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Coin Grading: Which Company To Choose

There are quite a few Coin Grading companies to choose from. In my opinion there are three (3) Tiers in which I have placed these companies, based on their popularity and reliability among most collectors and experts.

I. FIRST TIER

a. Professional Coin Grading Service (PCGS) - 1985 - founded by small group of the nation's leading coin experts for rare coins industry.

b. Numismatic Guarantee Corp. (NGC) - 1987 - official grading service of ANA ( American Numismatic Assoc.) and PNG (Professional Numismatic Guild).

II. SECOND TIER

a. American Numismatic Association Certification Service (ANACS) - founded in 1972 by ANA; sold to Amos Press in 1990; acquired by Driving Force LLC in 2007 - Service I use for Coin Errors.

b. Independent Coin Graders (ICG) - 1998 - truly independent third-party grading service.

III. THIRD TIER - Every other company that calls itself a Grading Service

My two (2) basic rules are:

1. ALWAYS use/buy from First & Second Tier services.

2. NEVER use/buy from Third Tier services.

"Why?" you may ask. The short and simple response is over-graded coins. You see many if not most of the Third Tier Services feature coins graded by the seller.

My other warning is about counterfeit slabs (professionally graded and encapsulated coins) that claim to be from one of the Top Two Tier services. To avoid that trap, only buy from reputable sellers.

Educate yourself and learn BEFORE you buy. Trust me; you'll be glad you did.

Grading: Understanding Coin Grades - Part 1

Here's an abbreviated course on Coin Grading. It's a good start for those wishing to understand it, as well as a nice review for those who do.

First a disclaimer - "Gradeflation" is all around us. Inflating grades to a higher than deserved level is nothing new; it's just becoming more prevalent. An assigned "Grade" is just one person's opinion. My advice - Buy what appeals to you at the right price for you.

GLOSSARY

   Contact Marks - caused by contact with other coins
   Design - main image, usually raised, on obverse and reverse
   Edge - can be smooth or reeded and may have lettering and/or date and mint
   Feature - portion(s) of Design
   Luster - amount of light reflected on coin's surface
   Proof - made with highly polished dies and aimed at collectors, not ciru;ation
   Rim - raised area around area near Edge

Without further delay, let's explore the Sheldon Scale of grading coins, created by American numismatist Dr. William H. Sheldon in 1949. This scale has become widely known and firmly accepted as the standard for coin grading in the US. The scale runs from 1 to 70.

   - POOR (P) 1 - badly damaged with very smooth surface due to wear
   - FAIR (FR) 2 - type and date barely visible, damaged, extremely worn
   - ABOUT GOOD (AG) 3 - some lettering, date, etc. worn smooth
   - GOOD (G) 4-6 - areas of major raised design(s) faint
   - VERY GOOD (VG) 8-10 - well-worn but with full rim with clear outlines of design(s) and features
   - FINE (F) 12-20 - moderate or more wear but with bold with clear design(s) and overall attractive appearance
   - VERY FINE (VF) 25-35 - good detail, clearly readable, and clean rim
   - EXTREMELY FINE (EF) 40-45 - lightly worn with sharp and well-defined features
   - ABOUT UNCIRCULATED (AU) 50-58 - hardly any wear except for high points of design with about half of original luster
   - MINT STATE (MS)/UNCIRCULATED (UNC) 60-70 - uncirculated with no trace of wear but does have contact marks and/or lack of luster and/or spots
   - PROOF (PR) 60-70 - uncirculated with highly defined design(s) and mirror-like surfaces, may have small contact marks and hairline cracks possible, almost full to full luster

Two (2) useful reference books are "Grading Coins by Photographs" ($15-20) and "The American Numismatic Association Grading Standards for U.S. Coins" ($16-20). There also numerous helpful online resources.

Now you know the basics of Coin Grading. Time and experience will refine your abilities.

Coin Grading: Which Company To Choose

Grading: Understanding Coin Grades - Part 1

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