UNCIRCULATED (UNC) - This general grade classifies all coins that do not show any evidence of circulation; in other words, physical surface wear of any degree. Of course not all "Uncirculated" coins are equal, and collectors have adopted a set of standards for describing an Uncirculated coin. These will be described in greater detail later. 

BU (60 through 70) - Brilliant Uncirculated  Fully brilliant and original as minted. A coin that has no wear but may vary in quality according to the number of bagmarks, strike, luster, spots, damage etc. 60 is the worse and 70 is perfection. We never buy a BU coin unless it looks nice, so even our BU 60s have some eye appeal for the grade. We have never graded a coin "70" because we don't believe a perfect coin exists, even ones graded by the major grading services as 70 are not perfect in our judgment.

"Uncirculated". Over the last two decades, the Uncirculated grade has been refined and split into several subcategories to more accurately describe mint state coins. The general descriptions of these Uncirculated grades, from best to worst, are as follows:

MS (60 though 70) - Mint State  The same description applies for BU, except, we use MS to denote a coin that may not be fully brilliant, but has nice toning or mellowing of luster over the years.

PERFECT UNCIRCULATED (MS 70) - Coins of this grade must show no contact marks of any kind, even under 10 power magnification. The coin must have a perfect, full strike, and feature full blazing luster. To date, no Canadian coin has ever been found to be worthy of an MS 70 grade.  No imperfections under high magnification. A perfect coin with no slight scuffs nor spots.

GEM UNCIRCULATED (MS 69) MS69: Any imperfections, hairlines, etc, are virtually undetectable under magnification. Finding business strike U.S. coins graded this high is extremely rare. Even Proofs are difficult to find in this lofty grade. MS68: Full mint luster or highly lustrous, attractive toning. Outstanding eye appeal. No major distracting marks are present on the coins primary surfaces under average magnification power (3x to 5x).

GEM UNCIRCULATED (MS 67) - An MS 67 coin will appear perfect at first glance. Only after careful study will the observer detect any blemishes. Such blemishes must be of an extremely small and isolated nature. One too many light surface marks will automatically disqualify a coin from an MS 67 grade. The coin must still be fully struck with outstanding luster. It is rare to achieve an MS 67 grade on a Canadian coin.  Above average strike. Full mint luster or highly lustrous, attractive toning. and attractive eye appeal. A few tiny 'marks may be present and even one single hidden mark or flyspeck-size spot near or at an important design area of the coin may exist, with only a few of tiny marks and abrasions present.

GEM UNCIRCULATED (MS 66)  Nice strike, although many issues may not be full. Full mint luster or attractive toning is required for the MS66 level. Should have above average eye appeal and be considered attractive for the issue. A few, small scattered marks may be present, but not overly large obvious marks that detracts from the overall nice appeal of the coin when view with the unaided eye. Under extremely high magnification, any coin can appear horrendous as even freshly minted proof coins can have flaws caused by die problems or microscopic spots caused by oily coining machinery. Minute spots may be noted under l Ox or more magnification.

CHOICE UNCIRCULATED (MS 65) - Coins grading MS 65 should still have a "quality" look to them. Surface marks must only be visible after some study, and will be small and not overly bothersome to the observer. Coins with surface marks that are substantial enough that the observer notices them at first glance should not grade MS 65. The strike should be full and above average for coins of that series. The luster should be complete and above average for that series. Lower denomination Canadian coins will occasionally grade MS 65. Silver dollars, with the exception of 1935, 1949, and 1950 are very scarce in MS 65.  The strike should be at least average for the issue and preferably sharp for the issue, but not in the case of many branch-mint issues. The luster should be above average although full mint luster or exceptional lustrous toning is not required as in higher grades. Bagmarks can be obvious, but should not distract too much from the coin's overall appearance. Bagmarks on the rim or near the edges are more obvious than bagmarks near the center. Generally, MS65's are above average for the issue with attractive luster and are appealing coins overall due to having few if any large or heavy marks/spots on the central designs.

CHOICE UNCIRCULATED (MS 64)  The strike is about average with average luster. Full mint luster is not required. Average strike for the issue. Bagmarks are present, sometimes heavier than others. A few tiny spots and non-distracting hairlines can also be present. Nowhere near a perfect coin, but nice to look at with the unaided eye.

BRILLIANT UNCIRCULATED (BU or MS 63) - An MS 63 coin will appear to be slightly better than the average Mint State coin. There will be obvious contact marks on the coin's surface, although the strike should be fairly complete. The luster should be attractive, even if not complete. The majority of Canada's Mint State coins will fall into this and the next grade.  An average uncirculated coin for the issue. Full mint luster is not required, nor is full strike. Average eye appeal is sufficient to make this grade. Bagmarks are more obvious and can be heavy at times. Can be professionally cleaned or dipped, but not too harshly. Can also be lightly hairlined, marked, spotted and/or weakly struck.

BRILLIANT UNCIRCULATED (BU or MS 62)  Will likely have a below average strike along with below average luster, toning and lacking in eye appeal. Bagmarks can be heavy and the coin's surfaces may have some large, detracting ones. May be cleaned or hairlined, marked, spotted and/or weakly struck.

BRILLIANT UNCIRCULATED (BU or MS 61)  MS60: An often unattractive, possibly impaired coin with surface distractions and scuffed, heavily bagmarked surfaces. Can be harshly cleaned or heavily hairlined, marked, dull, spotted and/or weakly struck

An MS 63 coin will appear to be slightly better than the average Mint State coin. There will be obvious contact marks on the coin's surface, although the strike should be fairly complete. The luster should be attractive, even if not complete. The majority of Canada's Mint State coins will fall into this and the next grade.

Once the coin has been assigned a grade, there are two additional factors that do not contribute to the coin's technical grade, but do affect the actual selling price of the coin. These two factors are toning and overall eye appeal. The first term, toning, is controversial, as some hobbyists argue that the presence or indeed absence of toning should be used to formulate the grade. In our opinion, however, the technical grade of the coin is not affected by toning. There are several reasons for this. First, one has to remember the three criteria used to grade Mint State coins. Ask yourself what affect toning has on each criterion. Does toning affect the quality of the strike, the luster or the surface quality? The answer to all three questions, of course is no. Certainly, toning may disguise or even hide surface marks, and it may totally mask the luster. But regardless of the toning present, the bagmarks are still there and so is the luster. Secondly, the inconsistency of collector's tastes should also indicate that toning should not be a grading factor. Many novice collectors believe that toned coins are a bad thing, and would never buy one. Yet, there are other collectors that would kill for a coin with attractive toning. If these two schools of thought cannot agree on whether or not toning is a "good" or a "bad" thing, then why should we let this issue invade the already complex issue of grading! That is why we feel that only the selling price of the coin should be affected. If a buyer thinks toning is bad, the coin may sell for less. If a buyer loves toning, he will not hesitate to pay a bit more for something he or she likes.

The second of the two factors is eye appeal. At a recent coin show, two 1902H 25 cent coins were made available for sale by the same coin dealer. Both coins had been assigned MS 63 or a "Brilliant Uncirculated" grade. Yet one coin was priced at $400.00, and the other was priced at $500.00. Why such a gap in the price for two seemingly identical coins? Simply put, the coin for $500.00 looked nicer. Despite all the terminology, the definitions, the abbreviations, and the "science" behind grading, collectors will always be willing to pay a bit more for a coin they like. This collector preference is usually seen in relation to a coin that is toned or a coin that is not toned (remember the two schools of thought!) Collector preference in terms of eye appeal is sometimes also manifested in other fashions, such as the positioning and location of bagmarks on the coin's surface or the exact positioning of the metal flow lines that result in the luster. So in conclusion, a coin that is MS 63 and extremely attractive will probably sell for a price fairly close to that same coin that is graded, let's say, MS 65 that is downright ugly!

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