The six grades you'll actually see
The Sheldon scale runs from 1 (Poor) to 70 (Perfect Mint State). In the wild, you'll meet six bands. Each one is defined by what's missing — every grade is a wear-down of the one above.
The whole design is visible — and that's it.
You can identify the coin and read the date. Liberty's profile is a flat outline. The wings on the cap have lost their feather detail entirely. The reverse fasces (the Roman bundle of rods) shows as a single smooth bundle with no horizontal band detail. The rim is starting to merge into the field on at least one side.
Quick check: if the date is readable and the coin looks like a Mercury Dime, but the wings and fasces bands are smooth — that's Good.
Major features distinct, fine details worn smooth.
Liberty's hair shows broad strands but no individual lines. The wing has visible separation between the cap and the feathers, but the feathers themselves are merged. The reverse fasces shows the outline of the central horizontal bands but they're not separated. The rim is full and clear all the way around.
Quick check: hair is clearly hair (not a smooth helmet), but you can't count individual strands.
Most detail intact; clear wear only on the high points.
You can see the major hair strands. The wing feathers are individually defined except at the very tips. On the reverse, the horizontal central bands of the fasces are visible as separate lines but the central groove between them isn't crisp.
Quick check: if you can see hair strands AND the central fasces bands as distinct lines (even if soft) — VF.
All design elements sharp; only the highest points show wear.
Liberty's hair is fully detailed. The wing feathers are fully separated to the tips. On the reverse, the fasces bands are sharp and you can see the diagonal binding cords. Only the very top of the wing and Liberty's brow show light flatness from circulation.
Quick check: if you have to tilt the coin in the light to find any wear, you're at XF.
Looks new on first glance — minimal wear on the highest point.
From any normal viewing distance the coin appears uncirculated. Under magnification, you'll see a faint friction or rub on the very highest point of the wing or hair — a slightly different luster from the surrounding fields. Underlying mint luster is still mostly present in the protected areas.
Quick check: the coin shimmers like new but a 5x loupe reveals a soft "rubbed" patch on the wing. AU-58 is what most uncirculated rolls actually grade at.
No circulation wear. Differences are about marks and luster.
By definition Mint State coins have zero wear. The grading distinction comes down to bag marks, contact dings, the strength of the original mint luster, and the strike quality. MS-60 has heavy bag marks and dull luster; MS-63 is what most "uncirculated" coins grade out at; MS-65 is gem-quality with minimal marks and full booming luster. Above MS-65 you're in pricing territory only matters to investors.
Quick check: no flatness anywhere; the coin glows when you tilt it under a single light source.
The "Full Bands" designation — Mercury's signature
On the reverse fasces, two horizontal bands wrap the central section. A coin where both bands show a complete, unbroken split line down the middle earns the Full Bands (FB) designation — abbreviated MS-65FB, MS-66FB, etc. Most mint state Mercury Dimes do NOT have Full Bands because the dies wore down quickly during striking, and even fresh-from-the-mint coins often had merged bands.
FB coins can be 5–20× the value of a non-FB coin at the same numeric grade. If you're sorting a roll, the fasces bands are the first thing to look at — under a 5x loupe, in good light. This is the single most valuable grading skill for this series.
Why Mercury Dimes are the right teaching coin
Three reasons:
- The wear progression is unambiguous. Hair, wing feathers, fasces bands — three distinct features that wear in a clear, predictable order.
- Full Bands trains your eye. Once you can see whether two thin parallel lines are joined or split, you can grade nearly any pre-1965 silver coin's high points.
- They're affordable. Common-date Mercuries grade Good through Fine for $3–6 each — about a silver dime's metal value. Building a small grade-set to compare against is cheap.
See actual grade-by-grade photos
PCGS and NGC own the canonical visual grading galleries (under copyright), but both let you browse them for free in the browser. Click through to compare a real Mercury Dime at every grade from G-4 to MS-67:
🔍 PCGS Photograde → NGC Photo Grading Guide →
Other useful free references
- PCGS CoinFacts — population reports, mintage figures, varieties for every US coin series.
- The Official ANA Grading Standards for United States Coins (7th ed.) by Kenneth Bressett — the print bible, sponsored and endorsed by the American Numismatic Association. View on Amazon (affiliate link — supports the site at no cost to you).
- A 5× or 10× loupe. The single most useful coin tool. ~$10 from any coin shop or on Amazon.
Coin photos via Wikimedia Commons — public domain (US Mint) and CC contributor uploads.
Back to the silver coin reference · home.