The Sheldon Scale Explained: 1 to 70

Origins of the Sheldon Scale

In 1949, Dr. William Herbert Sheldon published Early American Cents, a groundbreaking study of US large cents. To standardize how collectors described coin condition, he devised a 70-point numerical scale. His original idea was elegantly simple: the number should reflect the coin's market value as a multiple of a base price. A coin graded 70 would be worth 70 times more than a coin graded 1.

While the mathematical relationship between grade and value no longer holds precisely, the 70-point structure endured. The American Numismatic Association (ANA) adopted it in the 1970s, and both PCGS and NGC built their professional grading standards on it starting in the mid-1980s. Today, the Sheldon scale is the universal language of US coin grading.

How the Scale Is Structured

The 70-point scale is not continuous — certain numbers are used as standard grade levels while others are skipped. The scale divides into two major categories:

• Circulated grades (1–58) — Coins that show wear from being used in commerce.
• Uncirculated / Mint State grades (60–70) — Coins with no wear from circulation.

Each grade level combines a letter abbreviation (the adjectival grade) with a number (the numerical grade). For example, VF-30 means "Very Fine, grade 30." The letter tells you the general condition category; the number tells you where the coin falls within that category.

Circulated Grades in Detail

Poor (PO-1) and Fair (FR-2)

The lowest grades on the scale. A PO-1 coin is barely identifiable — you can tell it's a coin and perhaps determine the denomination, but little else. An FR-2 shows enough detail to identify the type (e.g., you can tell it's a Lincoln cent vs. an Indian Head cent). These grades are typically only collected for extremely rare dates where any example is desirable.

About Good (AG-3)

The outline of the design is clear, and you can usually read the date and mint mark. Most other details are worn smooth. AG-3 coins are popular for building affordable type sets of early American coins.

Good (G-4 and G-6)

Major design elements are visible but flat. Peripheral lettering is usually complete and readable. The difference between G-4 and G-6 is subtle — G-6 shows slightly more detail in the design. Many collectors start their collections at the Good level because coins are identifiable and reasonably affordable.

Very Good (VG-8 and VG-10)

Design elements are clearly outlined, with some interior detail beginning to show. On a Liberty Seated coin, for example, you'd see the shield outline and some drapery lines. VG is often considered the "sweet spot" for circulated key date coins — enough detail to be attractive without the premium of higher grades.

Fine (F-12 and F-15)

Moderate even wear on the high points, but all major features are sharp and clear. On a Walking Liberty half dollar, Liberty's hand and the flag's folds would show moderate detail. Fine is where coins start to look genuinely appealing to most collectors.

Very Fine (VF-20, VF-25, VF-30, VF-35)

Light to moderate wear on high points only. Most design details are sharp. VF-20 shows more wear than VF-35. A VF Morgan dollar would display full feather detail on the eagle's breast with only the highest feathers showing wear. Many experienced collectors target VF as the best balance of eye appeal and value.

Extremely Fine (EF/XF-40 and EF-45)

Light wear only on the highest points of the design. All design details are sharp and clear. Original mint luster may be visible in protected areas. EF-45 is sometimes called "Choice Extremely Fine" and shows slightly less wear than EF-40. At this grade, coins are close to uncirculated and the distinction between EF-45 and AU-50 can be subtle.

About Uncirculated (AU-50, AU-53, AU-55, AU-58)

The most nuanced circulated grades. AU coins show only the slightest friction on the absolute highest points of the design. Most original mint luster remains. AU-58 is just one step below Mint State and can be extremely difficult to distinguish from MS-60 — the difference often comes down to a tiny flat spot on the highest point of the design.

AU-58 coins are sometimes called "sliders" because they're so close to uncirculated that they can "slide" past casual examination. This is one of the most important grade distinctions in numismatics because the price jump from AU-58 to MS-60 (and especially to MS-63 or MS-65) can be enormous.

Mint State Grades in Detail

Mint State coins have no wear whatsoever. The differences between MS-60 and MS-70 are based on:

• Contact marks — Bag marks, nicks, and abrasions from contact with other coins during the minting and distribution process.
• Luster — The quality and completeness of the coin's original mint bloom.
• Strike — How fully and sharply the design was impressed into the planchet.
• Eye appeal — The overall visual impression, including toning, surface quality, and aesthetic balance.

MS-60 to MS-62 (Uncirculated)

No wear, but the surfaces may have heavy contact marks, dull or impaired luster, or an unattractive appearance. MS-60 is technically uncirculated but can look rougher than an attractive AU-58. Many collectors avoid this range, preferring to step up to MS-63 or step down to AU-58.

MS-63 (Choice Uncirculated)

Moderate contact marks and blemishes, but reasonably attractive overall. Luster may be slightly impaired. This is often the entry point for collectors who want uncirculated coins without paying gem premiums.

MS-64 (Near Gem)

Few noticeable marks. Above-average luster, strike, and eye appeal. MS-64 represents excellent value for many series — significantly better looking than MS-63 but often priced well below MS-65.

MS-65 (Gem Uncirculated)

Strong luster, sharp strike, and only minor marks not immediately noticeable. Strong positive eye appeal. MS-65 is the traditional "gem" grade and is the standard quality level for serious collections and investment portfolios. The price premium from MS-64 to MS-65 is often 50–200% or more.

MS-66 and MS-67 (Superb Gem)

Outstanding quality with only the most trivial imperfections visible under magnification. These coins exhibit exceptional eye appeal, full luster, and a strong strike. Population drops off dramatically at these grades for most pre-modern coins, making them significantly rarer and more expensive than MS-65.

MS-68 through MS-70

Near-perfect to perfect coins. MS-68 and MS-69 may show the most trivial imperfections under careful examination. MS-70 means absolutely perfect — no marks, hairlines, or imperfections of any kind even under 5x magnification. MS-70 is achievable primarily for modern coins struck with advanced technology; pre-1950 coins in MS-70 are essentially nonexistent.

Practical Tips for Using the Scale

• Learn one series at a time — Grading a Morgan dollar is different from grading a Walking Liberty half. Each coin type wears differently and has different grading focal points.
• Study population reports — PCGS and NGC population data shows how many coins exist at each grade, which helps you understand relative rarity.
• Compare certified examples — Use PCGS CoinFacts and NGC Coin Explorer to study photos of coins at each grade level for the series you collect.
• Handle coins carefully — Hold coins by the edges only. Fingerprints can permanently damage a coin's surface and lower its grade.
• When in doubt, buy the coin, not the holder — Some coins in MS-65 holders look better than others. Always evaluate the actual coin, not just the label.

Up Next

Now that you understand every level of the Sheldon scale, the next article compares the two dominant grading services: PCGS vs. NGC — their histories, standards, and which one is right for your collection.