Definition of MS (Mint State)

What qualifies a coin to be graded in one of the MS categories? I assume coins in circulation can be graded MS, but if a coin has minor scratches from being in bags or circulation, no matter how minor, is the coin automatically disqualified from being grade in one of the MS categories?

 

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Ok here you have gradings from Mint State to Basal State, have a nice read!

Mint State (Unc) - Absolutely no trace of wear.

Mint state coins vary from MS-60 to MS-70. As I stated earlier, MS-70 is perfect. No blemishes, good strike, great color, and a lot of other really nit picky stuff. Trust me, any coin you have that isn't slabbed isn't MS-70. It's like winning the lottery, twice. An average shiny new penny from the supermarket is MS-63. A really pretty one with no easily visible marks is MS-65. If you have an average roll of new cents from the supermarket, 2-5 will be MS-60, 5-15 will be MS-61, 25-40 will be MS-63, 5-8 will be MS-64 and 1-2 will be MS-65. If you are exceptionally lucky, one will be MS-66. An MS-68 coin is one in 100,000!

Distinguishing the difference between these uncirculated grades is where most of the black magic in coin grading is. Even with years of experience, coin dealers will disagree about these grades. Even the professional grading services aren't 100% consistent within these grade levels. Some coins are very difficult case studies. European coin collectors think that this American system of grading uncirculated coins is just downright crazy.

Almost Uncirculated (AU) - Small trace of wear visible on the highest points

AU coins come in AU-50, AU-55 and AU-58. As a novice, you probably won't be able to tell the difference between AU and Unc coins. I know I have trouble a lot of the time. The most important thing in grading an AU coin is to know is where the high points are on a particular coin so that you can look for the minimal wear there. Practice by taking a new coin from the bank, rub it back and forth on your mouse pad vigorously a few times, and see if you can see the wear. Hold the coin nearly sideways in a bright light so that the light reflects at a low angle off the coin. Look for a difference in how the light reflects from most of the coin versus the very highest points. If it doesn't reflect off of the high points the same way as it does from the rest of the coin, then you probably have an AU coin. Note that most AU-58 coins look much better than most MS-60 coins. One of the weird things about coins is that an ugly uncirculated coin often sells for more than a beautiful coin with barely perceptible wear.

Extremely Fine (XF or EF) - Very light wear on only the highest points.

XF coins come in XF-40 and XF-45. With an XF coin, you can usually see the wear without messing around too much, but it is a very small amount of wear. There is often some of the mint luster left on the coin. Most of the devices on the coin are clearly defined. For each type of coin, there are different things to look for in determining if a coin meets this demanding grade.

Very Fine (VF) - Light to medium wear. All major features are sharp.

VF coins come in VF-20, VF-25, VF-30 and occasionally VF-35. The key word here is major. Minor features such as some of the finer hair detail, feathers, etc. will be worn. Take a roll of quarters from the bank. Most of the coins from 1976-1983 or so will likely grade VF. Personally, I specialize in VF coins because they show most of the detail of the coin and are a fraction of the cost of higher grade coins. While they show honest wear, they are still very attractive and detailed. Note that silver and copper coins wear faster than clad coins, so VF probably represents between 1-3 years of use.

Fine (F) - Moderate to heavy even wear. Entire design clear and bold.

Fine is labelled F-12 in the Sheldon scale. Your average 1965 quarter from circulation is Fine. A lot of the details are gone, but you can still see a good deal of the design.

Very Good (VG) - Well worn. Design clear, but flat and lacking details.

Very Good is VG-8 on the Sheldon scale. The entire design is weak, but a few details are visible. Full rims are nearly always a requirement for this grade. A full rim means that you can see a line around the edge of the coin where it was raised up.

Good (G) - Heavily worn. Design and legend visible but faint in spots.

On some coins, full rims are not required for this grade. You must be able to read the date and mint mark.

Almost Good (AG) - Outlined design. Parts of date and legend worn smooth.

This is a used up coin. You should be able to make out the date (possibly with some effort). Often, only parts of the last two digits will be visible.

Fair (Fair) - You can identify the coin as to its type.

There may be holes, it might be bent, or it might just have a LOT of honest wear. You may or may not see the date depending on the type and the nature of the wear. Fair coins are also sometimes called "filler" coins. That is because you can buy them very cheaply to fill the holes in your collection. Otherwise, you might never be able to afford the coin. Many people collect fair condition coins, especially the rarer dates and types. Dateless buffalo nickels, for example, are still worth about a dime. Some of the earlier type coins may be worth $50 or more in fair condition.

Basal State (Basal) - You can identify the lump of metal as being a coin.

Basil state coins have extraordinarily low value. A basil state large cent, for example, might sell for a nickel.

Exceptions

Occasionally, you will find a poorly struck coin that looks like it has wear, but is really uncirculated. To see a good example of this, look at the bottom of the shoulder of most uncirculated Lincoln cents from the mid to late 1990s. It will always look like it has a little wear, but it is just a problem with strike. While there is a premium for well struck coins, the primary determination of value is from wear. Some coins are nearly always weakly struck. For example, early coins from New Orleans often show weakness in striking. The reverse of many seated dimes is often weakly struck, etc.

Coins with scratches, holes, very dark toning, pitting, corrosion, fake color, retooling, repairs and other problems are severely downgraded.

Sometimes you will see coins graded in in-between numbers such as F-15 or VG-10 or VF/XF. There is typically not very much of a premium for these in-between grades, so in many cases they can represent a good value.

Some early silver and gold coins have adjustment marks. These do not effect the grade, but can affect the value in a similar fashion.

(Taken from: http://www.acoin.com/grading.htm)

Hope this helps

Ivan

 

From Photograde...

A MS coin is uncirculated or one that has never seen circulation. However, due to the minting process, bagging and other handling at the mint, and at various banks, the coins can show nicks, marks, scuffs and abrasions. A coin with numerous such marks would grade on the low end of the scale, MS60, whereas an absolutely perfect coin on the high end would be MS70.

MS65 would classify as an uncirculated coin that possesses only a few scattered bagmarks or hair lines, none to be disfiguring. It would be of excellent quality with an overall pleasing aspect.

 

OK, so they are saying that any coin that has been in circulation cannot be graded even as MS-60? If it was found in pocket change, no matter the condition, it can only be graded as high as a hihg end AU? also, to me, UNC. means it was never in circulation....

 

Thanks IvanV for the time you took to respond and the detail. I guess a very geenral conclusion is that it's somewhat ambiguous and depends on who's looking to buy or sell it. Makes it interesting.
I guess what I still don't definitely understand is whether a coin can have some minor scratches and still be graded as a low end MS (such as 60), especially if those cratches require a magnifying glass to see. I have a 2003 Roosevelt dime that I received in pocket change, and it is in excellent shape. I know it's not worth much until it gets into the MS65 or better grade, but I'll be damned if it isn't there now. However, i was wondering if because I found it in circulation in is automatically prevented form being even considered for a MS grade.

 

The key is WEAR. No wear (especially the high points) is MS. Let's assume you take that coin out of a bank roll that came directly from the mint. You were going to spend it, but decided to keep it. It probably is going to exhibit nicks and bag marks, but since it has no wear, it would grade MS...unless you stuck a finger print on it.

Any wear...the best it could graded is AU58 or AU59 (though I never seen a coin graded AU59). No wear...MS60 on up!

 

If this seems confusing, then welcome to the club. No matter what the technical definition, the fine line between what is and isn't uncirculated is in the eye of the beholder, and the best you can hope for is to get a concensus of opinion. If 40% or more of the opinions are the coin is circulated, that coin should be considered circulated. You will need 60% or better of opinions agreeing the coin is uncirculated to feel confident your coin will generally be accepted as uncirculated, especially something pulled from circulation.

 

Here is a little tip for you, Wal-Mart is a despensary for new coins, very often one of the first to have the new variety of the state quarters,New dimes,Nickels and cents,, you will find Mint state coins in wal marts change,, I have personally went through the line several times to get change when I ve recieved new coins in my change,,

 

Your so right Metalman,
At one time you could get rolls of Sacagawea Dollars in their yellow and brown rolls from Wally-world.

Do the higher grades of mint state not consider the probability of mint type damage but consider just the individual perfection of a given coin? And at what number do they start considering that a particular coin would have a certain amount of mint type damage, and just start grading per a certain type?

 

Skane:

I haven't got the Red Book yet (story in other topic) but in the Black Book you can find the different grades with details for different coins...very specific to what details to look in order to grade it.

 

Really didn't know that...I just know that coins with black finger print lines really get knocked down in grades (especially Red Lincolns).

Before you could talk about the coin (wear or no wear), a collector would state, "Nice coin if it wasn't for those black zebra finger print lines."

 

We're dancing around an elephant in the room. A lot of collectors use the terms "Mint-state" and "uncirculated" interchangably. They aren't quite the same thing. A 2005 cent just taken out of a roll in the local Piggly-Wiggly is still in Mint State. It's going to have some bag marks and such, but that's the extent of its wear. However, properly understood, it is "circulated." That's why I prefer the term "Mint State." Less confusion for me.

 

Very, very good read!
Thx

 

i used to think BU was step up from AU. But there really is no such grade as BU,eh? (according to numsmedia and others)

 

I'll have to look for that, that sounds like a good starting point and will have details about each coin...

 

A 2005 cent just taken out of a roll in the local Piggly-Wiggly is still in Mint State. It's going to have some bag marks and such, but that's the extent of its wear. However, properly understood, it is "circulated."

But unless you are omnipetent you have no way of knowing whether a coin that shows no wear has circulated or not. there are probably MANY slabbed MS coins that have actually circulated.

 

This is all to my point. I think that the consensus is that a coin that has been in circulation can be graded as one of the MS grades. If it was sent to a grading company, they will review it for wear and could potentially grade it in of the MS designations. My original question really was me trying to get a sense of direction on what I have found in circulation. I wanted to know if by virtue of the fact that it was in circulation automatically disqualified it from being graded as MS. I'm finding that the answer is that it does not automatically disqualify it, so if it was sent to a grading company they could grade it in one of the MS desginations.
The bottom line from all of your wonderful responses and thought provoking dialogue is that the nature of this hobby or business (depending on whom you are dealing with) is somewhat subjective with some basic guidelines, but no absolutes and the market for a certain coin in whatever condition is dictated by the those interested in certain type of coins in certain grades and ultimately the individual buyer and seller in any exchange really use their own thoughts at the time of the exchange as to the value of a coin. Grading information is only a guide.......no absolutes from what I can read. Thanks for all of your input. I guess I feel better that I could submit a circulated coin for slabbing and feel reasonably comfortable based on what I feel the coin could be in the range of it might actually be graded within that range.

 

can a lincoln cent with no wear but some green corrosion still be MS??