PF-70 in coin grading is a term used to describe a coin that has been given the highest possible grade on the Sheldon Grading Scale, which ranges from 1 to 70. The “PF” in PF-70 stands for “Proof,” indicating that the coin was minted using a specialized process that results in coins with exceptional detail and a mirror-like finish. A PF-70 coin grade signifies a flawless proof coin.
The Sheldon Grading Scale
The Sheldon Grading Scale, developed by Dr. William Sheldon in 1949, is the universal standard for evaluating coin condition. It ranges from 1, signifying a heavily worn coin, to 70, which represents a coin in perfect condition. Like the MS-70 grade, coins that receive a PF-70 grade are considered flawless, with no visible post-production imperfections, even under 5x magnification.
Proof Coins
Proof coins are significantly different from regular circulation coins in their production and purpose. Proofs are made specifically for collecting and are not intended for everyday use in circulation. Proof coins are struck using polished dies and planchets (blank coin discs), undergoing multiple strikes to produce a coin with brilliant sharpness and clarity. This process yields coins with frosted design elements that contrast against flawless mirrored fields. There are two primary terms you will see used to grade proof coins, the PF and PF prefixes, and they are each unique to the grading organization that grants them.
PF-70 and PR-70: Terminology Differences
The terms PF-70 and PR-70 both represent the highest grade achievable for proof coins but differ based on the grading service that assigns them since NGC and PCGS use unique terms.
PF-70
- “PF” stands for “Proof” and is the term used by the Numismatic Guaranty Corporation (NGC).
- It denotes a proof coin that is flawless and exhibits perfection in every detail.
PR-70
- “PR” also stands for “Proof” but is the terminology preferred by the Professional Coin Grading Service (PCGS).
- It similarly represents a proof coin with no visible imperfections.
What is the Difference?
- Both terms describe the same level of quality. Whether a coin is graded PF-70 or PR-70, it signifies a perfect proof coin.
- Usage: The distinction lies solely in the grading organization’s preferred terminology. While PR may have been used as an abbreviation for Poor in the past, it has become standard for PCGS to grade proofs, so while NGC uses “PF,” PCGS uses “PR.”
Characteristics of PF-70 Coins
Earning a PF-70 or PR-70 grade is uncommon. One of the reasons for that is the grade requires that a coin meet the following strict criteria:
- No Post-Production Imperfections: The coin must be completely free from blemishes, scratches, or other marks after it has been minted.
- Sharp Details: All design elements must be fully struck, with clear features.
- Mirror-Like Finish: The coin’s reflective fields should exhibit exceptional brilliance, reflecting light with depth and mirrored clarity.
- Frosted Design Elements: Raised design portions must display a frosted texture, creating a dramatic contrast with the mirror-like fields.
The Significance of PF-70
PF-70 coins are highly desirable for their:
- Rarity: Achieving a PF-70 or PR-70 grade is uncommon due to the stringent requirements for perfection. It is estimated that fewer than 0.1% of proof coins achieve a PF/PR-70.
- Value: Due to their flawless condition and limited supply, these coins often command premium prices in the market.
- Prestige: Collectors prize PF-70 coins for their aesthetic perfection and the enjoyment that comes with owning a flawless specimen.
Why Achieving PF-70 is Challenging
Even with modern minting technology, achieving a PF-70 grade is no small feat. Minor imperfections can happen during production, handling, and packaging, which disqualify coins from receiving this top grade. For collectors, proper handling and storage are essential to maintaining a coin’s condition.
PF-70 (or PR-70) represents the highest grade that a proof coin can achieve. It is reserved for flawless coins free from visible imperfections. Whether graded PF-70 by NGC or PR-70 by PCGS, these coins are rare and highly valued for their perfection. Understanding the significance of this grade helps both novice and seasoned collectors appreciate the precision required to create these exceptional coins.
