The quantity of the coins you hold does not judge your ability in coin collection. One other important thing that you have to keep in mind is the quality. The coins are graded on a scale of 0 - 70, which was introduced by Doctor William Shelby, and this process was called "Penny Whimsy".Following are the methods in which the coins are graded:
1. Mint State Coins
These types of coins almost have a value of about 60 - 70 on the scale. This kind of coin has no flaws, whatsoever. Many coins that belong to this category are shiny, new, unworn, and uncirculated.
2. Almost Uncirculated Coins
"Almost Uncirculated" coins are rated 50 - 58 on Doctor Shelby's scale.
The coin collectors must always know the various locations of high points in this type of coin. The best way to check this coin is to see the difference in the light reflection in the various high points. This is the specialty of the "Almost Uncirculated" coin, and this is how it differs from mint state coins.
3. Fine Coins
These kinds of coins are further classified as:
(i) Extremely Fine Coins which range from 40 - 45. Mint luster will be present in this coin.
(ii) Very Fine Coins which range from 20 - 30 or even 35. These are the coins that could have been in use for around 1- 3 years, and the minor details might not be present anymore.
(iii) Fine Coins range from 10 - 20, depending on the closeness of the details in the coin. These coins generally are worn out, yet have their design.
4. Good Coins
These coins are of three types, "Very Good Coins, and "Good Coins" and "Almost Good Coins".
Most of the intricate details would have disappeared by now. But, the weak designs will still remain, and they can be observed. Otherwise, the high points in the coin are smooth.
Generally, the "Very Good Coins" get to have the full rims, and the mint mark, along with the date will be visible in case of "Good Coins". "Almost Good Coins are worn out!
5. Fair Coins
These kinds of coins are totally worn out, but they can be identified with what remains. As long as it is identifiable, it is good!
6. Basal Coins
These kinds of coins can be identified as coins, but then, what kind of coin it is, is hard to say.
These are the classifications in which the coins can be graded. Always remember that the grading knowledge of coins will give you an edge in your coin collecting spree.
