Grading Guide for the Diez Centésimos of 1904

Determinación del Grado de Conservación

The following is a grading guide for the Diez Centésimos of 1904. It is based on the Sheldon grading scale of 1-70 which is widely used in the United States and elsewhere including Panama.

Grading is an art, and is subjective in nature. Different collectors and dealers will have legitimately different opinions about the same medal. However, there are generally recognized standards used as a basis for grading coins, medals and tokens. Standards have been published for grading Panama coins by the Isthmian Numismatic Society (now defunct) and the Asociación Numismática De Panamá (in Spanish). The guide below is my application of the Sheldon grading scale to the Diez Centésimos coin of 1904, taking into account the standards previously published.

Poor (P-1)


Sometimes referred to as the "basil state". This is an object that is barely recognizable as having been a silver Diez Centésimos from Panama, mostly due to its diameter. The design is almost completely gone due to wear or corrosion and date is illegible. This coin has no numismatic value, it is time to melt it down!

Fair (Fa-2)


Extremely heavy wear or damage. However, the coin is recognizable as to type and date. The date can be severely worn or damaged, including missing digits, but it must be recognizable. A Diez Centésimos in this grade has no numismatic value, only precious metal (silver) value.


About Good (AG-3)


Very heavily worn with portions of the lettering, date and legends worn smooth.

OBVERSE: Balboa is outlined with nearly all details worn away. Legend is merging into the rim.
REVERSE: Coat of Arms, flags and eagle are outlined but flat with nearly all details worn away. Legend is merging into the rim. Date is readable but worn.

The rim is worn, and the design is very flat. Severe and numerous marks are allowed. This low grade has no numismatic value, only precious metal (silver) value.


Good (G-4)


Heavily worn. Major designs visible but flat and may be faint in areas. The peripheral lettering should be mostly full, and most legends should be visible. The rim or edge should be mostly intact, but worn edges are allowed. Numerous marks are allowed but should not be so severe that a major design feature is unrecognizable.

This low grade has little numismatic value, but certainly has precious metal (silver) value. Many Diez Centésimos of 1904 specimens are in this shape.

Example of a Diez Centésimos of 1904 Coin in G-4
Example of a Diez Centésimos in Good (G-4) Condition

The legend "DIOS LEY LIBERTAD" in the above example has lost the middle eight letters of "OS LEY LIB". The helmet show considerable wear being mostly flat, and the helmet and face are starting to merge. Balboa's chest and shoulder also show considerable wear. The rim on the obverse is intact but has merged into the dentures. The edge letters are still full. On the reverse, the rim is also intact but has merged into the dentures. The coat of arms and eagle show significant wear, with many design elements outlined but lacking in detail and starting to disappear. The motto "PRO MUNDI BENEFICIO" has lost a number of letters. I would grade this coin as a Good (G-4).

Very Good (VG-8)


Well worn. Bold major designs but absence of fine details. Edges and rims should be intact. The peripheral lettering should be full.

OBVERSE: No more than three letters in the legend "DIOS LEY LIBERTAD" are illegible. Helmet shows considerable wear.
REVERSE: Three letters in the motto "PRO MUNDI BENEFICIO" may have disappeared.

Some marks are allowed but should not be too severe. This low grade has little numismatic value, but certainly has precious metal (silver) value.


Fine (F-12)


Moderate but even wear. Bold entire design but with some weaknesses. Deep recessed areas should retain their detail. About 50% of all the fine detail should be present.

OBVERSE: Legend is still completely visible but "LEY" is faint. Beard and shoulder armor of Balboa are worn.
REVERSE: Increased wear shows on the head and wings of the eagle. One of the letters in the motto "PRO MUNDI BENEFICIO" may have completely disappeared.

Some marks are allowed but should not be very deep, long, or distracting. A Diez Centésimos in this grade still has some numismatic value. Generally this is the minimum grade that collectors prefer to have in their collection.

Example of a Diez Centésimos of 1904 Coin in F-12
Example of a Diez Centésimos in Fine (F-12) Condition

In the above example the legend "DIOS LEY LIBERTAD" is still legible, but "LEY" and the "L" from "LIBERTAD" are faint. The middle feather is merging into the cap. Wear is apparent also on Balboa's forehead, cheek, beard, shoulder and chest. On the reverse side, the "P" from "PRO" is gone or faint. Wear is showing on the eagle's head and breast and on the lower drapes of the flags. Overall this is still an attractive coin which I would grade as a Fine (F-12).

Very Fine (VF-20, VF-30)


Generally light wear, moderate wear at high points. All major features must be present and clear. About 75% of all the fine detail should be present.

OBVERSE: Increased wear shows on the word "LEY" in the "DIOS LEY LIBERTAD" legend.
REVERSE: Increased wear shows on the eagle's breast. Wings and head of eagle show traces of wear. One or two letters in the "PRO MUNDI BENEFICIO" motto are becoming faint.

Overall it should be an attractive coin.


Extra Fine (EF-40, EF-45)


Light overall wear on the highest points. Most of the devices on the coin are sharp, clearly defined. About 90% of all the fine detail should be present.

OBVERSE: Slight wear on the middle feather on the hat. Slight wear on "LEY" in the "DIOS LEY LIBERTAD" legend.
REVERSE: Slight wear on breast of eagle. Slight wear on the "PRO MUNDI BENEFICIO" motto (generally on the last "o").

Traces of luster may show. Overall it should be an attractive coin.


About Uncirculated (AU-50, AU-55, AU-58)


Traces of wear or friction on the highest points. At least 50% of the original mint luster should be present. The details and lettering on the coin are very sharp and clearly defined.

OBVERSE: May have slight wear on the middle feather on the hat. No wear apparent on the legend "DIOS LEY LIBERTAD".
REVERSE: Very slight wear on the stars and lines in the flags. No wear apparent on the motto "PRO MUNDI BENEFICIO" or breast of the eagle.

Overall it should be a very attractive coin. A novice may describe it as "shiny" and "new", and be unable to distinguish it from an uncirculated coin.


Uncirculated (MS-60)


No trace of wear whatsoever. Original mint luster fully present, but can be poor and unattractive. Numerous marks are allowed, but not so many that the coins could be considered damaged. Overall this coin is not attractive and has poor eye appeal.

Choice Uncirculated (MS-63)


No trace of wear whatsoever. A nice uncirculated coin which is attractive and has positive eye appeal. There may be numerous marks or hairlines, including several major marks in the main focal areas. If there are distracting marks or hairlines on the major devices, then the fields should be relatively clean. If there are distracting marks or hairlines in the fields, then the devices should have less disturbance. The strike will range from about average to full. The luster will range from about average to full. There can be noticeable spotting, including several large spots or a group of small ones. Overall this is an attractive coin with some minor distractions.

Gem Uncirculated (MS-65)


No trace of wear whatsoever. Blazing original luster and virtually no surface flaws. A coin may grade MS-65 with scattered light marks, but with great luster and strike - or a coin with virtually no marks but slightly impeded luster also could be MS-65. The overall eye appeal must be very positive. There may be several scattered marks, hairlines, or other minor defects. If the flaws are in a main focal area, then they must be minor and fewer. Hidden marks and hairlines can be larger. The coin must be well-struck. The luster must be above average, and any toning can only slightly impede the luster. Overall this is a very attractive coin with nothing to detract from the eye appeal.

Example of a Diez Centésimos of 1904 Coin in MS-64
Example of a Diez Centésimos in Choice Uncirculated (MS-64) Condition

This coin shows no signs of circulation, no trace of wear on either side. It is almost flawless, even under 8X magnification. There is a speck that may be a mark on the field on the right on the obverse; otherwise there are no marks or hairlines to be found. The overall appearance is impaired on the obverse by some greenish cloudy areas on the upper left and to the right of the middle feather. The reverse is almost flawless in regards to marks, luster and strike. In my judgement the obverse falls just short of the high standards of MS-65. Therefore I would give this coin a split grade of MS-64/MS-65.