An overview of assessment systems

You’re holding an old coin in your hand – perhaps an heirloom or a flea market find – and you’re wondering: what is it actually worth? At the very latest when you first glance through an auction catalogue, you’ll come across abbreviations such as ‘vz’, ‘ss’ or ‘VF’ – and that’s when the confusion really sets in. Don’t worry: there’s a logical system behind these abbreviations. The so-called conditions describe the state of a coin according to set criteria. And it’s precisely this assessment that often determines whether a coin is worth a few euros or a small fortune.

Why a coin’s condition matters so much

Imagine two 5-Mark coins from the German Empire, from the same year and the same mint. One has been jingling around in a wallet for decades, whilst the other has lain untouched in a drawer ever since it was minted. The price difference between the two can easily be tenfold – sometimes even more.

The condition reveals what a coin has been through in its lifetime: was it used in everyday life? Was it ever cleaned? Has it sustained any scratches? The fewer signs of wear, the more sought-after it is among collectors. Anyone taking up numismatics therefore has no choice but to familiarise themselves with the various grading scales.

The German condition scale

In German-speaking countries, a six-point scale has become established. It ranges from the worst to the best condition:

● Poorly preserved (ge) – The coin’s design is barely recognisable. Such coins have usually been in circulation for a long time.

● Fine (s) – The outlines are visible, but signs of wear are immediately apparent.

● Very Fine (ss) – Details are clearly visible, but there is noticeable wear on the highest points of the relief.

● Excellent (vz) – Only on close inspection are minimal signs of wear noticeable. The fine details are largely preserved.

● Mint State (St) – Freshly struck, with no signs of circulation, and full coin lustre. This is what a coin looks like that has never been in a wallet.

● Proof (PP) – A mirror-like surface, produced using a special minting process. Strictly speaking, this is not a condition grade but a method of production.

In practice, you will often come across intermediate grades as well. A coin described as ‘ss-vz’ is, in terms of quality, somewhere between ‘very fine’ and ‘excellent’. Whilst this may sound imprecise at first, it gives experienced collectors a fairly precise idea of the coin’s condition.

The Anglo-American system (Sheldon Scale)

Anyone browsing international auction platforms will come across a different system: the Sheldon Scale. It uses English abbreviations and a numerical rating from 1 to 70. The main grades are:

● Poor (P-1) – The coin is barely recognisable as such.

● Good (G-4 to G-6) – Main motifs visible, but heavy wear.

● Very Good (VG-8 to VG-10) – More details are visible, but wear remains evident.

● Fine (F-12 to F-15) – Moderate wear; the essential details are present.

● Very Fine (VF-20 to VF-35) – Slight wear, particularly on the raised areas.

● Extremely Fine (EF/XF-40 to XF-45) – Only minor signs of wear; overall, a very good appearance.

● About Uncirculated (AU-50 to AU-58) – Almost no signs of circulation, but not quite flawless.

● Mint State (MS-60 to MS-70) – Uncirculated. MS-70 stands for absolute perfection – extremely rare in practice.

A pitfall for newcomers: ‘Good’ sounds like a good condition, but actually describes a heavily worn coin. Don’t let this mislead you.

Professional grading: When experts assess coins

In the USA, a distinct market has developed around coin grading. Grading services such as NGC (Numismatic Guaranty Company) and PCGS (Professional Coin Grading Service) accept coins, grade them according to the Sheldon scale and then seal them in a plastic holder – known as a ‘slab’ in collectors’ jargon. The grade on the slab is then regarded as an authoritative reference.

This offers tangible benefits, particularly for beginners: you receive an objective assessment, are better protected against forgeries and can refer to a recognised grading when buying or selling. In Europe, however, professional grading is less widespread. Here, many collectors rely on the descriptions provided by auction houses – and on their own eye, which improves over time.

Other grading systems in Europe

Germany and the USA are not the only countries with their own grading traditions. In France, the terms used are ‘Très beau’ (TB), ‘Superbe’ (SUP) or ‘Fleur de coin’ (FDC). Italian numismatics uses terms such as ‘Bellissimo’ (BB) and ‘Fior di conio’ (FDC). Scandinavia and the Netherlands also have their own grading scales.

That sounds like a lot to take in – but it really isn’t. The basic logic is the same everywhere: the scale ranges from heavily worn to mint condition. Once you’ve grasped the German and Sheldon systems, you’ll quickly find your way around most other grading systems.

What else affects a coin’s condition?

A coin’s valuation goes beyond its mere degree of wear and tear. Here are a few factors that are often underestimated:

● Scratches and edge defects: A single deep scratch can significantly lower a coin’s valuation – even if the obverse otherwise looks flawless.

● Patina: On antique and older coins, a natural, even patina is often seen as a plus. Spotty or artificially applied patina, on the other hand, reduces the value.

● Cleaning: Keep your hands off the silver polishing cloth. Improper cleaning leaves fine hairline scratches and destroys the original lustre. Cleaned coins are almost always valued lower than untreated pieces of the same quality.

● Minting flaws: Some coins exhibit poorly defined details right from the mint. This is not wear and tear, but is nevertheless taken into account in the valuation.

All these factors combined mean that valuation is not something you can learn from a book alone. It takes practice – and, above all, plenty of coins to compare with one another.

How to train your eye

● Compare, compare, compare: Look at images in auction catalogues and on platforms such as Sixbid. The more coins you see, the more confident your judgement will become.

● Use a magnifying glass: Fine signs of wear are often not visible to the naked eye. A 10x magnification is sufficient to start with.

● Learn to recognise cleaned coins: Look out for an unnatural sheen or fine parallel scratches – both are typical signs.

● Better to be too strict than too generous: If you’re unsure, grade it one level lower. This protects you from disappointment when selling.

● Specialist literature with reference images: Good standard reference works show the same coin in different conditions side by side. This helps enormously in calibrating your own eye.

Whether it’s the German scale, the Sheldon system or one of the European variants – grading coins according to their condition is part and parcel of numismatics. Nobody becomes an expert overnight, but anyone who regularly compares coins and familiarises themselves with the grading systems will, over time, develop a reliable eye for them. Make use of the resources offered by established auction platforms to view different grades side by side. And if you’re unsure about a coin, ask experienced collectors or specialist dealers – most will be happy to help.