I'm fairly new to studying coins, coming up on just 1 (solid) year of experience. In the literature I read describing coin grades, the wording for MS60 and above almost always contains the phrase "a coin that has not circulated". But is this really true in practice? Bear with my examples here for the sake of discussion...I am just trying to learn! For example #1: let's say I am issued a 2016 Quarter as "change" in mid March of 2016. You can tell this coin is hot off the press....take it home and examine it with a 5x and 10x magnifying glass & this thing is flawless. Does it have a chance to make MS67 or greater grade? Will PCGS or NGC see something and give it a "details" rating? example #2: I see the generic term "BU" being used and talk about making my head spin. It seems it's a complete misnomer since collectors seem to call their CIRCULATION gems "BU" when the U seems to stand for Uncirculated. So my late father saved a bunch of 1972 coins during the year 1972 and stored them in tubes he labeled "BU". Upon inspection, these coins look awesome just like in my example #1 only 43 years later!! Do THESE coins have a chance to make true MS grades? I'll hang up and listen......GO!
Yes, yes, and yes.......it's only in the rub that we discount the uncirculated. So if your coin came from the local Mickey D, as long as it has no 'rubs' or wear, it's uncirculated.
I had wondered that as well, until I learned on this forum that uncirculated refers to condition only, not its history.
Uncirculated means not worn. It is synonymous with Mint State, although Mint State is more descriptive of the coin's condition.
....and it does not matter so much that it has not circulated, as that it does not look like it has circulated.
