PCGS Grading Standards

18 37 Classic Head Half Eagle PCGS MS66+

By Seth Chandler

1837 Classic Head Half Eagle, PCGS MS66+. Courtesy of Witter Coin.

Th e Classic Head Half Eagle has always been a special coin to me. Minted from 1834 to 1838, these are wonderful coins that many collectors hope to obtain a nice example of.

Back when I was working at Edgewood Coin Shop as a young teenager in Jacksonville, Florida, where I grew up, a Choice Very Fine specimen came into the shop. I was mesmerized. I had never seen one before. Th is wasn’t the usual Liberty or Indian Half Eagle that the shop typically encounters. At 14 years of age, the only word I could utter was just how old it was. I had to own it! It took me two months to pay off the coin, but I got it – my fi rst major numismatic acquisition! We have all been there, and what a feeling…

I am a fan of getting a lot of numismatic value for my money. I feel that the Classic Head Half Eagle is the very defi nition of value. Th e PCGS Price Guide value for an example in Very Fine is $850 and in Extremely Fine it goes for $1,250. Th ink about this: where else can you own a nice example of a nearly 200-year-old gold coin for under $1,000?

Classic Head coins are old enough to be categorized as “Early Gold,” yet the Classic Heads are the most common of all early gold U.S. coinage and are quite aff ordable. Th ey are the perfect gateway coin for collecting other early gold coins. If you want to add an exciting element to the series, consider obtaining an example made in 1838 at the historical Dahlonega or Charlotte Mints. Probably only a couple hundred exist of each date. Th at’s rare!

Th e specimen on the cover of this issue of the PCGS Rare Coin Market Report is one of the fi nest known Classic Head Half Eagles. It’s an 1837 that PCGS has graded MS66+, and it’s tied with one other coin for the fi nest in the entire series. Th is coin should not exist. Th e fi rst time I had the coin in hand – I could use all the fancy fi ve-syllable words to describe the coin – what immediately came to my mind is that the coin simply punches you in the face twice. Take the mint frost and the gorgeous brassy yellow toning the coin possesses… You just wonder how it is possible that a gold coin has survived all these years in such a wonderful state of preservation.

Th e new owner is excited to share this coin at the PCGS table at the American Numismatic Association World’s Fair of Money. Please stop by and enjoy the coin!

Seth Chandler is the head Wheat Cent sorter at Witter Coin, America’s Coin Shop, which is based in San Francisco. Seth enjoys getting made fun of by his three kids, teaching young collectors all aspects of our hobby, and taking long walks on the beach at sunset with other numismatists.

GRADING STANDARDS

A Guide to PCGS Grades & Designations

Th ere are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade.

For a description of all the grades and designations used in the RCMR, refer to the PCGS Grading Standards listed in this issue. Space does not permit us to show a comprehensive photographic grading guide here, but those interested in a detailed look at virtually all U.S. coins in all grades are referred to PCGS’s Photograde section, found at www.PCGS.com/photograde.

P C G S C O I N G R A D I N G S T A N D A R D S

Regular Strikes

For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which aff ect the grade accordingly. For regular strikes in Uncirculated condition (MS60 to MS70), there are four primary attributes that determine grade: marks, strike, luster, and eye appeal. A PCGS MS70 is a modern coin in "as struck by Mint" condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins. A PCGS MS69 will show only one or two miniscule imperfections. Must be fully struck and have full original luster and eye appeal. A PCGS MS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster, and good eye appeal. A PCGS MS67 will have some minor imperfections (marks, abrasions, etc). Must be well struck and have good luster and eye appeal. A PCGS MS66 will have a few marks and/or abrasions. Th e strike, luster, and eye appeal must be good. A PCGS MS65 will have some marks and/or abrasions, but they will be minor. Th e strike must be above average, and

C o m p o n e n t s Components o f of M i ntMint S t a t e State G r a d i ngGrading

Strike

Th e completeness/incompleteness of a coin’s intended detail when originally struck.

Luster

Th e strength and pattern of light refl ected off a coin.

Surface Preservation

Th e condition of the surface of a coin, notably marks and/or scratches.

Eye Appeal

Th e element that “grabs” the viewer. Th e overall look of a coin. Often manifested as “toning.”

luster and eye appeal must be good. A PCGS MS64 will have some marks and/or abrasions, and they may be signifi cant. Th e strike and eye appeal should be average or above and must not be negative. Luster may be somewhat subdued. A PCGS MS63 will have marks and abrasions that are moderate in number and/or size. Strike may not be full and eye appeal can be slightly negative. Luster may be somewhat dull. A PCGS MS62 will have no wear on high points. Th ere may be considerable marks and abrasions and some may be severe. Strike may not be full and eye appeal may be negative. Luster may be dull. A PCGS MS61 will have no wear on the high points. Th ere may be multiple heavy marks and abrasions. Strike may not be full, luster may be dull, and/or eye appeal may be negative. A PCGS MS60 will have no wear on the high points. Th ere may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative. A PCGS AU58 will show full detail with minor friction on only the highest points. A PCGS AU55 will show full detail with friction on less than 1/2 of the surface, mainly on the high points. A PCGS AU53 will show full detail with friction on 1/2 or more of the surface. Th ere may be a very slight fl atness on high points. A PCGS AU50 will show full detail with friction over most of the surface and slight fl atness on high points. XF45 Detail is complete with most high points slightly fl at. XF40 Detail is complete with some high points fl at. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete.

V F25 Detail is 60 to 70% complete. V F20 Detail is 50 to 60% complete. F15 Detail is full in recessed areas. All lettering is sharp. F12 Detail is evident in deeply recessed areas. Lettering is mostly sharp. VG10 Design is worn with some detail evident. VG08 Design is worn with only slight detail evident. G06 Detail is fl at, but rims are complete. Peripheral lettering is full. G04 Detail is fl at. Rims slightly worn. Peripheral lettering nearly full. AG03 Rims are worn but most lettering is readable though worn. FR02 Mostly worn, but some design details are visible. PO01 Barely identifi able as to date and type.

Proofs

For proof strikings, the primary attributes of grade are hairlines and/ or marks (or lack of ), refl ectivity (for brilliant proofs), and eye appeal. Note that nearly all proofs are fully struck, thus strike is usually not a factor. Strike only comes into play when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the refl ectivity is as perceived under toning. A PCGS PR70 shows no imperfections under fi ve-power magnifi cation. Brilliant proofs must be 100% fully refl ective. A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully refl ective. A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully refl ective. A PCGS PR67 will have some minor imperfections (hairlines or perhaps an extremely minor mark or two). Eye appeal must be very good. Brilliant proofs must be fully refl ective or virtually so. A PCGS PR66 will have a few hairlines and/or very minor marks. Eye appeal must be very good. Brilliant proofs must be fully refl ective or nearly so. A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good refl ectivity. A PCGS PR64 will have noticeable hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued refl ectivity. A PCGS PR63 will have obvious hairlines and/or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull. A PCGS PR62 will have numerous hairlines and/or marks. Eye appeal may be quite negative. Brilliant proofs may be dull. A PCGS PR61 will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be refl ective. A PCGS PR60 will have no wear on the high points, but will be very hairlined and/or marked. Eye appeal is negative.

Brilliant proofs may not be refl ective. Proofs below PR60 For proof strikings grading below PR60, the grading is based on the amount of wear and the standards are the same as for regular strikes.

In addition to grade, certain coins have characteristics that collectors recognize as important and PCGS designates these characteristics using the standards that follow.

P C G S C O I N D E S I G N A T I O N S

Color for Copper Coins (MS60 or better)

Brown (BN) PCGS designates Brown for copper coins that have less than 5% of their original mint-red color. Red Brown (RB) PCGS designates Red and Brown for copper coins that grade MS60 or better and show between 5% and 95% of their original mint-red color. Red (RD) PCGS designates Red for copper coins that grade MS60 or better and show 95% or more of their original mint-red color.