US Coin Grades Explained

If I send a coin let's say to PCGS for grading and it has some variation that I did not know about will they add this variety/variation to the slab when they grade it even though I didnlt ask them to?

Early in this link it had the link to coingrading.com This was the same book I use. I purchased his book and was very pleased with it and started applying his formula which can be seen here http://www.coingrading.com/grade1.html

I had heard a long time ago when a bunch of professional dealers got together and decided to grade coins to compare the ratings they also brought in some wives etc. that did not have a clue. They gave each member the same instructions and then sat back and watched. The novice folks graded almost the same as the professionals. All that was important was a "basic" formula of which the above is.

I decided to try my own experiment based on this as well. I had a new collector start buying from me. I taught him a lot about coins and then told him I wanted to perform an experiment with him. We chose some bu coins he wanted and then we both proceeded to grade them. True to form we both came out exactly the same in every instance but one. The last instance was about strike and eye appeal with a penny of which I had a lot of experience with and he had none. Once I showed him the details and explained why I graded it slightly higher in a couple of catagories which affected the final grade (he called it a ms 63 and I called it a 64) he fully agreed with me and modified his numbers so we came to the same grade yet again. The only difference between the two of us was years of experience. My 30+ years of playing with coins to his few months. Everything else (grading standards) being equal. I love the above formula and regularly use it with customers when we decide on a grade and price of a mint state coin. I let my customers grade the coins and that solves a lot of conflict and disagreement. We simply use the RedBook and the ANA grading guide and the rest as they say is history! On a seperate note I have seen pcgs graded coins I thought were both overgraded and undergraded so will second the motion that pcgs is not as consistant as I think it should be. I guess that is why I like the one here. Sincerely, John Leckrone

From - "the Coin Dealer newsletter"
"Greysheet Grading Standards"
MS60 - Unc.: May not have full mint luster, may be dull, toned or show no wear or damage. May be bagmarked and or weakly struck.

MS63 - Choice BU: Brilliant Uncirculated (may exhibit some toning, but it should not be so dark as to hide any problems); will have minor bagmarks and may show weakness of strike. Above average coins!

MS64 - Distinct BU: Far and away nicer than MS63, yet a near miss MS65. Few contact marks in field, only minor marks on main devices. Full strike, with eye-appeal. Attractive toning is permissible.

MS65 - Gem BU: Sharp, full strike, full luster. No major distractions in field or on main devices. Attractive toning is permissible. A very few coins make this grade! Must have eye-appeal!

MS-67 - Superb BU: Will be 100% fully struck and virtually perfect in all other respects. Prices of such seldom encountered specimens are based upon the merits of each coin. They range from very scarce to unknown according to date!

Thank you all for your replies very helpful.

The "M" is the designer's initial and not a mint mark. Hermon MacNeil.
E-PLYRIG VHYM is E Pluribus Unum - one out of many.

There is an excellent post about identifying a 1916 which has the date worn off:

http://goccf.com/t/142013#.UTk0Bnd1NnA

Start here and you will be fine. Welcome.

nice post

You realize he hasn't visited here in more than a year, right? All you have to do is click on a username to see a member's Profile - it lists their last visit date.

Circulated Proofs are graded on the usual Sheldon scale - PR40 is an acceptable grade, for instance.

This interests me ... even descriptions of grades can differ ... subjective !?

No wonder, when it comes to actual TPG, there are such strenuous debates on how they grade/slab ... personally, I have questioned/disagreed etc. on my own submissions.