How to Grade Uncirculated & Mint State Coins

Grading Mint State Coins

Mint State (MS) coins have never circulated — they show zero wear from commerce. Yet the price difference between MS-60 and MS-65 can be 5x to 50x or more, making accurate Mint State grading one of the most valuable skills a collector can develop.

Unlike circulated grading where you measure wear, Mint State grading evaluates four key attributes: contact marks, luster, strike, and eye appeal.

The Four Pillars of Mint State Grading

1. Contact Marks (Bag Marks)

Even though a coin never circulated, it still contacted other coins during the minting process. These tiny nicks, scratches, and abrasions are called contact marks. Graders evaluate their number, size, location, and severity. Marks on the cheek of a portrait (the prime focal area) are far more damaging than marks in the field or on the reverse.

2. Luster

Luster is the way light reflects off microscopic flow lines created when a coin is struck. Fresh luster creates a "cartwheel" effect — bands of light sweep across the surface as you rotate the coin. Graders look for completeness, quality, and any disturbance from cleaning or heavy contact.

3. Strike

Strike refers to how fully and sharply the die impressed the design into the planchet. A well-struck coin shows every detail crisply. Strike is particularly important for Standing Liberty quarters (head detail), Franklin halves (Full Bell Lines), Mercury dimes (Full Bands), and Jefferson nickels (Full Steps).

4. Eye Appeal

The subjective overall impression. Two coins with identical marks, luster, and strike can have different eye appeal based on toning, color balance, and aesthetic harmony.

Mint State Grades Detailed

MS-60 to MS-62 (Uncirculated): No wear but significant contact marks, possibly impaired luster. MS-60 can look rougher than an attractive AU-58.

MS-63 (Choice): Moderate marks, reasonably attractive. The entry point for most uncirculated collectors.

MS-64 (Near Gem): Few noticeable marks, above-average luster and strike. Often the best value in the MS range.

MS-65 (Gem): Strong luster, sharp strike, only minor marks. The traditional gem standard. Price premiums of 50–300% over MS-64 are common.

MS-66 to MS-67 (Superb Gem): Outstanding quality with only trivial imperfections under magnification. Population drops dramatically above MS-65 for most pre-modern coins.

MS-68 to MS-70: Near-perfect to perfect. MS-70 means no imperfections under 5x magnification. Achievable mainly for modern coins.

How to Grade a Mint State Coin

1. Confirm no wear — Check the highest points under angled lighting. Any flat spot means the coin is AU, not MS.
2. Evaluate contact marks — Count, size, location, and severity on both sides. Pay attention to prime focal areas.
3. Assess luster — Rotate under a single light source. Look for full, unbroken cartwheel luster.
4. Check strike — Examine fine details: hair, feathers, lettering. Note any weakness.
5. Judge eye appeal — Form an overall impression. Is the coin attractive? Toning positive or negative?
6. Assign a grade — Contact marks typically dominate, with luster and eye appeal as tiebreakers.

Practical Tips

• Use a single-point light source at a 45-degree angle — overhead fluorescent washes out details.
• Use 5x–10x magnification — PCGS and NGC graders use 5x as the standard.
• Grade in hand, not from photos — photos can hide or exaggerate marks.
• Visit coin shows to examine coins in person and learn from experienced dealers.

Up Next

The next article covers a special category: Understanding Proof Coins and Proof Grades.