Coin grading is a bit of a minefield. Firstly, different countries have their own sets of definitions and terms; for instance, those used in the UK are different to those used in the USA. And while there are a number of recognised authorities on coin grading, it is also possible for individuals to ‘grade’ their own coins when selling them on the secondary market, which is obviously entirely subjective.

To try and create a bit of consistency, the British Grading System includes the following standards and characteristics:

• Uncirculated (UNC) coins are in ‘mint’ condition, having retained much or all of their original lustre with just minor production imperfections or signs of storage wear
• Extremely Fine (EF) coins are in nearly mint condition, with just a few minor marks or signs of everyday use
• Very Fine (VF) coins have clearly been removed from circulation quite early in their life, with limited signs of use on the raised surfaces of the design and coin’s edge
• Fine (F) coins have clearly been in circulation with obvious signs of wear and tear

Each of these standards have a number of sub-categories, allowing different grades within grades, creating a lot of opportunity for over (or under!) estimating a coin’s actual quality.

Getting it right and offering a true and fair description of a coin’s condition is a bit of an art in itself, one which takes years of experience to master and is best offered by an independent, impartial expert. The safest approach is to only every buy from recognised coin dealers who have spent years accurately adhering to the various international standards; most UK coin dealers use the British Grading System, while USA coins use the PCGS grading scale (https://www.pcgs.com/).

And, as with everything else, when buying from private sellers on auction sites or at coin fairs, do so with caution and try and get as much accurate information, photography and certification as you can first.