Coin grading is part science, part art. Understanding the standard scale helps you evaluate coins accuratelyβand avoid overpaying for pieces that donβt match their description.
The Sheldon Scale
Modern coin grading uses the Sheldon scale, a 1-70 numerical system. For ancient coins, we typically use the adjectival grades that correspond to ranges on this scale:
| Grade | Sheldon Range | Meaning |
|---|---|---|
| Poor (P) | 1 | Barely identifiable |
| Fair (Fr) | 2 | Mostly worn smooth |
| About Good (AG) | 3 | Heavily worn, outline visible |
| Good (G) | 4-6 | Major design visible, flat |
| Very Good (VG) | 8-10 | Design clear, major wear |
| Fine (F) | 12-15 | Moderate wear, details emerging |
| Very Fine (VF) | 20-35 | Light wear on high points |
| Extremely Fine (EF/XF) | 40-45 | Slight wear, most detail sharp |
| About Uncirculated (AU) | 50-58 | Trace wear only |
| Mint State (MS) | 60-70 | No wear (uncirculated) |
Quick Reference: Most collectible ancient coins fall in the VG to EF range. Anything below VG may be difficult to attribute; anything above EF commands significant premiums.
What to Look For
High Points
Every coin design has βhigh pointsββareas that protrude and wear first. On portraits, this typically means:
- Hair above the forehead
- Cheekbones and nose
- Ear details
- Crown or wreath elements
On reverses, look at:
- Standing figuresβ knees and extended arms
- Eagle feathers on breast and wing tips
- Architectural details
- Legend letters
Grade by Grade
The VG Coin
A Very Good coin shows clear, complete design but with significant flatness. On a Roman denarius:
- Portrait identifiable, but hair strands merged
- Legend complete and readable
- Reverse figures visible but lacking fine detail
- Surfaces may show scratches or porosity
VG represents the βhonest collector gradeββaffordable, attributable, and historically interesting without pretending to be more than it is.
The Fine Coin
Fine marks the transition where detail begins to emerge. Youβll see:
- Some hair strands separating
- Facial features gaining definition
- Reverse figures showing drapery folds
- Overall sharper appearance
The VF Coin
Very Fine is where ancient coins start to get exciting. Expect:
- Clear hair detail, though high points show wear
- Crisp legends with full serifs
- Reverse details largely complete
- Original surface character visible
Most museum-quality ancient coins fall in the VF-EF range.
The EF Coin
Extremely Fine coins show only slight wear on the absolute highest points:
- Nearly complete hair detail
- Sharp facial features
- Legends perfectly struck
- Reverse nearly as-made
At EF, youβre seeing the coin almost as its original owner did.
The AU Coin
About Uncirculated is rare for ancient coins. These pieces show:
- Trace wear only, sometimes just friction
- Full mint luster (if the metal preserves it)
- Complete strike detail
- Minimal contact marks
True AU ancients are uncommon and command significant premiums.
Ancient vs. Modern Grading
Ancient coins present unique challenges that modern coins donβt:
| Factor | Challenge |
|---|---|
| Strike quality | A poorly struck coin may look worn but never had detail to lose |
| Surface conditions | Porosity, cleaning, tooling affect appearance separately from wear |
| Centering | Off-center strikes clip legendsβproduction flaw, not wear |
| Die variation | Same emperor, different portrait style die to die |
The key skill is distinguishing wear from weak strike and damage from patina.
Practical Tips
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Compare, compare, compare. Study auction archives and reference books. Your eye improves with exposure.
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Trust your first impression. If a coin looks βtired,β it probably grades lower than the high points suggest.
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Lighting matters. Examine coins under consistent, diffused light. Harsh directional light hides wear.
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When in doubt, grade conservatively. Itβs better to be pleasantly surprised than disappointed.
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Certification has limits. Third-party grading services (NGC, PCGS) provide consistency for modern coins but ancient grading remains more subjective.
The Eye Appeal Factor
Beyond technical grade, βeye appealβ captures overall attractiveness:
| Positive | Negative |
|---|---|
| Pleasing patina or toning | Harsh cleaning |
| Sharp, centered strike | Weak or off-center strike |
| Lustrous surfaces | Porosity or pitting |
| Attractive die style | Crude or worn dies |
| Minimal contact marks | Scratches, gouges, test cuts |
A VF coin with superb eye appeal may be more desirable than a technically EF piece with problems. Collect what speaks to you, but understand what youβre buying.