An Introduction to the 70 Point Sheldon Grading Scale
By Bill Jones
Beginning collectors are almost always mystified by the 70 point Sheldon grading system that is now used for U.S. coins.
Why is it a 70 point scale and not something more conventional such as a 100 point scale?
What do each of the numbers mean, and why are there what seems to be arbitrary numbers for each grade?
Why are the numbers so widely spaced and out of proportion for the grades ranging from EF-40 to MS-70 and so narrow for
grades ranging from Good-4 to Fine-15?
Why do the grades for VF range from 20 to 35? The answers to the questions have to do with the pioneering works on early cents
by Dr. William Sheldon.
Dr. William Sheldon was a famous psychologist who was the leading expert on early large cent (1793 to 1814) die varieties.
In the early days of the first U.S. mint the production of coin dies required a great deal of hand labor.
Therefore no two dies were exactly the same, and some very dedicated collectors have made a specialty of studying and collecting
these early pieces.
In 1949 Dr. Sheldon published Early American Cents. This pioneering work provided pictures, descriptions, rarity ratings
and estimated values for each of the 295 “regular” die varieties that that were assigned Sheldon (S) numbers. In addition Sheldon
listed a number of Non-Collectable (NC) varieties that Sheldon viewed as too rare to be available to most collectors.
In 1958 Dr. Sheldon published an update to his early Cent guide that he entitled Penny Whimsy.
In both of these works Sheldon tried to develop a scientific method of placing a value on each early large cent variety.
Over time Dr, Sheldon had postulated that there was a fixed ratio between the various grades that could be applied to each variety.
Sheldon assigned a “Basal State value” for each large cent variety. “Basal State” (BS-1, now known as Poor-01) was in Sheldon’s
opinion the lowest collectable grade. A Basal State piece was defined as a large cent that was well worn, but not damaged,
that had enough detail to identify the Sheldon die variety of the piece. Such a coin did not necessarily have to have a readable date.
Once a large cent had been assigned its Sheldon variety and graded its value could be assigned by multiplying the
Basal State value by the numerical grade.
For example in 1958 Sheldon variety #1, which is the 1793 Chain “AMERI.” cent (listed in the Red Book), was assigned a
Basal Value of $10.00. Therefore a Chain “AMERI” cent in Fine-12 condition was worth $120 ($10 X 12).
An EF-40 was worth $400 and an MS-60 coin would be valued at $600.
A VF coin was worth 20 to 35 times the Basal State value because Sheldon viewed VF as a prime collector
grade that attracted those who were looking for attractive large cents at moderate prices.
Unfortunately Sheldon’s evaluation system proved to be invalid. The system first broke down for high grade coins
because those coins turned out to be worth FAR MORE than 60 or 70 times the value of a very low grade piece.
Sheldon tired to refine his theory with multiplying factors for the finest known (condition census) examples,
but ultimately the system proved to be unworkable.
Despite the failure of the 70 point Sheldon grading system gained acceptance for all coins, not just large cents.
The reason for this was because the grading system needed more precision than what was provided by words used
at the time like “Fine, VF and BU.” The numbers gave the system clarity.
Some collectors have asked why a 100 point system has not been invented, but to date their calls for such a system
have been roundly rejected.
What are the grading numbers and what do they mean? Here is overall view with some very general grading descriptions.
