly challenging for FBL; Denver coins are generally the easiest to find with full lines.
Kennedy Half Dollar (1964-present)
Kennedy's cheekbone and the hair just above the ear show friction first. The hair between the part line and the ear is the most useful area for separating AU from MS. On the heraldic eagle reverse, the eagle's breast and the horizontal lines on the shield are diagnostic.
Silver Dollars
Morgan Dollar (1878-1921)
The hair above Liberty's eye and ear and the high upper fold of her cap show the first traces of wear. The edges of the cotton leaves follow, and by EF-45 the hair above the forehead and ear shows clear wear. On the reverse, the eagle's breast wears first, followed by the tops of the legs and the talons, then the wing tips and the feathers on the head. Morgan dollars were stored in enormous quantities in mint bags, and even uncirculated examples frequently show heavy bagmarks, particularly on the cheek and in the fields.
Peace Dollar (1921-1935)
Liberty's cheek shows friction first, then the hair above and behind the ear. The tiara retains detail longer than the surrounding hair. On the reverse, the eagle's breast and shoulder feathers wear first, followed by the wing tips. The rays of the rising sun behind the eagle lose definition progressively. The 1921 high relief issue shows wear patterns more dramatically than the normal relief coins of 1922-1935 due to its greater depth of design.
Eisenhower Dollar (1971-1978)
Eisenhower's cheekbone wears first, followed by the jawline and the hair above the ear. On the eagle-on-the-moon reverse, the eagle's breast and the highest lunar surface features show wear first. These are large, heavy coins that accumulated bag damage readily, and MS-60 to MS-62 Eisenhower dollars can look quite rough while still technically qualifying as uncirculated.
Surface Problems and Details Grades
Both PCGS and NGC distinguish between coins that grade on the standard numeric scale and coins that receive a "details" grade. A details-graded coin is one that has been cleaned, damaged, repaired, or otherwise altered in a way that precludes a numeric grade. The technical grade (the amount of wear) is still assessed, but the coin is holdered with a qualifier such as "AU Details, Cleaned" or "VF Details, Scratched" rather than a straight numeric grade.
The market discount for details-graded coins varies by the severity of the problem and the coin's rarity. A common-date Morgan dollar in "AU Details, Cleaned" typically sells well below a straight-graded AU-55. A rare date in the same condition usually holds more of its value, because collectors who need the date have fewer alternatives.
Cleaning
Among the most common reasons a coin receives a details grade. Identifying cleaned coins requires practice, but several indicators are reliable: hairlines visible under magnification running in a consistent direction across the fields indicate cloth or brush contact. An unnaturally bright or "washed out" appearance suggests chemical dipping. Disturbed luster, where the cartwheel effect appears uneven or grainy, can indicate surface alteration.
A "whizzed" coin has been treated with a wire brush or rotating tool to simulate mint luster on a worn surface. The metal flow on a whizzed coin runs in circular patterns rather than the radial flow of genuine mint luster. Whizzed coins always receive details grades from the major services, but they can fool inexperienced buyers when sold raw.
Not all cleaning disqualifies a coin. Conservative dipping, when done properly and sparingly, can be nearly undetectable and may not prevent a coin from straight-grading.
Environmental Damage
Corrosion, pitting, PVC contamination, and other surface degradation caused by storage conditions. Polyvinyl chloride, the soft plastic used in many inexpensive coin flips, breaks down and releases a corrosive chemical that attacks coin surfaces. Early PVC damage appears as a faint greenish or oily film. Advanced PVC damage produces green deposits, surface etching, and permanent hazing. Mild PVC residue can sometimes be removed with acetone, but the underlying damage often persists.
If you have coins stored in soft, pliable plastic flips, transfer them to inert holders immediately.
Physical Damage
Scratches, rim dings, edge damage, and gouges. A scratch differs from a contact mark in that it is typically longer, deeper, and appears to have been inflicted by a pointed object rather than another coin. A single light scratch in a non-focal area may not prevent a coin from straight-grading, but anything beyond a trivial mark generally results in a details grade.
Holes, Mounts, and Repairs
Coins worn as jewelry frequently have holes drilled through them, solder marks from mounting, or rim damage from bezel settings. These problems always result in details grades. A plugged hole, where the hole has been filled and smoothed, can be difficult to detect without magnification. Look for a slight depression, color mismatch, or disrupted surface texture.
Tooling, where a coin's surface has been reworked with an engraving tool to enhance or recreate design details, is another form of alteration. On rare coins, unscrupulous individuals sometimes tool away mintmark areas, add false mintmarks, or alter dates. Any time you are examining a coin of significant value, check the date and mintmark under magnification for evidence of added or removed material.
Artificial Toning
Chemical or heat treatment to create color on a coin's surface. The motive is usually to increase eye appeal or disguise cleaning hairlines. Natural toning develops gradually through contact with album pages, paper envelopes, or atmospheric sulfur. It tends to appear in gradual, concentric patterns that follow the coin's shape, progressing from the rim inward.
Artificial toning often looks uneven, splotchy, or confined to one area. The colors may appear too vivid or too uniform. The transition between color zones is often abrupt rather than gradual. PCGS and NGC give no numeric grade to a coin they judge artificially toned; it is holdered as genuine with the problem noted, as a cleaned coin is.
Net Grading and the Early Copper Tradition
The services answer a problem coin with a details label: a wear grade, a description of the problem, and no number. Early copper specialists use a different method. The Early American Coppers society's Grading Guide for Early American Copper Coins (2014), by Bill Eckberg, Bob Fagaly, Dennis Fuoss and Ray Williams, gives each coin two grades: a sharpness grade for the wear alone, and a net grade after accounting for any post-strike impairment. A large cent with the wear of a VF-30 and porous surfaces keeps VF-30 as its sharpness grade and carries a lower net grade. The E-Sylum's account of the guide describes EAC grading as more precise and stringent than third-party grading, so an EAC grade in a specialist catalogue can run below the number on the same coin's holder.
When you weigh a details coin, decide which problem-free grade you would accept in its place, and treat that grade's price as the ceiling for what you pay.
Third-Party Grading Services
Third-party grading in sealed holders transformed numismatics when PCGS launched in 1986.4 Before then, ANACS had issued grading certificates since the late 1970s, but most buyers and sellers still had to settle the grade between themselves, and the seller had an obvious incentive to overgrade.4 The tamper-evident holder let dealers trade coins sight-unseen on the grade printed on the label. NGC followed in 1987, and CACG entered the field in 2023, giving collectors three top-tier services to choose from.4
The Major Services
| Service | Founded | Market Standing | Best For |
|---|---|---|---|
| PCGS | 1986 | Premium pricing on classic U.S. | High-value classic coins, registry sets |
| NGC | 1987 | Equal quality, competitive pricing | World coins, modern issues, variety attributions |
| CACG | 2023 | Rapidly gaining market confidence | Collectors who trust CAC's grading standards |
| ANACS | 1972 | Respected but lower premiums | Budget grading, variety attribution |
| ICG | 1998 | Lower premiums than the top-tier services | Budget grading only |
CACG (CAC Grading) launched in October 2023 as a full grading service from John Albanese and the Certified Acceptance Corporation.4 CACG offers independent coin grading and encapsulation. The service is distinct from the CAC sticker program, which continues to operate separately as a verification layer for coins already graded by PCGS or NGC.
For practical purposes, if you are buying certified coins for your collection or for investment, prioritize PCGS, NGC, and CACG holders. Coins in ANACS or ICG holders typically trade at a discount to equivalently graded coins in the top-tier services, and the gap is often wider for ANACS. Many experienced collectors "cross" coins from secondary services into PCGS, NGC, or CACG holders to realize the premium.
Understanding the Holder
A PCGS or NGC holder (often called a "slab") provides several pieces of information. The coin's grade appears prominently, along with the date, denomination, and any variety attribution. Special designations such as Full Bands or Full Head may also be noted, and a CAC sticker, when present, is applied to the outside of the holder. A unique certification number allows you to check the coin's grade and description against the service's online database.
Both services also note surface problems on the holder's label. A coin labeled "Genuine, Cleaned" or "AU Details, Environmental Damage" has been authenticated as genuine but found to have a problem preventing a straight numeric grade. The holder still protects the buyer against counterfeits, though the coin trades at a significant discount to problem-free examples.11
What the Guarantee Covers
Both major services guarantee the grades they assign. NGC states that it backs each U.S. and world coin it certifies with a guarantee of authenticity and grade, and that the owner has recourse if a coin is later found to be not genuine or overgraded. Under the PCGS guarantee, if PCGS finds on review that a coin is overgraded or counterfeit, it pays the owner the difference in market value and refunds the regrading fee and the postage and insurance costs; if the original grade is confirmed, the owner pays the regrading fee and postage.
PCGS spells out the limits. Its guarantee does not cover coins removed from PCGS holders, with no exceptions, and it excludes tampered or counterfeit holders, damage such as flood or fire, and obvious clerical errors on the insert. Keep a valuable coin in its original holder until you have decided to resubmit it.
Submitting Coins for Grading
Both PCGS and NGC offer individual memberships that allow collectors to submit coins directly. Several submission tiers are available, with faster turnaround at higher prices. Economy-level submissions can take two to three months, and both services post current estimates on their submission pages. Express and walkthrough tiers cost considerably more and carry turnaround estimates of about seven working days.
What Certification Costs, and When It Pays
Grading fees depend on the coin's declared value and the turnaround you choose, and they change often enough that any figure needs a date. PCGS's collector schedule effective January 1, 2025 charged $23 a coin at Economy for coins worth up to $300, $40 at Regular for coins worth up to $2,500 and $70 at Express for coins worth up to $10,000, and it required a Collectors Club membership for every submission. NGC's schedule effective January 7, 2025 for U.S. submissions set its Economy tier at $25 and its Modern tier at $20. Shipping both ways, insurance and a handling fee per submission come on top, so check both services' current fee pages before you fill in a form.
Certification pays when the holder adds more to the coin's resale value than the full cost of getting it there. Three kinds of coin clear that bar most easily: coins valuable enough that a buyer will not pay full price without a guarantee of authenticity, coins that sit on a grade line where one point changes the price sharply, and coins that may qualify for a strike designation such as Full Bands. A cleaned or damaged coin comes back with a details label, which costs the same to obtain and sells at a discount.
CAC (Certified Acceptance Corporation)
CAC provides a secondary review of coins already graded by PCGS or NGC.5 A coin that CAC considers solid for the assigned grade receives a green bean sticker.5 A coin that CAC considers undergraded receives a gold sticker.5 Coins that do not meet CAC's standard receive no sticker and are returned without comment; many of them are accurately graded coins at the low end of their grade.5
CAC-stickered coins often command premiums over unstickered coins in the same grade, and the size of the premium varies widely from one issue to the next. John Albanese, the founder of CAC and previously a co-founder of PCGS, built the service on the premise that coins at the same grade differ in quality.5
Plus, Star and the CAC Sticker
NGC offers the plus from XF-45 to MS-68 and from PF-45 to PF-68, and states that a coin may receive a plus, a star, a strike character or any combination of them; details-graded coins are eligible for none. The CAC sticker is a separate firm's opinion, applied after grading. CAC does not accept modern coins for stickering, so on a recent Mint issue the absence of a sticker says nothing about the coin.
Population Reports and Census Data
PCGS and NGC each publish population reports documenting how many coins of each date and grade they have certified. These reports are available free on their respective websites and show how many examples of an issue each service has certified at each grade.
A few cautions apply. Population reports include resubmissions.12 The same physical coin, cracked out and resubmitted multiple times in pursuit of a higher grade, may appear in the population report at each grade it was assigned.12 Crossovers between services can cause the same coin to appear in both databases. The reports are directionally useful, but they overstate the number of surviving examples at any given grade.
Gradeflation and Crack-outs
Writing in the ANA's Reading Room in July 2025, Ross Koenig set out the argument over gradeflation, the loosening of grading standards. He cites Mark Salzberg, a former chief executive of NGC, arguing that PCGS's standards differ from those it used a decade earlier, and Q. David Bowers, writing in Coin World in 2016, saying NGC was "equally guilty of the same trend." Koenig notes that many dealers crack out and resubmit older coins in hope of a higher grade, paying a fee each time, and that grade increases "artificially raise the supply of coins previously rare in excellent condition."
Building Your Grading Eye
Handle Certified Coins
A certified coin gives you a professional grade to check your own against. Coin shows are ideal. Walk the bourse floor and ask dealers if you can examine their certified inventory. Most dealers will oblige a polite, interested collector. When you look at a coin in a PCGS or NGC holder, note the grade, then form your own assessment before looking at the label.
Online resources complement this approach. PCGS CoinFacts and NGC's Coin Explorer both offer high-resolution images at various grade levels. These are useful for initial orientation, but photographs cannot replicate seeing luster, toning, and surface texture in person.
Grade Before You Look
Whether examining a coin at a show, evaluating a potential purchase online, or reviewing your own collection, form your grade assessment before you look at the holder label, the asking price, or any other external information. Price anchors bias your judgment. A coin priced at MS-65 money will look like an MS-65 if you let the price influence your evaluation.
Keep a Grading Journal
Write down your grade estimate for every significant coin you examine, along with the actual grade. This record reveals your tendencies. Most collectors have a consistent bias: they either overgrade or undergrade, and the bias is often concentrated in a specific grade range. The journal makes these patterns visible, so you can adjust in the grade range where you miss most often.
Essential Tools
A quality loupe is the only tool that is strictly necessary. A 7x or 10x triplet loupe, corrected for chromatic and spherical aberration, magnifies beyond the 5x at which PCGS and NGC define an MS-70 coin. A good triplet loupe costs $20 to $40 and will last for decades.
A single-point light source is nearly as important. A small LED penlight or a dedicated coin light works well. The key is that the light comes from a single direction, which allows you to tilt the coin and read the luster. Diffuse overhead lighting flatters every coin and hides problems.
Cotton gloves are a sensible precaution when handling raw coins, particularly uncirculated silver and copper. Fingerprint residue can etch into a coin's surface and leave permanent prints, and copper and silver are the most vulnerable.
Light and Magnification
The ANA's beginner's guide gives a concrete set-up: a 100-watt incandescent bulb about three feet from the coin, or a 50-watt bulb about a foot away, and a 5x to 7x magnifier for a closer look. Grade every coin under the same lamp, because a coin judged under a dealer's show lighting can look different on your own desk.
Photographs and Their Limitations
Camera angle, lighting direction, exposure settings, and post-processing all influence how a coin appears on screen. A skilled photographer can make a VF-35 look like an EF-45. When buying from photographs, look for images taken under multiple lighting angles. Ask for additional images if the listing shows only one or two. If a seller is unwilling to provide more, consider that a cautionary signal.
Resources Worth Consulting
The Official ANA Grading Standards for United States Coins provides the baseline standard, and its 7th edition (Whitman, 2013) illustrates each grade with full-color photographs.6 PCGS and NGC both publish grading guides on their websites. For specific series, specialized references such as David Akers' work on gold and Wayne Miller's Morgan and Peace Dollar Textbook include grading guidance.
The ANA also offers grading seminars, typically held at major conventions. These multi-day courses provide hands-on grading practice with certified coins under professional guidance.
Further Reading
The 7th edition of the ANA standards was edited by Kenneth Bressett, with narrative by Q. David Bowers; its 384 pages include sections on strike and wear, proofs and impaired proofs, and cleaning, conservation and coin doctoring. Bowers's Grading Coins by Photographs (2nd edition, Whitman, 2012) is a photographic grading guide to U.S. coins. The Official Guide to Coin Grading and Counterfeit Detection (2nd edition, House of Collectibles, 2004), edited by Scott A. Travers with text by John W. Dannreuther, sets out PCGS's grading standards.
Online, PCGS Photograde shows obverse and reverse images of each type across the grade range and is free to use, and NGC's grading-scale page gives its definitions of the numeric grades and of designations such as Prooflike, Cameo, the plus and the star.
Notes
- William H. Sheldon, Early American Cents, 1793-1814 (New York: Harper & Brothers, 1949), which assigned each die variety a basal value to be multiplied by the coin's grade number; the multiplier and its collapse on publication: Tom DeLorey, "The Early Days of Numerical Coin Grading," CoinWeek, November 5, 2018, https://coinweek.com/education/coin-grading/the-early-days-of-numerical-coin-grading/. The Harper & Brothers imprint: Walter Breen's Encyclopedia of Early United States Cents, 1793-1814, PCGS online edition, https://www.pcgs.com/books/earlycents/TheHowAndWhyandWho.
- The ANA's first grading book (1977) and its use of Sheldon's numbers: DeLorey, "The Early Days of Numerical Coin Grading" (note 1); American Numismatic Association, "Official Grading Standards," https://www.money.org/official-grading-standards/ ("Since 1977, the ANA has published its official grading standards"). ANACS's adoption of the technical scale in 1979 and the ANA Board of Governors' adoption of the 11-point Mint State system in June 1986: Charles Morgan and Hubert Walker, "ANACS: The ANA Years," CoinWeek, https://coinweek.com/anacs-the-ana-years/.
- Heritage Auctions result for a 1942 half dollar graded MS-68 by PCGS, $9,600, August 2025, as listed in the auction records on Greysheet's 1942 50C Walking Liberty Half Dollar page, https://www.greysheet.com/coin-prices/item/1942-50c-walking-liberty-half-dollar/6744, which also notes that circulated examples of the date are worth their silver content.
- ANACS's founding in 1972 and its start of grading in the late 1970s (March 1978 in Morgan and Walker, "ANACS: The ANA Years" (note 2); March 1, 1979 in a first-hand CoinWeek history of ANACS, https://coinweek.com/history-first-third-party-coin-grading-service-anacs/). PCGS's first day of accepting coins, February 3, 1986: Morgan and Walker (note 2). NGC's start of operations in 1987: Numismatic Guaranty Company, "NGC Grading Scale," https://www.ngccoin.com/coin-grading/grading-scale/. CAC Grading's start of full operations on October 2, 2023: CoinNews, "CAC Grading Service Goes Live on October 2," September 28, 2023, https://coinnews.net/2023/09/28/cac-grading-service-goes-live-on-october-2.
- John Albanese's founding of Certified Acceptance Corp. in 2007, after joining five others to start PCGS and founding NGC a year later: Coin World, "John Albanese | 2021 Most Influential People in Numismatics," https://www.coinworld.com/special-interest-publications/coin-world-most-influential-people-winner-lists/john-albanese-2021-most-influential-people-in-numismatics. Sticker meanings, review of PCGS and NGC coins, and the statement that a rejection "does not necessarily mean that CAC believes the coin has been over-graded": CAC Grading, "CAC Stickering Frequently Asked Questions," https://help.cacgrading.com/support/solutions/articles/151000075970-cac-stickering-frequently-asked-questions.
- Kenneth Bressett, ed., with narrative by Q. David Bowers, The Official ANA Grading Standards for United States Coins, 7th ed. (Whitman Publishing, 2013), 384 pp.; publication in full color for the first time and debut at the ANA World's Fair of Money, Chicago, August 13, 2013: The E-Sylum 16, no. 30 (July 21, 2013), https://coinbooks.org/esylum_v16n30a07.html; Whitman product page, https://whitman.com/official-ana-grading-standards-for-united-states-coins-7th-edition.
- NGC, "Learn Grading: What Are the Plus and Star Designations?" June 11, 2019, https://ngccoin.com/news/article/7501/learn-grading-plus-and-star: the plus available from XF 45 to MS 68 and PF 45 to PF 68; the star for "exceptional eye appeal for their assigned grade."
- NGC's definition of a 70 ("no post-production imperfections at 5x magnification"): "NGC Grading Scale" (note 4). PCGS's 2004 definition ("no defects of any kind visible with a 5X (5-power) glass") and the observation that modern commemorative and bullion coins typically grade MS-69 and that 70s sell for multiples of the 69 price: Charles Morgan and Hubert Walker, "MS70: The Controversial 'Perfect' Grade," CoinWeek Notes, March 15, 2024, https://coinweek.com/ms70-controversial-perfect-grade-certified-coins/, quoting the PCGS guide, Scott A. Travers, ed., The Official Guide to Coin Grading and Counterfeit Detection, 2nd ed. (New York: House of Collectibles, 2004), p. 25.
- PCGS, "RD, RB, BN Grading Designations on Copper Coins," https://www.pcgs.com/news/rd-rb-bn-grading-designations-on-copper-coins, and "Tips From The Grading Room Part 5," https://www.pcgs.com/news/tips-from-the-grading-room-part-5: RD requires at least 95 percent original red on both sides; BN usually has 5 percent or less of original color, or up to 10 percent red on one side and only traces on the other; RB covers the range between, including coins with one red side and one brown side.
- NGC, "Strike Characters," posted April 13, 2016, updated March 1, 2019, https://www.ngccoin.com/news/article/5256/ (5FS and 6FS, FB, FBL, FH, FT, PL and DPL); NGC, "Grading Mercury Dimes," https://www.ngccoin.com/coin-grading-guide/grading-mercury-dimes/ (FB for "fully split and raised bands"); NGC, "NGC Coin Grading: What Are Full Bell Lines?" CoinWeek, November 20, 2018, https://coinweek.com/ngc-coin-grading-what-are-full-bell-lines/; PCGS, "What Does Full Head Mean on Standing Liberty Quarters," https://www.pcgs.com/news/what-does-full-head-mean-on-standing-liberty-quarters; APMEX, "What Do Full Steps Mean on Jefferson Nickels?" https://learn.apmex.com/answers/what-do-full-steps-mean-on-jefferson-nickels/; the value of Full Bands on a 1945 Mercury dime: Jeff Garrett, "A Guide to Coin Strike Character Rarities," CoinWeek, October 15, 2021, https://coinweek.com/jeff-garrett-a-guide-to-coin-strike-character-rarities/.
- PCGS, "PCGS Guarantee of Grade and Authenticity: United States and World Coins," https://www.pcgs.com/guarantee (payment of the difference in market value for overgraded or counterfeit coins; no coverage for coins removed from PCGS holders); NGC, "Coin Buying Guide," https://www.ngccoin.com/about/coin-buying-guide/ (the NGC Guarantee of authenticity and grade, with recourse if a coin is later found not genuine or overgraded).
- Ross Koenig, "Gradeflation," The Reading Room (American Numismatic Association), July 3, 2025, https://readingroom.money.org/gradeflation/: dealers "cracking out and resubmitting older coins in hopes of receiving a higher grade," the multiple fees this generates for the services, and the effect of grade increases on the reported supply of high-grade coins.