Many novice at numismatic matters begin by inheriting a small set of coins from a relative. The 1st question asked is invariably ‘How much are these worth?’ The 1st step in answering that question is to grade the coins.

But despite the many innovations in grading coins over the last decades, the process is still as much art as it is science. Experienced collectors and dealers will issue a judgment based on observations made and knowledge gained over years. Even then, skilled practitioners can arrive at widely varying conclusions.
The basic answer …