MS (mint state)

How to read it

PCGS defines mint state as the numerical grades MS 60 through MS 70 for a business strike coin that has not been in circulation, and NGC gives the MS prefix to coins struck in the same format as circulation issues, grades 60 to 70. Since none of these grades allow wear, the number records everything else: the ANA says the differences within mint state come from the strike, the luster, how bad the contact marks are and where they sit, and above all eye appeal. At the bottom, NGC's MS 60 has a weak or average strike, no trace of wear, and numerous abrasions, hairlines or large marks; the ANA's has dull or washed-out luster and eye appeal it calls very poor. PCGS sums up the range as running from a coin covered with marks (MS 60) to a flawless one (MS 70). One step down is AU 58, where the highest points show the slightest wear. A coin struck for collectors rather than for circulation takes PR or PF in front of the same numbers instead of MS.

Also searched as: mint state, MS 60, MS 63, MS 65, MS 70.

What 70 means to each grading service

The top grade is not described the same way everywhere. The ANA's standards call MS 70 "the perfect coin", with no contact marks visible under magnification. NGC defines a 70 as having no post-production imperfections at 5x magnification. CAC Grading says there is no such thing as a perfect coin, and that its MS 70 is nearly flawless at 5x magnification with minimal mint-made flaws. PCGS asks for no marks, hairlines or luster breaks on close inspection, and does not count minor die polish or light die breaks as defects on circulation strikes. An ANA article notes that among many older types an MS 70 is near impossible to find, and that for the most part only modern issues reach it.

Mint state and uncirculated

They are the same grades. The ANA lists them as "uncirculated or mint state", MS 60 to MS 70, and NGC calls 60 the threshold for a coin to be considered uncirculated. Older names survive as nicknames for particular numbers: PCGS equates choice BU with MS 63, borderline gem or very choice BU with MS 64, and gem, gem mint state or gem BU with MS 65, and the ANA gives the same meanings for choice BU and gem BU.