Coin Grading and Explanation - UK, US, CGS, PCGS NGC

The Different Coin Gradings  

Here is a key to the following images:

• The first abbreviation is the British grade
• The next alphanumeric reference is the CGS grade
• The final alphanumeric abbreviation is the Sheldon grade used in PCGS and NGC slabs. Note no grades on or below "aFine". 

We have tried to use the same coin obverse where we can to illustrate the differences between the grades.  Enjoy! 

Coin Grading Examples

FDC

CGS 90 - 100 / MS 66-70

Fleur-de-coin

Normally only applied to proof coins.Roughly translates to "bloom of the die", absolutely perfect, without any marks, wear or blemishes.

Unc

CGS 75 - 88 / MS 62-66

Uncirculated

In new condition as issued by the mint, but owing to mass production methods, not necessarily perfect. Due to "grade inflation", there may nowadays be some very slight abrasion or "cabinet polish" on the high points for both UNC and aUNC.

aUNC or A.U.

CGS 70 / MS 60 - 61

Almost Uncirculated

Not quite Uncirculated condition as issued by the mint, but owing to mass production methods, not necessarily perfect. Possibly downgraded from Uncirculated due to heavy bagmarks. edge knocks, or some other undesirable feature, but without the slight signs of wear which would render it as only in EF grade.

gEF

CGS 65 / MS 60 - 61

Good Extremely Fine

Showing very few signs of having been in circulation, almost none. There may be slight surface marks or faint wear on close inspection which would prevent the coin being UNC.

EF

CGS 60 / AU 58 - MS 60

Extra Fine

The coin shows few signs of being in circulation. The presence of a couple of marks would prevent the coin grading gEF though its often a very close call. All in all, a fantastic grade of coin to be in one's possession. 

aEF

CGS 55 / AU 55

Almost Extra Fine

This coin shows more wear than its EF counterpart and if you do find an old coin in this grade you know it's a good specimen. 

gVF

CGS 45 - 50 / AU 53 - 55

Good Very Fine

This coin doesn't quite make the extra fine categories and shows more wear especially on the raised sections. Wear starts to appear on the hair and facial features. 

VF

CGS 40 / AU 50

Very Fine

Some wear on the raised surfaces, but still retaining much detail. If you come across an old coin with this grade still expect to pay a lot for it especially if it is rare. 

aVF

CGS 35 / EF 45

Almost Very Fine

More wear and tear appears on these coins with wear on the hair, face and even in the field around the portrait. 

gFine

CGS 25 - 30 / F 35 - EF 40

Good Fine

There is clearly a lot of wear on the raised surfaces but the features are sharp and sufficient detail remain to make out the facial detail, waves of hair and just about the hair bands in this obverse.

Fine

CGS 20 / F 30

Fine

Considerable wear on the raised surfaces, all main features still sharp.

aFine

CGS 15

Almost Fine

This coin shows more wear again with facial features becoming "smudged" and detail in the hair and even in the field harder to make out. The field often has scratches and the edges often with knocks. 

`

Fair

CGS 1-4

Badly Worn

Significant wear on the features on the coin. Usually with the inscriptions and main features of the design still distinguishable, or a piece which is very weakly struck.

Poor

No CGS etc.

or Worn

A very worn coin, with some lettering worn away, or parts of the design not visible. Of no value to collectors unless extremely rare.

What Is CGS Coin Grading?

In the UK CGS stands for "Coin Grading Service" and the services (with associated products) are sold with a promise of an independent assessment of grade, authenticity and attribution. The attribution bit is regarding any "type" or "variant" status and we imagine this would include, but is not limited to, anything from different portraits, inscriptions or commemorative one-off designs. 

What Is PCGS Coin Grading?

In the US PCGS stands for "Professional Coin Grading Service" and is marketed as the "standard for the rare coin industry". Dating back to the 80's it was a recognition that the industry needed a standard approach to grading scores and descriptions. The grading follows the Sheldon framework described below under NGC grading.

What Is NGC Grading?

NGC stands for "Numismatic Guaranty Corporation" and has been used in the US since the 1940's, with grading based on the Sheldon scale. This scale allows numismatists to grade coins on a number from 1 (denoting poor quality) to 70 (proof like). Coins with imperfections cannot be assigned a number but a "details" grade. For those that qualify the number has a prefix as follows:

A "+" means the coin is close to being in the grade above whilst a "★" is given for eye-appeal... Possibly for toning on coins and pretty features.

Further words are added to describe the coin... As you can see, this gets rather complicated quite quickly. We prefer the standard UK grading protocols used in Spink. 

Finally! At last! There are 2 terms occasionally added which are "early releases" and "first releases" which are quite self-explanatory.

Comparing Grades: UK vs. CGS vs. Sheldon

Through our own observations on products, online research and via some literature we have tried to compile a comprehensive conversion table. As you can see it is rather difficult to populate fully and we will keep working to add more as we find it! 

A Price Problem of Slabbed Coins

We completely acknowledge that the industry should have a standard approach to grading, this is a no brainer. We also recognise that the grading of coins helps to preserve high quality coins, as any coin graded is sold on as a graded specimen rather than in a bucket of other similar type coins. This is where things change as once coins enter this slabbed state, we find companies are charging above the odds. For example, we became privy to a 2018 gold Britannia for sale the other day roughly £1500 in a slab. The selling price of this coin is about £950!! Therefore, that is about £550 for a piece of acrylic plastic with some fancy words and "independent authentication". Unreal I hear you say but 100% true. Companies (particularly coin marketing companies) are pushing slabbed coins as a "luxury product" or something like that to get unexpecting customers to part with extra money and we see this type of marketing dishonest and misleading at best. You are simply not getting a higher quality product but are led to believe you are.

Like we said we are advocates of graded coins, but we disagree with hefty mark-ups. If you can buy a slabbed coin for say, £5 or £10 higher then do it, as this is the value we assign to a slab, but anything more is scandalous! Customers who wish to sell slabbed coins back to us are sometimes disappointed as we would pay the same amount for unslabbed coins. We often remove the coins from the slab as they are tedious, add no value and make storing of large volumes difficult. Why not buy a capsule for 50p and achieve the same level of protection for your coins? We have coins valued upwards on £10,000 in a capsule which provides adequate protection, why you would want a newly minted Britannia slabbed rather than a capsule is rather perplexing unless you have more money than sense!

We say that in jest as on a serious note we are here trying our best to educate our readers. We want you to get the best possible deal either from us (or elsewhere) without getting ripped off. There is a growing body of consumer style marketing and hype in numismatics and where we find it, we try to share it on our website. So finally, grading coins and protecting them in plastic is a good thing just avoid buying from anyone who tries to sell you an overpriced coin because of its presentation case!

More Terms

Proof or Uncirculated - Proof is not a grade, but a type of specially produced coin. If you are not sure about the difference between proof and non-proof sovereigns, you may wish to look at our Proof or Uncirculated page.

Grade C - We have some items available which are too good to scrap but not good enough for bullion. To read more about Grade C, read our blog here.

Minty - Minty coins are our hand-picked selection of bullion coins that are in mint condition and usually, but not always, have been minted in recent years. To read more about minty coins, read our blog here.

Latest Year - These are the most expensive/highest premium bullion coins, but they will be in mint condition, which some investors believe to be important, and are usually readily available. More information is available on our Bullion Coin Types article.

Secondary Market - These bullion coins may show some signs of wear or have some small scratches, scuffs and edge knocks. However, all secondary market products sold by us are of bullion standard, and offer a very cheap way of investing in gold. Click here for more information.