Learn Grading: American Silver Eagles

NGC uses a numeric grade to succinctly describe a problem-free coin's condition. NGC's Coin Grading Scale is based on the internationally accepted Sheldon Scale, which runs from 1 to 70.

The numeric grade is typically preceded by an abbreviation that indicates the way the coin was struck and, for circulation issues, its approximate condition. The numeric grade is sometimes followed by a designation called a "strike character" that sheds further light on the coin's condition. Examples of NGC grades include NGC MS 70 and NGC PF 70 Ultra Cameo.

The American Silver Eagle is the official silver bullion coin of the United States, and NGC has graded more Silver Eagles than any other coin — over 10 million of them! The US Mint released the bullion 2020 Mint State Silver Eagles and the 2020-W Proof Silver Eagles in January, and is expected to release other Silver Eagles including other Mint State and Proof versions — throughout the year.

Here, we examine how NGC determines what numeric grade to assign a Silver Eagle. A quick look at the NGC Census reveals that 99% of Silver Eagles are graded 67 to 70, so we will focus on those grades.

MS/PF 70

For a Silver Eagle to receive the highest grade on the NGC Grading Scale, it must have no post-production imperfections visible at 5x magnification. This is the most sought-after grade, as collectors prefer the best example possible.

• Luster: Must be outstanding.
• Contact Marks: No post-production contact marks are permissible.
• Strike: Must be complete and sharp.
• Eye Appeal: Must be outstanding.

This example is extremely nice, with no imperfections, and it therefore earned the grade of NGC PF 70 Ultra Cameo. Click images to enlarge.

This example is also very nice, with no imperfections, so it earned the NGC MS 70 grade. Click images to enlarge.

MS/PF 69

In this grade, a Silver Eagle is still fully struck with strong luster, but it has nearly imperceptible flaws. Such imperfections might be a flashy strikethrough or a small, unobtrusive milk spot.

• Luster: Must be outstanding.
• Contact Marks: Very minor post-production contact marks are permissible.
• Strike: Must be complete and sharp.
• Eye Appeal: Must be outstanding.

This coin has a very good look overall, but planchet lines on the front and back caused it to receive the NGC PF 69 Ultra Cameo grade. Click images to enlarge.

This example has a nice look overall, but the small spot on the sun and odd striking issue to the left of the eagle are too much for it to be graded NGC MS 70. Click images to enlarge.

MS/PF 68

A Silver Eagle in this grade still has a strong strike and luster. However, negative issues are more noticeable and might include contact marks, hairlines or more numerous milk spots.

• Luster: Must be outstanding.
• Contact Marks: Some minor post-production contact marks are permissible.
• Strike: Must be complete and sharp.
• Eye Appeal: Must be high, but there may be some more noticeable milk spots.

This coin has some light spotting in the right obverse field that is simply too distracting. As a result, the grade was NGC PF 68 Ultra Cameo. Click images to enlarge.

This coin has some spotting in the right obverse field that is a bit too prominent, so it was given a grade of NGC MS 68. Click images to enlarge.

MS/PF 67

At this level, the issues with the coin are more obvious. There might be some hairlines or milk spots that are more numerous or thicker.

• Luster: Must be very strong with only very minor disruptions.
• Contact Marks: Some post-production contact marks are permissible.
• Strike: Must be very well struck, but some slight weakness is permissible.
• Eye Appeal: Some distractions like milk spots are acceptable.

This coin was graded NGC PF 67 Ultra Cameo due to the large spot beneath the “T” of “LIBERTY” on the obverse as well as the planchet issues between “IN GOD WE TRUST” and Liberty. The reverse also has some minor abrasions in the fields. Click images to enlarge.

This coin has an odd spotted area to the right of Liberty on the obverse. In addition, the reverse has some scratches. These flaws, along with the striking issue around the perimeter of the obverse, resulted in an NGC MS 67 grade. Click images to enlarge.

There can sometimes be a dramatic price difference between a Silver Eagle graded NGC MS 69 and one graded NGC MS 70, particularly for Mint State Silver Eagles struck before 2002. You can explore Silver Eagles in the NGC US Coin Price Guide.

Related links

• Learn Grading: What Are Antiqued and Matte?
• Learn Grading: What Is a Mint Error? — Part 4
• Learn Grading: What Is a Mint Error? — Part 3
• Learn Grading: What Is a Mint Error? — Part 2
• Learn Grading: What Is a Mint Error? — Part 1
• Learn Grading: What Are the SP and PL Prefixes?
• Learn Grading: What is a Proof Coin?
• Learn Grading: What is an NGC Details Grade?
• Learn Grading: What Are the Plus and Star Designations?
• Learn Grading: What Are Full Bell Lines?
• Learn Grading: What Is the Full Head Designation?
• Learn Grading: What Are Full Bands and Full Torch?
• Learn Grading: What are 5FS and 6FS
• Learn Grading: What are BN, RB and RD?
• Learn Grading: Prooflike (PL) and Deep Prooflike (DPL)
• Learn Grading: Proof, Proof Cameo and Proof Ultra Cameo

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