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Grading has always been
central to numismatics, but decades ago, the standards employed to
grade coins were somewhat vague and applied inconsistently. Over the
last 20 years, great strides have been made to bring more
standardization to grading practices. Throughout it all, the magnifying
lens has earned a reputation as one of
the most important tools the coin collector should invest in. |
Going back to the 1950s and before, coin grading
was limited to a few adjectival terms, such as Good, Fine,
Uncirculated, and Proof. Accordingly, numismatic references of those
times conformed to the same set of adjectives to approximate retail
coin values.
Varying distinctions of Uncirculated (today's equivalent of MS-60,
MS-63, etc.) and Proof were recognized in some advertisements and
auction bills by employing modifying descriptors such as "Gem
Uncirculated" or "Choice Proof", for example. However, with no clear
point of reference or consistency on how the modifying descriptors were
invoked, most publishers resorted to listing values for only one
"Uncirculated" grade and one "Proof" grade.
In the late 1970s, as coin prices escalated dramatically, most notably
for pristine, high quality specimens, varying distinctions of
"Uncirculated" and "Proof" became evermore critical. Descriptors
"Choice" and "Gem" were replaced by numerically assigned grades,
utilizing the newly developed 70 point ANA scale, based on a numeric system introduced by
Dr. William Sheldon in the 1940s. Uncirculated coins were
differentiated as MS-60, MS-65, or MS-70. A few years later, grades
MS-63 and MS-67 joined the fray. Although not applied consistently (a
situation that gave the coin business a black eye), the practice of
assigning a numerical grade to indicate quality was universal by the
mid-1980s, and eventually brought some consistency to coin collecting
that was absent as the hobby passed through its formative years.
The Coin Value Tables reflect the historic availability of
numeric grades to describe coins. Thus, for 1950 through 1975, the
values appearing in the MS-60 column should be viewed as the
"Uncirculated" listings of those years, since numeric grades largely
did not exist. Likewise, PF-65 corresponds to simple "Proof" figures of
the same time period, while G-4 corresponds to the "Good", VG-8 to
"Very Good", and so forth. By 1980, when numeric grades were in
widespread use, the MS-60 column should be interpreted to indicate
precisely that. Other grades, MS-63 for example, made their debut on
the Coin Value Tables in 1980 or later, and are carried
forward from that time to the present. As more intermittent grades and
qualifiers (e.g. "Dimpled" Morgan silver dollars) became commonplace,
they too were added to the Coin Value Tables.
One Caveat: In February 1986, the ANA changed its
grading interpretations to match the tightening standards demanded by
the marketplace. This meant that many coins correctly graded as MS-65
in the early 1980s became MS-63 or less, so as to be consistent with
the newly revised interpretation. Conversely, a coin graded after 1986
as MS-63 was about equal in quality to an MS-65 before 1986. Thus, the
Mint State prices published in numismatic periodicals prior to 1986 are
not directly comparable to those published later. The Coin Value Tables
of this website relied heavily on periodicals from before 1986, but we
did not attempt to compensate for the revised grading standards of
1986; we reported what we found. One must take this into account when
studying trends for an MS-65 coin from, say, 1980 to the present. On
the other hand, because of the dearth of Mint State price estimates
published prior to 1986, more than 98% of the Coin Value Table data is
not affected by anything mentioned in this paragraph!
More in-depth knowledge on grading is presented on our Grading Coins section. There, you'll find a few
thoughts on the importance of coin grading, a look at the ANA grading
scale, plus more.
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