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Coin grading
terminology
GEM CHU UNC aUNC gEF EF aEF gVF VF Fine VG Good Fair Poor
The
grading of coins has always been a bone of contention. Many
different grading systems are used the world over - all to describe
what basically amounts to a lump of metal. But grading is important,
both for the beginner and the experienced numismatist. I give credit
to Klaus Ford for championing the system of grading used by our
company & most of the industry. Thanks to
his tireless efforts, we are now able to bring you the entire
unabridged copy of his grading standard.
Preface
This grading standard for
Australian pre-decimal coinage is a reflection of the way in which
most Australian auction houses and coin dealers grade the coins
which they offer for sale. However, not all are using similar terms
or definitions, and in some instances, only vague definitions, if
any, are available. This standard attempts to select the most
commonly used terms and give them a definition as accurately as
possible.
The aim of this
document is to assist especially new collectors in obtaining
knowledge which will make it possible for them to make an informed
judgement as to the grade, and therefore the value of the coin they
may purchase. It should go a long way towards instilling confidence
in one of the most enjoyable hobbies a person may pursue. - Klaus
Ford
Philosophy
Grading of Australian coins has
become a somewhat controversial subject in recent times. Attempts to
introduce a Numerical Grading System which originated in the USA are
being made. Klaus' thoughts on this issue were published in the June
1995 Australian Coin Review, and collectors who are new to our
wonderful hobby or who have missed the original article can obtain
one by contacting Mr. Ford direct.
We, as Professional Numismatists,
have much to answer for the frigidity and indecisiveness with which
we have treated the issue of grading coins in the past. Whilst our
"unofficial system" has and is serving us well in the area "Below
Uncirculated", it certainly is not doing so where it counts most and
where real money is involved: The condition of Uncirculated. The
solution as we see it is twofold.
FIRSTLY, an authoritative
body, preferably from within the numismatic industry must be called
upon to consider the issue with the aim of establishing a standard
with detailed definitions. At this moment in time, those bodies
might be
ANDA - the
Australian Numismatic Dealer's Association,
and the
Numismatic Association of Australia.
SECONDLY, once a definitive
standard has been established, it must be made available in print,
be widely promulgated and promoted, and most importantly it must be
accessible to anyone who wants to show an interest. Professional
dealers would be expected to use and support it. With the authority
of the two organisations mentioned above behind it, acceptance of
the standard is virtually guaranteed. A degree of regulation may be
imposed.
Most professional dealers and
established collectors have a fair expertise in assessing the
condition of a coin and relating a value to the result, especially
if that coin belongs to a series in which they may specialize.
Unfortunately that expertise is currently fairly difficult to
procure, as it will only be obtained by constant and intensive
involvement with the hobby. It is the lack of uniform descriptive
terminology and detailed definitions which is of most concern,
particularly to those collectors and investors who are willing to
get involved, but are frustrated by the lack of uniformity.
With little or no sign of a
solution to the issue emanating from any authoritative body within
the numismatic industry, it is little wonder that private interests
attempt to address the problem. What we should, however, be aware
of, is that problems can provide the breeding and spawning ground
for seemingly meritorious solutions, which some time down the track
can leave us with an even bigger problem than that with which we
began. Any proposed solutions then, ought be open to thorough
examination. If they are presented in a "fait accompli" fashion,
then they can expect criticism and detailed analysis.
The unsolicited appearance of a
Numerical Grading Standard in this country is and has in our opinion
caused considerable confusion with many collectors and investors
looking to assemble a collection or portfolio of coins in high
grade. The most contentious feature of the system is also the most
important one, as it involves REAL MONEY. The Standard suggests a
graduation of the condition UNCIRCULATED into ELEVEN DIVISIONS!!
The intent and purpose of this
philosophy is not to examine in detail why such numerous divisions
for one grade is, in the eyes of many numismatists,
unworkable. The well known and respected British numismatist, dealer
and catalogue publisher, Richard Lobel simply calls it "crazy". We
will however, offer some thoughts and comments on the issue.
- In the USA, where the standard
has been used, opinions and definitions of the individual grades
have changed since its introduction. In some cases
significantly.
- Whilst the standard was
adopted in the 1970's, some 25 years later there is still no
significant uniformity to be found in definition procedures.
Companies offer opinions on your coins for a fee.
- A basic criteria of any
workable grading standard for coins must be a high likelihood of
reproduction of a similar grade by different experts. In the
States, as numerous tests have shown, the numerical standard -
especially at the upper end where it matters most, has on many
occasions failed to achieve that aim.
The condition of a coin will always
embody a degree of subjectiveness, even in the eyes of experts.
Coins are simply not obliging critters. They can rarely be slotted
into convenient pigeon holes. Remember the catch twenty-two of
grading coins - the more pigeon holes you provide, the greater the
degree of error! When one is faced with a tenfold difference in
price between one grade and another - say MS64 to MS65 - as can be
the case in the USA, one had better be certain about the correct
grade one wishes to purchase! If a buyer is confident about the
integrity of the seller and the assigned grade of the coin, there
may well be no need to ever acquire skill in the art of grading.
However in a world where it appears acceptable to stand on a
football field and seemingly proclaim with justification that the
Earth is flat, a healthy level of knowledge about any issue one is
likely to encounter is not only desirable but smart. If the tools to
acquire such knowledge are not supplied by the purveyors of the
concept then I for one will have no part in it.
So is there ANY good news at all?
For those of you who are new to the hobby trying to understand what
the hell we are all on about...
THERE CERTAINLY IS !!!
What has not changed are the coins
themselves. They are still exactly the way they were yesterday! And
the vast majority of dealers and collectors still grade them in the
same way today, using familiar terminology. In our opinion, in
essence, this will continue to be so tomorrow. The only "change" (if
it can be called that) which should and is likely to occur is a more
definitive and uniform Grading Standard, especially in the area of
UNC. Whilst I hope to see the issues involved being addressed in the
not too distant future by greater authorities than yours truly or
any other private interests, as a numismatist with 20 years
experience in the industry I will present you with my version of
what grading coins is, in actual fact, all about, and what it should
be about where at present it appears vague. You will see that much
of what you read is the same as in any coin guide, though my
definitions are more detailed as they include many important aspects
one should take into account when grading a coin. I am sure that
what I offer here will not be the last word on the subject, and I am
asking you all for
comments
and suggestions regarding this guide.
This Standard, and the issue of
grading Australian coins will be on the agenda of the
Australian Numismatic Dealers Association
in the not too distant future, where it will no doubt come under
scrutiny and criticism, hopefully constructively. In the meantime it
is our opinion and hope that what you will find in the next few
pages will convey, especially to the budding collector, a fair and
reasonably comprehensive picture of what the grading of Australian
Pre-decimal and decimal coins is and should be about.
Principles and Purpose
This Standard favours the
adjectival terms used by most Australian coin dealers and auction
houses when describing the condition of a coin. It attempts to offer
a uniformly acceptable approach to the terminology used for the
purpose. In areas where more than one term is currently being used
to describe a similar meaning, it settles for one. In other areas it
uses percentages and parameters as a means of conveying a picture.
On one occasion it offers not a new term but a new way of expressing
an existing term in a condensed manner - (CHU = Choice
Uncirculated). Nothing about this system is claiming to be
revolutionary; most has been, and in various ways is being, used
right now! But therein lies the problem - IT IS NOT USED UNIFORMLY,
and because of this is viewed at first suspiciously, then cynically,
and in too many cases with eventual resignation by new collectors
who often just give up and walk away......
A definitive and uncomplicated
standard which is used by all and is freely available should go a
long way toward promoting interest in the hobby and confidence in
those who may be considering taking it up.
When establishing definitions for
the individual grades, all major aspects which affect the grade and
value of the coin were taken into consideration. The aim is not to
produce a scientific analysis or account for every single
peculiarity which may affect individual coins from date to date.
Maybe someday we'll see someone undertake such a daunting task, and
good luck to the poor sucker I say! What has been attempted here is
to present a concept which is reasonably easy to follow and which
can be understood without years of study. A tool which sellers can
use to offer their wares using descriptive terminology which is
relating most of the important aspects needed to visualize a coin.
At the same time it allows the purchaser to make a judgement by
reference to the definitions, which in turn, with the help of a
reputable coin guide, should result in a fair assessment of the
value of a coin.
What this standard and in effect
any standard, cannot do, is to avoid misuse if misuse is the
intention. However, by defining the terms and making them freely
available to everyone, a purchaser should have a reasonable chance
of assessing the value of a coin, and making a judgement based both
on the coin itself and the integrity of the dealer as to whether or
not to proceed with the purchase.
What you can expect from this
standard is a common sense approach to what is no easy subject in
more ways than one. As time goes by, it is likely that I will be
made aware by colleagues and collectors about aspects which may need
to be included, or changes that may need to be made. I doubt,
however, that such further changes will affect the integrity of the
principles behind this guide.
Readers are advised to consult
Greg McDonald's publication
"Collecting and Investing in Australian Coins and Banknotes" and the
relevant section on grading coins. The many illustrations and
comments, when used in conjunction with this guide will further
assist in coming to grips with what can seem to be a difficult
subject area.
Experienced numismatic dealers and
collectors will probably not easily be swayed to make even the
slightest changes to their ingrained habits; nevertheless their
comments will be greatly
appreciated. New collectors to the hobby will however find that by
using this Standard they should, in a relatively short time and
within realistic parameters, be able to grade a coin and estimate a
fair value. And that should be important to all of us.
Technical Introduction
This grading standard advocates
FOUR grades of Uncirculated. All terms used to define those four
grades are familiar to Australian collectors, with the exception of
the term CHU in its abbreviated form. It simply means "Choice
Uncirculated" and as such is already widely used. "CHU" can be a
very useful abbreviation in advertising where space may be a
consideration.
Opinions as to what constitutes an
uncirculated coin vary widely. Most are coloured by vested
interests, depending on whose point of view you are taking - be it
the buyer's or the seller's. Taken in its purest form there
should only be one instance where a coin is uncirculated, and
that is at the moment it has been minted. In reality and for all
practical purposes, this is NOT a realistic
expectation!
Definitive Terms:
Initially then, a consensus must be reached as to which terms and
how many should be used to describe the various impediments an
uncirculated coin may display. This standard offers the following
suggestions -
The Four Grades of Uncirculated in Descending Order
FDC - Fleur de Coin
English "Flower of the die" - A well established term in
numismatics, referring to the best possible condition. It is widely
used internationally.
GEM - Gem Uncirculated
A familiar and already often used term to describe a nearly but not
quite perfect coin. Gem engenders a high degree of quality.
CHU - Choice Uncirculated
An abbreviation for choice uncirculated makes a most useful
condensation in advertising where space is a consideration - (Why
hasn't anyone thought of this before?). May also be used in its
un-abbreviated form if so desired.
UNC - Uncirculated
An abbreviation for "Uncirculated - typical".
All of the above terms are being
used by Australian dealers and collectors. What has been missing is
an official definition with the basic criteria of four grades for
uncirculated coins in place. What we need next is a reference scale
of characteristics affecting the grade of a coin. This in turn will
allow us to consider a definition that describes the coin more
accurately.
Characteristics Affecting the Grading of a Coin
-
Quality of Strike: weak or
strong, die cracks, coarse fields.
-
Detracting Marks: a
collective term for bag marks, contact marks, abrasions, rim
nicks, hairlines, scratches etc.
-
Lustre: degree of (for
silver coins).
-
Brilliance: degree of (for
copper coins). This standard takes the view that if present,
brilliance is the most appropriate term to use in relation to
the colour of a copper coin.
-
Toning or Patina: degree of
colour.
-
Eye Appeal: the aesthetic
appeal of a coin. This condition relates to all of the above. It
does also include considerations relating to the placement of
characteristics 1 and 2 in focal areas.
-
Wear: self explanatory but
initially not an issue with the four grades of unc to fdc.
Not considered are the more serious
defects such as graffiti, verdigris, severe detracting marks and
obvious damage as well as unprofessional attempts at cleaning. Such
problems should always be mentioned in addition to the grading of
the coin.
Having established a definitive
grading scale and characteristics affecting the grade of a coin, we
can now attempt to put into words a definitive grading standard
which does not solely rely on subjective interpretation, or to put
it in the vernacular, "a gut feeling".
Additional comment:
Split Grades: On some occasions the condition of the Obverse
as related to the Reverse of a coin may differ. Therefore, in the
interests of accuracy - and only if necessary - this standard
favours dual grades i.e.: the obverse of the coin - the
monarch's head - is graded first for example CHU / UNC.
Percentages: Most people
will be familiar with the mathematics of Percentages or (%) . Where
it is reasonable, percentages are used to illustrate a point.
Parameters are suggested where they may be feasible.
Relating Grade to Value: It
is suggested that the latest edition of a current coin guide is used
when assessing the Value of a coin. My personal preference lies with
the McDonald publications. McDonald uses the grades UNC and BU at
the upper end of the scale. The following is the same as related to
my grading scale:
This
standards' grade as opposed to McDonalds' grade and value
UNC
.......... UNC - TYPICAL
CHU
.......... UNC +20% to 40% of given value
GEM .......... BU
FDC
.......... BU+++
The value of the grade FDC is the
hardest to assess. As coins in such high grade are scarce even in
common dates, and RARE in the pre-1938 area, value is usually
speculative. Whenever a rare date qualifying for the grade FDC is
offered at auction, it tends to bring record prices. These prices
are often well in excess of the highest graded price listed in any
coin catalogue or Guide.
In the Circulated range:
Coins graded with the adjective "g" for "good" as in gVF are worth
approximately 15% to 30% above the listed price for the main grade.
On occasions, general numismatic terms may be used with this
Standard which may be unfamiliar to new collectors. Please consult
the glossaries of your coin catalogue or Guide for the definitions
of these terms.
GRADING STANDARD
For Australian Pre-Decimal
Commonwealth & Decimal Coins -
Circulation Type
By Klaus
Ford.
FDC =
Fleur De Coin
SILVER COINS: A perfect or virtually perfect coin. A sharp
strike with details fully formed. Slightest hint of one or two
detracting marks or die cracks may be visible under three times plus
magnification only. Full mint lustre may be present. If a coin
features attractive toning (Patina) with considerable eye appeal
then this may be described as FDC-AT being FDC-Attractive
toning. Eye appeal is outstanding and "KNOCKS YOU OUT".
COPPER COINS: Toning or
lack of Brilliance is less acceptable on copper coins. A copper coin
graded FDC must have 95%+ of its original Brilliance. Due to
the various shades of brilliance possible on copper coins,
adjectives such as "blazing red", "deep orange" etc.
are permissible. All other minor imperfections, as for silver coins,
are acceptable.
ADDITIONAL NOTES ON THE
GRADE FDC: Whilst there is little disagreement between
numismatists that the term FDC implies the best quality
available, some do argue that this term should be reserved for proof
coins only. However, PROOF is not a term relating to the
condition of a coin but rather to the method of manufacture. FDC
is a term relating to the condition, and this standard takes the
view that it can be applied to either proof coins or to exceptional
circulation strike coins. What is important is the definition of the
term FDC, and that clearly relates to condition rather than
method of manufacture.
Another concern may be the acceptance of
minute imperfections with the definition of the term FDC.
This standard takes the view that NO COIN STRUCK FOR CIRCULATION IS
EVER ABSOLUTELY PERFECT! Under strong magnification, even coins
deserving the highest of praise will show minute flaws. It is the
degree of these flaws with which we need to be concerned. Parameters
for this are difficult to establish, but it may help if we were to
picture the full range of conditions from the lower end of UNC
to the top grade of FDC as per the definitions here. For a
coin to grade as FDC it should be in the top 2% of that
range.
GEM =
GEM-UNCIRCULATED
SILVER COINS: A hint of flatness of strike. Just a few
detracting marks may be visible to the naked eye. Insignificant die
cracks may be present. Almost full mint lustre is evident. Toning or
patina must be fairly attractive and if so described as GEM-AT
(GEM-Attractive Toning). Lots of eye appeal is present.
COPPER COINS: Brilliance
may range from Fully Brilliant (= GEM-FB) to Fully
Toned (= GEM-FT). GEM-FB describes a coin which is
GEM Fully Brilliant. From this grade on and below, brilliance
remaining may be described in percent. This is optional. Thus:
GEM-50%B will describe a coin retaining 50% of brilliance.
Increments of brilliance are: 25%B - 50%B - 75%B - 90%B. Parameters
for percentages; see below. A copper coin with only Traces of
Brilliance (i.e.. less than 15%) may be described as GEM-TRB
or GEM showing traces of brilliance. A Fully Toned
copper coin is GEM-FT or GEM Fully Toned. Adjectives
like "Blazing Red", "Deep Orange", etc. may be used.
All other criteria as for silver coins.
IMPORTANT NOTE: This Standard takes
the view that a coin which has developed an unattractive patina,
(blotchy, or aesthetically unappealing toning), cannot receive the
grades FDC or GEM.
IMPORTANT NOTE, OPTIONAL
ADJECTIVES: In the context of this Standard, the use of the
following additional adjectives is optional. They are included
merely because they may be useful in advertising where space is a
consideration. If an advertiser has space available to relate a
degree of brilliance or toning in a more descriptive manner, then he
may choose to assign the main grade to a coin, and then add an
appropriate description of brilliance or toning, colour or patina in
a more wordy way.
Additional
Adjectives and Parameters for Brilliance on Copper Coins
BRILLIANCE on copper coins, and the degree of it remaining, is a
most important issue for collectors who wish to purchase the series
in high grade. A way should then be found to adjectivally draw a
picture of the actual status of that brilliance or the lack of it.
This standard will use additional adjectives to address the issue.
These additional adjectives are :
Actual brilliance, if present,
should be indicated by a percent value and adjective after the main
grade and limited by parameters. The following increments are
suggested:
25% - 50%
- 75% - 90%
Using the main grade, GEM, the
following are examples of the use of additional adjectives and the
parameters for their application:
- GEM-FT = GEM-Fully Toned
- GEM-TRB = GEM-Traces of
brilliance - about 1% to 14%
- GEM-25%B = GEM 15 to 40% of
Brilliance
- GEM-50%B = GEM 41 to 60% of
Brilliance
- GEM-75%B = GEM 61 to 85% of
Brilliance
- GEM-90%B = GEM 86 to 95% of
Brilliance
- GEM-FB = GEM-Fully Brilliant (96
to 100% Brilliance)
The above additional adjectives
do not take into account the different shades of colour which
especially a copper coin may feature. The attractiveness and
desirability of coins displaying such attributes is very much in the
eye of the beholder. The effect which they may have on the value of
a coin should not concern us here, though this may become a
negotiating point when it comes to selling or buying such a coin.
Additional
Adjectives for Description of Silver Coins
This Standard
takes the view that lustre on silver coins cannot be expressed in
percentages with the same definitive qualities as with brilliance on
copper. It is therefore recommended in instances where lustre is not
in keeping with the grade of the coin, expressions such as "Full
Mint Bloom" or "Underlying Lustre" are appropriate.
However in order to facilitate the use of condensed terms for toned
silver coins (coloured, patinated), this Standard will settle for
two additional adjectives:
AT = ATTRACTIVE
TONING
T = TONED (no matter to what degree)
For example: GEM-AT and CHU-T
As with most aspects relating
to grading coins, an absolute precise judgement is next to
impossible to make. There will always be a coin which is on the
borderline between one grade and another, no matter where that
borderline is placed. However, within stated parameters, percentage
steps for degree of brilliance on copper should be assessable within
an accuracy range of two steps at the worst. Greater errors are more
likely due to optimistic interpretations of the Standard rather than
the Standard itself!
ADDITIONAL COMMENT: From this grade
on and below, definitions for Silver and Copper coins are similar.
Brilliance remaining on silver and toning on copper should be
mentioned as earlier discussed if so desired.
CHU = Choice
Uncirculated
SILVER COINS: Still fairly well struck but small details of the
design, especially on the high points, may not be fully formed. Lack
of such detail must not be confused with wear. Detracting marks are
of a fairly minor nature but may be seen with the naked eye.
Moderate die cracks may be present, but should be mentioned if
significant. Mint Lustre is apparent but may appear subdued. Toning
or Patina may neither enhance nor detract from the overall eye
appeal. It may be mentioned as CHU-AT if aesthetically
appealing or as CHU-T if not particularly attractive. Overall
though eye appeal is pleasing.
COPPER COINS: Brilliance
may range from fully brilliant to fully toned and is indicated by
the appropriate adjective or percentage. If all other criteria for
CHU as for Silver coins is met, adjectives for brilliance or
toning are the same as previously explained.
UNC =
Uncirculated Typical
SILVER and COPPER COINS: As the term would suggest, a
coin which has seen little, if any, circulation in the commercial
sense. Wear is not apparent to the naked eye, though slight rubbing
or cabinet friction may be present under magnification. A coin may
feature some flatness of strike, which may be common for that date
and type. UNC allows for a number of relatively small but
nevertheless obvious detracting contact marks visible to the naked
eye. Significant marks must be separately mentioned. Lustre on
silver may be subdued, possibly from well worn dies. Eye appeal is
still pleasing.
ADDITIONAL COMMENT:
This Standard takes the view that a coin which is "weakly struck as
usual for type" cannot receive the grades FDC or GEM,
even if it would qualify in every other respect for those grades.
The highest grade which can be given to such a coin, assuming its
condition meets all other criteria required, is CHU or
Choice Uncirculated.
Grades Below Uncirculated
For the purpose of
conformity we have settled with the adjectives "a" for "almost"
and "g" for "good" to describe coins which are "not
quite" or "a little better than" the main grade. These
grades are referred to as intermediate grades.
IMPORTANT NOTE: From
this point on, WEAR becomes the predominant criteria when
considering the condition of a coin. The degree of wear allowable
for a particular grade is often quite difficult to define in words.
Most coin guides offer only definitions of the main grade leaving
definitions for intermediate grades at the discretion of your
imagination! This Standard will attempt to also define those
intermediate grades in a comprehensible manner, one which allows the
reader to visualize the item being described. In addition it will
use percentages for wear to reinforce the picture. It is realized
that not everyone is comfortable with the use of percentages in this
manner, yet others have commented favourably. If you are not at ease
with percentages then disregard them for the purpose of definition.
IMPORTANT : Wear in percent relates to the main design area of a
coin, and initially to its highest points.
aUNC = almost
Uncirculated
Similar to UNC but with faint traces of wear to the highest
points of the design. Expressed in percent, this would not amount to
any more than 2%. Care must be taken not to mistake a flat strike
with wear. A few more detracting marks as for UNC may be
apparent, but none must be of a serious nature. Some lustre on
silver or brilliance on copper may still be apparent. For copper
this may be expressed in percent as discussed for GEM. If
there is no brilliance on a copper coin a simple aUNC will
suffice. Eye appeal is virtually the same as for UNC.
gEF = good
Extra Fine
Wear is a
little more evident than with the previous grade and can just be
seen with the naked eye. It may extend to all the high points of the
design. Expressed in percent, this would not amount to more than 5%.
Detracting marks now include some light contact marks obviously
originating from circulation. Very light hairline scratches may be
visible to the naked eye, usually in the fields. Some lustre or
brilliance may still be evident in "protected areas". Overall a coin
with nice eye appeal.
EF = Extra
Fine
Light overall
wear on the high points of the design now easily visible with the
naked eye. Expressed in percent, this would not amount to more than
10%. Care must be taken not to mistake a weakly struck UNC
coin for EF. Detracting marks are just a few more in number
than for the previous grade. (See comment below). Traces of lustre
may still be present, but their importance is now superceded by wear
and detracting marks.
ADDITIONAL COMMENT: As
one gains experience in the art of grading by looking at and
comparing coins in your friendly local dealer's and at coin shows,
one will get a "feel" for the degree the amount and the severity of
wear and detracting marks which are allowable for any given grade.
Establishing the grade of a coin will never be an accurate
science, but most dealers who sell coins for a living, and most
collectors who have seriously collected coins for a number of years,
do have a fair idea of the (albeit unofficial) grade AND THEREFORE
VALUE of their coins. However, with humanity being what it is, the
budding collector (purchaser) too must gain a degree of expertise to
eventually be able to make up his or her mind as to the value or
otherwise of their purchases. It will always come down to a matter
of whether or not buyer A and seller B can come to a mutually
agreeable solution where a price is agreed upon.
Whilst this
grading Standard will attempt to engender a high degree of accuracy
by definition, errors by a small margin, even by experts, are always
possible. Coins are rarely exactly one grade or another. What we are
attempting is to define steps of a continuum, if possible, within
parameters. What a defined grading standard can do within reason, is
to limit abuses by ignorance, vested interests or simple dishonesty.
aEF = about
Extra Fine
WEAR is
just a little more noticeable than for the main grade EF. In
percentage terms it would amount to no more than 11% to 15% on the
high points of the design. Under magnification, small flat areas may
be starting to appear on these high points. If an aEF coin,
from a point of wear, has virtually no detracting marks, then, in
allowing for its increased desirability, it may be elevated one
third of a grade to EF. Alternatively, a greater than average
number of detracting marks can see the coin demoted in grade by one
third to gVF. Severe edge nicks and any other detracting
marks should be mentioned as well as the grade.
gVF = good
Very Fine
Wear is
now affecting all small details on the high points of the design. If
the details were intricate they may have worn away completely.
Expressed in percent, wear will amount to around 16% to 25% from the
high points of the main design. Detracting marks are in keeping with
expectations for wear. Lack or abundance of moderate detracting
marks and degree of eye appeal may either demote or elevate this
coin by one third of a grade.
VF = Very
Fine
The design
will now display obvious wear with small detail missing. However,
major detail is still quite prominent. Moderate flat spots may show.
Expressed in percent, wear is in the region of 26 to 35%. Detracting
marks are in keeping with expectations for a coin with up to 35%
wear, but they must never be severe. There may be rim nicks of a
quite minor nature, but if significant, should be mentioned
separately. Exceptional eye appeal or lack of detracting marks may
elevate this coin by a third, the opposite may lower it by the same
amount.
PLEASE NOTE: No
definitions for intermediate grades (aVF, gFine etc.)
are given below the grade VF. When familiar with the main
grades, (Fine, VG, Good, Fair, Poor) the user of this
Standard will easily recognize a coin that is a little better or
worse than the main grade - The prefixes "a" for about
and "g" for good can then be used accordingly. However, usage
of these adjectives for coins below the grade VG is not
encouraged.
Fine
By now a coin exhibits extensive evidence of having been in
circulation. The general design is easy to recognize, but most of
the significant parts of the detail have worn away. In percent, wear
is around 35-50% however, if detracting marks are in keeping with
wear, then especially silver coins can have attractive eye appeal as
many do develop a natural colour or patina.
WARNING!!!!:
Cleaning silver coins graded fine or below by removing their
naturally occurring patina, (even if it IS dirt!), will invariably
result in what will look like a flat, dull, unattractive silver
disk. Don't do it.
VG = Very
Good
A misleading
term but still used everywhere coins are collected. Wear is now
around 51% - 70% and the high areas of the design are well and truly
worn flat. However on pre-1938 silver coins the words "Advance
Australia" below the coat of arms can still just be read, though not
always fully or clearly in the lower denominations (3d, 6d and 1/-).
All design outlines are still sharp. Many coins will have acquired
an attractive patina and can still feature pleasant eye appeal.
Good
Wear is now 71% to 85%. On pre 1938 silver coins, most letters in
"Advance Australia" are worn away, but the legend and outline of the
overall design can still be fully read and seen. Coins retaining
their acquired colour can still have reasonable eye appeal.
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