Stupid Grading Question Most Likely

PS Also, the other question I forgot to ask is... there are some blank areas in the RedBook For example, I have a 1999s Silver Quarter. It came with something I ordered before. I was told it was taken from Proof and put into a sleeve (cardboard/celephane holder. It was only touched supposedly that one time. In the book though, it only gives you a value on the Proof (PF-65). I would imagine this is NOT proof so how does value get determined on that? Value on that is 45 dollars. So would value just be determined on silver weight? Gawd; I am so naive.

The lowest is PO1 (Poor), FR2 (Fair), and AG3 (About good). For most coins they're not worth much in those grades unless they're extremely rare. A coin with a hole in it would be considered damaged and wouldn't bring much unless it's rare, and even if it is rare it will be worth significantly less than an undamaged one. Also the prices in the RedBook aren't exact but they should give you an idea on what a coin is worth. Sometimes the prices go for less than what's listed, sometimes more. Your best bet would be to look at online auction sites like teletrade, heritiage, ebay, etc to get an better idea of what goes for what. If you want to learn more about grading this book is pretty good: http://cgi.ebay.com/NUMISMATIC-ASSO...HB_W0QQitemZ220186633182QQihZ012QQcategoryZ530QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
They have pictures of coins in different conditions and writes ups on what is need for a specific grade.

Edit: Forgot to mention that there are no stupid questions, so don't be afraid to ask because that's how you learn.

Edit: Fixed a typo.

I have never heard of F-2 please explain the criteria ,,F has always been an indication of a Fine grade ?

It's a 1-70 scale. Depending on the numeric grade it's given a designation. Not all numbers are used, for example, Extremely Fine (or Extra Fine some call it) is grades EF-40 and EF-45. There is no such thing as EF-41.
PO-1 = Poor
FR-2 = Fair
AG-3 = About Good
G-4, G-6 = Good
VG8, VG10 = Very Good
F-12, F-15 = Fine
VF-20, VF-25, VF-30, VF-35 = Very Fine
EF-40, EF-45 = Extremely Fine
AU-50, AU-53, AU-55, AU-58 = About Uncirculated

MS-60 through MS-70 (the "perfect" coin) = Mint State. In mint state there is a numeric designation for every number between 60 and 70. MS-60, MS-61, MS-62, etc.

The most common MS designation is probably MS-63, except for modern coins which are easily found in MS-65. Special minted coins, such as the new Liberty Walkers, were minted with greater care and packaged for collectors so they're easily found in MS-68 and MS-69. Certified and slabbed MS-70 examples go for a premium.

You will almost never, ever see a certified MS-70 business strike coin. And you definitely will never find a 70 vintage coin.

The one digit increments of mint state gives you ELEVEN! grades of an "uncirculated" coin. Many argue that grading is subjective (it is) and it blurs the lines of clear cut grading. One man's 64 could be another man's 65, and such is even the case with professional graders from the same company. What's worse, some coins cost hundreds in 64 and many thousands in 65.

The difference between an EF-40 and EF-45 is subtle, but usually easy to decipher. Such is not the case for MS coins that are one digit apart.

One might ask how there can be varying degrees of mint state? Not all coins are the same once they leave the mint. They will have nicks, tiny scratches, contact marks or other imperfections. This is caused by the minting process, packaging, storing and transport. Some may also be more weakly struck than others. Such subtle differences between truly uncirculated coins are another reason I think having eleven MS grades is absurd. But it is what it is.

I had asked a question a few days ago about holed coins--I have a lot of them . I still don't know what to do with them, but one of the group said that there are collectors that might collect holed coins. Thought it was interesting!
Gussyboy

Dahoov,

Don't feel bad. I've been collecting for over 40 years and I'm still learning, too. Here's a few tidbits that address some of your questions:

In general, Good (G-4) is considered the lowest "collectible" grade. The exceptions are for extremely old coins (check RedBook's prices for Half Cents and large cents with dates in the 1790s) and extremely rare coins.

Buffalo nickels with no dates have little numismatic value. I do see ads in Coin World magazine offering to buy them for 17 cents each, so they do have some value.

Proof is a specific method of producing a coin. A Proof coin that has been touched (or even damaged or placed into circulation) is still a Proof coin. It might end up as a PR-60 (with a fingerprint or a scratch) or PR-50 (if circulated).

There is a market for damaged and dateless coins. These coins don't sell for much, but definitely over face value (assuming they are over 50 years old or so).

After years of practice, I feel reasonably competent grading circulated coins. Not so with uncirculated (MS60-70) coins; but my personal interest is in old circulated coins, so I have never spent the time required to get good at telling a MS-63 from a MS-64. Practice is the key.

RedBook is a fantastic reference book. It is a mediocre price guide, but does a decent job giving a ballpark figure.

All U. S. coins are legally worth face value, even if damaged.