Trav,

I think we are in basic agreement on the grading definitions. I tried to use terms different than COIN grading terms (which you are using) because of the perversion of the terms by some coin dealers. For instance an uncirculated coin indicates a coin that has not been in circulation. However the appearance of an uncirculated can vary from Perfection to Unsightly. There are 11 grades of uncirculated coins, from MS-60 to MS-70, the variance could be due to strike quality, bag marks, tarnish, and lustre. Even if you buy two coins that are certified at the same grade, you can get two entirely different coins in appearance. So buying a coin that is described as uncirculated means very little about the appearance of the coin you are getting. Hence, I would stay as far away from the term as possible.