Alloy: A mixture of two or more metals

American Numismatic Association (ANA): nonprofit educational organization that encourages the study of money throughout the world.

Annealing: Heating blanks (planchets) in a furnace that softens the metal

Think of 'uncirculated' as grade rather than a condition. A coin as struck normally has a nice even shiny luster all over it. Coins wear from the highest points of the design down so as long as this luster is intact on the highest points the coin is in the grade of 'uncirculated' even if it somehow had been in the condition of circulating for many years. An uncirculated coin usually is in mint condition, which means it has no evidence of wear and tear. Depending on demand for the coin among collectors and investors, an uncirculated coin may be quite valuable, though it is an illiquid asset. The main benefits of uncirculated coins are: Cost. If you want to invest in gold and silver via coins, uncirculated coins are the most cost-effective option. Since they are easier to produce, the premiums for these coins are generally lower than proofs. Uncirculated coins appeal to both the investor and coin collector side in all of us. A coin that has been graded as 60+ on the Sheldon or European grading systems.; The process by which a coin is made. The US Mint uses this definition for the coins in the uncirculated coin set that it sells. For these coins, adjustments are made to the minting process which result in a more proof-like finish.These include using a higher force during coining, the use of fresh dies, and special.

Assay: To analyze and determine the purity of metal

Bag Mark: A mark on a coin from contact with other coins in a mint bag

Bi-Metallic: A coin comprised of two different metals, bonded together

Blank: Another word for planchet, the blank piece of metal on which a coin design is stamped

Bullion: Platinum, gold or silver in the form of bars or other storage shapes, including coins and ingots

Bullion Coin: Precious metal coin traded at current bullion prices

Business Strike: A coin produced for general circulation (as opposed to a proof or uncirculated coin specially made for collectors)

Bust: A portrait on a coin, usually including the head, neck and upper shoulders

Clad Coinage: Coins that have a core and outer layer made of different metals. Since 1965, all circulating U.S. dimes, quarters, half dollars, and dollars have been clad

Coin: Flat piece of metal issued by the government as money

Collar: A metal piece that restrains the expanding metal of a planchet during striking

Uncirculated Morgan Silver Dollars

Commemorative: A special coin or medal issued to honor an outstanding person, place, or event

Condition: The physical state of a coin

Counterfeit: A fake coin or other piece of currency made so that people will think it’s genuine

Currency: Any kind of money – coins or paper money – that’s used as a medium of exchange

Denomination: The different values of money

Die: An engraved stamp used for impressing a design (images, value, and mottoes) upon a blank piece of metal to make a coin

Designer: The artist who creates a coin’s design (but doesn’t necessarily engrave the design into a coinage die)

Edge: The outer border of a coin, considered the “third side” (not to be confused with “rim“)

Engraver: An artist who sculpts a clay model of a coin’s design in bas relief

Error: An improperly produced coin, overlooked in production, and later released into circulation

Face Value: The sum for which a coin can be spent or exchanged (a dime’s face value is 10¢) as opposed to its collector or precious metal value

Field: The portion of a coin’s surface not used for design or inscription

Grade: Rating which indicates how much a coin has worn from circulation

Hairlines: Tiny lines or scratches on coins, usually caused by cleaning or polishing

Incuse: Opposite of relief, the part of a coin’s design that is pressed into the surface

Ingot: Metal cast into a particular shape; used in making coins

Inscription: Words stamped on a coin or medal

Intrinsic Value (Bullion Value): Current market value of the precious metal in a coin

Key Date: A scarce date required to complete a collection, usually more difficult to find and afford

Legal Tender: Coins, dollar bills or other currency issued by a government as official money

Legend: Principal lettering on a coin

Medal: A metal object resembling a coin issued to recognize an event, place, person or group, with no stated value and not intended to circulate as money

Medium of Exchange: Anything that people agree has a certain value

Mint: A place where coins of a country are manufactured under government authority

Mint Luster: The dull, frosty, or satiny shine found on uncirculated coins

Mint Mark: A small letter on a coin identifying which of the United States Mint’s facilities struck the coin

Mint Set: A complete set of coins of each denomination produced by a particular mint

Uncirculated Pennies

Mint State: Same as uncirculated

Mintage: The quantity of coins produced

Motto: A word, sentence or phrase inscribed on a coin to express a guiding national principle, such as, “E Pluribus Unum” inscribed on all U.S. circulating coins is Latin for “out of many, one”

Mylar®: Trademark for a polyester film used to store coins.

Numismatics: The study and collecting of things that are used as money, including coins, tokens, paper bills, and medals

Obsolete: A coin design or type that is no longer produced

Obverse: The front (or “heads”) side of a coin

Off-Center: Describes a coin that has received misaligned strike from the coin press and has portions of its design missing

Overstrike: A new coin produced with a previously struck coin used as the planchet

Pattern: An experimental or trial piece, generally of a new design or metal

Planchet: The blank piece of metal on which a coin design is stamped

Proof: A specially produced coin made from highly polished planchets and dies and often struck more than once to accent the design. Proof coins receive the highest quality strike possible and can be distinguished by their mirror-like background and frosted foreground.

Proof Set: A complete set of proof coins of each denomination made in a year

Relief: The part of a coin’s design that is raised above the surface, opposite of incuse

Restrike: A coin that is minted using the original dies but at a later date

Reverse: The back (or “tails”) side of a coin

Riddler: A machine that screens out blanks (planchets) that are the wrong size or shape

Rim: The raised edge on both sides of a coin (created by the upsetting mill) that helps protect the coin’s design from wear

Roll: Coins packaged by banks, dealers or the United States Mint.

Series: A collection of coins that contains all date and mint marks of a specific design and denomination

Slab: Nickname for some protective coin encapsulation methods, especially those that are permanently sealed and rectangular

Strike: The process of stamping a coin blank with a design. The strength of the imprint – full, average, or weak – affects the value of rare coins.

Type Set: A collection of coins based on denomination

Uncirculated: The term “uncirculated” may have three different meanings when applied to a coin:

1. It can refer to the particular manufacturing process by which a coin is made
2. It can be used as a grade when referring to a coin’s degree of preservation and quality of the strike
3. It can point to the fact that a coin has not been used in everyday commerce

At the United States Mint, the term uncirculated refers to the special coining process used to make the coin, which gives it a brilliant finish. Uncirculated coins are manufactured using the same process as circulating coins, but with quality enhancements such as slightly higher coining force, early strikes from dies, special cleaning after stamping, and special packaging. Uncirculated coins may vary to some degree because of blemishes, toning, or slight imperfections.

Upsetting Mill: A machine that raises the rim on both sides of a blank (planchet)

Variety: A minor change from the basic design type of a coin

Year Set: A collection of all coins issued by a country for any one year (does not necessarily include every mint mark)

Coin grading^[1] is the process of determining the grade or condition of a coin, one of the key factors in determining its value. A coin's grade is generally determined by five criteria: strike, preservation, luster, color, and attractiveness. Several grading systems have been developed. Certification services professionally grade coins for tiered fees.

Overview[edit]

A 'grade' measures a coin's appearance. There are generally five main components which determine a coin's grade: strike, surface preservation, luster, coloration and eye appeal. Grading is subjective and even experts can disagree about the grade of a given coin.^[2][1]

History[edit]

U.S. coin grading has evolved over the years to a system of finer and finer grade distinctions. Originally, there were only two grades, new and used. This changed to the letter grading system beginning with the lowest grade – Basal State (also Poor (PO)), then continuing Fair (Fr), About or Almost Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF), Almost or About Uncirculated (AU), Uncirculated (Unc) and up to Brilliant Uncirculated (BU). Gem Uncirculated was roughly equivalent in usage to BU at that time. Numerical grades from 1 to 70 now accompany the verbal grades.^[3][4][5][6]

Buy Coins From Us Mint

Systems[edit]

Early grading systems[edit]

The quality of all coins is not equal and collectors felt the necessity of defining the quality of the coins in order to assess their value. Rim damage, nicks, polishing, cleaning, scratches and other forms of wear are considered factors in grading a coin. Whether or not a coin shows evidence of having been mounted in jewelry also affects its grade.

In the early years of coin collecting, three general terms were used to grade coins:

• good - when circulation had worn the surface of the coin, but major details were still visible.
• fine - when features were less worn and a bit of mint luster showed on the surface. Most major and minor detail visible
• uncirculated - when the features of the coin were sharp and the luster approaching the state of a new coin at the mint.^[7]

Sheldon grading system[edit]

Uncirculated Presidential Coins

As the collector market for coins grew rapidly in the late 19th and early 20th centuries, it became apparent that a more precise grading standard was needed. Some coins were simply more fine than others, and some uncirculated coins showed more luster and far fewer marks than others. Terms like 'gem uncirculated' and 'very fine' began to see use, as more precise grading descriptions allowed for more precise pricing for the booming collector market.

In 1948, well-known numismatist Dr. William Herbert Sheldon attempted to standardize coin grading by proposing what is now known as the Sheldon Scale, as is detailed below. Sheldon's 1 to 70 grading scale^[clarify], included in his book Penny Whimsy, was originally devised for U.S. large cents but it is now applied to all series.^[8]

European grading system[edit]

European countries use various, roughly equivalent, grading systems. The main features of their systems are presented in the following table:^[9]

American Numismatic Association scale[edit]

As the hobby of numismatics evolved, the need arose for a more concrete grading system. In 1978, the American Numismatic Association published the Official A.N.A. Grading System for United States Coins.^[10] It established grading tiers of, in descending order of preservation, Mint State, About Uncirculated, Extremely Fine, Very Fine, Fine, Very Good, Good and About Good. Most numismatists, as well as third-party grading services, also use two other descriptors for the lowest grades, Fair and Poor. The higher tiers on this scale each encompass two or more 'sub-grades' denoted by the appending of the corresponding Sheldon scale number, such as Very Fine-20 or Very Fine-30. This allows for the recognition of coins which exceed the standard for a given tier, but do not meet the criteria for the next. Grades are commonly abbreviated, and not all numismatists use the numerical grades, so a grade of Fine-12 may be rendered as Fine, F-12, 12 or simply F.^[10]

Certification services[edit]

Coin certification services emerged in the 1980s as a response to the need for buyers and sellers to agree on grading.^[11] For tiered fees, certification services grade, authenticate, attribute, and encapsulate coins in clear, plastic holders.^[12][13]Professional Coin Grading service (PCGS), Numismatic Guaranty Corporation (NGC), Independent Coin Graders (ICG), and American Numismatic Association Certification Service (ANACS) are the most popular services, according to experts. These are the only services whose coins have a special section on eBay, the largest rare coin marketplace. All four firms guarantee the grades and authenticity of their certified coins. Together they have certified over 80 million coins.^{[14][15][16][17]}

At each of the four main grading companies, a similar process is used. Each coin is graded (on a verbal and 1 to 70 numerical scale) and authenticated by two or more graders, and then assigned a final grade by a finalizer, based in part upon the recommendations of the prior graders. Depending on the company, various descriptors may be added, such as Full Bands for Mercury dimes, Full Bell Lines (FBL) for Franklin Half Dollars, or Deep Mirror Prooflike (DMPL) for Morgan dollars, and the coin's die variety may be noted. The coin is then slabbed and returned to the customer.^{[18][19][20][21]} In 2010, PCGS and NGC introduced 'Plus' grading for high-end coins graded XF45 to MS68. A plus symbol (+) is added after the grade.^[22][23]

In 2007, the Professional Numismatists Guild (PNG), a US association of rare coin dealers, released the results of a survey of major coin dealers who gave their professional opinions about 11 certification services. PCGS and NGC were rated 'Superior' overall, with ANACS and ICG deemed 'Good'. PCI and SEGS were listed as 'Poor', while called 'Unacceptable' were Accugrade (ACG), Numistrust Corporation (NTC), Hallmark Coin Grading Service (HCGS), American Coin Club Grading Service (ACCGS), and Star Grading Services (SGS).^[24][25][26]

Counterfeit NGC and PCGS holders have been reported, but significant measures have been taken by both services to remedy the problem, such as NGC's use of photographic verification for every coin certified and both services' employment of serial number verification and anti-counterfeiting features in their holders.^{[27][28][29][30]}

See also[edit]

• Troy weight (The system used with coins and precious metals. One troy ounce (ozt) is exactly 31.1034768 grams, about 10 percent more than the avoirdupois ounce, which is exactly 28.349523125 g.)

References[edit]

1. ^ ^abTravers, Scott. 'Introduction'. coingrading.com. coingrading.com. Retrieved 2015-09-09.
2. ^Winter, Doug (2001). 'The Five Components of Coin Grading'. Archived from the original on 2010-03-08. Retrieved 2010-06-06.
3. ^'NGC'. ngccoin.com. NGC. Retrieved 2015.Check date values in: access-date= (help)
4. ^'PCGS Coin Facts'. pcgscoinfacts.com. pcgscoinfacts.com. Retrieved 2015-09-05.
5. ^'ANACS'. www.anacs.com/. ANACS. Archived from the original on 2015-03-31. Retrieved 2015-09-05.
6. ^'ICG'. icgcoin.com. ICG. Retrieved 2015-09-05.
7. ^Androulakis, Yiannis. 'Coin Grading Standards'.
8. ^Sheldon, William H. (1990). Penny Whimsy. Sanford S. Durst. ISBN0-942666-62-3.
9. ^:'Grading Standards'.
10. ^ ^abhttps://www.pcgs.com/news/how-united-states-coins-are-graded
11. ^'Coin Grading Systems - The History of Coin Grading Scales'. About.com. Archived from the original on 16 November 2007. Retrieved 13 December 2009.
12. ^'The History of Rare Coin Grading'. Austin Gold Information Network. Archived from the original on 6 September 2009. Retrieved 26 August 2009.
13. ^'Coin Grading Services: Who They Are and What They Do'. coin-collecting-guide-for-beginners.com. Retrieved 26 August 2009.
14. ^'NGC'. ngccoin.com. NGC. Retrieved 2015.Check date values in: access-date= (help)
15. ^'PCGS Coin Facts'. pcgscoinfacts.com. pcgscoinfacts.com. Retrieved 2015-09-05.
16. ^'ANACS'. www.anacs.com/. ANACS. Archived from the original on 2015-03-31. Retrieved 2015-09-05.
17. ^'ICG'. icgcoin.com. ICG. Retrieved 2015-09-05.
18. ^'NGC'. ngccoin.com. NGC. Retrieved 2015.Check date values in: access-date= (help)
19. ^'PCGS Coin Facts'. pcgscoinfacts.com. pcgscoinfacts.com. Retrieved 2015-09-05.
20. ^'ANACS'. www.anacs.com/. ANACS. Archived from the original on 2015-03-31. Retrieved 2015-09-05.
21. ^'ICG'. icgcoin.com. ICG. Retrieved 2015-09-05.
22. ^PCGS Secure Plus Service
23. ^NGC Launches Plus Designation
24. ^'PNG, ICTA Announce Results of 2006 Grading Services Survey'. pngdealers.org. Professional Numismatists Guild. Archived from the original on 2015-09-21. Retrieved 2015-09-07.
25. ^'NGC'. ngccoin.com. NGC. Retrieved 2015.Check date values in: access-date= (help)
26. ^'PCGS Coin Facts'. pcgscoinfacts.com. pcgscoinfacts.com. Retrieved 2015-09-05.
27. ^'PCGS Announces'. coinweek.com. Coin Week. Retrieved 2015-09-16.
28. ^'NGC Confirms Counterfeit Replica Coin Holders'. coinnews.net. Coin News. Retrieved 2015-09-16.
29. ^'NGC'. ngccoin.com. NGC. Retrieved 2015.Check date values in: access-date= (help)
30. ^'PCGS Coin Facts'. pcgscoinfacts.com. pcgscoinfacts.com. Retrieved 2015-09-05.

External links[edit]