By what "grading standards" does NGC grade coins?

[Leothelion]

web page

 

 

Is there a set of grading standards on NGC's website they grade coins by. It's likely the ANA, but where can I see the definitions of each mint state grade that they follow when they grade coins? I could only find the above article. What are the grading standards used by NGC?

 

Thanks, Leo

[James_OldeTowne]

The text seems to imply that their grading standard is "proprietary", but abides by the "NGC grading standards". It also implies that their primary goal is consistency, with accuracy mentioned second.

 

I guess it's OK to have a proprietary standard, as long as everyone understands that market performance will determine the value of that standard.

 

James

[Jazzy]

You could get a copy of ANA's Grading Standards - a good book to have for any serious numismatist. However, this book only details MS grading standards for a few very popular series: Peace Dollars, Morgan Dollars, etc.

 

It's important to remember that the ANA doesn't SET grading standards. It merely records them, much like a dictionary records the definitions of words as they are used in common parlance.

 

Grading standards are an ever evolving science which every new generation of collectors and dealers and TPG's add to. In the 19th century, most collectors were happy with three grades: circulated, uncirculated, and proof. (And "proof" isn't even a grade!)

 

Things are FAR more specific now. Grading now takes into account a variety of measurable characteristics such as rub, contact marks, die state, design strikability, etc., and also some subjective traits such as overall eye-appeal and market desirability.

 

One obvious, but good example is the grading of 1921 Peace Dollars. The first year of this coins issue saw a high-relief design which persistently failed to strike up properly. Taking that into account, you will find numerous examples of the coin graded MS 65 that exhibit weakness in the hair around Ms. Liberty's temple. Someone not aware of the history of the coin could easily confuse this weakness for wear, and be mystified at the fact that later date MS 65's look so much stronger.

[Leothelion]

Here's what I have so far. It would be nice to add something from NGC. Leo

 

A. N. A. MS60--Unattractive, dull or washed out mint luster may mark this coin. There may be many large detracting contact marks, or damage spots, but absolutely no trace of wear. There could be heavy concentration of hairlines, or unattractive large areas of scuff marks. Rim nicks may be present, and eye appeal is very poor. Copper coins may be dark, dull and spotted.

PCGS MS-60 This is for "Mint State" (the grade) and "60" (the numerical designation of that grade). This is the lowest of the eleven Mint State grades that range from MS60 through MS70. An MS60 coin will usually exhibit the maximum number of marks and/or hairlines. The luster may range from poor to full, but is usually on the "poor" side. Eye appeal is usually minimal.

 

A. N. A. MS61--Mint luster may be diminished or noticeably impaired, and the surface has clusters of large and small contact marks throughout. Hairlines could be very noticeable. Scuff marks may show as unattractive patches on large areas ore major features. Small rim nicks, striking or planchet defects may show, and the quality may be noticeably poor. Eye appeal is somewhat unattractive. Copper pieces will be generally dull, dark and possibly spotted.

PCGS MS-61 This is for "Mint State" (the grade) and "61" (the numerical designation of that grade). This grade meets the minimum requirements of Mint State plus includes some virtues not found on MS60 coins. For instance, there may be slightly fewer marks than on an MS60 coin, or better luster, or less negative eye appeal.

 

A. N. A. MS62--An impaired or dull luster may be evident. Clusters of small marks may be present throughout with a few large marks or nicks or dings in prime focal areas. Hairlines may be very noticeable. Large unattractive scuff marks might be seen on major features. The strike, rim and planchet quality may be noticeably below average. Overall eye appeal is generally acceptable. Copper coins will show a diminished color and tone.

PCGS MS-62 This is for "Mint State" (the grade) and "62" (the numerical designation of that grade). This grade is nearly in the "choice" or MS63 category, but there is usually one thing that keeps it from a higher grader. Expect to find excessive marks or an extremely poor strike or dark and unattractive toning. Some MS62 coins will have clean surfaces and reasonably good eye appeal but exhibit many hairlines on the fields and devices.

 

A. N. A. MS63--Mint luster may be slightly impaired. Numerous small contact marks, and a few scattered heavy marks or defects may be seen. Small hairlines are visible without magnification. Several detracting scuff marks or defects may be present throughout the design or in the fields. The general quality is about average, but overall the coin is rather attractive. Copper pieces may be darkened or dull. Color should be designated.

PCGS MS-63 This is for "Mint State" (the grade) and "63" (the numerical designation of that grade). The equivalent of "choice" or "Choice BU" from the days before numerical grading was prevalent. This grade is usually found with clean fields and distracting marks or hairlines on the devices OR clean devices with distracting marks or hairlines in the fields. The strike and luster can range from mediocre to excellent.

 

A. N. A. MS64--Has at least average luster and strike for the type. Several small contact marks in groups, as well as one or two moderately heavy marks may be present. One or two small patches of hairlines may show under low magnification. Noticeable light scuff marks or defects might be seen within the design or in the field. Attractive overall quality with a pleasing eye appeal. Copper coins may be slightly dull. Color should be designated.

PCGS MS-64 This is for "Mint State" (the grade) and "64" (the numerical designation of that grade). This grade is also called "Borderline Gem" at times, as well as "Very Choice BU." There will be no more than a couple of significant marks or, possibly, a number of light abrasions. The overall visual impact of the coin will be positive. The strike will range from average to full and the luster breaks will be minimal.

 

A. N. A. MS65--Shows an attractive high quality of luster and strike for the date and mint. A few small scattered contact marks may be present, and one or two small patches of hairlines may show under magnification. Noticeable light scuff marks on the high points of the design. Overall quality is above average and overall eye appeal is very pleasing. Copper coins have full luster with original or darkened color as designated.

PCGS MS-65 This is for "Mint State" (the grade) and "65" (the numerical designation of that grade). This grade is also called "Gem" or "Gem Mint State" or "Gem BU." There may be scattered marks, hairlines or other defects, but they will be minor. Any spots on copper coins will also be minor. The coin must be well struck with positive (average or better) eye appeal. This is a NICE coin!

 

A. N. A. MS66--Must have above average quality of strike and full original mint luster, with no more than two or three minor but noticeable contact marks. A few very light hairlines may show under magnification, or there may be one or two light scuff marks showing on frosted surfaces or in the field. The eye appeal must be above average and very pleasing for the date and mint. Copper coins display full original or lightly toned color as designated.

PCGS MS-66 This is for "Mint State" (the grade) and "66" (the numerical designation of that grade). This is not only a Gem-quality coin, but the eye appeal ranges from "above average" to "superb." The luster is usually far above average, and any toning can not impede the luster in any significant way. This is an extra-nice coin.

See Also -- Mint State

 

A. N. A. MS67--Has full original luster and sharp strike for date and mint. May have three or four very small contact marks and one more noticeable but not detracting mark. On comparable coins, one or two small single hairlines may show under magnification, or one or two partially hidden scuff marks or flaws may be present. Eye appeal is exceptional. Copper coins have lustrous original color.

PCGS MS-67 This is for "Mint State" (the grade) and "67" (the numerical designation of that grade). A superb-quality coin! Any abrasions are extremely light and do not detract from the coin’s beauty in any way. The strike is extremely sharp (or full) and the luster is outstanding. This is a spectacular coin!

See Also -- Mint State

 

A. N. A. MS68--Attractive sharp strike and full original luster for the date and mint, with no more than four light scattered contact marks or flaws. No hairlines or scuff marks show. Exceptional eye appeal. Copper coins must have lustrous original color.

PCGS MS-68 This is for "Mint State" (the grade) and "68" (the numerical designation of that grade). A nearly perfect coin, with only minuscule imperfections visible to the naked eye. The strike will be exceptionally sharp and the luster will glow. This is an incredible coin.

See Also -- Mint State

 

 

A. N. A. MS69--Must have very attractive sharp strike and full original luster for the date and mint, with no more than two small non-detracting contact marks or flaws. No hairlines or scuff marks can be seen. Has exceptional eye appeal. Copper coins must be bright with full original color and luster.

PCGS MS-69 This is for "Mint State" (the grade) and "69" (the numerical designation of that grade). Virtually perfect in all departments, including wondrous surfaces, a 99% full strike (or better), full unbroken booming luster and show-stopping eye appeal. You may have to study this coin with a 5X glass to find the reason why it didn’t grade MS70.

See Also -- Mint State

 

 

A. N. A. MS70--The perfect coin. Has very attractive sharp strike and original luster of the highest quality for the date and mint. No contact marks are visible under magnification. There are absolutely no hairlines, scuff marks or defects. Attractive and outstanding eye appeal. Copper coins must be bright with full original color and luster.

PCGS MS-70 This is for "Mint State" (the grade) and "70" (the numerical designation of that grade). A perfect coin! Even with 5X magnification there are no marks, hairlines or luster breaks in evidence. The luster is vibrant, the strike is razor-sharp, and the eye appeal is the ultimate. Note: Minor die polish and light die breaks are not considered to be defects on circulation strike coins.