The Sheldon 1–70 grading scale for beginners
Where the numbers on PCGS and NGC labels come from and what they mean for a Bulgarian coin
BulgarianCoins editorial team 3 min read
If you browse listings for Bulgarian coins, you will see labels such as “50 stotinki 1913 MS 65 PCGS” or “10 leva 2018 PR 69 DCAM”. The numbers come from the Sheldon scale – a system used today by all the major grading companies.
Where the scale comes from
In 1949 the American numismatist William Sheldon proposed a numerical scale from 1 to 70 in his book on American large cents. His idea was that the number should reflect the value of the coin relative to the worst preserved example. Today this link to price no longer holds, but the scale remains as a common language. Companies such as PCGS and NGC use it for coins from all over the world, including Bulgarian ones.
The main grades
| Number | Abbreviation | Meaning |
|---|---|---|
| 1 | P (Poor) | barely recognisable |
| 2–3 | FR, AG | heavily worn, the year is hard to read |
| 4–6 | G (Good) | clear outlines, few details |
| 8–10 | VG (Very Good) | some details visible |
| 12–15 | F (Fine) | moderate wear, all inscriptions legible |
| 20–35 | VF (Very Fine) | light to moderate wear on the highest points |
| 40–45 | XF / EF | only slight traces of wear |
| 50–58 | AU (About Uncirculated) | almost no wear, traces on the highest points |
| 60–70 | MS (Mint State) | no wear; the difference lies in marks, lustre and eye appeal |
How these correspond to Bulgarian terms such as “много добра” (very good), “отлична” (excellent) and “UNC” we explain in Coin grades.
Prefixes and suffixes
MS is for circulation coins without wear. PR or PF is for proof coins – like most BNB commemorative coins of recent decades. The difference between proof and ordinary striking – in Proof, proof-like and BU.
Suffixes add information: DCAM (Deep Cameo) means strong contrast between a frosted relief and a mirror field. CAM is weaker contrast. On copper coins RD, RB and BN mean red, red-brown and brown colour. Red copper is the most expensive, because it is the rarest. The sign + means the upper part of the grade, and Details that the coin has a problem, for example cleaning, and does not receive a number.
Why one number makes a big difference
With old coins the difference between MS 63 and MS 65 can mean a price several times higher. Look at the market data on our pages – for example 50 stotinki 1913 or 20 leva 1930. For each coin we show separately the range for coins without a certificate and for graded ones. The difference is often huge, but not because the certificate itself adds value. The reason is that the best-preserved examples are the ones sent for grading.
With BNB proof coins the scale is more compressed: most examples receive PR 67–69, and PR 70 is a perfect coin with no visible defect at ×5 magnification.
How to use the scale yourself
Do not try to give exact numbers without experience. To begin with, it is enough to distinguish the groups: worn (under 20), lightly worn (20–45), almost new (50–58), new (60+). How to do it step by step – in How to assess the condition of your coins yourself.
