Grading the Graders

Getting your Trinity Audio player ready...

Do you remember when the U.S. Mint made only uncirculated and proof coins? Ah yes, I remember it well. It seems that the great assault on grading terms came mostly in the early 1960s, when dealers began to use superlatives and adjectives in an attempt to make their coins sound as appealing as possible. These colorful descriptions had no meaning other than to make the pieces seem glamorous. 

Prior to that, much of the controversy over coin descriptions centered around the use of About Uncirculated or Almost Uncirculated (AU), which was coming into general use. Its advocates avowed that it was easy to understand and recognize. They argued that it clearly described a coin that had light friction from cabinet storage or some similar situation. Those who opposed adding AU to the standard grading nomenclature saw its addition as akin to being “about pregnant,” or something equally vague. However, the term gained sufficient popularity to be added to The Official ANA Grading Standards for United States Coins and similar references.

Recent years have seen another wave of changes that embellish, alter, or refine not only the description of U.S. coins, but also the actual method of designing, striking, and producing them. And these changes now require new and creative descriptors.

The U.S. Mint has lost no time in coming up with its own lexicon. Unfortunately, many seasoned collectors find these words unfamiliar and confounding. For those who need to refer to such items in their catalogs, advertisements, books, and other writings, describing each item briefly and succinctly is nearly impossible. It is not possible to turn back the hands of time to those halcyon days when collectors and dealers used more basic grades and finishes (Good, Very Good, Fine, Very Fine, Extremely Fine, uncirculated, brilliant uncirculated, and proof). 

Recent years have seen another wave of changes that embellish, alter, or refine not only the description of U.S. coins, but also the actual method of designing, striking, and producing them.

The Evolution of Coin Terminology

It’s a difficult yet important task to distinguish the differences that are seen in the various coin descriptions of today. I’ll try to summarize them here using several online sources and a recent listing by Modern Coin Market:

In the early years, the U.S. Mint created several issues of proof gold coins made from sandblasted dies to give the coins a dull, matte finish. However, that technique was discontinued in modern times; thus, new terms had to be created. 

Long before then, the term specimen strike was used to describe an exceptionally perfect coin. 

Originally, the U.S. Mint used the term uncirculated finish to refer to the satiny, matte texture found on its bullion coins, such as the silver and gold American Eagles. Its revised terms included burnished, reverse proof, enhanced uncirculated, or proof.

In 2006 the U.S. Mint stopped calling this finish uncirculated. It continued producing bullion coins in the same manner, but it no longer mentioned any particular type of finish on the coins.

Later, the U.S. Mint changed its definition of uncirculated finish. Instead of using the finish on bullion coins, the mint now uses uncirculated finish to refer to the finish applied to coins struck specifically for collectors.

Modern Finishes & Collector Coins

Proof and reverse proof coins are similar to traditional proof examples where the design details appear mirrorlike and the fields are frosted. Reverse proof coins have frosted fields and mirrorlike devices. Burnished coins have a satiny matte finish that is not quite as shiny as a normal proof.

Some certified coins use the term specimen grade. Collectors most commonly use this moniker for coins with a burnished finish, although they also use it for coins with some other types of finishes. The U.S. Mint originally used the term in former years to indicate a brilliant coin struck from new or polished dies.

Confusing Terms

The following grading descriptions have appeared in recent usage by various catalogers, sellers, and advertisers:

• Uncirculated
• Brilliant Uncirculated
• Red Uncirculated
• Choice
• Gem
• Circulation Strike
• Business Strike
• Cameo
• Deep Cameo
• Ultra Cameo
• Burnished or Satin Finish
• Enhanced Uncirculated
• High Relief
• Ultra High Relief
• Early Strike
• First Day of Issue
• Proof
• Prooflike
• One-Sided Proof
• Specimen Coin
• Chrome-Plated Dies
• Market Graded
• Technical Grading
• Used
• Pre-Owned 

Overshadowing all these quirky names is the age-old adage that ownership of a coin somehow automatically increases both its perceived grade and value.