Standards · Coins
The Sheldon Scale Explained
The Sheldon Scale is the 70-point numerical grading scale devised by Dr. William Herbert Sheldon Jr. in 1949 to price 1793–1814 US Large Cents. It runs from 1 (Poor) to 70 (Perfect Mint State) and is the dominant scale used by modern coin grading firms worldwide, including Xene, PCGS, NGC, ANACS and ICG.
Origin
Sheldon's 1949 book Early American Cents proposed a numeric scale where a coin graded 70 was worth 70× a coin graded 1 — a price multiplier system. The valuation use collapsed within decades as the underlying premium curve diverged from any single multiplier, but the scale itself survived and became the universal coin-grading vocabulary. By the founding of PCGS (1986) and NGC (1987) it was the de facto industry standard.
Structure
The scale is divided into two halves. Grades 1 through 59 describe circulated coins, classed by remaining detail — the wear from circulation is the dominant variable. Grades 60 through 70 describe Mint State coins (those never released into circulation), classed instead by the number, size and location of post-strike contact marks, the quality of the strike, and the strength of lustre.
Strike, lustre and eye appeal
A numeric grade is not a mechanical count. Each grade represents a holistic judgement combining the strike (how sharply the design was impressed by the dies), the lustre (the cartwheel sheen produced by metal flow during striking, which dies after circulation), and the eye appeal (overall aesthetic impression including toning, colour, and the absence of distracting features). Two coins with identical contact marks may grade one full point apart on the strength of strike alone.
Plus designations and CAC stickers
PCGS and NGC apply a '+' suffix to coins at the upper end of their assigned grade band — a PCGS MS-64+ is meaningfully better than a plain MS-64 but did not quite reach MS-65. Xene reports an analogous '+' on coins falling in the top 25th percentile of the grade band. A separate ecosystem of stickering services (CAC, CACG) verifies grades after the fact; Xene encapsulations are CAC-eligible and the CAC sticker is preserved through cross-certification.
Proof and Specimen designations
Proofs and Specimens use the same numeric scale (1–70) but with a PR or SP prefix (e.g. PR-65, SP-67). Proof coins are struck twice on polished planchets with polished dies, producing mirrored fields and frosted devices; Specimens are intermediate between proofs and business strikes. Cameo (CAM) and Deep Cameo / Ultra Cameo (DCAM/UCAM) designations describe the contrast between frosted devices and mirror fields — a PR-68 DCAM is rarer and trades higher than a PR-68 with no cameo contrast.
Net grading and details grades
Coins with cleaning, scratches, environmental damage, repairs or rim damage cannot receive a straight numeric grade. They are instead given a 'Details' grade — the numeric assessment of the underlying coin combined with a plain-language description of the problem (e.g. 'AU Details — Cleaned' or 'XF Details — Rim Damage'). The Xene certificate records the underlying numeric grade explicitly so the market can price the coin without recomputing from text.
Why MS-65 to MS-67 skips MS-66
Sheldon's original 1949 paper emphasised the anchors 60, 63, 65, 67, 69 and 70; the intermediate integers were rarely used. Modern grading firms employ every integer from 60 to 70, but the historical anchors remain disproportionately common in published population reports — partly tradition, partly because the grade boundaries cluster around discontinuities in market price that the original anchors happened to identify.
Reference table
At a glance.
| Numeric | Adjectival | Brief description |
|---|---|---|
| 1 | Poor (P-1) | Identifiable as to type, date often illegible |
| 2 | Fair (FR-2) | Date partially legible, design heavily worn |
| 3 | About Good (AG-3) | Outline complete, design worn smooth |
| 4–6 | Good (G-4 to G-6) | Major design elements visible, rims worn |
| 8–10 | Very Good (VG-8 to VG-10) | Most design visible, lettering complete |
| 12–15 | Fine (F-12 to F-15) | Moderate even wear, most major details visible |
| 20–35 | Very Fine (VF-20 to VF-35) | Light to moderate wear on highest points |
| 40–45 | Extremely Fine (EF-40 to EF-45) | Light wear on highest points only |
| 50 | About Uncirculated (AU-50) | Slight friction on highest points |
| 53–58 | Choice About Uncirculated | Trace friction; partial lustre |
| 60 | Mint State (MS-60) | No wear; numerous contact marks acceptable |
| 61–62 | Mint State | Below average for MS; many marks |
| 63 | Choice Uncirculated (MS-63) | Average MS; scattered marks |
| 64 | Choice Uncirculated (MS-64) | Above average; minor marks in obvious places |
| 65 | Gem Uncirculated (MS-65) | Strong eye appeal; few marks; full lustre |
| 66 | Gem Uncirculated (MS-66) | Excellent; minimal marks |
| 67 | Superb Gem (MS-67) | Exceptional; almost flawless under 5× |
| 68 | Superb Gem (MS-68) | Virtually as struck |
| 69 | Superb Gem (MS-69) | Near perfect; trivial flaws only |
| 70 | Perfect (MS-70) | No post-strike imperfections under 5× magnification |
| PR-65 CAM | Proof, Cameo | Proof strike with frosted devices on mirror fields |
| PR-68 DCAM | Proof, Deep Cameo | Strong frost-to-mirror contrast |
| XF Details | Details — Cleaned | Numeric assessment with disqualifying defect |
Questions
- Is MS-70 truly attainable?
- For modern issues struck on perfect planchets with controlled processes (post-1980 bullion, modern proofs), MS-70 is achievable in meaningful quantities. For classic coinage struck on inconsistent planchets, MS-70 is functionally unattainable; MS-67 or MS-68 is the realistic ceiling and population reports confirm that pattern.
- How does the Sheldon scale compare to the 10-point scale used for cards?
- The two scales are unrelated despite both being numeric. The 10-point scale (PSA/BGS/CGC) was designed in the late 20th century for trading cards. The Sheldon scale is older and finer-grained — 70 grade-points vs 10 — and contains adjectival anchors (Mint, Fine, Good) inherited from pre-numeric tradition. The two cannot be mechanically converted.
- Why do some coins skip from MS-65 to MS-67?
- Sheldon's original 1949 paper did not use every integer; grades 65, 67, 69 and 70 were emphasised. Modern grading firms use all integers from 60 to 70, but the historical anchors (60, 63, 65, 67, 70) remain the most commonly assigned, partly because they cluster around real market-price discontinuities.
- What is a 'Details' grade and does it kill a coin's value?
- A Details grade is assigned when a coin has cleaning, scratching, environmental damage, repair or rim damage that disqualifies it from a straight numeric grade. The coin still receives a numeric assessment (e.g. 'AU Details — Cleaned'); it remains collectable and tradable, typically at 40–70% of an equivalent straight-graded coin depending on rarity and the severity of the defect.
- Does Xene reconsign to CAC?
- Yes. Xene-encapsulated coins are CAC-eligible and our clients can request that we forward eligible coins to CAC on their behalf as part of the Specialist or Private Office tiers. The CAC sticker, if awarded, is preserved through any subsequent Xene cross-certification.
- Why is strike worth a grade point on its own?
- A well-struck coin shows all design detail crisp and full; a weakly-struck coin from the same dies may show flat hair, missing breast feathers, or soft denticles. Both might be technically mint-state with identical contact marks, but the well-struck example is materially scarcer and the grade reflects that. Strike weakness is described on the certificate so buyers can verify.
- How is toning treated?
- Original, attractive toning enhances eye appeal and can lift a grade. Artificial or unstable toning (recent immersion in chemicals, exposure to sulphur-rich materials) is disqualifying and triggers a Details grade. Xene examines toning under controlled light and, in ambiguous cases, defers to a senior numismatist's review.