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The Sheldon Coin Grading Scale is a 70-point coin grading scale used in the numismatic assessment of a coins quality. It is used by nearly all major coin grading companies, the main two being NGC and PCGS. The scale was invented by William Herbert Sheldon.
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Original Sheldon Scale (1949)
In 1949, the original scale was first presented in "Dr. William H. Sheldon's Early American Cents" titled "A Quantitative Scale for condition" as a way to grade Large cents. The scale is known today as the Sheldon scale.
Adapted scale (1970s–present)
By 1953 the original Sheldon scale had become outdated. It was not until the 1970s, however, that the ANA chose to adapt the scale for use on all US coins. The scale used today is a modification of the original Sheldon scale, with added adjustments, additions, deletions, and modifications to it.
Note: Some early American coin varieties are almost always found to be weakly struck in places. This does not bring the grade of a coin down and is considered normal for early coins.
Uncirculated grades
Mint State most commonly refers to a coin's condition and is attributed to a coin, minted for regular distribution, but has never experienced general circulation. The coin can therefore be described "as new" or "Uncirculated".
In modern-day United States numismatics, mint state coins are given a number from 60 to 70 inclusive, with 70 being perceived as a perfect coin with no visible blemishes. Coins with a lower grade (60-63), although unworn, may suffer from weak striking, bag marks and other defects that make them less attractive to the collector. Some early coins appear quite worn-looking in mint state, due to striking problems or problems with the coin's planchet and/or metal quality. Other, similar-date, specimens are currently unknown to exist in uncirculated condition. The terms Brilliant (Abbr: BU), Choice, and Gem have been used to describe Uncirculated grades. A Brilliant uncirculated coin can describe any coin over the grade of MS60. Choice Uncirculated is used for coins MS-64 and above, while Gem Uncirculated is used for coins graded MS65 and above.
Proof Coins
Like circulated grades, proof coins are graded on the Sheldon scale from 1 to 70. Proof coins graded 60 to 70 are mirrored to those of Uncirculated grades with the difference that the coin was not made for circulation. Proof coins with the grade of Pr63 are sometimes called "Choice Proofs". Proof coins that are below the grade of 60 and show signs of circulation or mishandling have been classified as Impaired Proofs, these are not included alongside circulated coins as they were never issued or intended for circulation in the first place.