What does MS mean in coin grading?
Definition and Scale
MS is part of the Sheldon 70-point grading scale. It applies to uncirculated coins, meaning they have no trace of wear from circulation. The grade ranges from MS-60 (typical uncirculated with many bag marks) to MS-70 (perfect, with no flaws under magnification).
Coins graded MS-60 to MS-62 are often called 'commercial uncirculated' and may have noticeable marks. MS-63 to MS-64 are choice uncirculated. MS-65 to MS-66 are gem uncirculated. MS-67 to MS-69 are superb gem, and MS-70 is perfect.
- MS-60: Uncirculated but may have heavy bag marks and weak strike.
- MS-63: Choice uncirculated with minor marks.
- MS-65: Gem uncirculated with few flaws and good luster.
- MS-67: Superb gem with exceptional eye appeal.
- MS-70: Perfect, no flaws even under 5x magnification.
How MS Coins Are Determined
Graders examine a coin for any signs of wear on the high points. If there is any wear, the coin is graded AU-58 or lower. For MS coins, they then assess the number and severity of contact marks, quality of luster, and strike.
Since even a single mark can lower the grade, MS-70 coins are extremely rare. Most business-strike coins from the 19th and 20th centuries top out at MS-67 or MS-68. Modern issues with improved minting technology can achieve higher grades more often.
- No wear is the key requirement for MS.
- Bag marks from storage and transport are common.
- Luster must be original and uninterrupted.
- Strike quality can vary; full strikes are more desirable.
Why MS Grades Matter
MS grades are crucial for value because uncirculated coins are typically much scarcer than circulated ones. A coin in MS-65 can be worth many times more than the same coin in AU-58. For investors and serious collectors, MS grades represent the top tier of preservation.
However, not all MS coins are equal. A low-end MS-60 might look worse than a high-end AU-58 with great eye appeal. That's why many collectors prefer 'PQ' (Premium Quality) coins within a grade.
- MS coins are often encapsulated by grading services like PCGS or NGC.
- The difference between MS-64 and MS-65 can be huge in price.
- Some collectors specialize in MS-70 modern issues.
- Always check the coin's eye appeal, not just the number.
Common mistakes
- Thinking MS means the coin is perfect—only MS-70 is flawless, and it's extremely rare.
- Confusing MS with 'Mint Set' or other terms; MS specifically means Mint State grade.
- Assuming any uncirculated coin is automatically MS-60 or higher—some may have impairments that drop them to AU or lower.
