Coin Grades Explained: MS-70, PR-70, BU and What NGC and PCGS Do
A coin's grade describes its condition with a number from 1 to 70 on the Sheldon scale and a few letters, such as MS-70 (Mint State, perfect) or PR-70 (Proof, perfect). The same coin can sell for very different prices depending on that grade. This guide explains what you will see on a coin's label and in our coin library.
The 1 to 70 scale
Coins are graded on the Sheldon scale, from 1 (barely identifiable) to 70 (perfect under 5x magnification). The scale was devised by Dr. William Sheldon in 1949 and is used by the major grading services today.
| Grade | Name | What it means |
|---|---|---|
| 70 | Perfect | No flaws visible at 5x magnification. |
| 60 to 69 | Mint State (MS) or Proof (PR, PF) | Never circulated. The number falls with marks, hairlines and weak strikes. |
| 50 to 58 | About Uncirculated (AU) | Only slight wear on the highest points. |
| 20 to 45 | Very Fine to Extremely Fine (VF, XF) | Light to moderate wear; most detail still clear. |
| 1 to 15 | Poor to Fine | Heavy wear; the design is worn flat in places. |
Mint State, Proof and BU
- Mint State (MS): a coin struck for general sale or circulation that has never been used. MS-69 and MS-70 are the grades most often seen on modern bullion coins.
- Proof (PR or PF): struck on polished blanks with specially prepared dies, usually more than once, which gives mirror fields and frosted designs. A Proof grade is not "better" than Mint State; it is a different way of making the coin.
- Reverse Proof: the reverse of a proof finish, with frosted fields and mirror designs.
- BU (Brilliant Uncirculated): a description, not a number. It means uncirculated as it left the mint, without a grading service having graded it.
What NGC and PCGS add
NGC (Numismatic Guaranty Company) and PCGS (Professional Coin Grading Service) are independent grading services. They authenticate a coin, grade it, and seal it in a tamper-evident plastic holder (a "slab") with a label showing the grade and a certification number you can look up on their website. A graded coin usually costs more than the same coin ungraded, because the authenticity and condition have been checked by a third party.
First Strike, Early Releases and other labels
Some labels describe when a coin was submitted rather than its condition. PCGS "First Strike" and NGC "Early Releases" mean the coin was received by the grading service within the first 30 days of its release date. "First Day of Issue" means it was bought on the day of release. These labels can add collector value; they do not change the metal in the coin.
Grade and metal value
Grade changes what a collector pays, not how much gold or silver is inside. A one-ounce gold coin holds one troy ounce of gold whether it grades MS-62 or MS-70. Our coin library shows each coin's pure metal content and what that metal is worth at today's spot price, so you can see how much of a price is metal and how much is collector premium. For how premiums work, see What is the spot price?