Coin Grading Guide
Grading standards for Japanese antique coins — based on the Sheldon Scale used by NGC and PCGS.
What is the Sheldon Scale?
Developed by Dr. William Sheldon in 1949, the Sheldon Scale is a 70-point numerical grading system adopted by all major grading services including NGC and PCGS. Coins are graded from 1 (Poor — barely identifiable) to 70 (Perfect — flawless under magnification).
Proof Grades — PF/PR
Special collector coins produced with polished dies and planchets, yielding a mirror-like finish.
Perfect Proof
Flawless proof. No post-production defects visible at 5x magnification.
Near Perfect Proof
Nearly flawless. Only the slightest defects visible at 5x magnification.
Superb Gem Proof
Exceptional quality. Only minute imperfections under magnification.
Superb Gem Proof
Superb quality. Very small imperfections only.
Gem Proof
Gem quality. Minor imperfections present but overall excellent.
Choice Proof
Choice proof quality. Some noticeable imperfections present.
Proof
Proof quality but with noticeable defects or haziness.
Mint State (Uncirculated) — MS60–70
Coins that have never been in circulation. Original mint luster (cartwheel effect) is present.
Perfect Uncirculated
Flawless. No post-production defects visible at 5x magnification.
Near Perfect Uncirculated
Nearly perfect. Only the slightest contact marks visible at 5x.
Superb Gem Uncirculated
Exceptional. Minimal contact marks only.
Superb Gem Uncirculated
Superb uncirculated. Very light contact marks.
Gem Uncirculated
Gem quality. Slight contact marks but excellent luster.
Gem Uncirculated
Gem. Small contact marks but overall beautiful.
Choice Uncirculated
Choice uncirculated. Some light contact marks.
Choice Uncirculated
Choice uncirculated. Moderate contact marks with good luster.
Uncirculated
Uncirculated but with noticeable contact marks. Luster may be impaired.
Uncirculated
Uncirculated with numerous contact marks. Luster may be weak.
Uncirculated
Uncirculated but with many contact marks and possible bag marks.
Circulated Grades — AU58 and Below
Coins that have seen use in commerce, showing varying degrees of wear.
Choice About Uncirculated
Slider. Looks uncirculated but slight wear on high points. Over half of mint luster remains.
Choice About Uncirculated
Light wear on high points. About half of mint luster remains.
About Uncirculated
Definite wear but mint luster still visible.
About Uncirculated
Wear on high points. Trace of mint luster remains.
Choice Extremely Fine
Light wear. Sharp, clear details. Slight wear on high points only.
Extremely Fine
Light wear. Design clear but high points show wear.
Choice Very Fine
Moderate wear. Major design elements sharp.
Choice Very Fine
Moderate wear. Fine details show wear but overall good.
Very Fine
Moderate wear. Rim complete, lettering clear.
Very Fine
Moderate wear. Rim and lettering clear but high points worn.
Choice Fine
Even wear. Design elements distinguishable. Rim complete.
Fine
Heavy wear. Major design readable but details unclear.
Choice Very Good
Heavy wear. Rim complete, lettering legible. Significant central wear.
Very Good
Heavy wear. Design outline visible but details unclear.
Choice Good
Extremely heavy wear. Major design outline only discernible.
Good
Extremely heavy wear. Only rough design shape remains. Date/legend barely readable.
About Good
Very heavily worn. Type identification only.
Fair
Barely identifiable but type distinguishable.
Poor
Barely identifiable as a coin. Date and denomination unreadable.
International Grade vs. Traditional Japanese Terminology
| International | Japanese Term | Sheldon | Condition Description |
|---|---|---|---|
| MS65–70 | 完全未使用 / 完未 | 65–70 | Fully preserves mint state |
| MS60–64 | 未使用 | 60–64 | No circulation, contact marks present |
| AU50–58 | 準未使用 | 50–58 | Slight wear, luster remains |
| EF40–45 / XF | 極美品 | 40–45 | Light wear, details sharp |
| VF20–35 | 美品 | 20–35 | Moderate wear |
| F12–15 | 並品 | 12–15 | Heavy wear, still legible |
| VG8–10 | やや劣 / 並品下 | 8–10 | Heavy wear |
| G4–6 | 劣品 | 4–6 | Extremely heavy wear |
| AG–PO (1–3) | 不良 | 1–3 | Barely identifiable |
Grading Tips
Rotate the light, not the coin
Wear appears differently under different lighting angles. Always check a coin under multiple angles before forming a grade opinion.
Use a 10x loupe as your baseline
A 10x loupe reveals surface condition, edge wear, and scratch depth. NGC and PCGS officially grade at 5x magnification.
Photos often flatter coins
Auction photographs use studio lighting that can make coins look significantly better than they are in person. See in person when possible.
Watch for cleaning and alteration
Unnatural uniform luster, overly sharp edges, or patchy color can indicate cleaning or tooling. These are major grade-killers.
Mint luster is the key to Mint State
The original cartwheel luster from minting is the primary indicator distinguishing MS coins from About Uncirculated.
Check the high points first
Circulation wear appears first on the high points (raised design elements) and the rim. Start your examination there.
Third-Party Grading Services
For higher-value Japanese coins, third-party grading is strongly recommended. Coins encapsulated in tamper-evident slabs carry authenticity and grade guarantees, improving marketability significantly.
NGC (Numismatic Guaranty Company)
One of the world's largest grading services. Uses the Sheldon Scale. Widely accepted for Japanese coins.
PCGS (Professional Coin Grading Service)
Industry-standard grading service known for strict, consistent standards.
JNDA (Japan Numismatic Dealers Association)
Japan's industry association. Grading authority for Finance Ministry gold coin releases.
ANACS
America's oldest grading service, established 1972. Well-regarded for early US and world coins.
References: NGC Coin Grading Scale | PCGS Grading Standards | Sheldon Scale (Wikipedia)