Coin Grading
Contemporary coin collecting and appreciation began around the fourteenth century. During the Renaissance coin collecting became a fad among some members of the privileged classes. Coin collecting became known as the "Hobby of Kings"

During the 17th and 18th centuries coin collecting remained a pursuit of the well-to-do. But rational thinking led to a more systematic approach to accumulation and study. Numismatics as an academic discipline emerged in these centuries, at the same time as coin collecting became a leisure pursuit of a growing middle class, eager to prove their wealth and sophistication. During the 19th and 20th centuries, coin collecting increased further in popularity. The market for coins expanded to include, not only antique coins, but foreign or otherwise exotic currency. Coins shows, trade associations and regulatory bodies emerged during these decades. The first international convention for coin collectors was held August 15–18, 1962, in Detroit Michigan, and was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. Attendance was estimated at 40,000. As one of the oldest and most popular world pastimes, coin collecting is now often referred to as the "King of Hobbies"

Definition of Coin Grading Terms

PROOF Technically, the term proof refers to a coin's method of manufacture, not its state of preservation. The term is used in grading to describe a pristine example of a proof manufactured coin. Lesser graded or damaged examples are described as impaired proofs.

BRILLIANT UNCIRCULATED(Bu) Also referred to as FDC (Fleur de Coin or flower of the die). Although struck with normal dies, a coin described as BU is pristine, almost proof like in appearance, being perfectly sharp, absolutely flawless and showing no signs of wear or bag marks. On the US grading scale, such a coin is described as MS-65 (Mint State-65).

UNCIRCULATED(Unc) A coin which shows no signs of being in circulation. uncirculated coins may show slight imperfections such as minor bag marks or tiny rim indentations, especially on larger coins.

EXTREMELY FINE(Ef) These coins show only the slightest amount of wear in addition to slight bag marks. Wear will be confined to the very high points of the design and the natural mint lustre common to uncirculated coins will be still almost intact.

VERY FINE (VF) Slightly more wear will be evident without magnification but the coin is still in a high state of preservation. A magnifier will show many light scratches over the high points and on the fields of the coin. Most of the high points will be affected and only traces of the mint lustre will be present.
FINE (F) Considerable signs of wear will be apparent on raised surfaces and the fields of the coin will be quite dull. Almost all sections of the coin will exhibit some forms of wear. Generally there will be no traces of lustre and the rim border will be smooth in parts.

VERY GOOD (VG) The whole of the coin is showing significant amounts of wear although all of the main detail is still visible. Usually only scarce coins and those of historical significance are worth collecting in this condition.

GOOD (G) Nearly all the fine detail is lost although most of the main detail and lettering is still visible. The surface of the coin will be showing a considerable amount of scratching.

FAIR The design, including most of the main features, have disappeared through many years of handling. At best you can still make out the issuing country.

POOR You can basically tell what shape the coin is, but that's about all. There is virtually nothing left visually - It is scrap value only.