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Message:: [QUOTE="GDJMSP, post: 622, member: 112"]To answer that question - yes they are ungraded. As I said - it may be a fine point - simply a matter of semantics. But because there is such a very wide difference in values that is assigned to the various MS grades - to simply classify all BU coins as an equal grade is a mistake in my opinion. Would you pay the same money for an MS62 coin as you would an MS68 coin ? They are both BU.   I would agree with you - it's not that important. Unless of course you happen to be trying to buy a particular coin. Then those differences between VF20 &amp; VF30 or AU50 &amp; AU58 do tend to make a rather large difference. As for the dealers who refuse to grade their coins numerically - in many instances they do not  price them differently. In my opinion this is a good example of a dealer taking advantage of a customer who does not know any better.      I would not say it is any more generic. Using VF, XF, AU or any of the grade terminology without also using the appropriate corresponding number is using the " grade term " in a generic manner. Now while this may not matter to an experienced collector who knows the difference and can decide if he/she is getting their money's worth - it matters a great deal to those less experienced collectors who do not.[/QUOTE]