The Sheldon coin grading scale runs from P-1 (Poor) through MS-70 (Perfect Mint State), with PCGS and NGC both using the same 1–70 numeric ladder. This page lists every grade with its tier name and what it actually means — a quick reference for buyers, sellers, and anyone deciding whether to send a coin in for professional grading.
Poor through About Good (P-1, FR-2, AG-3)
Heavily worn
P-1
Poor
Barely identifiable as a coin. Type only readable; date may be gone.
FR-2
Fair
Heavily worn. Some major details visible; no inner detail.
AG-3
About Good
Rim worn into letters. Heavy wear; outline-only design.
Good and Very Good (G-4 to VG-10)
Major details visible, no inner detail
G-4
Good
Heavy wear. Major design elements outlined but flat.
G-6
Good+
Slightly better than G-4. Rim and lettering still complete.
VG-8
Very Good
All major details readable. Hints of inner detail.
VG-10
Very Good+
Faint inner detail visible.
Fine (F-12, F-15)
Moderate wear, design clear
F-12
Fine
Moderate even wear. Major design details clear; some inner detail.
Light to moderate wear on high points. All major details sharp.
VF-25
VF Choice
Slightly better. Cleaner fields.
VF-30
Choice VF
Light wear; most inner detail present.
VF-35
VF Premium
Approaching XF. Light wear only on highest points.
Extremely Fine (EF/XF-40, EF-45)
Slight wear; some original luster
EF-40
Extremely Fine
Slight wear on highest points. Most details sharp.
EF-45
Choice EF
Trace wear; partial luster in protected areas.
About Uncirculated (AU-50 to AU-58)
Trace wear; nearly mint state
AU-50
About Unc.
Trace wear on highest points. At least half of the original luster present.
AU-53
AU Choice
Wear barely visible. Three-quarters of luster present.
AU-55
Choice AU
Tiny rub on highest design points. Most luster intact.
AU-58
AU Premium
Near-mint. Faint friction on a single high point. Often more attractive than MS-60.
Mint State 60–64
Uncirculated; varying eye appeal
MS-60
Mint State
Strictly uncirculated but heavily bag-marked or unattractive.
MS-61
MS-61
Uncirculated with many marks; below average eye appeal.
MS-62
MS-62
Uncirculated with above-average marks.
MS-63
Choice BU
Choice BU. Average for the grade — moderate marks but pleasing.
MS-64
Near-Gem
Above-average marks for the date. Strong eye appeal.
Mint State 65–67
Gem and Superb Gem
MS-65
Gem BU
Gem uncirculated. Few minor marks; strong luster and strike.
MS-66
Premium Gem
Excellent eye appeal. Marks small and unobtrusive.
MS-67
Superb Gem
Superb. Only the most minor marks under magnification.
Mint State 68–70
Nearly perfect to perfect
MS-68
MS-68
Virtually perfect surfaces. Tiny detractions only at high magnification.
MS-69
MS-69
Practically flawless. Common only on modern bullion and proofs.
MS-70
Perfect
No flaws under 5× magnification. Essentially impossible for circulation strikes; common for modern proofs and bullion.
Reading a grade in practice
The numbers on the Sheldon scale are not linear price multipliers — they describe surface preservation. A G-4 to VF-20 jump on a common date might double the price; the same numeric jump from MS-64 to MS-65 on a tough date can mean a 5× to 20× price increase because gem-quality survivors are scarce. Grade is the single largest driver of collector value, often dwarfing date and mintmark.
Most circulated coins fall between G-4 and AU-58. Mint State coins (MS-60+) come from coins that never circulated — usually pulled from rolls or sets at the Mint, or held back by collectors. The difference between MS-63 ("choice BU") and MS-65 ("gem") is the threshold most buyers pay attention to: gem-quality coins anchor the modern collector market.
Common surface designations
Beyond the numeric grade, PCGS and NGC apply suffix designations that describe surface character:
Code
Meaning
FB / FBL / FH / FT / FS
Full Bands (Mercury, Roosevelt), Full Bell Lines (Franklin), Full Head (Standing Liberty), Full Torch (Roosevelt), Full Steps (Jefferson) — strike-quality designations.
CAM
Cameo. Frosted devices over mirror fields on a proof.
DCAM / UCAM
Deep / Ultra Cameo. More dramatic frost-to-mirror contrast.
PL
Proof-Like. Mint State business strike with mirror-like fields.
DMPL
Deep Mirror Proof-Like. Reflective fields readable at 6+ inches. Common on Morgan dollars.
RD / RB / BN
For copper coins: Red, Red-Brown, Brown — original color description. RD carries the highest premium.
+ (PCGS)
Coin is at the high end of its grade. Roughly top 30% of submissions at that grade.
★ (NGC Star)
Exceptional eye appeal. Often awarded for attractive toning or superior strike.
Details
The coin would qualify for a numeric grade but has been cleaned, scratched, environmentally damaged, or otherwise impaired. Sells at a discount to a problem-free coin of similar grade.
PCGS vs NGC
Professional Coin Grading Service (PCGS, founded 1986) and Numismatic Guaranty Company (NGC, founded 1987) are the two dominant third-party grading services. Both use the Sheldon 1–70 scale and the same definitions for each grade, and both guarantee authenticity and grade. In secondary markets, PCGS-graded Mint State coins of the same nominal grade often command a small premium (typically 5–15%) over NGC equivalents, while NGC is sometimes preferred for circulated and toned material. For modern bullion, the two are largely interchangeable.
Should you send a coin in for grading?
Professional grading is worth it when the coin's graded value materially exceeds raw-buy market plus the grading fee (typically $20–$45 per coin for standard tiers, more for high-value items). Rule of thumb: if the coin is worth less than $100 raw, grading rarely pays. If it's a key date, a high-grade common date where the slab adds confidence, or a variety that needs attribution, it's usually worth doing. The how to grade a coin guide walks through self-assessment before submitting.
More grading and value resources
How to grade a coin — the long-form companion guide. Walks through self-assessment before submitting to PCGS or NGC.
LuckyGrade — interactive grading practice with real graded coins. Train your eye against PCGS and NGC slabs.
All tools: melt-value calculators for silver, gold, platinum, palladium, and copper.
Frequently Asked Questions
What is the Sheldon coin grading scale?
The Sheldon scale is a 1–70 numeric system created by Dr. William Sheldon in 1949 (originally in his book "Early American Cents, 1793–1814") to value early US large cents. PCGS and NGC adopted the scale in the 1980s as the industry standard for all US coins. The scale runs from P-1 (Poor) through MS-70 (Perfect Mint State), with proofs graded on the same numeric ladder using PR or PF prefixes.
Why is MS-65 worth so much more than MS-63?
The price ladder between Mint State grades is non-linear. MS-63 ("choice BU") is roughly the floor for an attractive uncirculated coin, while MS-65 is the threshold for "gem" quality — significantly fewer survive at gem level for most series, especially pre-1934 coinage. For common-date Morgan dollars, the MS-63 to MS-65 jump is typically 2–4×; for rarer dates and tougher series (early Walking Liberty halves, branch-mint Indian Head cents), the same jump can be 10× or more.
What is the difference between AU-58 and MS-60?
Both grades describe coins with essentially full original detail. AU-58 has a faint, single high-point rub from circulation; MS-60 is technically uncirculated but heavily bag-marked or unattractive. In practice, attractive AU-58 examples are often more visually appealing than MS-60s and can sell for similar or higher prices despite the technically lower grade. Many collectors prefer AU-58 for type-set purposes when MS prices are prohibitive.
How do PCGS and NGC differ?
Both use the same Sheldon 1–70 scale and the same standards. In practice, PCGS has a reputation as slightly tighter on Mint State strikes (an MS-65 from PCGS is sometimes worth a touch more than the equivalent NGC grade in dealer pricing). NGC is sometimes considered slightly more generous on toned and circulated grades. Both companies guarantee the grade and authenticate the coin — coins in either holder trade actively. Auction premiums between the two are usually small (5–15%) and vary by series.
What do CAM, DCAM, PL, and DMPL mean?
These are surface designations for Mint State and Proof coins. CAM (Cameo) and DCAM (Deep/Ultra Cameo) describe proofs with frosted devices against mirror fields — DCAM is more dramatic. PL (Proof-Like) and DMPL (Deep Mirror Proof-Like) describe Mint State business strikes with mirror-like fields, common on Morgan dollars. A "Morgan in MS-65 DMPL" trades at a meaningful premium over plain MS-65.
What does a "+" or "Star" designation mean?
Both signal exceptional eye appeal within a grade. PCGS uses "+" (e.g. MS-65+) for coins at the high end of a grade — typically the top 30% of submissions at that grade. NGC uses Star (e.g. MS-65★) for above-average eye appeal, often awarded for attractive toning, prooflike surfaces, or superior strike. Both designations carry price premiums of 10–50% over the plain grade for desirable series.
How does grade affect coin value?
Grade is the largest single price driver for almost every collectible US coin. The price difference between a circulated G-4 example and an MS-65 of the same date can be 50× or more for common dates, and hundreds of times for key dates. For raw (uncertified) coins, dealers typically pay below their slab equivalent because of grading uncertainty. Pre-1965 silver coinage in worn grades (G–VG) often trades at silver melt regardless of date, while the same coin in MS-65 carries substantial collector premium.