Grading, continued
Very Fine (VF)
VF-20, showing both weakly struck (first) and well-struck (second) obverses
VF-30
Obverse
The design will show light wear. All design features will be worn, but bold. Half of the detail in the hair will be seen.
The Liberty cap will show some detail. Three-quarters of the detail in the gown is present. Several letters in LIBERTY will be
visible on well-struck coins. Detail in the scroll can be seen. Most of the stars will show centriles.
Reverse
The head and neck will be slightly worn. Half of the feathers in the breast will be seen. Three-quarters of the detail
in the wings and legs will be present. Some detail in the talons will be present.
Extremely Fine (EF or XF)
EF-40
EF-45
Obverse
The design will show slight wear. Some wear may be seen on the breast, knee, and shoulder. Hair detail near the top of Liberty’s
head will begin to show. The Liberty cap will show light wear. The edges of the scroll will be raised and well-stuck coins will
have each letter in LIBERTY visible. Most, if not all of the stars will have centriles. Traces of mint luster may be seen near
the stars, date, and Liberty.
Reverse
The head and neck will show little wear. At least three-quarters of the feathers in the breast will be seen. All of the feathers on the
wings and legs will be present. Wear will show at the tops of the wings. Much of the detail in the talons will be present.
Traces of mint luster may be seen near the devices.
About Uncirculated (AU)
AU-50
AU-55
AU-58
Obverse
The design will show only a trace of wear. A slight amount of wear will show on the head, breast, and knee. Points of
slight wear will be seen in the fields on the right and left. At least half of the mint luster will be present, however
deep toning may mask the luster on some coins.
Reverse
A slight amount of wear may be seen on the eagle’s breast, tops of the wings, and talons. Half of the mint luster will be present.
Mint State (MS)
Many twenty-cent pieces that appear to be uncirculated are not mint state, but are coins with a slight amount of wear that have been cleaned to mask traces of that wear. The resulting coin
looks like a mint state coin with even luster and a full strike. In other words, the coin’s true grade is about uncirculated (AU-55 or AU-58), but is being offered as a mint state coin grading
MS-60 and higher. To compound this circumstance, some established third party grading companies will grade coins as MS-62 despite obvious friction on the coin’s high points. Justification
is attempted by suggesting that the wear is friction that occurred during storage and not as a result of circulation. Regardless, removal of metal through friction, whether in a coin storage
cabinet, or as a result of commerce, is still wear and reflects a coin that is less than mint state.
The particular high points to examine for wear are Liberty’s head and knees on the obverse and the eagle’s head, breast, legs and talons. Be careful to distinguish wear from a weak strike.
For example, the lack of complete design in the eagle’s right wing may appear to be wear, when it is actually due to a weak strike. It is also important to examine the fields on high grade coins
for breaks in the luster due to friction.
See the diagram below for the locations where initial wear is found.
Initial wear points
