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The Coin Grading System
Coins are graded on a 0-70 point scale devised by Dr William Shelby. The Grade of a Coin Is Everything, so it helps to understand how coins are Graded. The Official A.N.A. Grading Standards for United States Coins published by the ANA is the authority. Under this method the higher the point scale accorded a particular coin, the better its quality.

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Interesting.com: history and stuff