Grading ancient coins is rooted in history, craftsmanship, and a certain degree of subjectivity. Unlike modern coins, which are evaluated using standardized scales like the Sheldon system, ancient coins require a slightly different system. Their origins span millennia, their minting was manual, and their survival introduces wear, damage, and sometimes restoration, all of which complicate traditional grading models. To understand how ancient coin grading works, one must evaluate artistic style, strike quality, centering, surface condition, patina, and historical context.
Intrinsic Qualities That Influence Grading
Historical Minting and Its Impact
Ancient coins were hand-struck with engraved dies and hammered onto metal flans. This led to irregular shapes, off-center strikes, and varying die quality.
Eye Appeal and Artistic Style
Collectors and graders alike value centering, full legends, and the aesthetic of coin portraiture. Greek coins are often held to higher artistic standards than Roman coins because of the fastidious nature of Greek coin production.
Toned coins are highly appreciated and desired, especially when the toning is natural. Although toning in the form of natural patina enhances the appeal, artificial treatments reduce it. Hoard toning and mineral encrustations, often caused by long-term burial in specific environments, can add to a coin’s visual interest and perceived value. When original encrustation is aesthetically pleasing or historically informative, it may enhance the market value and even receive a higher Surface score from grading services. However, excessive cleaning to remove such features can reduce both value and integrity. Many experts advise against removing this material or cleaning coins, as it can compromise both the historic integrity and aesthetic patina that collectors often prize.
Surface Conditions and Alterations
artificial patinas can make a coin ineligible for grading at NGC. Even when graded, surface issues (e.g., graffiti, corrosion, test cuts) lower the Surface score and should be disclosed on the label.
The NGC Ancients Framework
NGC uses a four-part system:
Grade: Adjectival
(e.g., Fine, VF, AU) based on wear.
- PR (Poor)
- FA (Fair)
- AG (About Good)
- G (Good)
- VG (Very Good)
- F (Fine)
- Ch F (Choice Fine)
- VF (Very Fine)
- Ch VF (Choice Very Fine)
- XF (Extremely Fine)
- Ch XF (Choice Extremely Fine)
- AU (About Uncirculated)
- Ch AU (Choice About Uncirculated)
- MS (Mint State)
- Ch MS (Choice Mint State)
- Gem MS (Gem Mint State)
Strike on a Scale of 1-5
- Minting quality, including centering, strength, and die state (wear on the die itself, not the coin).
- Assesses planchet flaws, die wear, off-center strikes, and production errors like double striking or cracks.
Surface on a Scale of 1-5
- Condition post-striking, including corrosion, patina, cleaning marks, encrustation, and post-mint damage such as graffiti or test cuts.
- A score of 5 reflects the highest surface quality seen for that type. Although it may not be perfect, it is notably well-preserved.
Style
Optional “Fine Style” designation is awarded when the artistic quality of the dies is notably superior compared to other coins in the same series. This designation does not affect the numeric grade or the strike/surface scores. NGC applies this designation with nuance for Byzantine coins, where artistic abstraction often warrants adjusted expectations compared to Classical portraiture.
Coins may also receive a Star (★) for exceptional eye appeal derived from strike, surface, or design elements, even if not technically superior in grade.
Attribution and Labeling
NGC labels include issuer, date range, composition, weight, and design. Reference numbers are excluded to avoid scholarly disagreement. Posthumous issues and hoard provenance may be noted when confirmed.
Examples of Conflicting Grades
Ancient coin grading involves subjectivity. For example, two coins of the same type might be graded VF by a major auction house due to surface scratches, while NGC could assign a higher grade if it determines the flaws are due to die wear rather than actual circulation. Real-world comparisons between slabbed coins and auction listings illustrate how style preferences and tolerance for surface flaws can lead to divergent grading conclusions. Collectors should compare images and descriptions side-by-side before making purchase decisions.
Grading in Market Practice
Authentication and the Line Between Grade and Forgery
NGC will not grade coins that are counterfeit, heavily altered, cast, unstable, or tooled. Authentication is a core part of the grading workflow conducted by NGC’s experts during the evaluation process and is not something the submitter needs to establish beforehand. Coins with uncertain authenticity are labeled “No Decision” and returned.
Slabbing vs. Raw Coins
Slabbing offers protection, standardization, and market confidence, especially for investors. Some collectors prefer raw coins for hands-on evaluation since slabs obscure edges and tactile inspection, but they also offer Strike and Surface data not found on raw coins.
Grading ancient coins blends objective observation with informed interpretation. Whether slabbed or ungraded, every coin carries a historical fingerprint. Understanding how ancient coin grading works and how to evaluate production, wear, artistry, and preservation empowers collectors to buy wisely and to appreciate ancient coinage with the depth it deserves.
