Coin Grading Abbreviations Explained: BU, MS, PF, and More

Short answer: most grading abbreviations combine a strike-type prefix (MS for Mint State/bullion strikes, PF or PR for Proof, SP for Specimen) with a numeric grade from 1 to 70 on the standard scale third-party graders use — BU (Brilliant Uncirculated) is an older, less precise term meaning roughly the same thing as an ungraded Mint State coin, used especially by dealers for coins that haven't been sent to a grading service.

The Core Prefixes

• MS (Mint State) — a bullion or circulation-strike coin that's never been in circulation, graded on condition from MS60 (lowest uncirculated grade) to MS70 (theoretically perfect)
• PF or PR (Proof) — a specially struck coin with a mirror-like finish, produced using polished dies, graded on the same 1-70 scale but with the PF/PR prefix
• SP (Specimen) — a strike quality between standard bullion and full proof, used by some mints for certain special releases

BU: An Older, Less Precise Term

Brilliant Uncirculated (BU) predates widespread third-party grading and is still commonly used by dealers to describe a coin that appears new and unhandled but hasn't been sent to PCGS or NGC for a formal numeric grade. A BU coin is roughly equivalent to an ungraded Mint State coin — the term just doesn't carry the precision of an actual numeric grade.

The Numeric Scale Itself

The 1-70 scale (technically the Sheldon Scale, originally developed for large cents) runs from heavily worn (low single digits) through various circulated grades, up to uncirculated territory starting around 60, with 70 representing a theoretically perfect coin with no visible flaws even under magnification. For modern bullion coins, you'll almost always see grades in the high 60s to 70 range, since these coins start in much better condition than historic circulated coinage the scale was originally built for.

Other Common Shorthand

• UNC — essentially interchangeable with BU, an older/informal term for uncirculated condition
• DCAM / UCAM (Deep/Ultra Cameo) — a designation for proof coins with strong contrast between frosted design elements and mirrored fields
• FS (First Strike) / ER (Early Release) — grading service designations noting a coin was submitted within a specific early window after release, not a condition grade itself

Why This Matters When Comparing Listings

A coin listed as "BU" from one dealer and "MS69" from a grading service aren't describing the same level of verified certainty — BU is a dealer's own assessment, while MS69 reflects an independent third-party grading service's formal evaluation. Treat them as different confidence levels, not interchangeable terms, when comparing prices.

Summary

• MS, PF/PR, and SP are strike-type prefixes combined with a numeric grade from 1 to 70
• BU and UNC are older, less precise dealer terms roughly meaning "appears uncirculated but ungraded"
• Modern bullion coins typically grade in the high 60s to 70 range given their generally excellent starting condition
• A formal numeric grade from a third-party service carries more certainty than a dealer's own BU/UNC assessment