How Coin Auctioneers Describe Condition and Grade
A guide to the grading language that is used in the catalogues of coin auctioneers. Most grading language is based on a standard system and once you understand the grades and the terms that are used to describe the condition of a particular coin, you will soon be able to read with confidence the descriptions of coins in the catalogues of most auctioneers of coins.
Poor to Fair
The worst of the worn coins are described as Poor. These coins are of a Type that one can recognise, but that is all. Heavy wear, and surface defects such as pitting and scratches, are typical of coins graded as Poor. These coins are not often bid on by serious collectors. They are rare enough in good condition, so in poor condition, they are not of interest to most.
Fine and Very Fine
A coin graded Fine would have been well used as change. The highest points of the coin, such as the cheek of the monarch or the tops of the letters, would have worn down to a smooth surface. A Very Fine (VF) coin would have similar wear but only a light wear on the raised surface features. On a VF coin the hair or leaves on the raised surface features would be partially visible. The legends would be sharp and clear.
Extremely Fine and Uncirculated
Extremely Fine: Minimal wear on the highest points of the coin. Hair and small details such as the veins on leaves are usually visible. Legends are sharp. As a rule of thumb, Extremely Fine coins show only very light wear. Uncirculated: The coin has never been spent. The surface and details are perfect with no wear of any kind. Look for original mint luster (or bloom) and a cartwheel appearance that quickly disappears as the coin is handled.
Fleur de Coin
Fleur de Coin (FDC): The very best of the best coins are graded Fleur de Coin. They have perfect detail, and are perfectly brilliant (full lustre). Contact marks of any kind are strictly excluded from this highest of grades. In circulated Uncirculated coins Fleur de Coin issues are exceptional and command a premium at auction.
Grading Qualifiers
When grading a coin the auctioneer will sometimes use some qualifying words to his description of the coin. Good, almost and about are the most common words found. For example a Good VF would be a coin graded VF but it would also fall into the category of an Extremely Fine. An Almost EF would be a coin graded EF but it would not quite make that grade and would fall into the category of a Fine to Very Fine. These small gradations in a coin’s grade can mean a lot of money at an auction, so it is very important that you read the full description of a coin in a catalogue.
Remember that every step up the grading scale has a greater impact on the price of the coin than you might realise. So take the time to read the full description of the coin before you place your bid.