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Step 1
Look at the side of the coin with the buffalo. Hold the coin at an angle and check the wear on the hip and upper front leg on the coin. These are the high points on the coin. On the side with the Indian head, the high points are the cheek and the braid. If there are no signs of wear, and the word Liberty is clear, the coin may be MS or AU. This is rare.
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Step 2
Look at both sides of the coin. The details on the Indian's face and within the braid must be sharp and show little wear, and the shape of the buffalo's horns should be well defined and the tail easily discernible. Such a coin may be graded XF-40 or above, up to 49--the number would depend on the sharpness of detail.
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Step 3
Check the hair on the buffalo's head for loss of definition, a sign of wear. Check the braid on the Indian's head to see if there is similar wear. If both these features show wear, but the buffalo horns are still well-defined and the cheek on the Indian head still retains luster, this coin may be graded VF, with a rating between 20 and 39.
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Step 4
Look at the word "Liberty" on the Indian head side of the coin. If the word is separated from the rim (there is space between it and the rim), the date is easily read and the detail well defined, but the coin shows overall wear, it may garner a grade of F or Fine, followed by a number between 10 and 19.
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Step 5
Assess the overall quality of the coin in terms of design. If the design is good, but the details, such as those in the horns, tail and braid are absent, the coin may be graded VG. The word "Liberty" may be closer to the rim; the rim being worn down causes this. The buffalo's horn may be half-visible and its back smooth and worn down.
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Step 6
Check for space between the word "Liberty" and the rim. This coin may be graded G if the word and the rim have merged, and the overall coin shows considerable wear. The date may be readable but worn, and details in the buffalo and the Indian head are indistinguishable. The rating will be G-4 if the outlines are still evident.
