Quick answer
Three third-party grading services (TPGs) dominate the U.S. coin market: PCGS (Professional Coin Grading Service, founded 1985), NGC (Numismatic Guaranty Company, founded 1987), and ANACS (originally the American Numismatic Association Certification Service, founded 1972). All three authenticate coins, assign a numeric Sheldon-scale grade from 1 to 70, and seal the coin in a tamper-evident holder called a slab. PCGS and NGC command the largest premiums on the resale market, especially for U.S. coins. ANACS graded coins trade at a modest discount but remain accepted at all major auction houses and dealers. Fees, turnaround, and label options change over time and should be verified at each service’s own website before submitting.
If you own coins you might sell, insure, or hold long term, the question of which third-party grader to use comes up quickly. The answer depends on the coin’s era, value, and where you plan to sell. This guide covers what third-party grading is, how the three main U.S. services compare, how the Sheldon scale works, how to read a slab, and when a grade is worth the fee.
What third-party coin grading is
Third-party grading is the process where an independent company examines a coin, confirms it is genuine, assesses its condition, assigns a numeric grade on the Sheldon scale (1 to 70), and permanently encapsulates it in a sealed plastic holder. The holder carries a unique certification number linked to the service’s online database, so any buyer can verify the coin against the record.
Before third-party grading became widespread in the mid-1980s, coin condition was assessed by whoever owned or was selling the coin. That created disputes, opportunities for fraud, and thin markets for higher-grade material. The rise of PCGS in 1985 and NGC in 1987 standardized condition into a numeric grade any buyer could trust, which allowed sight-unseen trading, insurance, and the modern population-report economy where scarcity is measured coin by coin.
Today four services dominate the U.S. market: PCGS, NGC, ANACS, and ICG (Independent Coin Graders, founded 1998). PCGS and NGC handle the majority of high-value submissions and drive most of the price premiums seen at auction. ANACS holds a stable share, particularly for older coins and dealers who value its longer history. ICG operates as a lower-cost alternative accepted by many dealers but earns smaller premiums on resale.
The four major U.S. grading services at a glance
PCGS
Professional Coin Grading Service. One of the two market leaders in the United States. PCGS has certified tens of millions of coins since inception and operates the CoinFacts price and population database, plus the PCGS Set Registry that ranks collector sets by combined grade.
Widely considered the price benchmark for U.S. classic coinage; PCGS-graded examples of many series command a small but consistent premium over the same coin in a competitor’s holder.
NGC
Numismatic Guaranty Company. The other market leader. Founded by numismatist John Albanese. NGC became the official grading service of the American Numismatic Association in 1995 and of the Professional Numismatists Guild in 2004. It operates its own population reports and NGC Registry.
Especially strong on world coins and modern issues; on many U.S. classics NGC and PCGS grades sell within a few percentage points of each other.
ANACS
American Numismatic Association Certification Service (original name). The oldest coin certification service in the United States. Started by the ANA in 1972 for authentication, added grading in 1979, sold to Amos Press (publisher of Coin World) in 1989, and has changed hands since.
Accepts a wider range of “problem” coins (cleaned, damaged) with descriptive holder labels, which some dealers find useful. Prices on the secondary market run modestly below PCGS/NGC equivalents.
ICG
Independent Coin Graders. A smaller established service used by dealers who want a lower-cost option. Grades and encapsulates coins under the same Sheldon scale but earns lower resale premiums than PCGS or NGC.
Fine for private sales and dealer inventory; less common at major auctions.
Two other names, PCI and SGS, appear in older holders and are generally not recommended by current dealers. If you are looking at a slab from a service you do not recognize, verify the certification against a public database before assuming the grade is accurate.
The Sheldon scale from 1 to 70
All four U.S. services use the same underlying grading scale, adapted from the one Dr. William Sheldon proposed for large cents in 1949. Grades run from 1 (Poor, barely identifiable) to 70 (perfect, no post-strike flaws visible under 5x magnification). The scale splits into two broad regions: circulated grades from 1 to 58 and Mint State (uncirculated) grades from 60 to 70.
| Grade band | Common labels | What it means |
|---|---|---|
| P-1 to FR-2 | Poor, Fair | Barely identifiable as to type and date; heavy wear across the entire coin. |
| AG-3 to G-6 | About Good, Good | Design outlines visible; major features flat or missing. |
| VG-8 to F-15 | Very Good, Fine | Moderate wear; main design features visible but softened. |
| VF-20 to VF-35 | Very Fine | Light to moderate wear on the highest points; most detail intact. |
| XF-40 to XF-45 | Extremely Fine | Slight wear on the high points; nearly all design detail present. |
| AU-50 to AU-58 | About Uncirculated | Traces of wear on the highest points only; often has full mint luster. |
| MS-60 to MS-70 | Mint State (uncirculated) | No wear from circulation. Distinguished by strike quality, contact marks, and eye appeal. |
| PF-60 to PF-70 | Proof | Applied only to coins struck as proofs (special dies, mirrored fields). Same numeric range as Mint State. |
Since 2010, PCGS and NGC both offer “Plus” designations (for example MS-64+) for coins at the top end of a given grade that fall just short of the next number up. CAC (Certified Acceptance Corporation) is a separate sticker service that reviews already-graded coins and applies a green or gold bean sticker to those meeting its stricter standard; a CAC sticker on a PCGS or NGC slab typically commands a further premium.
How to read a modern slab
Every certified coin holder carries the same core information, regardless of which service produced it. Learning to read the label saves time and reduces the risk of buying a mislabeled or counterfeit slab.
- Service name and logo. PCGS, NGC, ANACS, or ICG. Located prominently on the top or side of the holder.
- Certification number. A unique serial number tied to that specific coin in the service’s database. Enter it on the service’s website to verify the record and see the population report.
- Date, mint mark, denomination. Example: “1881-S $1 Morgan Dollar” specifies year (1881), mint (San Francisco), face value ($1), and type (Morgan Silver Dollar).
- Grade. The numeric Sheldon grade, plus any prefix (MS for Mint State, PF for Proof, PR for Prooflike variants, AU, XF, VF, etc.).
- Designation or attribution. Optional labels like FS (Full Steps on Jefferson Nickels), FB (Full Bands on Mercury Dimes), DMPL (Deep Mirror Prooflike on Morgan Dollars), CAM or DCAM (Cameo or Deep Cameo on proofs), or VAM variety numbers.
- Label options. First Strike, First Day of Issue, Early Releases, signed labels, retro holders, and other program-specific labels. These vary by service and by promotion.
Always verify the certification number on the service’s own website before buying a slabbed coin. Both PCGS and NGC publish free lookup tools. Fake slabs and altered numbers exist; verification is a two-minute check that protects against a serious loss.
Grading fees and turnaround
Fee schedules and turnaround times at all four services change frequently. The one number that matters at submission time is the price on the service’s own website that day, not any figure quoted in a guide article.
The general cost structure across services has looked like this for years:
| Cost or timing element | Typical pattern | What to check before submitting |
|---|---|---|
| Economy tier (per coin) | Roughly $20 to $50 depending on service, declared value cap, and current schedule | Current tier price and declared value cap on pcgs.com, ngccoin.com, anacs.com, or icgcoin.com |
| Standard and Express tiers | Higher per-coin fees, higher declared value caps, faster turnaround | Whether your coin’s estimated value fits within the tier’s cap |
| Walkthrough or on-site at shows | Highest per-coin fee, fastest turnaround (same-day possible) | Show calendars on the service’s website |
| Two-way shipping and insurance | Roughly $30 to $80 round trip for typical submissions | USPS Registered Mail rates and current insurance limits |
| Membership requirement | PCGS and NGC generally require paid membership for direct submissions; ANACS and ICG accept direct submissions without membership | Membership levels on each service’s website; dealer-authorized submitters as a workaround |
Turnaround at any service is a moving number. Economy submissions can take 30 to 90 business days or longer during peak periods. Standard tiers typically run faster. Express and Walkthrough tiers are the fastest and the most expensive. Check the current estimated turnaround page on the service you plan to use before choosing a tier.
When grading adds real value
Grading pays off when the premium a slab adds to the coin’s resale price exceeds the cost of submission and shipping. Situations where the math consistently works:
- Pre-1933 U.S. gold. Certification is close to mandatory for legitimate resale. Buyers demand authentication because counterfeits and cleaned examples are common.
- Key dates and low-mintage issues. Any coin with documented scarcity benefits from an authenticated numeric grade that collectors use to price. A raw 1916-D Mercury Dime or 1909-S VDB Lincoln Cent trades at a steep discount to a certified example.
- High-value raw coins. Any coin worth $1,000 or more as a raw piece should probably be certified before sale. The grading cost is trivial relative to the value at risk from an authenticity dispute.
- Coins with strong MS70 markets. Certain modern issues (Burnished Silver Eagles, First Spouse gold, specific First Strike labels) have real MS70 collector bases where a top grade adds meaningful value.
- Coins you want to insure or ship for sale. Certified coins are easier to insure, ship with declared value, and sell sight-unseen through auction houses and online marketplaces.
When grading does not pay
The situations where submission almost always loses money:
- Common-date modern bullion. American Silver Eagles, American Gold Eagles, and similar coins are struck to tight tolerances. Large fractions of any given year’s production grade MS69. Slab premiums on common dates are often smaller than the submission cost.
- Low-value coins under $100. Fees eat the premium.
- Cleaned or damaged coins. Both PCGS and NGC will designate cleaned coins with a “Details” grade, which sharply reduces resale value. Do not clean a coin you plan to submit.
- Coins you plan to break down for melt. Grading fees are wasted spend if the intent is to sell for metal content.
For a full worked example of the arithmetic on modern bullion, and two illustrative case studies (common Silver Eagle vs. pre-1933 gold), read our companion guide: Should You Grade Your Bullion Coins? An Honest Cost-Benefit Answer.
Registry sets and how graders build collector communities
PCGS and NGC both operate registry programs where collectors register their certified coins into named sets and compete for the highest combined grade. The PCGS Set Registry and the NGC Registry publish rankings, award trophies, and create secondary demand for top-population examples.
Registry participation drives real market behavior. Coins that fill a “hole” in a competitive registry set can command significant premiums over the same coin held outside a registry context. For collectors building serious sets, registry participation is one reason to concentrate submissions with a single service.
Registry sets are free to join at both services. Ranking positions, trophy awards, and community activity happen through each service’s website and forums.
Crossovers and re-holders
A “crossover” submission asks one service to grade a coin already in another service’s holder, and to encapsulate it in a new holder at the same or higher grade. If the receiving service will not match the previous grade, the coin either stays in its original holder (a common option) or is graded and slabbed at whatever grade the receiving service assigns.
Crossovers exist because a PCGS or NGC label typically sells for a small premium over the same grade at a different service, and because some collectors prefer to keep their entire collection in one company’s holders. Fees for crossover service tend to be similar to standard submission fees. Check the current crossover terms on the service’s website before submitting.
“Re-holder” is a separate service where the same company examines its own older holder, transfers the coin into a current-generation holder, and keeps or upgrades the grade. This is useful for collectors with slabs from the 1990s that predate current holder security features.
Grading and precious metals IRAs
Self-directed IRAs holding physical precious metals require coins to meet IRS fineness standards set under Internal Revenue Code Section 408(m). Third-party certification can help confirm identity and purity, but the custodian and approved depository are the ultimate gatekeepers on what physical coins they will accept.
For general information on IRS precious metals standards, see IRS Publication 590-A and IRS Publication 590-B. Consult your tax advisor and your IRA custodian before making decisions about which coins to hold or grade for an IRA.
Selling graded or raw coins and want competing offers?
Goldiew’s free request board on goldiew.com/sell-gold/ connects individual sellers with up to 15 verified precious metals buyers. Post your coins (PCGS, NGC, ANACS, or raw) once, receive sealed offers, and compare. No listing fees, no obligation. You can also browse the marketplace to see current buy prices from vetted dealers on common bullion and certified coins.
Frequently asked questions
Which is better, PCGS or NGC?
Both are the two market leaders and both are widely accepted by dealers, auction houses, and collectors. PCGS-graded U.S. classic coins tend to command a small resale premium over the same grade at NGC in many series, while NGC is often the preferred choice for world coins and some modern issues. For most submitters the practical difference is small; pick the service that has better turnaround, better fees for your coin’s value tier, or the label options you want. Both services publish population reports and operate registry programs.
Is ANACS still respected in the coin market?
Yes. ANACS is the oldest U.S. coin certification service (started by the American Numismatic Association in 1972) and remains active with dealers and at auction houses. ANACS slabs typically trade at a modest discount to PCGS or NGC equivalents on the resale market, but the certification is recognized. ANACS is also known for its willingness to encapsulate coins with problems (cleaned, damaged, environmental damage) using descriptive labels, which some dealers value.
What is the difference between MS69 and MS70?
MS69 means Mint State 69 on the 70-point Sheldon grading scale: a coin with full mint luster and only the most minor imperfections visible under magnification. MS70 is the highest grade possible, representing a coin with no detectable flaws under 5x magnification. On modern U.S. Mint bullion coins produced to tight tolerances, a portion of each year’s production grades MS70; on older or hand-struck coins MS70 is rare. The price premium for MS70 over MS69 varies widely by issue.
How do I verify a PCGS or NGC certification number?
Both PCGS and NGC provide free online certification lookup tools on their websites. Enter the certification number from the label; the site returns the coin’s date, denomination, grade, and often a photo taken by the service at grading. If the returned record does not match the physical coin, the slab may be counterfeit or the coin may have been swapped. Always verify before buying a slabbed coin from an unfamiliar seller.
What is a CAC sticker?
CAC (Certified Acceptance Corporation) is a separate review service, not a grading service. CAC examines coins already graded by PCGS or NGC and applies a green sticker to coins that meet its stricter standard within the assigned grade, or a gold sticker to coins that would qualify for a higher grade. CAC-stickered coins typically command an additional premium at auction and in private sale. CAC does not slab coins; it stickers existing holders.
Can I submit coins to PCGS or NGC without a membership?
Both PCGS and NGC generally require paid membership for direct submissions from individual collectors. Membership tiers include annual submission credits. Alternatively, an authorized dealer or club member can submit on your behalf for a small handling fee. ANACS and ICG accept direct submissions without a membership requirement, which makes them easier for one-time submitters. Check each service’s current submission page before choosing a route.
What is a crossover submission?
A crossover asks a grading service to evaluate a coin already in another service’s holder and re-encapsulate it in a new holder at the same or higher grade. If the receiving service will not match the existing grade, the crossover fails and the coin returns in its original holder (in most cases). Collectors use crossovers to consolidate a collection into one service’s holders or to move to a service whose slabs command higher premiums on the resale market.
Should I clean coins before submitting them for grading?
No. Cleaning damages coin surfaces and almost always destroys collectible value. PCGS, NGC, ANACS, and ICG can all detect cleaning and will designate cleaned coins with a “Details” grade or equivalent, which makes them very difficult to sell at collector prices. Never clean a coin you plan to grade or sell.
How long does it take to get a coin graded?
Turnaround depends on service tier and current volume. Economy submissions have historically taken 30 to 90 business days or longer during peak periods. Standard tiers run faster; Express and Walkthrough options can be completed in days or hours at coin shows. Check the current estimated turnaround page on the service you plan to use before choosing a tier. Multi-coin submissions and higher-priced tiers generally receive attention faster.
What are Plus grades and when did they start?
Plus grades (for example MS-64+ or AU-58+) indicate a coin at the top end of a given grade that falls just short of the next full number up. PCGS and NGC both introduced Plus designations in 2010. A Plus grade typically commands a small premium over the base grade, and CAC frequently stickers Plus coins with green or gold beans. ANACS does not currently use Plus grades in the same format.
Sources and methodology
- IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)
- IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs)
- FINRA Investor Insights: Precious Metals Fraud (2026)
- SEC Investor Alert: Investing in Gold and Other Precious Metals
- PCGS company history, CoinFacts database, and services pages (pcgs.com, consulted 2026)
- NGC company history, population reports, and services pages (ngccoin.com, consulted 2026)
- ANACS company history and submission information (anacs.com, consulted 2026)
- ICG (Independent Coin Graders) company history and services (icgcoin.com, consulted 2026)
- Certified Acceptance Corporation (CAC) sticker program details (caccoin.com, consulted 2026)
- Sheldon scale reference: Dr. William Sheldon, “Penny Whimsy” (1949), as adopted for all U.S. coin series by the ANA and the major grading services
Fee schedules, turnaround times, and label options at any grading service change over time. All specific numbers in this guide should be treated as illustrative. Verify current fees and turnaround directly on the grading service’s website before submitting any coin. This guide is not investment or tax advice. Consult a qualified professional for decisions related to your retirement accounts or high-value collectibles.