Grading
History of Grading
Until 1958, when Martin R. Brown and John W. Dunn published
A Guide to the Grading of United States Coins, illustrated with sketches, there
was no book devoted to the subject of coin grading, although ever since the late
19th century the subject had been debated to a fare-thee-well in pages of The
Numismatist. The Standard Catalogue of U.S. Coins, published from the 1930s
through the late 1950s, contained a relevant commentary, and a few other
scattered references found their way into print. However, there was no
standardization or specific system until the Brown and Dunn treatise. What one
person called Extremely Fine another might call AU or Very Fine.
In 1970 Photograde, by James F. Ruddy, was published and
became an immediate best seller, going through many later editions and
printings. In 1977 the book, Official ANA Grading Standards for U.S. Coins,
appeared, and represented the work of Kenneth E. Bressett and Abe Kosoff,
drawing upon contributions from many collectors and dealers. I wrote the
introduction to the volume. Since that time it has gone through four editions,
with revisions each time.
Grading Systems
To buy coins advantageously, a basic knowledge of grading
is important, and familiarity with the terms is essential. A small difference in
grade can mean a large difference in price, and the buyer who can't tell the
difference between MS-63 and MS-65 is at the mercy of those who can. At the
outset knowledge of grading may seem to be an insurmountable obstacle, but like
many problems, if it is approached gradually, one step at a time, it will make
sense.
Grading can be adjectival or a combination of adjectives
(or their abbreviations) and numbers. Years ago, adjectival grading was used
throughout American numismatics. Today the numerical system takes precedence.
