A coin's grade is a standardised measure of its physical condition — how much it has worn, how well it was struck, and how much of its original surface and lustre survives. Grade is one of the most important factors in determining a coin's collectible value. The same coin in two different grades can differ in price by a factor of ten or more.
The grading scale in common use today runs from 1 to 70 and is known as the Sheldon scale, developed in 1949. Each number corresponds to a descriptive grade — and within broader grades like Very Fine or Mint State, multiple numeric points capture finer distinctions. Not all numbers between 1 and 70 are used; the scale has deliberate gaps, and only the Mint State band (60–70) is fully continuous. In India, the professional grading service PCG Grading uses this same internationally recognised scale for authentication and encapsulation of coins.
Circulated Grades
Poor — PO-1
A Poor coin sits at the very bottom of the scale. The type can be identified and the date may just be readable, but little else survives. Major design outlines are present in silhouette form only, with no fine detail and minimal lettering. Heavily corroded coins can fall here too. Paradoxically, a true PO-1 example of a well-known type can attract collector interest from those building "lowball sets" — collections of the lowest-graded examples possible.
Fair — FA-2
Marginally above Poor, a Fair coin shows a few design elements beginning to emerge, though the overall surface is still heavily worn. Most inscriptions remain unclear, and only the broadest features of the design are distinguishable. The coin's identity is beyond doubt, but condition is the worst that can be graded with confidence.
About Good — AG-3
Lettering begins to become readable at this level, though the coin remains very heavily worn. The date and major design elements may be worn nearly smooth in places. Peripheral legends are partially visible. This is the last grade before the design starts to show meaningful preservation.
Good — G-4 / G-6
The design is now clearly visible, though still flat and without fine detail. Most peripheral lettering is present and readable. The rim may show wear but is distinguishable from the field. High relief areas are worn flat. Despite the word "Good," this grade represents a heavily circulated coin — the name simply reflects that it is identifiable and collectible in this state.
Very Good — VG-8 / VG-10
A step up in detail visibility. Design elements are more clearly defined, legends are sharp, and some finer elements begin to appear on lower-relief areas. The overall coin is still clearly circulated, but a collector can appreciate the design without difficulty.
Fine — F-12 / F-15
All lettering and digits are present and sharp at Fine grade. Wear is still clearly visible across raised surfaces, and in lower Fine grades it extends into recessed areas. The fields are dull, with no trace of mint lustre. By F-15, wear is confined more to high points, but the coin is unmistakably circulated. Coins cleaned without proper numismatic care often artificially present at this level.
Very Fine — VF-20 / VF-25 / VF-30 / VF-35
Wear at Very Fine is concentrated on the higher relief areas, with lower and protected areas retaining more detail. Moderate wear is evident across VF-20 and VF-25, while VF-30 and VF-35 show lighter, more localised friction at the highest design points. All inscriptions are sharp and fully legible. Eye appeal improves noticeably across this band.
Extremely Fine — EF-40 / EF-45
At a casual glance, an Extremely Fine coin may appear to show no wear — but close inspection reveals light friction on the very highest design points. The great majority of the original surface detail is intact. Faint traces of original mint lustre may survive in protected areas between design elements. EF-45 specimens often retain noticeably more lustre and are more attractive than EF-40 pieces.
About Uncirculated — AU-50 / AU-53 / AU-55 / AU-58
About Uncirculated coins carry only the slightest evidence of wear — usually a minor softness of colour or faint flattening of the absolute highest design points. At least half of the original mint lustre is present. Lower AU coins (AU-50 to AU-53) may have distracting contact marks or reduced lustre; AU-55 and AU-58 pieces are typically well-struck and attractive. AU-58 is popular among collectors who prefer coins with some circulation history but near-perfect surfaces.
Uncirculated — Mint State (MS-60 to MS-70)
All Mint State coins show zero evidence of circulation wear. Every number from 60 to 70 is used — the continuous scale reflects significant price differences within this band. Grades are determined by strike quality, lustre strength, the number and severity of contact marks (from coins rubbing together in mint bags), and overall visual appeal.
MS-60 / MS-61 / MS-62
The lower end of Mint State. These coins show no wear but are typically unattractive — dull or uneven lustre, clusters of contact marks, and possible surface scuffing. The strike may be weak. MS-60 coins often carry heavy bag marks and very poor eye appeal despite being technically uncirculated. MS-61 and MS-62 improve incrementally, but surface distractions remain considerable.
MS-63 / MS-64
The mid-range of Mint State, sometimes called "Choice BU" at MS-63. Lustre is generally good, and the strike is average or better. Several contact marks or light hairlines may be visible without magnification at MS-63. MS-64 pieces show above-average quality — marks are fewer and less severe, and the overall impression is pleasing. These grades represent a practical sweet spot: genuinely uncirculated and attractive without the premium commanded by higher grades.
MS-65 / MS-66
MS-65, widely referred to as "Gem BU," is a benchmark of quality. Lustre is strong and even, the strike is sharp, and any contact marks are minor and scattered. Hairlines, if present, require magnification to detect. MS-66 raises the bar further — only two or three minor marks are tolerable, and the coin's overall eye appeal must be well above average.
MS-67 / MS-68 / MS-69 / MS-70
The uppermost tier of the grading scale. MS-67 specimens are sharply struck with full original lustre and no more than three or four tiny contact marks. MS-68 allows no more than four lightly scattered marks with no hairlines visible. MS-69 is near-perfect — at most two tiny, non-detracting flaws. MS-70, the perfect coin, shows absolutely no marks or contact traces even under magnification. True MS-70 coins are essentially non-existent for older issues; among modern strikes they are rare and highly prized.
Details Grades
A coin that has been cleaned, polished, repaired, artificially toned, or otherwise altered receives a Details grade rather than a clean numeric one. It still receives a descriptive label reflecting its overall preservation level (e.g., EF Details or AU Details), but the alterations prevent a standard numeric assignment and significantly reduce collectible value. Professional grading services will not encapsulate such coins in a standard holder.
The Numeric Scale at a Glance
| Numeric Grade(s) | Descriptive Grade | Code |
|---|---|---|
| 1 | Poor | PO |
| 2 | Fair | FA |
| 3 | About Good | AG |
| 4, 6 | Good | G |
| 8, 10 | Very Good | VG |
| 12, 15 | Fine | F |
| 20, 25, 30, 35 | Very Fine | VF |
| 40, 45 | Extremely Fine | EF / XF |
| 50, 53, 55, 58 | About Uncirculated | AU |
| 60 – 70 | Mint State (Uncirculated) | MS |
Additional Notes for Indian Collectors
- Pre-decimal and early Paisa coins are rarely found above VF grade due to heavy circulation. Finding an EF or better example of a 1950s definitive coin is considered exceptional.
- Never clean a coin. Even gentle cleaning removes the natural patina and surface layer that graders and collectors value. A cleaned coin is permanently downgraded to a Details grade and cannot be upgraded thereafter.
- Proof coins are specially struck presentation pieces with mirror-like fields and frosted devices. They are graded on the same 1–70 scale with the prefix PR (e.g., PR-65). India has issued proof sets of many definitive and commemorative denominations.
- Grade and rarity interact. A rare coin in G-4 may be worth considerably more than a common coin in MS-65. Both grade and scarcity together determine a coin's numismatic value.
- Professional grading provides certainty on both grade and authenticity. In India, PCG Grading offers encapsulation and grading services for world coins including Indian issues.