Coin grade is the single most important factor in determining a coin's market value. A 100 Lire Minerva from 1965 in FDC (Fior di Conio) can fetch 30 to 50 euros. The same coin in MB (Molto Bello) might sell for one euro. This guide explains the Italian grading scale, what each grade means in practice, and how to assess a coin accurately at home.
What does a coin grade actually measure?
A grade measures the physical state of a coin's surfaces: the presence or absence of wear on the highest relief points, the quality of the fields (the flat areas), and whether the original mint lustre has been preserved. A freshly struck coin starts at the top of the scale. Every time it passes through a pocket, a drawer, or a collection jar, it loses a little.
The Italian grading scale: from MB to FDC
The Italian system uses the following grades, from lowest to highest:
- MB (Molto Bello / Very Fine) — The main design is visible but heavily worn. The highest relief points have lost detail. The coin has clearly circulated for years.
- BB (Bellissimo / Extremely Fine) — Light wear on the highest points only. The design is sharp, with most detail intact. Typical of a coin that circulated briefly.
- SPL (Splendido / About Uncirculated) — Very light traces of wear, barely visible. The coin may retain most of its original lustre. An SPL example is close to mint state but has left the mint.
- FDC (Fior di Conio / Mint State) — No wear whatsoever. Full mint lustre, sharp strike, perfect fields. The coin has never circulated.
Some collectors use intermediate grades: BB/SPL or SPL/FDC indicate a coin that falls between two levels.
How much does grade affect value?
The difference between grades is not linear. A jump from BB to SPL might double the value. A jump from SPL to FDC can multiply it by five or ten. For key dates and rare coins, the FDC premium is even more extreme: a 50 Lire 1955 Vulcano in MB might sell for 80 euros, while a certified FDC example has been known to exceed 2,000 euros at auction.
A 5 Lire Delfino from 1956 in BB typically sells for 30 to 50 euros. The same coin in FDC regularly reaches 400 to 600 euros at specialist auctions. Condition does not just affect price at the margin; it defines which collector market a coin belongs to.
How to assess a coin's grade at home
Use a magnifying glass with at least 5x magnification and a single directional light source, such as a desk lamp. Tilt the coin gently under the light and observe the fields: scratches and contact marks appear as small bright lines. Check the high relief points, where the design is most raised, for any smoothing or flatness. Compare what you see against reference images in catalogues such as the Pagani or Gigante for Italian coins.
Professional third-party grading services such as NGC and PCGS seal coins in tamper-evident holders with a certified grade. For valuable coins, certification adds both accuracy and resale confidence, since buyers know the grade has been assessed by an independent expert.
What lowers a grade unexpectedly?
Several factors reduce a coin's grade beyond simple wear:
- Cleaning — Any form of polishing or chemical cleaning leaves microscopic hairlines visible under magnification. A cleaned coin almost always grades lower than its apparent condition suggests.
- Rim nicks — Damage to the edge of a coin from being dropped or stored loosely reduces grade even if the fields are clean.
- Environmental damage — Spots, toning from chemical exposure, or verdigris on copper coins affect the grade regardless of the underlying surface quality.
- PVC damage — Storing coins in soft plastic sleeves causes a greenish film over time. Once this forms, the damage is irreversible.
The most common mistake new collectors make is cleaning a coin before grading it. If a coin looks dirty, resist the impulse. Cleaning destroys the original surface and removes a premium that often far exceeds the aesthetic improvement.