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Components of Grading Mint State Coins

By Rob Lehmann

I know that much has been written about grading uncirculated coins, most of it very specialized and analytical. I wanted to address grading as a much more generalized topic, and give some basic guidelines that would have multiple applications across the numismatic spectrum.

There are three major components of grading a coin: strike, luster and surface preservation. There are also many individual characteristics of each of these three components. Let’s examine each component and its individual characteristics in detail.

Strike

Perhaps no single area of grading has more impact on the value of an uncirculated coin than its strike. This is especially apparent in series like Mercury Dimes that are collected with “full bands”, Standing Liberty Quarters that are coveted with “full heads” and Franklin Half Dollars with their elusive “full bell lines”. A 1953-S Franklin Half Dollar with full bell lines recently realized $69,000 in auction, where a counterpart without the bell line definition would have brought several hundred dollars, at best. The same can be said for dates of the Standing Liberty Quarter series in full head such as the 1918/7-S, 1919-D & S, 1926-D & S and 1927-S, to name a few. Then, there is the 1945 Mercury Dime which has a value of $50 or so in MS-65. Add split bands to the equation and your value skyrockets up to $7500! So, what makes strike such a prized component, and how do I evaluate it in the overall grading equation?

First, to answer the above question, you need to come to grips with one very important truth. Grading is subjective, and no matter how good the grader, is NEVER 100% consistent. With that said, I would say that strike accounts for 20-40% of the overall grade depending upon the individual circumstances. Is it the most important single component of grading? In my opinion, no, it is not. I reserve that distinction for luster, which I will address in a short while.

Evaluating strike can be somewhat tricky, especially if one is not extremely well acclimated with a particular series. A fully struck coin is the result of several things coming together in harmony. First, and most importantly, a fresh, sharply impressed die is imperative. Secondly, and closely related to the actual die impression, is the die state. A worn die with flaws, such as cracks, will produce an inferior struck coin to a newer die. Finally, the striking pressure of when the die contacts the planchet also plays an important part.

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