PCGS GRADING STANDARDS

A QUICK GUIDE TO PCGS NUMERICAL GRADES,

DESIGNATIONS & NO GRADE CLASSIFICATIONS
 PCGS GRADING STANDARDS

In his 1948 work entitled Early American Cents, Dr. William Sheldon proposed a 70-point scale for grading
early (1793-1814) Large Cents. The basis of this theory was that a 1794 Cent in perfect condition was
worth roughly 70 times that of one in basal state or Poor condition.

This 1-70 scale was slowly adopted by the numismatic industry during the mid and late 1970s, and when
PCGS introduced the concept of encapsulated, third-party grading in 1986, it made use of Sheldon’s 70-point
scale. We invite you to review the details behind the PCGS grading standards on the following pages.

Strike Types

Mint State MS
The numerical grades MS-60 through MS-70, used to denote a business strike
coin that never has been in circulation. A Mint State coin can range from one
that is covered with marks (MS-60) to a flawless example (MS-70). After
entering circulation, a coin is then graded using the numbers 1 to 58, with
varying prefixes depending on the grade.

Proof PR
A coin usually struck from a specially prepared coin die on a specially prepared
planchet. Proofs are usually given more than one blow from the dies and are
usually struck with presses operating at slower speeds and higher striking
pressure. Because of this extra care, Proofs usually exhibit much sharper detail
than regular, or business, strikes. PCGS recognizes Proofs (PR) as those struck
in 1817 and later.

Specimen SP
Special coins struck at the Mint from 1792-1816 that display many
characteristics of the later Proof coinage. Prior to 1817, the minting equipment
and technology was limited, so these coins do not have the “watery” surfaces
of later Proofs, nor the evenness of strike of the close collar Proofs.

1
 NUMERIC GRADES
Take a visual tour of our grading standards, illustrated
using uncirculated and circulated Morgan Dollars. Note
that the written descriptions for the numeric grade below
each coin apply to all coin types and strikes. For visuals of
Proof coins, refer to www.PCGS.com/grades.
MS-70*
"Plus Grades" exhibit exceptional eye appeal for the grade Fully struck and lustrous, free of
and constitute the top 30% of the coins in the grade. visual marks under 5X magnification.
*Rendered image for demonstration purposes, not an actual MS70 coin.

MS-69 MS-68
Virtually fully struck with miniscule imperfections Only the slightest weakness in strike with
visible upon close inspection. a few tiny imperfections barely visible.

MS-67 MS-66
Very well struck with minor imperfections Well struck with a few marks or hairlines,
visible without magnification. not in focal areas.

MS-65 MS-64
Above average strike with minor marks Average or better strike with scattered marks
or hairlines, mostly out of focal areas. or hairlines, though none severe.
2
 PCGS GRADING STANDARDS (cont.)

MS-63 MS-62
Average or slightly weak strike with No wear, with average or below average strike.
moderate marks or hairlines. Numerous marks or hairlines.

MS-61 MS-60
No wear with average or weak strike. No wear. May be poorly struck with
Multiple heavy marks or hairlines allowed. many heavy marks or hairlines.

AU-58 AU-55
Only the slightest friction on the highest points. Full detail with light friction on the high points.
Virtually full luster. Considerable luster remains.

AU-53 AU-50
Slight flatness and loss of luster visible on high Trace of wear now seen on higher points of design.
points of design. Some luster remains. Bits of luster may remain.
3
 PCGS GRADING STANDARDS (cont.)

XF-45 XF-40
High points of design show light wear. A bit of All design elements still show, but high points
luster may still be visible in protected areas. now worn flat. Little to no luster remains.

VF-35 VF-30
Light wear is seen over entire surface Wear now evident over entire surface.
though all major detail still visible. Intricate design detail beginning to flatten.

VF-25 VF-20
Entire surface shows some wear, but major Moderate wear with some loss of detail
design features remain clear. evident in design.

F-15 F-12
Slightly less than half of finer detail worn flat. About half of detail now worn flat.
All lettering remains sharp and clear. All lettering remains visible.
4
 PCGS GRADING STANDARDS (cont.)

VG-10 VG-8
Considerable wear has flattened most of the Most central detail now worn flat. Some inner
fine detail. Most lettering remains readable. lettering still visible. Rims remain full.

G-6 G-4
Rims and peripheral lettering full but design Rims mostly full but may be flat or slightly
now flat and visible only in outline form. worn into peripheral lettering in spots.

AG-3 FR-2
Rims worn into tops of lettering but Entire coin is worn flat, with only traces
most lettering remains readable. of peripheral lettering still visible.

PO-1 Ungradable
Identifiable as to type, date and mintmark. Date and mintmark of coin must be
detectable to be graded.
5
 DESIGNATIONS

Designations are ratings added after the numerical grade to describe a particular attribute of a series that
is of importance and value to most collectors.

Color

Color RD
Red
Copper Coinage: more than 95% original red color.

Color RB
Red-Brown
Copper Coinage: between 5% and 95% original red color.

Color BN
Brown
Copper Coinage: less than 5% original red color.

6
 DESIGNATIONS (cont.)
Strike

Strike FS
Full Steps
Jefferson Nickels: MS60 or better, at least five complete steps must
appear on Monticello. Any steps that join or fuse together, whether
created that way or subsequently damaged, cannot be considered for
the Full Steps designation.

Strike FB
Full Bands
Mercury Head Dimes: The central bands on the fasces on the reverse
should be completely separated from left to right, without any breaks,
marks or gaps.
Note: PCGS may designate in grades of 60 and higher, except 1916-D, 1942/1 and
1942/1-D, which are designated in lower grades as well.

Strike FH
Full Head
Standing Liberty Quarters:
• Three leaves must be clear and distinct in Liberty’s hair.
• Earhole must be present.
• Hairline must be distinct from top of forehead to back of neck.
Note: PCGS may designate 1916 and 1918/7 Quarters as Full Head in grades of
XF40 and higher.

Strike FBL
Full Bell Lines
Franklin Half Dollars:
MS60 or better. Must exhibit complete, uninterrupted lower lines on
the Liberty bell.

7
 DESIGNATIONS (cont.)
Surface

Surface DM
Mirror Prooflike
Morgan Dollars:
• Clear reflection in the fields on both sides from at least 6 inches away.
• Must be full, undistorted reflectivity on both the obverse and reverse.

Surface PL
Prooflike
Morgan Dollars:
• Clear reflection in the fields on both sides from 2-4 inches away.
• A misty effect or striations may impede the reflectivity.

Surface DC
Deep Cameo
Proof Coinage:
• Heavily frosted devices on both the obverse and reverse, with
no areas of the main devices unfrosted.
• Heavy contrast between the fields and devices.

Surface CA
Cameo
Proof Coinage:
• The obverse and reverse must exhibit devices that are at least lightly
frosted and create a contrast with the fields.
• Frostiness on the devices may be heavier yet contain areas where the
frost is lacking or brilliance is evident.
• A coin that exhibits Deep Cameo attributes on one side and Cameo
attributes on the other side is considered only a Cameo.

Surface Rev PR
Reverse Proof
These coins are manufactured like other proofs, with two exceptions. The
finish techniques of the fields and devices are switched. The portrait is
mirror-like instead of being frosted, and the background surface or field is
not shiny and mirror-like but is non-reflective and frosted.

8
 DESIGNATIONS (cont.)
Other

BM
Branch Mint Proof
A proof coin struck prior to 1968 at a Mint other
than Philadelphia.

BMCA
Branch Mint Cameo
A proof coin showing cameo contrast struck prior to
1968 at a Mint other than Philadelphia.

FS
First Strike
All Eagles, Gold Buffalos, Gold Spouse Coins and other mint
releases delivered to PCGS within the first 30 days of issue.

9
 DESIGNATIONS (cont.)
Other

SF
Satin Finish
A smooth, lightly sandblasted look with none of the normal cartwheel
effect seen on regular strikes.

SMS
Special Mint Set
A set of special coins (neither business strikes nor Proofs) first struck in
limited quantities in 1965 and officially released in 1966-1967 to
replace Proof sets, which were discontinued as part of the U.S. Mint’s
efforts to stop coin hoarding. The quality of many of the 1965 coins
was not much better than that of business strikes, but by 1967, some
Special Mint Set (SMS) coins resembled Proofs. In fact, the government
admitted as much when it revealed how the 1967 issues were struck.
In 1968, Proof coinage resumed. There have been similar issues since;
the 1994 and 1997 Matte-finish Jefferson nickels, for example, are
frosted SMS-type coins. There also are a few known 1964 SMS coins,
these likely struck as tests in late 1964 for the new 1965 SMS strikings.

SP
Specimen
Struck well, similar to a Proof, but satiny, sometimes matte,
semi-granular looking or somewhat prooflike.

10
 NO GRADES

Occasionally, the experts at PCGS encounter coins that, for one reason or another, cannot be authenticated
or graded. These "No Grade" coins fall into two categories: coins that can be placed into a PCGS holder
and coins that cannot be placed into a PCGS holder.

PCGS Holder
No grade coins returned to the submitter with encapsulation. Where noted, the coin’s problem is described
in more detail on the PCGS insert label.

82
Filed Rims
A coin with rim dents or bumps that have been filed to give the edge an even appearance.

Described: Yes Holder: Yes

91
Questionable Color
Toning is a natural chemical process that occurs as a coin reacts to its environment.
Collectors consider colorful, natural toning to be desirable and they often pay
premiums for attractively toned coins. However, toning can be added, enhanced or
accelerated by artificial means, creating the appearance of natural toning. Copper
coins are sometimes stripped of their color to simulate their original, red appearance.
In most cases, these treatments result in unnatural colors that PCGS experts will reject.

Described: No Holder: Yes

92
Cleaning
Surface damage due to any form of abrasive cleaning. "Cleaned" covers a wide
range or appearances, from a grossly polished coin to one where faint hairlines can
be seen only at a particular angle or in only one area on an otherwise perfectly
normal coin. This is perhaps the most frustrating of all the No Grades, because
subtle cleaning is often difficult to detect in less-than-optimal grading conditions.
"Dipping" (the removal of toning with a chemical bath) is not considered cleaning
under this definition.

Described: No Holder: Yes

11
 NO GRADES (cont.)
PCGS Holder

93
Planchet Flaw
Metal impurity or defect in the planchet. Small, unobtrusive planchet flaws are
acceptable. Large, obvious, poorly placed, or distracting flaws are rejected.
Context is also important. Planchet flaws on certain U.S. Colonial coins are
expected; planchet flaws on Morgan Silver Dollars are not.

Described: No Holder: Yes

94
Altered Surfaces
This No Grade covers anything added to the surface of the coin to either
"improve" its appearance or to cover marks. Surface alteration methods include
adding dental wax, putty, lacquer, and nose grease. "Thumbing" is the application
of a putty-like material to fill in marks, scratches, and other defects or to haze
over portions of the coin. Coatings (such as lacquer), while intended to protect
coins, result in a No Grade because it is impossible to determine the quality of
the underlying surfaces.

Described: No Holder: Yes

95
Scratch(s)
Depends on the severity and/or the quantity of the scratch or scratches.
Faint, old, toned-over scratches may be acceptable; bright, fresh scratches
may not. Placement is an important factor.

Described: No Holder: Yes

12
 NO GRADES (cont.)
PCGS Holder

97
Environmental Damage
Coins that are damaged because of improper storage may be rejected.
Corrosion is caused by storage in areas of high humidity, sea salvage coins,
and coins found in the ground. Toning that is excessively dark or heavy, or
which burns into the surface of the coin, may be rejected.

Described: No Holder: Yes

98
Damage
Any form of metal movement, either intentional or accidental. Damage may
include excessive or heavy rim dings and bruises, deliberate surface damage such
as graffiti, attempts to remove spots, etc. The severity and extent of the damage
affects whether it will get a “No Grade” decision.

The following damage descriptions are some of the more common that may
be indicated on your 98 graded insert.

1. Graffiti - significant distracting etchings- occasionally net graded on early coins

2. Planchet streak removed - usually found on gold coins but can appear on
copper and silver as well
3. Spot(s) removed - leaving some form of damage that is evident
4. Surfaces tooled - major metal movement- whizzing, lasering, tooling
5. Machine damage - either counting machine or coin wrapping machine
6. Rim damage - either rim gouge or test cut
7. Surface damage - either large gouge/scrape, drill or chop mark (except on
Trade Dollars), holed, corrosion removed, smoothed or polished
8. Mount removed - located on either the edge or surface of coin
9. Repaired – including plugged holes

Described: Yes Holder: Yes

13
 NO GRADES (cont.)
No PCGS Holder
No grade coins returned to the submitter without encapsulation. Where noted, the coin’s problem is
described in more detail on the PCGS insert label (provided without encapsulation).

83
Peeling Lamination
A coin that has a planchet flaw that is serious enough to flake away during the
PCGS sealing process.

Described: Yes Holder: No

86
Authenticity Unverifiable
In the rare instances where PCGS experts are unable to determine conclusively
that a coin is either genuine or counterfeit, that coin will be returned to the
submitter ungraded. This designation is also given in the event PCGS cannot
determine the date, mintmark or variety.

PCGS spends a great deal of time examining coins that have been harshly
cleaned, corroded and or tooled. PCGS must be able to positively determine
that a coin is both genuine and has not been an altered variety. In some
situations the surface of the coin is completely destroyed, and in these instances
PCGS will not render an opinion on the coin. Many counterfeit coins are harshly
altered or intentionally damaged in an attempt to fool the grading services. If a
coin is worn or damaged to an extent that makes it impossible to identify the
date, mintmark, or variety, an Authenticity Unverifiable will be issued.

Described: Yes Holder: No

90
Counterfeit
The coin is either a known counterfeit or exhibits characteristics of known
counterfeits and is therefore highly suspect. This category includes otherwise
genuine coins that have been altered to simulate rarities (re-engraved dates,
added mintmarks, removed mintmarks, etc.).

Described: Yes Holder: No

14
 NO GRADES (cont.)
No PCGS Holder

96
No Service
These are coins that PCGS does not certify (i.e. ancient coins, medals, some
privately made issues, etc.) or cannot certify (i.e. oversized coins that will not
fit in a PCGS holder).

Restoration Service: Coins submitted for PCGS Restoration Service that

PCGS determines will not benefit from being restored, nor should be
restored, will be charged an evaluation fee. See website for details.

Described: Yes Holder: No

99
PVC Residue
Poly-Vinyl-Chloride (PVC) is a plasticizer used to produce vinyl coin holders. Over
time, PVC leaches out of these holders and will eventually damage the surface of
the coin. PVC is usually seen as small green specks or a slimy green film.

Described: Yes Holder: No

More Info
Need more information about the PCGS Grading Standards, Designations,
and No Grade Standards? View high resolution images and in-depth videos
for each at www.PCGS.com/Grades.

©2017 Collectors Universe / P.O. Box 9458 / Newport Beach, CA 92658 / [email protected] / 800-447-8848