Hello everyone another newbie silly question. What is the highest grade a circulated coin can achieve? If I understand correctly it can't be an MS grade unless it's an uncirculated coin. Like a mint set or proof set. Example say you find a State quarter in really great shape in your pocket change? The only ones worth any money are in a high MS state. So there isn't any reason to send it in to be slabbed because it's circulated and will never be MS state right. Just trying to figure out the process so I don't waste my money for nothing, and maybe in the process someone will answer other peoples questions too. Anyway I would love to hear any insight you wouldn't mind sharing. Thanks everyone!!
Simple (ha ha), an uncirculated coin is a coin that shows no wear, no matter where it is found. Mint sets should show no wear if sealed, and Proofs are Proofs (special). The grades go from P (poor) to AU58. Some AU58 coins are better looking than MS60 and 61's but show a tad of wear. Each series has the high point of the coin that will show wear first.
"Mint State" and "Uncirculated" mean the same thing. They have absolutely nothing to do with the history of the coin, or if you found them in a roll, or a bag, or a pocket. All they mean is this: they have no visible indication of wear. It is theoretically possible to pull an MS-65 coin out of you pocket. It isn't likely, of course, but it's possible. The amount of wear on the coin determines whether it is "uncirculated" or not. This is a really common sticking point for many collectors. However, you have to separate the "common english" interpretation of the word and understand the "numismatic" meaning of the word. In numismatics, "uncirculated" means - no visible trace of wear. I can not objectively hold a coin and tell you every person who's held it and where it's been and what conditions it has been subjected to. The only thing I can tell you, by looking at the coin, is the current condition of the coin. If the current condition of the coin shows no trace of wear (disturbance of metal, usually on the high points or in the open fields), then I can not *objectively* say that the coin has been "circulated". And so, it's uncirculated!
You can also post clear photos (both sides) of the coin that you're considering for TPG submission and ask here. I've seen many such posts and the senior members and experts here will give you their opinion.
Thanks everyone that definitely answers my questions, and it sounds like I need to learn more about what factors hurt a coins grading level. JeffC that's a good ideal also to post some on here, but is there a specific section for that?
That would depend on the coin: U.S. Coins, World Coins, Ancients, etc., or just under the general Coin Chat.
I learned from an old fellow that ran a tiny coin store that I lived in after school. He used to tell me it was like being pregnant. Either it is or it isn’t...... In recent years those standards have changed. These days, yes you can pluck a coin from circulation and if it shows no visible signs of wear, it may pass as an uncirculated coin. I think the biggest lesson for a new collector is recognizing that a shiny coin does not equate to a high grade coin..... Go to coin shops. Look at as many graded coins as you can and study what wear looks like to your eye between an AU58 and an MS62 coin. The more you hold and study coins, the better you will get. And welcome to the most awesome hobby in the world.
***Disclaimer*** I am not an expert, the following is a generalization like an ELI5, and there are exceptions to everything below. Also, I'm too lazy to reread it, so... Think of the grading system (1-70) this way; (ultra-simplified) Theoretically, when a coin it minted (assuming a perfect strike), it is a 70 (MS or PF) It will stay a 70 if nothing every happens to the coin, such as getting hit (scuffed or dinged/dented) by another coin as it goes into the mint bag, or such Now the coin goes into the bag, gets jostled around, smacks into other coins, and gets shipped off to be released into circulation. Depending on how much 'damage', the coin will be in the MS60 to MS69 range (proofs are a different animal). Now the coin ends up at the bank, and gets released into general circulation, and at some point, it lands in your pocket. You may find it 1 day after it was released, or years later. Now it could grade anywhere from PO-1 to MS-69. What makes the difference is the level of wear the coin has sustained. Now, if the coin has only been handled by a few (could be 1 other person, or thousands), but still has the original mint luster, and the coin shows no wear, it'll stay in the MS range. Think of it as a barely circulated coin. Yep, it's been passed around, but not enough to wear the coin down. (Potential for a 70 at this point is possible, but highly unlikely.) As the coin is handled more and more, it will suffer marks (dents, dings, scrapes, etc), and the mint luster will start to deteriorate, and the devices (specifically the high points) of the coin will start to wear down from that handling. I think of a coin that still has some/most luster but the luster and metal on the devices is showing wear/deterioration as an Almost Uncirculated coin, or moderately circulated coin. These are the AU50-58 grades. After that, you're talking about heavily circulated or extremely circulated coins. They've been around the block a few times, have been touched by more people then you want to think about. These go anywhere from PO1 to XF45. (This is also the range that I personally have the most difficulty in grading.) But it all comes down to how much wear a coin exhibits, not how many people have touched the coin. There are possibly some MS decades old coins out there running about, and most likely many in jars. And don't let a weak strike be confused for wear.
Everyone has given me a lot of info to build on. I feel like things are starting to become a little clearer. Thanks again everyone!
If you are interested in knowing all of the factors that go into grading a coin, check the link in my signature below.
When I started collecting, the term "Uncirculated" was the only one used for a coin showing no wear (The Sheldon scale is a side issue). Then, at some point, the term "Mint State" was invented, to indicate a coin that appeared as it was made at the mint. I prefer this term, because it applies to the coin as it appears, and not to its history. We've all found brand new coins in circulation, with no evidence of wear. They've been through a hand or two, and maybe a pocket or two, but there is no evidence of that, looking at the coin. Literally, they are not "uncirculated", but nobody could differentiate these from something straight out of a mint-sealed bag. I think at this point in time the term "uncirculated" should be declared obsolete.
I agree wholeheartedly with @physicsfan3.14. The amount of visible wear is the only workable definition since quite literally every coin that leaves the Treasury Department is now "circulated" even if it only sits in a bag in a commercial bank.
“Uncirculated” is an unfortunate term because it sounds as if the coin has never been in circulation. Yet a coin can be found in your pocket which has all of the design detail and mint luster remaining. Therefore the coin is “Mint State” as it left dies, except for a minor mark that may have resulted from falling into the bucket after it was struck or marked the bag after was counted and shipped. The late Herb Silberman (co-founder of the Early American Coppers Club) once told me that a Mint State could have no marks, but that is way too restrictive. Virtually nothing is absolutely perfect.
