The Sheldon Coin Grading Scale
The Sheldon coin grading scale explained — how the 1-to-70 numeric scale works, what every grade from Poor (P-1) to Mint State (MS-70) means, and how to read a grade with our full chart.
Every professionally graded coin is assigned a number from 1 to 70. That number comes from the Sheldon grading scale, the system every major grading service uses to describe how well a coin has been preserved. Understanding the scale is the single most useful thing you can learn as a collector — it lets you read any grade, compare coins fairly, and understand what you’re paying for.
Where the Sheldon Scale Comes From
Dr. William Sheldon introduced the 1-to-70 scale in 1949 in his book Early American Cents. His original idea was that a large cent in grade 70 would be worth 70 times a coin in grade 1 — a pricing formula that no longer holds, but the numeric framework stuck. When PCGS and NGC formalized third-party grading in the 1980s, they adopted and expanded the scale to cover all US and world coins, pairing each number with a descriptive (adjectival) name.
The Full Grading Scale
The scale divides into two broad zones: circulated grades (1–58), for coins that show wear from use, and uncirculated or Mint State grades (60–70), for coins that never entered circulation. Here is how the numbers map to the adjectival grades:
| Grade | Adjectival Name | What It Looks Like |
|---|---|---|
| P-1 | Poor | Barely identifiable; heavy wear, date may be worn nearly smooth |
| FR-2 | Fair | Worn flat but the type and date are readable |
| AG-3 | About Good | Heavily worn; rims worn into the lettering |
| G-4 / G-6 | Good | Well worn; major design elements visible but flat, rims mostly full |
| VG-8 / VG-10 | Very Good | Moderate to heavy wear; some finer detail begins to show |
| F-12 / F-15 | Fine | Moderate even wear; all major features clear |
| VF-20 to VF-35 | Very Fine | Light to moderate wear; most detail sharp |
| EF/XF-40 to XF-45 | Extremely Fine | Light wear on the highest points; nearly full detail |
| AU-50 to AU-58 | About Uncirculated | Only a trace of wear on the high points; much original luster remains |
| MS-60 to MS-70 | Mint State (Uncirculated) | No wear at all; graded on marks, strike, luster, and eye appeal |
| PF/PR-60 to PF-70 | Proof | Specially struck collector coins; same 60–70 range as Mint State |
Reading the Mint State Range (MS-60 to MS-70)
Most modern collector interest sits in the Mint State band, where coins show no wear and are separated by tiny differences in surface marks, strike quality, and luster:
- MS-60 to MS-62 — uncirculated but with noticeable bag marks, weak luster, or poor eye appeal.
- MS-63 (Choice) — moderate marks; a solid, attractive coin.
- MS-64 to MS-65 (Gem) — minor marks visible only on close inspection; strong eye appeal. MS-65 is a popular target grade.
- MS-66 to MS-67 — very few marks, excellent luster; premium coins.
- MS-68 to MS-70 — nearly flawless to perfect; MS-70 shows no imperfections at 5x magnification.
Grade Is Not the Same as Value
A common beginner mistake is assuming a higher grade always means a more valuable coin. It doesn’t. Value is driven by rarity and demand as much as by grade — a scarce key date in Good-4 can outsell a common coin in MS-67 many times over. The grade tells you the coin’s condition; the market tells you its price. To see how the services that assign these grades differ, read our coin grading service comparison, and if you’re ready to grade a coin, see how to get a coin graded.