Fair 02 (FR02)
Most of the lettering, design features and date, on the inside of the rim, not visible. Coin appears flat.
(*Note: It's possible for a coins reverse to grade a point more or less than the obverse of the same coin, but mostly grades are determined by the obverse.)
About Good (AG3)
Almost all of the lettering is readable, and some of the rim and denticles are present, but all features are worn flat.
Very Good (VG8)
The hairline from the forehead down to the ear is defined, and the entire rim must be visible. Slight to bold traces must be evident for design elements.
(*Note that this coin may have been cleaned, but has retoned)
Good (G4)
All lettering is bold, and more of the rim is visible, when compared to the AG. Also, the cotton blooms are more defined as are the eagle's wings.
(*Note: This coin might be album toned.)
Fine (F12)
There's more definition of most design elements apparent compared to the VG grade. It's most obvious in regard to the wheat stalks, cotton blossoms, and the leaves.
Very Fine VF35
Over-all details are more defined than the F12, most noticeably for the eagle's wing feathers, cotton bloom and leaves, and hairlines.
(*Note: This coin may have some damage on the obverse.)
Extra Fine (EF45)
All details sharp and well defined with traces of mint luster remaining. There might be some flat areas, but only on the highest points of the design.
Almost Uncirculated (AU58)
Often an AU58 graded coin is confused with an MS60 grade (because AU58 coins are sometimes have more eye appeal than an MS60), and commonly one will see AU/BU slider, which means the coin is AU58, but might be MS60. It all depends on who is defining the grade 'tag'. An AU58 coin will have just a slight bit of wear on only the highest point of the design on either one or both sides of the coin. Point are deducted with more wear, until the coin falls below the AU realm which begins at AU50. The coin will have full mint luster unless toned.
MS64
No deep contact marks, and less chatter than an MS63. This grade is referred too as Choice BU unless toned. This is the grade were most numismatists begin making mistakes. A strong MS64 that's monster toned might look MS65 so it's important for collectors to closely examine and educate themselves about coin grading before purchasing.
MS63
The coin may have either a lot of chatter on the fields and cheek (but less than an MS62), or one too two heavy bag marks, but with very little or no chatter.
MS61-MS62
Same as MS60 but with less contact marks or 'chatter'.
(Note: Chatter is the noticeable slight nicks on a coins surface, and these marks are easily masked by poor photographing techniques.)
Mint State (MS60)
This begins the most difficult and often confusing area of grading Morgan; the mint state grades. An MS60 coin will have full and original mint luster, but with heavy and numerous bag marks on most its surface area.
MS65
A few inconspicuous and shallow contact marks are allowed. A 'frosty' example might have a break in the frost but no other contact marks. This grade, and above, are considered GEM examples.
MS66
Must have nothing more then a few and very small contact marks (pin-pricks), and the cheek will be smooth and the fields clean.
MS67
Pin-prick contacts marks will be almost imperceptible, and can only be identified with careful examination.
(Note:The amount a coin is toned (pleasing or not) doesn't affect the grade of the coin.
MS66
MS65 Weak strike
The above two examples were added to inform the collector that a coin struck with a weak or damaged die does not affect the grade of the coin, and that the amount of contact marks and wear are the two main factors in grading coins. It takes years of experience to discern wear above the ear from the flatness of a 'weak' or poor die, and the same goes for the eagle's breast feathers of the reverse.
The breast feathers and hair above the ear are the highest points of a Morgan Dollar's design, and the first affected by wear or poor die state. More often than not, the hair above the ear will be 'flat' on a Morgan obverse. To help determine a weak strike from wear, look for the hair above the ear to have a 'squashed'-like appearance, and maybe some toning. If it's worn, the surface of this area will be missing a small layer of the metal, be flat and might have 'circulation' toning. While most hairlines above the ear will be flat, there can't be any break in luster. The coin must look uniform in luster.
The rest must be left up to the reader, as no grading guide can teach a collector how to properly grade every coin consistently. In example, a coin might look MS65 according to this guide, but further examination by a dealer or grading service, proves the coin has been dipped. Now you have a coin with MS65 details, and most top tier grading companies will not assign it a grade. As stated earlier on, only experience will allow careful discernment of all the little nuances involved in properly grading the Morgan Silver Dollar.
Morgan Silver Dollar Facts-Picture-Descriptions-Auction Links
Fake Or Counterfeit Morgan Dollar Pictures-Facts
How To Grade Coins Grading Facts And Glossary
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Disclaimer: This is just a guide to give you an idea of what your coin might grade. Often coins will grade higher on one side vs. the other. In example, it's possible for a coin to grade G4 on its obverse, but grade VG8 on its reverse. Also, this guide is not a claim that one's coin will obtain any grade listed if submitted to a third party grading service.
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