been unobtainable. Many crude imitations have also been made in recent years, as well as forgeries intended to deceive collectors. Photos herein, however, are of genuine specimens, except for certain modern issues, which may be U.S. Mint renderings.
WELCOME TO NUMISMATICS
CONDITIONS OF COINS
Essential Elements of the American Numismatic Association Grading Standards
Proof—A specially made coin distinguished by sharpness of detail and usually with a brilliant, mirrorlike surface. Proof refers to the method of manufacture and is not a grade. The term implies superior condition unless otherwise noted. See page 363 for details.
Gem Proof (PF-65)—Surfaces are brilliant, with no noticeable blemishes or flaws. A few scattered, barely noticeable marks or hairlines.
Choice Proof (PF-63)—Surfaces are reflective, with only a few blemishes in secondary focal places. No major flaws.
Proof (PF-60)—Surfaces may have several contact marks, hairlines, or light rubs. Luster may be dull and eye appeal lacking.
Mint State—The terms Mint State (MS) and Uncirculated (Unc.) are interchangeable and refer to coins showing no trace of wear. Such coins may vary slightly due to minor surface imperfections, as described in the following subdivisions:
Perfect Uncirculated (MS-70)—Perfect new condition, showing no trace of wear. The finest quality possible, with no evidence of scratches, handling, or contact with other coins. Very few circulation-issue coins are ever found in this condition.
Gem Uncirculated (MS-65)—An above-average Uncirculated coin that may be brilliant or lightly toned and that has very few contact marks on the surface or rim.
Choice Uncirculated (MS-63)—A coin with some distracting contact marks or blemishes in prime focal areas. Luster may be impaired.
Uncirculated (MS-60)—A coin that has no trace of wear, but which may show a number of contact marks, and whose surface may be spotted or lack some luster.
Choice About Uncirculated (AU-55)—Evidence of friction on high points of design. Most of the mint luster remains.
About Uncirculated (AU-50)—Traces of light wear on many of the high points. At least half of the mint luster is still present.
Choice Extremely Fine (EF-45)—Light overall wear on the highest points. All design details are very sharp. Some of the mint luster is evident.
Extremely Fine (EF-40)—Light wear on the design throughout, but all features are sharp and well defined. Traces of luster may show.
Choice Very Fine (VF-30)—Light, even wear on the surface and highest parts of the design. All lettering and major features are sharp.
Very Fine (VF-20)—Moderate wear on design high points. All major details are clear.
Fine (F-12)—Moderate to considerable even wear. The entire design is bold with an overall pleasing appearance.
Very Good (VG-8)—Well worn with main features clear and bold, although rather flat.
Good (G-4)—Heavily worn, with the design visible but faint in areas. Many details are flat.
About Good (AG-3)—Very heavily worn with portions of the lettering, date, and legend worn smooth. The date may be barely readable.
A star (or similar notation) in the grade on a slab means “exceptional quality.”
Important: Undamaged coins are worth more than bent, corroded, scratched, holed, nicked, stained, or mutilated ones. Flawless Uncirculated coins are generally worth more than values quoted in this book. Slightly worn coins (“sliders”) that have been cleaned and conditioned (“buffed”) to simulate Uncirculated luster are worth considerably less than perfect pieces.
Unlike damage inflicted after striking, manufacturing defects do not always lessen values. Examples include colonial coins with planchet flaws or weakly struck designs; early silver and gold coins with weight-adjustment “file marks” (parallel cuts made on the planchet prior to striking); and coins with “lint marks” (surface marks due to the presence of dust or other foreign matter during striking).
Brief guides to grading are placed before each major coin type. While grading standards strive to be precise, interpretations are subjective and often vary among collectors, dealers, and certification services.
THIRD-PARTY GRADING AND AUTHENTICATION
In this guide book values from under $1 up to several hundred dollars are for “raw” coins—that is, coins that have not been graded and encapsulated by a professional third-party grading service. Coins valued near or above $500 are assumed to be third-party-graded. A high-value coin that has not been professionally certified as authentic, graded, and encapsulated by an independent firm is apt to be valued lower than the prices indicated.
What is third-party grading? This is a service providing, for a fee, an impartial, independent opinion of a coin’s grade and its authenticity. The grader is neither buyer nor seller, and has no biased interest in the coin’s market value. Third-party grading started in the late 1970s with ANACS (then a service of the American Numismatic Association; now privately owned and operated). ANACS graders would examine a coin and, after determining its authenticity, would assign separate grades to its obverse and reverse (such as MS-63/65) and return it to the sender, along with a certificate and photograph.
In 1986 a group of coin dealers launched the Professional Coin Grading Service (PCGS), which grades coins for a fee and hermetically seals them in plastic holders with interior labels. This “slabbing” helps guarantee that a coin and its grade certificate cannot be separated. In 1987 Numismatic Guaranty Corporation of America (NGC) was started, offering a similar encapsulation service. Both companies guarantee the authenticity and grades of the coins they certify. Coins are judged by consensus, with the graders having no knowledge of who submitted them.
From the 1970s to the present there have been more than 100 different commercial grading companies. Readers are cautioned to investigate the background of a TPG (third-party grader) before trusting in its services.
Today the hobby’s leading third-party grading firms are NGC (Sarasota, Florida) and PCGS (Newport Beach, California).
Professional grading strives to be completely objective, but coins are graded by humans and not computers. This introduces a subjective element of art as opposed to science. A coin’s grade, even if certified by a leading TPG, can be questioned by any collector or dealer—or even by the service that graded it, if resubmitted for a second look. Furthermore, within a given grade, a keen observer will find coins that are low-quality, average, and high-quality for that grade. Such factors as luster, color, strength of strike, and overall eye appeal
