Grading Persian and Iranian coins
Why ancient coins are graded on strike, centring and surface rather than wear alone — and how the adjectival, Sheldon and modern Iranian systems map onto each other.
Key facts
- Ancient coin scale
- Poor → Fair → Fine → VF → EF → FDC
- Modern scale
- Sheldon 1–70
- Biggest value driver
- Strike and centring, not wear
- Automatic downgrade
- Cleaning, tooling, smoothing
Ancient coins are not graded like modern ones
A modern coin leaves the mint essentially perfect; grading measures how much of that perfection survives. An ancient hammered coin never was perfect. It was struck by hand on a flan that may have been oval, off-centre, cracked or under-weight, using dies that were sometimes worn out before the first strike. Grading Persian coinage therefore assesses two independent things: how well the coin was made, and how well it has survived.
- Strike — how completely the die transferred to the flan; a weak strike cannot be repaired by time or care.
- Centring — how much of the design and legend fits on the flan; off-centre Sasanian drachms lose mint signatures and dates.
- Wear — the only element the traditional adjectival grade truly measures.
- Surface — corrosion, horn silver, encrustation, scratches, and above all evidence of cleaning or tooling.
- Toning and eye appeal — subjective, but a cabinet-toned coin consistently outsells a stripped one.
The scales, and how they compare
| Adjectival | Abbrev. | Sheldon | What you actually see |
|---|---|---|---|
| Fair / Poor | Fr / P | 1–3 | Type identifiable at best; legends gone |
| Good | G | 4–6 | Outline clear, all detail flat |
| Very Good | VG | 8–10 | Major devices readable, legends partial |
| Fine | F | 12–15 | Portrait complete but rubbed; most legend readable |
| Very Fine | VF | 20–35 | Crown ornaments, hair and beard defined |
| Extremely Fine | EF / XF | 40–45 | Only high-point rub; full legend and mint |
| About Uncirculated | AU | 50–58 | Trace friction only |
| Mint State / FDC | MS / FDC | 60–70 | As struck, full original surface |
Grading modern Iranian coins and notes
Pahlavi gold, Qajar tomans and Islamic Republic rials are machine-struck and so grade conventionally on the Sheldon scale, where the difference between MS62 and MS65 can double the price. Banknotes use their own vocabulary — UNC, AU, XF, VF, F — and are judged on folds, corner rounding, pinholes, staple holes and the crispness of the paper.
- 1Hold the note by the edges at a raking angle to reveal folds invisible face-on.
- 2Check the corners first; rounding is the earliest sign of circulation.
- 3Look through the note against light for pinholes and repaired tears.
- 4Original centring and margins matter as much on notes as centring does on coins.
A five-minute grading checklist
- 1Weigh the coin and compare it with the published standard for the type.
- 2Check centring: is any part of the legend or mint signature off the flan?
- 3Assess strike separately from wear — look at the highest and lowest relief areas.
- 4Rotate under a raking light at 10× to reveal hairlines from cleaning and tool marks in the fields.
- 5Examine the edge for casting seams, file marks, mount removal and test cuts.
- 6Only then assign a grade — and write down the reservations alongside it.
Frequently asked questions
Does cleaning a coin lower its grade?
Yes, and often catastrophically. Harsh cleaning strips the original surface and leaves hairline scratches that graders describe as "cleaned" or "surfaces altered" — a penalty that can remove half the value of an otherwise excellent coin.
What does 'FDC' mean on an ancient coin?
Fleur de coin — as it left the dies, with full original lustre or patina and no wear. It is rare for hammered Persian coinage and should always prompt close inspection.
Is a higher grade always worth more?
Not for ancients. A perfectly centred VF Sasanian drachm with a clear mint and date usually sells above an off-centre EF of the same ruler, because the information on the coin is what specialists pay for.
Related guides
Cast copies, transfer dies, tourist souvenirs and altered mint marks — the diagnostic tests that separate a genuine ancient Iranian coin from a modern forgery.
What actually drives price — rarity, mint, grade, provenance and metal — plus how to research realised prices instead of asking prices.
How to build a coherent collection of Persian and Iranian coinage — choosing a theme, setting a budget, sourcing responsibly, and recording provenance from the first purchase.