THE ADJECTIVAL GRADING SYSTEM*

I use the adjectival grading system, and for the sake of consistency, I will state here the eleven full grades in order of merit: Fleur de Coin, Gem Uncirculated, Choice Uncirculated, Uncirculated, Extremely Fine, Very Fine, Fine, Very Good, Good, Fair, and Poor. The prefixes about and good denote intermediate grades. A forward slash (/) denotes a dual grade; the obverse grade is always written first. On occasion, the word Nice may prefix a full grade for pieces that exhibit particularly attractive eye appeal, but whose actual qualifying characteristics do not warrant a higher grade. 
 

Fleur de Coin (FDC):

Sovereigns in FDC should not have suffered any wear (including cabinet friction), or striking weaknesses. On Shield reverse sovereigns, Ireland’s harp should be well defined and sharp; the errant curls of Queen Victoria’s bun (the “kiss curl”, as it is known) should be visible and clear. On St George reverse sovereigns, the head of the rider should be fully struck up, while the loop of his cape should be sharp and very visible; the garter of St George’s calf should be similarly well struck. Additionally, the horse’s reigns should be clean and unbroken, while its headgear should be defined. Even the slightest weakness may warrant a lower grade. Fields and devices should not exhibit detracting or bag marks at all; under the glass, fields should be velvet smooth. No rim nicks or edge knocks will be present. On the whole, the sovereign in FDC is absolutely flawless; the coin will practically leap out of its holder. An attractive tone may conceal full cartwheel lustre.

Circulation strike sovereigns will almost never surface in FDC, while many proofs will fail to make the grade. All Australian sovereigns in FDC are excessively rare.

Gem Uncirculated or Brilliant Uncirculated (Gem or BU, respectively)

Sovereigns in Gem should not exhibit wear. Slightest striking weaknesses are permissible, although these weaknesses should be minimal. The lightest, almost imperceptible detracting marks may be visible under a glass. No rim nicks or edge knocks will be present to the naked eye. Once again, sovereigns in Gem UNC should leap out of their holders. An attractive tone may conceal full cartwheel lustre.

In June 2005, a “Gem Uncirculated or FDC” 1899 Melbourne Sovereign sold for $3 495 at Kurt Jaggard’s inaugural auction; this beat the pre-auction estimate by almost 40% and overshot the catalogue price by about 150%! Gem Uncirculated Sovereigns are extremely rare. They appear sporadically at auction, and tend to attract energetic bidding.

Choice Uncirculated (CHU, ChU, Ch. UNC)

Sovereigns in CHU should not exhibit wear at all. Slightest striking weaknesses may be present, especially on the Harp of Ireland on Shield sovereigns, or on the rider’s head gear on St George reverses; these weaknesses may be slightly more severe than similar weaknesses on sovereigns graded Gem. A very light smattering of detracting marks may be visible under a glass; one or two conspicuous marks may litter the field, although they do not detract from the sovereign’s general eye appeal. No edge knocks will be present. Once again, sovereigns in CHU should leap out of their holders. The light detracting marks and striking weaknesses should not detract from the coin’s eye appeal. An attractive tone may conceal full cartwheel lustre.

Sovereigns before 1901 in CHU are not as available as many perceive them to be. Undercatalogued and underpriced, true CHU sovereigns minted prior to 1901 appear sporadically at auctions and on dealers’ lists. After 1901, CHU sovereigns are offered more frequently; this is especially the case with the early George V dates. Nevertheless, on the whole, CHU Sovereigns are rare.

A Choice Uncirculated 1917 Sydney Sovereign

Uncirculated (UNC, Unc)

Sovereigns in UNC should not exhibit wear at all; some cabinet friction (usual visible as grey smudges on the wear zones of the coin) is permissible. Striking weaknesses may be present, especially on the Harp of Ireland on Shield sovereigns, or on the rider’s head gear on St George reverses; weakness may also exhibit itself on the rider’s chest (common on George V sovereigns) and the rider’s lower leg (extremely common on Perth George V Small Head reverses). Detracting marks will be present, although marks should not be significantly distracting. Sometimes a slight shadowing of the obverse field will result: in these cases, the sovereign should be downgraded one or two intermediate grades, depending on the severity and conspicuousness of the marks. One or two rim nicks may be present, but should not distract from eye appeal. An attractive tone may conceal full cartwheel lustre. Sometimes, you will find coins where lustre is present only in the legends, but not in the fields. Even without wear, sovereigns without full cartwheel lustre or handsome tone which conceals full cartwheel lustre should be downgraded.

UNC sovereigns are collectable, and make up the bulk of many fine sovereign collections. Most dates after 1864 are available in UNC for less than $2000, while collectors can build a complete Edward VII set in UNC for less than $325 a piece. Most UNC Sovereigns minted before 1899 are scarce, while those minted during the reigns of Edward VII and George V are extremely popular with collectors.

An Uncirculated 1897 Melbourne Sovereign.

Extremely Fine (EF, Ext. Fine)

Wear should be almost imperceptible to the naked eye. On Sydney Mint sovereigns, the Queen’s wreath will be lightly touched. Similarly, the dragon on St George reverse sovereigns will exhibit some light friction, especially on it’s forewing. The top of the rider’s boot will also exhibit some flattening. Significant strike weaknesses or die faults will affect the value of a coin in EF, but in general, strike weakness cease to be a significant problem on circulated sovereigns. General circulation marks will be present on the fields. There may be some minor scuffing to the cheek of Queen Victoria’s on Veiled Head portrait, while the rim may exhibit an insignificant knock or two. A coin in EF may be lustrous or handsomely toned. Cartwheel lustre may show some breaking in the fields.

Most sovereigns minted after 1887 graded EF are worth the spot price plus a small premium.

Extremely Fine graded Sovereigns. Left is a St George reverse and right is a Sydney Mint obverse.

Very Fine (VF)

The sovereign will exhibit moderate wear to the high points of the design. The wreath on the Sydney Mint obverse will be quite flat but unbroken. The St George reverse will show some signs of circulation on the rider’s chest, as well as the dragon’s wings; the dragon’s forewings will exhibit some flatness. Small and some moderate scratches will litter the fields, as well as a couple of moderate edge knocks. Lustre may predominate in the legends.

Most sovereigns minted after the 1880s are worth spot price plus a small premium. Sydney Mint sovereigns are very popular in this grade, and are generally quite affordable.

Very Fine Sovereigns. Left is a St George reverse and right is a Sydney Mint obverse.

Fine (F)

Significant signs of wear will be present on the sovereign’s wear zones. The Sydney Mint obverse will exhibit an unbroken, albeit flat, wreath. The high points of the dragon’s wings on the St George reverse will be flat. Obverses will show distinct signs of wear. Scratches, marks, and rim knocks will fill the fields. While collectable, sovereigns in F will show their age.

A Fine 1882 Sydney Sovereign.

Very Good (VG)

The sovereign in VG will exhibit significant signs of circulation. The Sydney Mint obverse will be rubbed smooth, although some strands of the Queen’s hair may be discernable. The wreath will have been completely worn. Bagmarks, rim knocks, scratches, and some fairly obvious indications of circulation will be present.

A Very Good 1889 Sovereign from Great Britain.

* * *

*This article is available in pdf form. Please email me you are interested in a free copy.