Understanding Ancient Coin Grading (NGC Explained Simply)

Ancient coin grading is different from modern coin grading — and for good reason. Ancient coins were hand-struck, used in daily life, buried for centuries, and later recovered. No two examples are ever truly identical.

This page explains how ancient coins are graded by NGC, what those grades actually mean, and how collectors describe quality in the ancient coin market.

What Does “Grading” Mean for Ancient Coins?

Grading describes a coin’s state of preservation, but with ancient coins, preservation is only part of the story.

Rather than using the modern 1–70 numerical scale, NGC Ancients uses a descriptive (adjectival) grading system. This system focuses on:

• How much actual wear a coin shows

• How it was struck

• How it survived over time

• How well the design was engraved

Because ancient coins were handmade, a coin can appear soft or uneven without being worn. NGC accounts for this.

The Four Things NGC Evaluates

NGC does not judge ancient coins by a single number alone. Instead, every coin is evaluated across four separate components.

1. Grade (Wear Only)

The Grade measures circulation wear — how much detail has been lost from use in antiquity.

Common grades include:

• Fair (F) – heavy wear

• Very Fine (VF) – moderate wear with clear devices

• Extremely Fine (XF) – light wear

• About Uncirculated (AU) – trace wear

• Mint State (MS) – no circulation wear

Important: Weak details caused by worn dies or a soft strike do not count as wear.

2. Strike (1–5 Scale)

The Strike score reflects how well the coin was made at the moment it was struck.

Rated from 1 (weak) to 5 (strong), Strike considers:

• Centering of the design

• Strength and evenness of the strike

• Die wear or cracks

• Planchet flaws

• Overstriking or double strikes

A coin can have a high grade but a lower strike — or vice versa.

3. Surface (1–5 Scale)

The Surface score evaluates everything that happened after the coin was struck, excluding wear.

This includes:

• Cleaning or smoothing

• Scratches or marks

• Porosity or corrosion

• Encrustation

• Patina quality (especially on bronze coins)

• Burial and recovery effects

Ancient coins were often buried for hundreds or thousands of years. Surface issues are expected and evaluated accordingly.

4. Style

Ancient dies were hand-engraved, meaning artistic quality can vary greatly.

Coins with superior engraving and visual impact may receive:

• Fine Style

Style is judged by comparing:

• Quality of engraving

• Balance and composition

• Other coins from the same series

• Ancient art from the same culture and period

Not every coin from a “fine style” die qualifies — strike and surface still matter.

Why Some Coins Grade Higher Than Expected

NGC grades wear accurately, even when details are missing.

If a coin lacks sharp detail due to:

• Worn dies

• Weak or uneven striking

…it may still receive a higher grade than expected, while the weakness is reflected in the Strike score instead.

This prevents unfairly penalizing coins for ancient manufacturing realities.

What Is a Net Grade?

A Net Grade is a single overall grade that accounts for all strengths and weaknesses together.

For example:

• A lightly worn coin with rough surfaces may net to VF

• A sharply struck coin with damage or poor surfaces may also net to VF

Net grading is commonly used for bulk submissions and reflects how a coin trades in the marketplace as a whole.

Market Quality Terms Used for Ancient Coins

In addition to formal grading, collectors and dealers often use quality tiers to describe overall desirability. These are market terms, not official NGC grades.

Promo / Entry

• Heavy wear or surface issues

• Historically interesting but low eye appeal

• Affordable entry into ancient coins

Average

• Typical example for the type

• Honest wear and average strike

• Most surviving ancient coins fall here

Select

• Better-than-average eye appeal

• Clear legends and devices

• Popular with collectors

Premium

• Strong visual impact

• Above-average strike, surface, and style

• Actively sought after

Excellent

• Exceptional preservation for the type

• Clean surfaces and strong strike

• Near the upper end of known examples

MG (Mid Grade)

• Balanced quality with solid detail

• Strong collector value without extreme pricing

HG (High Grade)

• Among the best preserved examples known

• Minimal compromise in wear, strike, or surface

LG (Low Grade)

• Heavily worn or damaged

• Historically important but budget-friendly

How to Read an Ancient Coin Correctly

When evaluating an ancient coin:

• Grade = how much it circulated

• Strike = how well it was made

• Surface = how it survived

• Style = how well it was engraved

Together, these tell the full story.

Final Thought

Ancient coins are not modern products — they are survivors of history. Grading exists to explain their condition, not to demand perfection.

Understanding how grading works allows collectors to:

• Buy with confidence

• Compare coins fairly

• Appreciate what makes each piece unique

If you ever have questions about a specific coin or grade, we’re always happy to help.