Ten Essential Coin Grading Tips
For Beginners or Professionals
1. Hold and view the
coin correctly. This is a common mistake, one
made even by seasoned numismatists. Always hold
the coin by its edges, between your index finger
and thumb. I use the middle finger on my right
hand as a safety net should the coin slip out of
my grip. Next, and equally important, is to rock
the coin back and forth while at the same time
turning it in a circular motion that gives the
coin a full 45-degree angle. In combination with
superior lighting conditions, this technique
will enable you to see hairlines and light
cleaning that might otherwise go unnoticed.
2. Choose your lighting carefully. Some may
disagree, but I say avoid fluorescent light
altogether. I prefer a standard desktop or table
mounted lamp with a 100-watt bulb, though others
on our grading team use a 75-watt bulb. Do not
try to save money by purchasing inexpensive
bulbs... I've found they give off a more yellow
light. Less than 75-watts is not adequate unless
you are using a special high intensity lamp.
Looking at a coin with a halogen light is, to
me, like staring into the sun. Generally, keep
12" to 16" between the light source and the coin
you're grading. Look at proof coins twice. Once
from a distance of 12" to 16", and again from
20" to 22" to see hairlines with greater ease.
Most important, when you find a light source
that works for you and delivers a "true" look at
the coin, stick with it.
3. Use a quality magnifier, sparingly. Use a
glass only when you really need it, unless your
vision requires continual magnification to avoid
eyestrain. I have three glasses, a Bausch & Lomb
5x slide, a 16x loupe and a Zeiss 24/12. I only
pick up a glass if I see something that warrants
closer inspection or if it's a frequently
counterfeited or altered coin type. Continual
use of a glass can cause one to micro-grade,
focusing on minute imperfections that could lead
to consistent under-grading. Microscopes are
great for authenticating or confirming hidden
defects, but I can't imagine grading with one.
4. Wipe the slate clean with each coin you
grade. One of the first lessons you learn as a
professional grader is not to let the coin just
graded influence the grade you assign to the
next. I have no problem assigning a coin an MS68
grade when it was preceded by a lightly cleaned
VF35. Likewise, I would not be influenced into
grading an MS64 coin MS65 if the coin before it
was a fabulous MS67. At NGC, I would frequently
find gems among a group of lower quality coins.
If you should come upon an exceptional,
all-original group of similar coins, I believe
it's OK to do comparative grading to the extent
needed to grade the coins consistently. As an
NGC Finalizer, I had access to other grader
opinions before I would formulate my own, but I
almost always chose to come up with my own grade
first, then consider the other grades.
5. Your first impression is usually right. In
most cases, within 10 seconds of picking up a
coin I have an initial opinion. If you are a
beginner numismatist you will need to take more
time, perhaps as much as a minute to formulate
your initial opinion. I'd say my final opinion
matches my initial opinion 80% of the time. The
initial opinion is the starting point in
determining the final grade. If you grade too
quickly, you can easily miss something. Spend
too much time, and you'll out-think yourself
into an incorrect grade. If this happens, I
suggest you put the coin down, then return to it
a minute or two later. You'll be amazed how
easily the grade can come to you after doing
this and how it can differ from your previous
grade!
6. Counterfeit U.S. gold coins never have copper
spots. Did I say never? Well, let's just say
almost never. After viewing approximately
2,000,000 U.S. gold coins, I have seen thousands
of fakes and exactly one that had a single
copper spot. I can't explain why this is the
case, and it doesn't mean that the fakes will
not develop spots, it is simply an observation
of mine that hopefully could be of use to you in
the future. Even though this is an
authentication tip, not a grading tip, I decided
to include it here anyway.
7. Always grade the rims and the edges first.
I've been told that in the past Europeans would
actually grade the entire coin based on the
condition of the rims and edges (perhaps some
still do). While I would never recommend this, I
point it out because many modern day
numismatists here in the U.S. have consciously
or unconsciously opted to omit this part of the
grading process completely! While rocking the
coin and rotating it, examine the edges for
damage to the reeding, corrosion, evidence of
mounting, etc. In order to detect rim filing or
repair look at the way the light reflects off of
the rims for areas that are uneven or have a
different color or appearance. I always inspect
rims and edges before going on to grade the rest
of the coin, and I urge others who do not
practice this to start making it a habit. Rim
filing and rim repairs can be very deceptive
and, unless the light hits the rim at exactly
the right angle, you will almost surely not see
them. Sometimes rims are deliberately dulled or
toned down to conceal problems, so be careful!
8. Factor in various considerations. Eye appeal
(or lack thereof) is a big consideration in
arriving at a final grade. The problem here is
that few can agree on what constitutes positive
eye appeal, other than in the case of a
magnificently toned or full blazing white coin.
Some might even argue over those. I do not
believe it is a grading service's job to screen
out (omit) coins for certification solely on the
basis of "negative eye appeal". That said, I do
believe an "ugly" but otherwise problem free
coin should get what it deserves in the form of
a lower grade. Coins with spectacular original
toning are highly preserved, miniature works of
art that in some cases should be rewarded with a
higher grade. Likewise, a blazing white gem with
"pop" could be rewarded. NGC and other major
grading services do not consider "properly
dipped" coins to be "improperly cleaned", but
any type of conservation effort at all is best
left to the professionals as value can easily be
destroyed rather than enhanced if improper
techniques are employed. Next, and equally
important, remember to always ask yourself the
question: "How is it made?" (Or, "How do they
come?"). I think most professionals would agree
that one of the things to come out of the
evolution of grading is acceptance that you
simply cannot grade coins from different time
periods and of different mints the same way,
even though they may be the same coin type. If
you submitted an 1896 "O" Morgan dollar that
looked like an MS65 1903 "O", I'll bet you would
be very disappointed if it came back in an MS65
holder! You would probably also expect an "O"
mint $2.50 Liberty to be graded taking the
typical weak striking into consideration. Most
choice AU Charlotte and Dahlonega gold might
only be XF40 if compared to most choice AU "P"
or "S" mint gold. So you can see that one simply
cannot apply the same grading standard uniformly
to all coins without taking these and other
factors into consideration.
9. Arrive at a final grade by combining the
results of a "hard look" and a "soft look". If
you go back to tip number five you will see
where I suggest mentally recording a quick
initial opinion and then going on to look more
carefully. During the time between determining
your initial opinion and arriving at a final
grade I recommend first looking at the coin
"hard," that is to closely scrutinize every
aspect applying a precise viewing method
consistently. At that point, you should have
your "technical grade". Repeat the process
without scrutinizing as intensely, perhaps even
looking at the coin through the plastic flip to
determine what grade the coin will look like in
the holder without ultra close scrutiny or
magnification. Now, you are able to determine
the "soft look" grade of the coin. The
concluding step is to combine these two
assessments to arrive at a final grade that is
accurate without being overly technical. How
often does your final grade compare to your
initial opinion?
10. You are your own best teacher, and the
absolute best resource for learning is right
under your nose! I believe the best way to get a
grading education is also the simplest way, and
it's free! First, choose the grading service
that you believe grades the most consistently
day-in and day-out, the one that represents a
fair and reasonable market standard. Now,
whenever you have the opportunity to view these
certified coins, whether at coin shows,
auctions, or from your local dealers inventory,
ignore the label completely and grade the coin.
Resist the temptation to peek at the grade until
you have graded the coin yourself. How often
does your grade match the certified grade? This
can be a fun and challenging game that will
definitely sharpen your skills over time. In
order to further your grading abilities you must
be willing to accept the fact that, in most
cases, if you disagree with the grade assigned,
it isn't necessarily that it was misgraded, but
more likely that you are unfamiliar with how the
grading service grades that particular coin.
Sometimes a coin may appear to have an "obvious
grade," and the label may say something
different. Believe me, more often than not,
there is a reason for it being graded the way it
is graded. If your obvious grade is higher,
check for hidden minor problems. Does it have a
very light wipe that would not exclude it from
being certified but that would affect the grade?
Does it have a bit too many carbon flecks? Do
you get the idea? If your obvious grade is lower
than the certified grade, ask yourself why the
coin couldn't be the higher grade. If you're
still convinced it's graded too high or too low,
there is a great probability that you are
unfamiliar with the grading services' standard
for that particular coin. You are certainly
allowed to disagree, but keep in mind that the
grading service may just grade them differently
than you would.
My goal in offering these tips is to provide
some of the necessary tools to assist you in
meeting the constant challenge of grading coins.
Hopefully you will find at least some of them to
be of benefit to you as you contemplate
purchases here, on eBay, and elsewhere. The more
knowledgeable you are, the more you'll be able
to walk softly and carry a big numismatic stick.
I invite your comments on this article.
By John Maben
President Former NGC Grading
Finalizer |