Grading is how a collectible is authenticated and its condition judged by an independent expert. It turns a personal opinion about quality into a standard that buyers and sellers everywhere can trust.
Who does the grading
Grading is done by independent third party services, not by the seller. The major names you will see on our pieces are NGC and PCGS for coins, PMG for paper money, and CGC for flat collectibles such as silver foils. Each one examines a piece, confirms it is genuine, assigns a grade, and seals it in a tamper evident holder, often called a slab, with a unique certificate number.
The services are not interchangeable, and that is by design. Coins and banknotes wear differently, so NGC and PMG grade on a 70 point scale tuned to struck metal and printed paper respectively, while CGC uses a 10 point scale suited to comics, foils, and other flat pieces. PMG adds the EPQ designation, Exceptional Paper Quality, for notes it determines to have original, unprocessed paper. The right service for a piece is the one whose specialty matches its material.
The 70 point scale
Modern coins and collectibles are graded on a 70 point scale, where 70 is a flawless example and the number falls as imperfections appear. Under NGC's published standards, a 70 shows no post production imperfections at 5x magnification; a 69 permits only the slightest of them. Move the slider to see what each grade means.
MS, PF, PL, and SP
The letters before the number tell you how the piece was made, not how well it survived. So an NGC MS70 and an NGC PF70 are both perfect, but they describe different kinds of pieces.
| Prefix | Meaning | Refers to |
|---|---|---|
| MS | Mint State | Standard production strike |
| PF / PR | Proof | Special strike with mirror fields and frosted devices |
| SP | Specimen | Special strike between mint state and proof |
| PL | Prooflike | Mint state coin with proof like reflectivity |
When a proof's frost contrast is especially strong, the label adds Cameo or Ultra Cameo.
You may also see a star on some NGC labels. That is NGC's designation for exceptional eye appeal, awarded on top of the numeric grade.
Designations: the early grading windows
Modern certified coins often carry a designation such as First Releases, Early Releases, or First Day of Issue. These record that the coin was submitted for grading within a defined window after its release, documented by the service on the label. First Day of Issue is the strictest of the three. Collectors of modern issues often prefer designated examples because they mark the earliest certified population of an issue.
How grade interacts with value
Grade matters most in combination with population. A 70 grade coin from an edition where hundreds have graded 70 is a different proposition from a 70 where the census shows a handful. That is the Two-Number Rule in action: the grade tells you the condition, the population report tells you how many share it. The scarcest combinations in our catalog are tracked in the Rarity Register.
Grade is also why a 69 can be the smart purchase. The visual difference from a 70 is usually invisible without magnification, and the price difference can be substantial. Collectors who want the coin rather than the census position often buy the 69 happily.
Does a higher grade matter
For many collectors, yes. A higher grade means better preservation, and when only a few examples reach the top grade, that scarcity adds appeal. For others, a slightly lower grade is perfectly satisfying, especially when the piece is meaningful to them. The right grade is the one that fits how you collect. Whichever you choose, the certificate number on the holder lets you verify the piece independently with the grading service; our guide to reading the slab label shows you how.