Fact-checked by Grok 2 weeks ago

Coin grading

Coin grading is the process of assessing the physical condition of a to assign it a standardized numerical grade, which serves as a primary determinant of its collectible value in . This evaluation considers factors such as wear, surface marks, luster, strike quality, and eye appeal, using a 70-point scale originally developed by Dr. William H. Sheldon in the late 1940s for early cents and later adopted universally. On this Sheldon Scale, grades range from 1 (the poorest condition, heavily worn with barely identifiable details) to 70 (virtually perfect, with no post-mint damage and full original luster), with circulated coins typically graded 1–58 and uncirculated or Mint State coins graded 60–70. The practice of grading coins evolved from informal adjectival descriptions in the 19th century—such as "Good," "Fine," and "Uncirculated"—which provided basic indicators of preservation but lacked consistency due to subjectivity among collectors and dealers. Sheldon's numerical system, first detailed in his 1949 book Early American Cents, introduced greater precision by correlating grades to relative values (e.g., a grade of 60 equating to 100% of a coin's base value, with higher grades exponentially increasing worth). By the mid-20th century, as the rare coin market expanded, the need for impartial assessments grew, leading to the establishment of third-party grading services that encapsulate authenticated and graded coins in tamper-evident holders, providing buyers with guaranteed standards. The three leading professional grading services—ANACS (founded in 1972 by the American Numismatic Association), PCGS (established in 1986), and NGC (launched in 1987)—have standardized the industry, grading millions of coins annually and reducing risks from counterfeits, alterations, and disputes over condition. These services employ teams of expert numismatists who cross-check evaluations, often using magnification and lighting to detect imperfections invisible to the naked eye, and they offer turnaround times from days to months depending on submission tiers. While grading enhances market liquidity and confidence, it remains somewhat subjective at the margins, prompting ongoing refinements like NGC's Details Grading for coins with environmental damage. Ultimately, a coin's grade can multiply its value exponentially; for instance, upgrading from MS-65 to MS-67 might increase worth by several times due to rarity at higher levels.

Overview

Definition and Purpose

Coin grading is the process of assessing a coin's physical condition through examination of attributes such as , surface preservation, and overall to assign a standardized grade that indicates its quality and relative value in the numismatic market. This evaluation serves as a critical tool in , enabling collectors, dealers, and investors to objectively compare coins and make informed decisions. The primary purposes of coin grading are to determine a coin's market value—where higher grades command significantly greater prices due to superior preservation—to facilitate fair trading by providing a common language for transactions, and to authenticate the coin's genuineness through expert scrutiny during the grading process. Additionally, grading contributes to preserving a coin's historical significance by documenting its condition, which informs studies of minting techniques, circulation patterns, and cultural context over time. Grades generally range from poor, denoting coins with extensive wear that obscures most details, to perfect mint state, describing unflawed examples directly from production with no evidence of handling. In basic terminology, coins are categorized as circulated if they exhibit signs of use in everyday , resulting in visible wear on high points and surfaces, or uncirculated if they show no such evidence; for instance, a retaining its original luster and sharp details without any friction marks qualifies as mint state. This distinction underscores grading's role in highlighting preservation levels that affect both aesthetic appeal and collectible worth. Grading practices emerged to minimize subjectivity in valuation, introducing consistent standards that promote reliability across the field. The seminal Sheldon scale, a numerical system from 1 to 70, exemplifies this effort to quantify condition objectively.

Importance in Numismatics

Coin grading profoundly impacts the economic value of numismatic items, as a higher assigned can exponentially increase a 's worth based on its condition and preservation. For example, a graded MS-70 in may command thousands of dollars, while an identical graded VF-20 in very fine condition might sell for only a few dollars, highlighting how even modest improvements in assessed quality translate to substantial financial gains. Certified high-grade coins frequently attract premiums of 10% to 50% or more compared to uncertified or lower-graded equivalents, driven by the perceived reliability of professional authentication. Within numismatic collecting, grading serves as an objective tool for enthusiasts to evaluate and compare coins, enabling the curation of specialized sets organized by and the targeted acquisition of rarities to enhance collection . This extends to practical applications, such as determining appropriate coverage and facilitating accurate valuations, where certified grades provide verifiable documentation of a coin's worth for legal and financial purposes. By establishing consistent quality benchmarks, coin grading reduces transaction disputes and fosters trust in the global numismatic trade, allowing buyers and sellers worldwide to transact with confidence in a coin's and state. For instance, 28 of the top 30 most valuable sold at in were certified by PCGS, demonstrating their essential role in dominating the market for premium transactions. Grading also advances cultural preservation in by meticulously documenting the condition of historically significant artifacts, such as key dates from U.S. coin series, thereby aiding efforts to protect and attribute these items for scholarly and institutional . Through detailed assessments of , , and surface , grading ensures that ancient and modern historical s are accurately evaluated, preventing undervaluation or mishandling that could compromise their legacy.

History

Early Grading Practices

In ancient times, the evaluation of relied on informal visual inspections by traders and collectors to determine and , with no formalized system in place. During the Roman era, for instance, were assessed primarily for their practical value in commerce, where heavily circulated pieces showing significant were often set aside or valued lower, while those retaining clear designs and minimal were preferred for transactions or . Medieval collectors and merchants similarly used basic descriptive language, referring to as "good" if details remained legible despite moderate , or "worn" if obscured major features, reflecting a focus on functionality rather than aesthetic preservation. By the 19th century, as organized numismatic collecting emerged in the United States and , adjectival descriptors became more standardized in auction catalogs and dealer inventories to convey condition. Terms like "Good," indicating heavy wear with only outline details visible; "," denoting moderate wear with most major features intact; and "Very Fine," suggesting light wear and sharp details, gained traction to facilitate trade among enthusiasts. William J. Jenks, a notable Philadelphia numismatist, exemplified this practice in the 1880s through the auction of his extensive collection, where catalog descriptions employed these adjectives to differentiate pieces based on preservation, such as labeling select ancient and American coins as "fine" or "very fine" to attract bidders. These early methods, however, suffered from profound subjectivity, as assessments depended heavily on individual opinions without uniform criteria, often resulting in disputes at auctions or sales. For example, a described as "fine" in a 19th-century might upon examination reveal more pronounced wear than advertised, leading to buyer dissatisfaction and eroded trust in dealer evaluations. The lack of numerical benchmarks further exacerbated inconsistencies, with the same potentially receiving varying descriptors across different s or regions. Such limitations highlighted the growing demand for objective standards, setting the stage for the development of formalized grading scales in the early 1900s.

Development of Standardized Scales

In the early 20th century, the (ANA) played a pivotal role in advocating for greater uniformity in coin grading practices, building on initial discussions from the late . As the collector market expanded, subjective assessments using basic adjectival terms like "Good," "Fine," and "Uncirculated" proved inconsistent, prompting calls for standardization to facilitate fair trading and valuation. The ANA's official journal, The Numismatist, featured early proposals, such as Joseph Hooper's 1892 article suggesting a structured system to reduce disputes among collectors and dealers. During the and , numismatists continued refining adjectival grading to address these inconsistencies, introducing more nuanced descriptors for wear, luster, and overall preservation without yet adopting a numerical framework. This period saw growing recognition of the need for objective criteria amid rising interest in U.S. coins post-Great Depression. The push culminated in 1949 when Dr. William H. Sheldon, a and avid collector, published Penny Whimsy: A Revision of Early American Cents 1793–1814, proposing a 1–70 numerical scale specifically for grading early U.S. large cents. Sheldon's innovation aimed to link directly to relative value, positing that a coin in perfect (MS-70) could command up to 70 times the worth of a heavily worn basal-grade example ( 1), providing a quantifiable tool to minimize subjectivity. Following , the Sheldon scale gradually gained acceptance within the U.S. numismatic community, evolving from its initial application to large cents toward broader use across denominations. The formally endorsed and adapted the scale in the , incorporating it into official standards after debates at conventions and among experts highlighted its utility for consistency. In 1977, the published the first edition of Official A.N.A. Grading Standards for Coins through Whitman Publishing, blending Sheldon's numerical system with detailed adjectival descriptions to standardize grading for all major U.S. series. The also featured key numismatic conferences where professionals refined terminology and application, solidifying the scale's role in auctions and collections. By the 1980s, the U.S.-centric Sheldon scale and associated practices exerted significant influence on international , as emerging third-party certification services extended their methodologies to world coins. Services like the Professional Coin Grading Service (founded 1986) and Numismatic Guaranty Corporation (founded 1987) adopted the 1–70 framework for global issues, fostering cross-border consistency and enabling international dealers to rely on verifiable grades. This adoption marked a shift toward objective, market-driven evaluation worldwide, though regional adjectival traditions persisted in some areas.

Grading Systems

Adjectival Systems

Adjectival systems in coin grading employ descriptive terms to qualitatively assess a coin's based on , detail retention, and overall preservation, without relying on numerical values. These systems originated as the primary method for evaluating before the widespread adoption of standardized scales and remain prevalent in European and for assessing circulated globally. Terms such as "Poor," "Good," "Fine," and "Mint State" convey the extent of circulation-induced and the visibility of design elements, allowing graders to communicate intuitively through everyday language. The hierarchy of adjectival grades typically progresses from the most worn to pristine conditions, providing a structured yet flexible framework for description. At the lowest level, a "Poor" grade describes a coin that is heavily eroded, with only basic outlines or legends barely identifiable, often making the denomination or date indistinct. "Fair" indicates slightly better preservation, where the coin's shape and major type are recognizable but details are faint due to extensive wear. A "Good" coin shows clear major features like portraits or emblems, though fine details are smoothed away from prolonged circulation. "Very Good" features more pronounced outlines and inscriptions, with moderate wear reducing but not obscuring primary elements. In a "Fine" grade, the coin exhibits moderate wear across high points, retaining about half of the original sharpness in designs while maintaining bold lettering. "Very Fine" or "Choice Fine" reflects light wear confined to prominent areas, with most medium details sharp and high relief well-defined. "Extremely Fine" signifies minimal friction, preserving nearly all fine details and original surfaces with only trace rubbing on the highest points. "About Uncirculated" or "Nearly Uncirculated" shows just hints of contact on the highest areas, with luster and details largely intact as issued. At the top, "Uncirculated," "Mint State," or "Brilliant Uncirculated" denotes no signs of circulation wear, full original luster, and complete strike details. These terms are applied across various coin types, particularly effective for circulated pieces where numerical precision is less emphasized. In practice, adjectival grading focuses on conceptual qualities like wear distribution and aesthetic appeal rather than exact measurements, making it suitable for informal assessments or markets where buyers prioritize descriptive clarity over quantified scores. For instance, evaluating a circulated U.S. quarter might yield a "" designation if the eagle's feathers and Liberty's show even moderate but remain boldly outlined, allowing collectors to visualize the coin's without specialized . Adjectival systems vary slightly by region, with and conventions often using more nuanced modifiers for precision. The system, for example, incorporates terms like "Nearly Extremely Fine" to denote coins just below full Extremely Fine, emphasizing subtle gradations in wear, while U.S. traditions favor shorter descriptors such as "Very Fine" for similar conditions. In , similar hierarchies prevail but may include local variations like "Superbe" for exceptional uncirculated pieces, reflecting cultural preferences for descriptive elaboration in catalogs and dealer listings. These systems are especially common in for world coins, where numerical scales are less standardized, enabling graders to adapt terms to specific series like ancient or medieval issues. The intuitive nature of adjectival grading makes it accessible for beginners and traditional collectors, as terms like "Good" or "Extremely Fine" immediately evoke the coin's usability and visual appeal without requiring familiarity with scales. This qualitative approach fosters consistency in verbal communication among numismatists, particularly for circulated coins where condition directly impacts historical and collectible .

Numerical Systems

The Sheldon numerical grading scale, developed by numismatist Dr. William H. Sheldon in 1949, provides a standardized 1-to-70 system for evaluating the condition of U.S. coins, where 1 represents the basal value of a heavily damaged, barely identifiable coin and 70 denotes a flawless Mint State example with no imperfections visible under 5x magnification. The scale divides into two primary categories: grades 1 through 59 for circulated coins showing varying degrees of wear, and grades 60 through 70 for Mint State coins exhibiting no evidence of circulation. Within the circulated range, grades 1-3 indicate basal to fair condition with substantial damage and loss of detail, making the coin identifiable only by basic features; grades 4-59 progress through levels of wear, such as Good (G-4 to G-6) with major details visible but heavily worn, Very Good (VG-8 to VG-10) retaining more outline but smoothed high points, Fine (F-12 to F-15) showing moderate wear with clear lettering, Very Fine (VF-20 to VF-35) preserving sharp major details like hairlines or feathers with light even wear, Extremely Fine (EF-40 to EF-45) displaying minor friction on high points, and About Uncirculated (AU-50 to AU-58) with traces of wear and approximately 50% or more of original mint luster remaining, as in AU-50 where slight rubbing affects over half the design but full details persist except for minor softness. In the Mint State category, MS-60 to MS-64 represent uncirculated coins with average to choice quality and some contact marks, while MS-65 to MS-70 signify gem to perfect uncirculated specimens; for instance, MS-65 describes a coin with above-average strike, strong luster, and only minor scattered marks not detracting from eye appeal. The () refined and officially adopted the Sheldon scale in 1977 for application to all U.S. coins, expanding its original focus on large cents into a comprehensive standard detailed in the 's Official ANA Grading Standards for United States Coins. This adoption, following earlier modifications in the , standardized descriptions across denominations, such as VF-20 requiring sharp major details with moderate wear on higher surfaces and attractive overall toning. The 's guidebook emphasizes consistent criteria based on wear, strike quality, and surface preservation to ensure uniformity among collectors and professionals. In practice, numerical grades are assigned by trained graders using high-resolution , 5x , and reference standards to assess wear, marks, and luster objectively. For example, a —a date prized for its low mintage—graded MS-67 would exhibit gem-quality luster, minimal marks, and full strike details, commanding values up to $25,000 in brown uncirculated condition, whereas the same coin in VF-30 shows light wear with clear major features like Lincoln's profile but flattened hair details, typically valued at $150 to $300 depending on color and eye appeal. Higher numerical grades on the Sheldon scale exponentially elevate a 's due to rarity in superior preservation, though no fixed formula exists, as also factors in demand, type, and toning; Sheldon's original suggested a MS-70 could be worth 70 times a grade-1 equivalent, but real-world auctions demonstrate even greater disparities, such as a MS-70 modern fetching thousands while its circulated counterpart sells for .

International Variations

In , coin grading predominantly employs adjectival systems that emphasize descriptive terms rooted in , such as Fleur de Coin (FDC) for pristine uncirculated coins without any post-mint imperfections, Splendide (SPL) for near-perfect specimens with minimal contact marks, and Superbe (SUP) for choice examples showing high luster and detail retention. These terms are widely adopted across , including in (Vorzuglich for extremely fine) and Italian (Splendido for about uncirculated) contexts, correlating roughly to the upper ranges of the Sheldon numerical scale—FDC aligning with MS-65 to MS-70, SPL with MS-60 to MS-64, and SUP with AU-50 to MS-59. European graders tend to apply more conservative standards than the U.S. Sheldon system, where a coin graded Extremely Fine (EF-40) in often equates to About Uncirculated (AU-55) in the U.S. due to stricter evaluations of wear, luster loss, and surface preservation. In , grading practices vary, with adjectival systems common in many markets; however, efforts toward include PCGS's introduction in August 2025 of a 10-point numerical scale for select ancient coins, ranging from 1 (heavily worn and barely identifiable) to 10 (pristine mint state), with scores of 9.5 to 10 denoting mint state quality emphasizing sharp strikes, original surfaces, and minimal handling marks. This reflects a focus on production integrity over minor aesthetic variances. grading aligns closely with adjectival traditions, using terms like Extremely Fine (EF), Very Fine (VF), and Uncirculated (), but applies stricter criteria to toning, where unnatural or excessive discoloration can lower a grade, prioritizing original mint brilliance alongside overall eye appeal. Efforts toward harmonization have seen major certification services like NGC and PCGS extend the Sheldon 70-point globally since the late 1980s, standardizing evaluations for while guaranteeing authenticity and condition. However, local dealers often retain native systems; for instance, a might receive an SPL grade locally for subtle wear that would earn MS-63 under Sheldon, whereas a U.S. with equivalent traits could grade MS-65 due to differing tolerances for . Cross-border valuation discrepancies arise from cultural preferences, particularly regarding —the natural oxidation layer on older —which enhances desirability in and Asian markets for its historical , potentially boosting value by 20-50% for toned ancients, while U.S. collectors may penalize it if it obscures details, leading to lower grades and prices.

Factors Influencing Grade

Wear and Damage

Wear in coin grading refers to the gradual of a coin's surface due to circulation, primarily affecting the highest points where occurs most intensely. This type of manifests as rubbing or smoothing on prominent features, such as the cheek or hair on Liberty Head designs, where metal is abraded by contact with other , pockets, or hands. Light , characteristic of Extremely Fine (EF) or About Uncirculated () grades, shows minimal flattening on these high points with most details intact, while heavy in Good (G) grades results in substantial loss of design elements, rendering major features barely discernible. According to standards set by the (), circulated grades from 1 to 59 are predominantly determined by the extent of this , with progression from slight in -50 to severe in grades below 10. Damage encompasses post-mint impairments that further compromise a 's integrity, distinct from natural circulation wear. Common categories include scratches and dents from handling or storage impacts, which create visible gouges or depressions; improper cleaning that introduces hairlines or reduces luster; and environmental factors like from exposure to moisture or chemicals, or even such as etched marks. For instance, the Numismatic Guaranty Company (NGC) classifies severe scratches or under "Details Grading," assigning adjectival descriptors like "VF Details - Environmental Damage" to reflect retained detail alongside the impairment. A with bag marks—numerous small friction abrasions from mint bags—might grade MS-63 due to moderate contact, whereas a pristine example without such marks could achieve MS-65, highlighting how even minor damage elevates within Mint State but prevents higher perfection. Assessment of wear and damage typically involves close inspection using a 5x to 10x loupe to detect subtle marks or surface disruptions invisible to the naked eye, as recommended by Professional Coin Grading Service (PCGS) for professional evaluators. In circulated s, wear levels dictate the primary grade, with high points like Liberty's profile serving as key indicators—rubbing here can immediately disqualify a from Mint State (, 60-70). The impact is profound: even light wear alone can reduce a grade from to AU, a drop of approximately 10 points, while heavier damage might subtract 20-50 points or more, depending on severity, as seen in transitions from uncirculated to lower circulated levels. This effect is amplified in high-relief designs, where raised elements wear more rapidly due to greater exposure to , accelerating grade depreciation compared to low-relief coins.

Surface and Aesthetic Qualities

Surface and aesthetic qualities play a crucial role in grading, encompassing attributes such as luster, color, toning, eye appeal, and overall preservation that influence a 's visual without relation to or minting flaws. These elements are evaluated to determine how well a retains its original appearance, often elevating or diminishing its assigned , particularly in Mint State () categories where pristine are paramount. Luster refers to the original mint brilliance of a coin, characterized by the reflective imparted during striking, often observed through the "cartwheel "—a dynamic play of light that rolls across the surface in bands when tilted. In coins, full, unbroken cartwheel luster is essential for higher grades; for instance, a coin with dull or washed-out luster may be downgraded to MS-60, while vibrant luster supports MS-65 or above. Diminished luster from environmental exposure or handling can reduce eye-catching appeal, directly impacting the numerical grade by several points in borderline cases. Color and toning involve the natural that develops over time due to oxidation and environmental factors, distinguishing original hues from artificial alterations. Natural toning, such as subtle hues on silver coins, can enhance a coin's and value by adding visual interest, potentially pushing a borderline MS-63 to MS-64 if deemed attractive by graders. In contrast, artificial toning—achieved through chemicals or heat—results in unnatural colors and is severely penalized, often receiving no numeric and instead a "" designation from services like NGC or PCGS. Similarly, cleaned or dipped surfaces, which remove original toning to restore shine, are considered impaired and can lower a by 5 to 10 points or more, as they disrupt the coin's authentic . Eye appeal encompasses the subjective overall attractiveness of a , integrating luster, toning, color, and the strategic placement of any minor marks to create a pleasing visual . In high s like MS-67 or above, exceptional eye appeal—such as intense luster combined with vibrant, even toning—may earn premium designations like NGC's (*) or PCGS's (+), boosting significantly beyond the base . Marks clustered in less prominent areas contribute positively to eye appeal, whereas obtrusive blemishes detract, even if the technical remains unchanged. Preservation focuses on the maintenance of original surfaces versus alterations that compromise , with problem-free commanding higher grades than those showing spots, , or other post-mint damage. Original surfaces retain their mint-fresh texture and , supporting top preservation ratings; for example, a free of spots or environmental pitting might achieve MS-70, while a spotted counterpart could drop to MS-63 or receive an "environmental damage" notation. Altered surfaces, including those smoothed, tooled, or chemically treated, are typically ineligible for numeric grading and labeled as such by PCGS, emphasizing the premium placed on unaltered preservation in numismatic evaluation.

Strike and Production Characteristics

Strike quality refers to the completeness and sharpness with which a coin's elements are impressed during the minting process, a key factor in determining its independent of post-minting wear. A full exhibits crisp details across high-relief areas, such as hair strands, facial features, and peripheral , while a weak shows incomplete or flat details, often in the centers due to insufficient pressure or die alignment. According to the () standards, coins achieving Mint State () grades of 67 or higher typically require a normal to sharp for the date and mint, with MS-70 demanding the highest quality possible. Weak strikes generally lower the assigned , as they reduce eye appeal and perceived quality, though minor weaknesses may be tolerated in lower MS levels like 60-63 if other attributes are strong. For example, a fully struck displays defined curls in Liberty's hair above the ear and distinct bolls on the reverse cotton wreath, contributing to grades of MS-65 or better by showcasing the die's full potential. In contrast, the series frequently exhibits weak s, particularly in the obverse headdress feathers, hair below "," and ribbon diamonds, which can limit high-grade potential even in uncirculated examples; PCGS notes that such slight central weakness is common and expected for many dates, often capping grades at MS-64 or below unless exceptionally bold. In circulated grades, a weak may complicate by mimicking , though graders prioritize original minting details over apparent . Die state, or the condition of the engraving tool used to strike the coin, further influences grade by affecting overall strike consistency and introducing varieties. Early die states produce stronger impressions with minimal wear on the die surface, yielding sharper details and higher potential grades, while late die states result from prolonged use, leading to clashes (imprinted designs from die-on-die contact), erosion, or cracks that weaken strikes and deduct points. The Numismatic Guaranty Corporation (NGC) recognizes clashed dies as a mint error when pronounced marks are evident, assigning numeric grades like MS-65 if the coin remains attractive, but severe clashes can lower the grade due to distorted details. Minor die varieties, such as doubled dies causing subtle doubling in lettering or devices, often enhance value and grade positively if they add distinctiveness without major defects, as seen in attributed examples receiving premiums in MS-63 to MS-66 ranges. Planchet issues, stemming from flaws in the blank metal disc before striking, include cracks, improper thickness, or off-center positioning, which can significantly impact grading. Off-center strikes, where the shifts during minting, result in partial designs and are classified as errors by NGC, receiving numeric grades (e.g., XF-40 for moderately off-center dollars) based on remaining detail and appeal, though severe offsets (over 50% missing) often limit to lower circulated or details grades. Cracks or laminations on the planchet may cause breaks post-strike, leading to deductions in standard grading; the categorizes such planchet errors as reducing overall quality, potentially assigning or details grades if prominent. Rare planchet errors, like strikes on wrong metal stock, can upgrade value through collector demand despite grade penalties for incomplete strikes, but severe issues like major cracks typically result in net deductions across levels.

Certification Services

Major Providers and Their Processes

The Professional Coin Grading Service (PCGS), founded in 1986, is renowned for its strict grading standards and has certified over 40 million coins, emphasizing consistency and authenticity in evaluations. The Numismatic Guaranty Corporation (NGC), established in 1987, complements this by maintaining a comprehensive of graded coins, tracking reports for over 65 million submissions to aid collectors in assessing rarity. ANACS, America's oldest grading service since 1972, specializes in authentication, particularly for problem coins such as those that are cleaned or damaged, while also providing full grading services. Together, PCGS and NGC dominate the market, accounting for nearly all certified coins, underscoring their influence on pricing and trading standards. The submission process across these providers follows a structured beginning with intake, where are received, logged, and preliminarily inspected for . are then imaged or photographed under controlled lighting to document their condition before grading. Multiple expert graders—typically three to five per —independently evaluate the piece for factors like , , and surface preservation, reaching a grade through discussion if discrepancies arise. This multi-grader approach ensures objectivity and reliability. Standard turnaround times range from 20 to 60 business days, varying by service tier and submission volume; for instance, PCGS's regular service averages 30 days, while NGC's standard option takes a few weeks. PCGS and NGC extend their operations globally, with offices in and , enabling efficient handling of international submissions from numerous countries. They grade world coins using the core Sheldon-based methodologies for consistency, with adaptations such as NGC's NGCX 10-point scale available for modern issues struck since 1982. ANACS also accepts international pieces, focusing on authentication for diverse origins. Fees are tiered by coin value, turnaround speed, and , with economy options for lower-value coins offering slower processing at reduced rates, and express tiers for urgent or high-value items. For example, grading a coin valued at $50,000 through PCGS under a tier incurs tiered fees often exceeding $100, plus handling and membership costs, reflecting the premium for expert review of significant numismatic assets.

Standards and Encapsulation

Grading standards employed by major certification services such as the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) are aligned with the (ANA) official grading terminology and the Sheldon numerical scale ranging from 1 to 70, where higher numbers indicate superior . These services incorporate proprietary enhancements to ensure consistency and accuracy, including PCGS's TrueView high-resolution imaging system, which captures detailed photographs of coins prior to encapsulation for verification and documentation purposes. The evaluation process considers key criteria such as the quality of the (sharpness of design details from minting), surface preservation (absence of wear or damage), luster (original mint brilliance), color and toning, contact marks or scratches, and overall eye appeal. Encapsulation involves sealing the authenticated and graded within a sonically welded, tamper-evident holder, commonly referred to as a slab, to safeguard it from physical handling, environmental exposure, and unauthorized access. These slabs feature embedded or affixed security holograms that are difficult to replicate, along with printed labels displaying essential information such as the assigned , number, coin description, and sometimes a or for verification. The primary benefits include long-term preservation of the coin's and facilitation of secure trading, as the intact slab serves as visual proof of . Services offer standard slabs for most submissions, while premium variants—such as PCGS's SecurePlus holders, an optional service for coins valued under $100,000—provide enhanced security features like additional tamper-resistant seals and anti-counterfeiting additives. Authentication protocols integrated into the grading process utilize multiple non-destructive techniques to verify a coin's genuineness before encapsulation. Standard methods include precise weight measurement to match historical specifications and visual magnification for detecting alterations, while advanced tools such as (UV) light reveal fluorescent responses in materials or surface treatments indicative of counterfeits. For compositional analysis, (XRF) spectroscopy is employed to determine metal alloys without damaging the coin, comparing results against known mint compositions; PCGS, for instance, uses XRF to authenticate suspect pieces by benchmarking against verified populations. These combined approaches yield highly accurate results, with false positive rates maintained at very low levels through rigorous calibration and expert oversight. Re-grading and crossover policies allow collectors to seek grade adjustments or transfers between services while upholding certification integrity. PCGS's Regrade service permits resubmission of previously encapsulated for potential upgrades based on newly recognized standards, with options like Reconsideration ensuring no downgrade risk if the review fails to improve the grade. NGC provides a free Appearance Review for suspected overgrades and a paid Review service for pursuing higher grades on intact holders. Crossover services, available from both PCGS and NGC, involve removing a coin from a competitor's slab and re-encapsulating it in their own if it meets or exceeds the original grade criteria, often at a reduced fee plus a ; for example, NGC accepts PCGS coins graded up to 70 for crossover without mandatory removal. These mechanisms promote and market confidence without compromising the slab's tamper-evident security.

Modern Developments and Challenges

Technological Innovations

Digital imaging technologies have revolutionized coin grading by enabling high-resolution capture and analysis of coin surfaces, facilitating remote evaluation without physical handling. Introduced in 2012, the Professional Coin Grading Service (PCGS) TrueView system photographs coins at high resolution immediately before encapsulation, producing images that collectors and graders can access online to assess details such as luster, toning, and minor imperfections from afar. This approach supports remote grading processes by providing standardized visual data that enhances consistency across submissions. Complementing 2D imaging, techniques measure coin wear by capturing surface , allowing precise quantification of on high points like dates or portraits compared to mint-state references. For instance, profilometry-based 3D analysis has been applied to modern like U.S. pennies to evaluate minting-year variations in and abrasion levels. Artificial intelligence (AI) and machine learning (ML) have emerged in the 2020s to assist in initial screening and counterfeit detection, streamlining workflows at major certification services. Numismatic Guaranty Company (NGC) incorporated AI and ML into its Gold Shield program launched in 2020, which aids human graders in rapidly identifying potential fakes by analyzing imaging data for anomalies in composition, strike, and surface characteristics. While specific accuracy metrics for NGC's system are not publicly detailed, broader AI applications in coin authentication have demonstrated consistency rates up to 90% in controlled tests. For consumer use, mobile apps like CoinSnap employ AI-driven image recognition to provide preliminary grading estimates, achieving approximately 93% accuracy in coin identification during independent evaluations. These tools focus on circulated and modern coins, where wear patterns are more predictable, though they serve as supplements rather than replacements for expert review. Recent advancements include AI-powered coin sorting robots like Numi v2 (2024) and v3 (2025), which use computer vision to handle, image, and sort coins automatically, and live video analysis systems (2025) that enable real-time grading assessments. Blockchain and digital certification innovations enhance provenance tracking, integrating with traditional encapsulation to verify authenticity in an increasingly online marketplace. In 2020, PCGS embedded near-field communication (NFC) chips in all holders, allowing smartphone verification of certification details and reducing tampering risks through tamper-evident technology. NGC has explored digital extensions for high-value items, such as certifying physical representations of cryptocurrencies like Casascius Bitcoins in 2023, which leverage for underlying value transfer while maintaining numismatic standards. Recent applications include blockchain-based forgery-proof certificates by Numisstaxx (2024) and provenance records for numismatic items (2025), improving transparency and security in trading. Mobile applications complement these by offering on-the-go assessments, with tools like CoinSnap providing instant feedback on condition and to aid collectors in preliminary evaluations. Looking ahead, automated grading stations promise to minimize human through integrated and , with prototypes and outlining systems that align coins mechanically for precise feature extraction and scoring. Ongoing developments, including convolutional neural networks for , suggest increasing adoption, potentially handling a significant portion of routine submissions by the mid-2020s to improve efficiency and objectivity. These trends build on current practices, aiming for fully verifiable, data-driven assessments that integrate seamlessly with standards.

Controversies and Criticisms

Coin grading has faced significant criticism for its inherent subjectivity, which can lead to inconsistent assessments across graders and services. The process relies on human judgment of factors such as , luster, and eye , resulting in notable variance; for instance, the same coin may receive grades differing by one or two points depending on the evaluator. This subjectivity was exacerbated by during the "slab effect," where the introduction of encapsulated grading by services like PCGS dramatically increased the population of high-grade coins, such as MS-65 examples, as previously lower-graded pieces were resubmitted and upgraded, flooding the market and eroding value distinctions. Scams and further undermine trust in the system, with slabs mimicking reputable holders from PCGS and NGC being a persistent issue, often used to pass off fake or low-quality coins as certified. Overgrading by lesser-known services, particularly those originating from in the , has prompted warnings from dealers about deceptive practices that inflate grades on substandard pieces. Additionally, doctored coins—altered through , whizzing, or artificial toning to enhance appearance—frequently evade detection during grading, as evidenced by lawsuits against perpetrators who submitted manipulated items for certification. Economic critiques highlight barriers created by high fees, typically ranging from $20 to $100 per coin depending on the service tier (as of ), combined with processing delays that can extend to 30-60 days or longer for standard submissions. These costs and wait times deter casual collectors and small-scale submitters, limiting access to . Moreover, the market's heavy reliance on "slabbed" coins has devalued , ungraded specimens, as buyers increasingly prioritize encapsulated pieces for perceived and , even when the added value does not justify the expense. Ethical concerns include conflicts arising from the intense competition between major services like and in the 1990s, which influenced grading standards and market dominance without unified oversight. Critics have called for greater transparency in grading logs and processes to address discrepancies and ensure accountability, arguing that opaque practices perpetuate inconsistencies and potential biases.

References

  1. [1]
    [PDF] Coin Grading and Professional Third-Party Grading Services - ANACS
    Coin grading is a standardized description of a coin's condition, using a 70-point scale to evaluate appearance and determine value.
  2. [2]
    History of the Coin Grading System - NGC
    Dec 13, 2011 · William Sheldon attempted to standardize coin grading by proposing what is now known as the Sheldon Scale. His scale, which runs from one to ...
  3. [3]
    NGC Coin Grading Scale
    NGC uses the internationally accepted Sheldon grading scale of 1 to 70, which was first used in the United States in the late 1940s. This scale was adopted by ...NGC Details Grading · NGC Releases Designations · What is an Adjectival Grade?Missing: history | Show results with:history
  4. [4]
    The Story of the Origin of PCGS
    Jan 29, 2003 · PCGS has had a profound impact on the rare coin market since its launch in February, 1986. In this article, PCGS founder, David Hall, ...
  5. [5]
    Intro to Coin Collecting | NGC
    In the late 1940s, collector, researcher and author Dr. William Sheldon developed a numeric scale from 1–70 to describe the condition of early US cents.
  6. [6]
    Coin-Grading Basics | The Reading Room
    Jul 12, 2024 · A coin's grade is defined as the labeling and categorizing of its condition or state based on wear and handling. It is the main determining factor of a coin's ...
  7. [7]
    ANA Morgan Dollar Grading Set - American Numismatic Association
    Grading is a method of determining a coin's relative state of preservation, using a system of standards and terminology generally accepted by the collecting ...
  8. [8]
    What is Coin Grading and Why? - PCGS
    Grading is a way of determining the physical condition of a coin. Grades range from Poor (almost completely worn out) to Perfect Uncirculated.
  9. [9]
    ANA Official Grading Standards - American Numismatic Association
    The following grades and descriptions are the American Numismatic Association's official grading terminology and standards for mint-state and circulated coins.
  10. [10]
    Coin Collecting FAQs - American Numismatic Association
    In theory, an uncirculated coin is a coin that has never been used in commerce. A more practical definition of an uncirculated coin is a coin that shows ...
  11. [11]
    Understanding Coin Grading Basics
    Nov 18, 2022 · Coins are graded on a scale of 1-70, with 1 being the lowest and 70 the most pristine. Lower numbers indicate more wear, and higher numbers ...
  12. [12]
    PCGS Grading Standards
    Sheldon Scale​​ In 1948, Dr. William Sheldon created the Sheldon Scale, grading coins from 1 to 70 based on value. PCGS adopted this system in 1986 with ...Missing: history | Show results with:history
  13. [13]
    Why Coin Grading Matters for Collectors and Investors
    ### Summary of Coin Grading Content
  14. [14]
    CAC Coins Snag Premiums At Auction
    Mar 10, 2018 · ... premiums of 10% to 50% or more over similarly graded, un-stickered certified coins – an assertion that the latest sales data from CAC supports.Missing: command | Show results with:command
  15. [15]
    What Is Coin Grading and Why Does It Matter for Collectors?
    ### Summary of Coin Grading: Role in Insurance, Estate Valuation, and Market Standardization
  16. [16]
    28 Of The Top 30 Most Valuable Coins Sold In 2024 Were Graded ...
    Apr 14, 2025 · Twenty-eight of the top 30 highest auction prices realized for coins sold at auction during the course of 2024 were achieved with coins graded by Professional ...<|separator|>
  17. [17]
    Ancient Coin Grading Service - NGC
    NGC Ancients offers ancient coin grading and attribution for most coins struck in the Western world from the origins of coinage through AD 500.
  18. [18]
    https://coinadvisor.com/ancient-coin-grading
  19. [19]
    Catalogue of William J. Jenks's collection of American and foreign ...
    Feb 26, 2016 · William J. Jenks's collection of American and foreign coins & medals, ancient and modern : including a great variety of fine American gold.Missing: grading 1880s
  20. [20]
    Are your coins worth getting graded? Ask Don Ketterling.
    In the early days of rare coin collecting, a coin's condition (or "grade") was strictly a matter personal preference, and consequently, this subjectivity ...Missing: limitations | Show results with:limitations
  21. [21]
    Making the Grade on Coins: Part 1 | Littleton Coin Blog
    Sep 9, 2025 · As far back as 1858, attempts were made by coin dealers and collectors to achieve consensus. The adjectives they used, however were rather basic ...Missing: origin | Show results with:origin
  22. [22]
    125 Years of Collecting - American Numismatic Association
    He will sell the coins for $12,500 and redeem them on demand for the same amount.” Today, a single “Lesher dollar” in high grade is valued at four figures.
  23. [23]
    https://www.coinweek.com/the-sheldon-scale-how-coins-are-graded/
  24. [24]
    Grading undergoes multitude of changes: Bowers - Coin World
    Aug 19, 2016 · The results, the Official Grading Standards for U.S. Coins, were published by Whitman in 1977. However, there was a demand for more Mint State ...
  25. [25]
    Sheldon Scale, Grading Companies and Holders - CoinsWeekly
    Jun 13, 2022 · The first professional grading agencies were founded in 1986 and 1987 and independently assessed the condition of the coins according to the ...Missing: influence | Show results with:influence
  26. [26]
    What is an Adjectival Grade? - NGC
    Adjectival grades such as “Good,” “Fine” and “Uncirculated” were used to describe a coin's condition.Missing: 19th century European catalogs
  27. [27]
    US & World Coin Grading Tutorial - Heritage Auctions
    Very Fine (VF-20, 25, 30, 35): The coin will have medium to light wear ... Perfect Uncirculated (MS-70): An utterly flawless coin. For a wealth of ...
  28. [28]
    Coin Grading and Explanation - UK, US, CGS, PCGS NGC - Chards
    May 26, 2017 · The coin grading system explained, showing the differences between each coin grade, their represented condition and how much your gold coins ...
  29. [29]
    https://www.usgoldbureau.com/content/rare-coin-grading-scale
  30. [30]
    Coin Grading | The Royal Mint
    British Coin Grading. We use the British grading system to help describe the quality of a coin using descriptive terms like 'Very Fine' or 'Uncirculated'.
  31. [31]
    None
    Nothing is retrieved...<|separator|>
  32. [32]
    European Coin Grading System
    Coin grading systems were created to try to bring about a standardised, methodical approach to evaluating a coins state of preservation.
  33. [33]
    The Sheldon Scale - How Coins Are Graded - CoinWeek
    Oct 2, 2025 · The American Numismatic Association (ANA) officially adopted the Sheldon Numerical Grading Scale in a controversial move in 1977 after the ...
  34. [34]
    1909 VDB Penny Value (Errors List, "S" & No Mint Mark Worth)
    In mint state, a brown 1909 S VDB penny can bring in as much as $25,000 for a coin-graded MS67, while a red-brown can fetch an impressive $50,000. A red penny- ...
  35. [35]
    1909-S Indian vs. 1909-S VDB Lincoln Cent - SCV History In Pictures.
    Two 1909S Indian head cents, one graded PCGS VF-30 at $850 and one graded NGC VF-25 at $825. In the same price list were eleven 1909-S VDB cents ranging ...
  36. [36]
    Grading of coins di Attilacoins.com
    ADJECTIVAL GRADE, AMERICAN NUMERICAL GRADE, ITALIAN COIN GRADING, GERMAN, FRENCH COIN GRADING, SPANISH COIN GRADING. GOOD, G-4 to G-6, discreto (D) ...Missing: scale | Show results with:scale
  37. [37]
    US Versus European Grading Standards
    ### Summary of US vs. European Coin Grading Standards
  38. [38]
    PCGS Launches Ancient Coin Grading for Select Chinese Coins
    Aug 4, 2025 · The 10-point grading scale will range from 1, representing a disastrously cast coin with heavy circulation wear and few details, to 10, a ...
  39. [39]
    ENGLISH STANDARD GRADING VS THE SHELDON SCALE – M & H
    Jul 6, 2020 · The Sheldon scale is a 70-point scale, while English Standard Grading has 7 stages: Poor, Fair, Fine, Very Fine, Extremely Fine, Uncirculated, ...
  40. [40]
    Patina, Grading & Quality of Ancient Coins - Calgary Coin Gallery
    Patina is the natural surface changes which occur on ancient coins over centuries of burial or decades in modern collections.
  41. [41]
    NGC Details Grading
    NGC Details grading assigns an adjectival grade to a coin with surface problems based on the amount of wear as a result of circulation.
  42. [42]
    The Tools of a Professional Coin Grader - PCGS
    Jul 3, 2020 · The most common loupes found with graders and discerning collectors will be from 5X to 10X power. Anything higher than 10 will generally only be ...
  43. [43]
    How United States Coins are Graded - PCGS
    Jan 1, 2025 · The condition or state of wear of a coin, termed its "grade," is one of the main determining factors of a coin's value. Learning how to grade ...
  44. [44]
    PCGS Lingo Full Listing
    An adjectival description applied to coin's grade, e.g., choice Uncirculated, choice Very Fine, etc. Used to describe an especially attractive example of a ...
  45. [45]
    Toning. Does it help, or hurt the value of a coin? - PCGS
    Mar 23, 2015 · Assuming the toning is natural, and attractive to most collectors, toning is usually a positive, particularly on older 19 th century coins.
  46. [46]
    Guidelines for Eye Appeal - PCGS
    Luster. AU (Almost Uncirculated) coins should have some original luster. For lower grades color and originality have the same effect on grading as luster does ...
  47. [47]
    From the PCGS Grading Room: Surface Smoothing and Other Metal ...
    Apr 14, 2023 · One of the many dreaded PCGS No Grades that may prevent a coin from receiving a numeric (70-point Sheldon) grade surface is smoothing.
  48. [48]
    Grading Mint State Indian Cents - PCGS
    Aug 27, 2002 · Slight weakness for the obverse is often seen in the tips of the headdress feathers, the hair below LIBERTY, the diamonds on the ribbon, the ...
  49. [49]
    Learn Grading: What Is a Mint Error? — Part 1 - NGC
    Oct 8, 2019 · There are five types of mint errors that primarily relate to the die: Die Breaks, Misaligned Dies, Clashed Dies, Rotated Dies and Mules. Die ...Missing: ANA | Show results with:ANA
  50. [50]
    Modern minting errors - American Numismatic Association
    Aug 18, 2014 · There are four main ways that these errors categorize in. These ways are striking errors, die errors, planchet errors, and die varieties.
  51. [51]
    https://www.pcgs.com/
  52. [52]
    https://www.ngccoin.com/news/article/14597/
  53. [53]
    A Guide to Coin Grading: Are Graded Coins Worth Buying?
    Jan 16, 2024 · France (Fleur de Coin – FDC): Similar to the British system, Fleur de Coin denotes a coin in impeccable condition, free from wear, and often ...
  54. [54]
    https://www.physicalgold.com/insights/a-guide-to-coin-grading-are-graded-coins-worth-buying/
  55. [55]
    NGC FAQ | Frequently Asked Questions About Coin Grading
    Every coin is assessed by multiple members of NGC's professional grading team to determine authenticity, grade and attribution.
  56. [56]
    Coin Grading Services | Summary - CoinStudy
    A panel of graders independently grades your coin, a consensus is reached and a grade assigned. Your coin is placed in a hard-plastic holder, sonically sealed, ...<|separator|>
  57. [57]
    PCGS Services Estimated Submission Turnaround Time and Statistics
    Estimated Submission Turnaround Time ; Express, 15 business days ; Regular, 30 business days ; Value, 35 business days ; Economy, 50 business days.Missing: steps | Show results with:steps
  58. [58]
    https://www.pcgs.com/statistics
  59. [59]
    Coins We Grade & Policies - NGC
    Apr 23, 2022 · NGC grades most US and world coins struck 1600 to date (or 1300 to date for Western Europe) as well as many tokens and medals (see list).Missing: global international
  60. [60]
    Everything You Need To Know About Coin Grading
    The higher the grade, the more the coin is worth. High grade coins are rarer than low grade coins. Collectors pay more for coins in higher grades. The two most ...
  61. [61]
    How Much Does Coin Grading Cost? 2025 NGC vs PCGS Guide
    Nov 8, 2024 · Standard grading costs $38 for coins valued up to $2,500. Economy service at $22 handles coins under $300 value with extended 70-day turnaround ...
  62. [62]
    PCGS TrueView
    There's no minimum! No restrictions apply. If PCGS certifies or grades the coin, you can have it photographed using TrueView. TrueView is available for all ...
  63. [63]
    Holders for Coin Protection - NGC
    A tamper-evident sticker label and two holograms are affixed to silver dollars sealed in the popular Redfield Hoard Holder. Read more.Read more · Oversize · EdgeView | Holders
  64. [64]
    PCGS Museum of Coin Holders
    Tamper / scratch resistant surfaces; Embedded hologram with detectable additives. Learn more about the current PCGS holder. 2015-2020. Gen 6.0S. 22 of 24. May ...Missing: encapsulation | Show results with:encapsulation
  65. [65]
    2025 PCGS Collectors Services and Fees: Coins
    Jan 1, 2025 · The value of the coin is determined by the PCGS Price Guide value for that grade or the Declared Value of the coin, if the Price Guide value is ...Missing: estate | Show results with:estate
  66. [66]
    How X-Ray Technology Helps Authenticate Coins: PCGS - CoinWeek
    Feb 13, 2023 · XRF can be used as an advanced authentication tool by comparing a suspect piece to the known values of a population of previously authenticated or well- ...Missing: UV light false positive
  67. [67]
    Counterfeit Detection: Fake Redfield Hoard Holders - NGC
    Aug 12, 2025 · Counterfeit Redfield holders have a sharper "MADE IN CANADA" marking, darker red insert, and glow red under UV light, unlike genuine ones.
  68. [68]
    Reconsideration Service - PCGS
    A service from PCGS that allows you to submit your coins for regrading without the risk of a potential crack out if the coin does not receive an upgrade.Missing: NGC review
  69. [69]
    PCGS Regrade
    The “Regrade” service applies to coins that are already encapsulated and graded by PCGS. If a customer feels that their coin may qualify for a newly recognized ...Missing: NGC review
  70. [70]
    NGC Grading FAQs - Other Grading Topics
    NGC offers a free Appearance Review service in the event that someone believes that an NGC-certified coin is overgraded. Coins that are reviewed and downgraded ...
  71. [71]
    PCGS TrueView Imaging Service Now Only $10!
    Sep 6, 2012 · The PCGS TrueView™ Imaging Service provides high-quality images of each coin at the most opportune moment – right before the coin is ...
  72. [72]
    3D Surface Analysis of a Penny with Non-contact Profilometry
    Nanovea's 3D Profilometer scans the topography of coins minted in different years to investigate surface differences.
  73. [73]
    Application of multi-modal 2D and 3D imaging and analytical ...
    Feb 8, 2018 · This case study is applying imaging and analytical techniques from multiple scientific disciplines to digitise coins and evaluate 3D multi-modal visualisation.
  74. [74]
    Computerized Grading - Newbie Coin Collecting Questions
    Jun 5, 2020 · Our Gold Shield system benefits from artificial intelligence and machine learning, helping our graders quickly identify and remove counterfeits ...
  75. [75]
    CoinGrading.com; Computer Grading
    Computer grading systems can be highly consistent, often achieving rates as high as 90%. This is more accurate than any single human grader.Missing: stations | Show results with:stations
  76. [76]
    Can This AI Collecting App Correctly Identify and Grade Coins?
    Dec 4, 2023 · CoinSnap is described on the app store as a tool that utilizes AI-driven image recognition technology to accurately identify any coin and has a coin grading ...Missing: machine | Show results with:machine
  77. [77]
    PCGS Announces Groundbreaking NFC Technology Included in all ...
    Oct 1, 2020 · Professional Coin Grading Service leads numismatic hobby with massive leap forward in anti-counterfeiting technology.Missing: innovations | Show results with:innovations
  78. [78]
    Trailblazing NGC-certified Casascius Bitcoins Realize Over $7 ...
    Nov 9, 2023 · A Heritage Auctions sale with 250 Casascius Bitcoins certified by Numismatic Guaranty Company® (NGC®) realized a total of $7,198,200.
  79. [79]
    CoinSnap - Coin Identifier - Apps on Google Play
    Rating 4.6 (85,393) · Free · AndroidIdentify rare misprints and unique error coins that could be worth a fortune. Expert Coin Analysis & Grading Get professional-grade reports with value estimates ...
  80. [80]
    US5224176A - Automated coin grading system - Google Patents
    A method and system for automated grading of coins involves alignment of a target image of the coin with a reference image by mechanically moving the coin ...
  81. [81]
    [PDF] Utilization of Convolutional Neural Networks in Coin Grading for ...
    Jul 18, 2024 · Abstract. Identifying the grade of the coin is one of the methods used in numismatics to get the condition and collector's values of a coin.
  82. [82]
    What Coin Graders Look at When Grading Coins - CoinWeek
    Feb 28, 2025 · In this article, we highlight the key factors that professional coin graders look at when grading coins so that you know what matters.
  83. [83]
    Gradeflation hurts coin collectors - Numismatic News
    Dec 20, 2010 · Coins previously graded MS-64 could be broken out of slabs and regraded as MS-65. The law of supply and demand accounts for the drop in values.
  84. [84]
    The Obscure Certified Coin Bubble of the Late 1980s - Antique Sage
    Jan 15, 2018 · Few investors know this, but the U.S. rare coin market experienced a truly gargantuan certified coin bubble in the late 1980s.Missing: influence | Show results with:influence
  85. [85]
    Case Study: How to Spot a Fake PCGS Certified Coin
    May 15, 2020 · Go in-depth with a real-world case study of a fake PCGS certified coin. Learn the subtle red flags and expert tips to avoid being fooled by ...<|control11|><|separator|>
  86. [86]
    Get your money's worth: Dealers warn against increase in fake coins
    Nov 5, 2024 · “The Chinese are actually making three different tiers of fakes,” he said. “One tier is a basic fake, like a souvenir, and the top tier is ...Missing: 2020s | Show results with:2020s
  87. [87]
    PCGS TAKES AIM AT COIN DOCTORS
    May 30, 2010 · Defendants represented to PCGS that these coins had natural surfaces, intending to deceive PCGS's graders so that the 'doctored' coins would be ...
  88. [88]
    How Much Does It Cost To Get a Coin Graded? Collector Guide
    Sep 22, 2025 · The cost to get a coin graded typically ranges from $20 to $75 for standard submissions, with premium services or high-value coins costing ...
  89. [89]
    Turnaround times - US, World, and Ancient Coins - NGC Chat Boards
    Dec 2, 2024 · I typically wait until the turnaround times are down to what I think is an acceptable amount of time, 30-40 days or less.What happens if I send a Lot of 20 coins to get Graded Economy (all ...How much does it cost to have a coin graded? Please post your ...More results from boards.ngccoin.com
  90. [90]
    https://www.numismaticnews.net/collecting-101/gradeflation-hurts-coin-collectors
  91. [91]
    PCGS/NGC History - US, World, and Ancient Coins
    Nov 11, 2002 · Both company's standards have changed over time. Both were a lot tougher in the late 80's and moved slowly looser thru the 90's, especially 1996 ...Who was the first grading service? - NGC Chat BoardsFIRST SPOUSE NGC VS PCGS - US, World, and Ancient Coins ...More results from boards.ngccoin.comMissing: 1990s | Show results with:1990s