Grading vs Eye Appeal: Why MS64 Can Sell Higher Than MS66
A numismatist looks at a coin in more than one way. The number printed on the holder (MS64, MS65, MS66) shows technical condition. However, the attractiveness of the coin in hand — the so-called eye appeal — can matter even more. Two coins with the same grade can look completely different. One can feel bright, sharp, full of depth. The other can feel flat and dull. Because collectors choose with their eyes, the coin with stronger appeal can sell for more, even if its grade is lower.
Understanding this difference helps collectors make smarter decisions and avoid paying for grades only. The number printed on the slab is not the full story.
Demonstration Coin: Morgan Dollar
The Morgan Dollar is a strong example when discussing grade and visual appearance. It has large open fields, deep relief, and a wide range of surface textures. It is also common in Mint State grades, so comparisons are easier.
Before discussing eye appeal vs. numeric grade, we define the physical characteristics of the series:
Morgan Dollar Overview
Parameter | Specification |
Series Name | Morgan Dollar |
Years Minted | 1878–1921 |
Composition | 90% Silver, 10% Copper |
Diameter | 38.1 mm |
Weight | 26.73 g |
Where Eye Appeal Shows Most | Cheek, fields, wings, hair detail |
Key Market Drivers | Grade, Luster, Strike, Toning, Overall Surface Harmony |
This coin is useful because the difference between “good” and “poor” eye appeal can be seen immediately, even without any special training. Even a beginner can see when a Morgan has bright luster. Even a professional pauses at a coin with muddy, uneven toning.
What the Grade Means
The grade measures surface preservation, not beauty. It records how many marks the coin has, how visible they are, how smooth the fields look, and whether friction exists.
Mint State Overview
Grade | General Condition | Typical Characteristics |
MS64 | Above average | noticeable contact marks, luster mostly present, some interruptions in flow |
MS65 | Choice condition | fewer marks, cleaner fields, more consistent luster |
MS66 | Premium condition | very few marks, strong original luster, well-preserved fields |
This scale describes technical conditions only. It says nothing about how attractive the coin is. Two coins can both be MS65. One looks sharp, bright, and balanced. The other looks flat and lifeless. Both will grade the same because grading does not reward emotional reaction. This is where eye appeal becomes the deciding factor.
Understanding Eye Appeal
Eye appeal is how the coin looks when held and rotated. No chart or formula replaces the eye. Eye appeal is shaped by: luster; toning and color balance; strike sharpness; field clarity; placement of contact marks. These elements combine differently in every coin.
Luster (Cartwheel Effect)
A well-struck Morgan shows rotating “cartwheel” light. The surface reflects light outward in a circular pattern when tilted. Strong luster gives the coin energy. Weak luster makes the coin dull.
How to judge: Hold the coin under soft light and rotate slowly. If the light moves smoothly across the surface, the luster is strong.
Toning
Toning is a natural color change from metal reacting with air. It can be:
Gold
Blue
Violet
Rose
Multi-shaded rainbow transitions
Balanced, smooth toning adds appeal. Blotchy, heavy, or muddy toning reduces appeal.
Strike
Strike refers to how deeply the design was impressed into the blank metal. A sharply struck Morgan shows: separate hair strands on Liberty’s head; clear eagle breast feathers; strong edges on lettering. A weak strike looks soft, even in Mint State.
Mark Placement
Location matters more than count.A single mark on Liberty’s cheek draws the eye, while five small marks hidden in hair do not. This is where MS64 and MS66 can overlap.
A technically higher grade may have clean fields but dull luster or weak strike. A lower grade may have a few marks but excellent brightness and detail. The lower grade can be the more attractive coin.
Why MS64 Can Sell Higher Than MS66
Example 1: Strong Luster in MS64
A Morgan Dollar graded MS64 may have:
Strong rotating luster
Clean central focal points
Light golden rim toning
Strike depth visible in hair and wings
Even if the surface has a few more marks, the coin looks alive. Collectors respond strongly to visual appeal.
Example 2: Dull Surfaces in MS66
A Morgan Dollar graded MS66 may have:
Gray, flat surfaces
Weak light reflection
Uneven or muddy toning
Soft relief due to weak strike, not wear
Even though Coin B has fewer marks and a higher grade, it lacks character and presence. Coin A, although technically lower, looks better and is more desirable.
Collectors tend to choose Coin A. This is why grade alone does not determine price. Collectors pay for desire, not just technical state. Auction prices show this repeatedly.
Real Market Behavior
Eye appeal changes price. Two coins with the same date and similar grades can sell for very different amounts. The example below shows this clearly.
Take, for example, 1881-S Morgan Dollar (chosen because this issue is known for its strong luster, making differences in visual appeal easy to see.)
Before reviewing the table, remember: grade measures preservation. Eye appeal determines demand.
Market Comparison Table
Coin | Grade | Eye Appeal Description | Typical Market Price (USD) | Market Response |
1881-S Morgan Dollar | MS64 | Strong cartwheel luster, even light gold rim toning, clean centers, strike depth visible | $150–$260 (or higher if color is especially attractive) | Sells quickly and often receives multiple bids |
1881-S Morgan Dollar | MS66 | Gray or flat surfaces, uneven or blotchy toning, weak luster movement, soft strike in focal points | $170–$210 | Often ignored or sold near the low end of MS66 pricing |
A lower-graded coin with strong visual presence can sell higher than a higher-graded coin with weak presentation. This is a daily reality in auction hammer results.
Why This Happens
Buyers respond to what the coin looks like in hand, not the number on the label.
Strong luster and balanced toning make the coin more desirable.
A high grade without visual strength feels “flat” and does not attract competition.
Dealers choose coins with better eye appeal because they sell faster and hold interest longer
Common Errors in Collecting Decisions
Buying only by grade number.
Assuming toning always increases value.
Evaluating coins using harsh LED or direct desk light.
Inspecting coins only flat, not at angle.
Forgetting that desirability is emotional as well as technical.
Good collectors train their eyes, not just memorize numbers. A collector who tracks surface tone, strike strength, and luster pattern builds a better collection not just by grade, but by visual strength.
To avoid costly mistakes, try the Coin ID Scanner app. It can be used to identify coins, their minting details and store photographs and notes on specific visual traits. This makes comparing similar pieces easier and improves the collection management.
Practical Strategy for Collectors to Avoid Mistakes
In MS63–MS65 ranges, search for strong luster first.
In MS66+, prioritize harmony of luster + color + strike.
When two coins are similar, choose the one that draws attention first.
If a coin does not immediately look appealing, do not convince yourself to like it because of the grade.
Final Points
Grade measures condition, while eye appeal measures presence. A coin with average grade but high appeal often outperforms a higher-graded coin that lacks brightness or character.
Collectors who learn to read eye appeal gain a real advantage. They avoid boring coins and build collections that look strong. The main takeaways are: a coin that looks good is a coin that people want; demand always sets price and the eye always decides faster than the numbers.