Early Grading Systems
The early grading systems that were used to grade coins in terms of quality were much more simplistic in nature than the coin grading systems used today. In the early days, a coin could only fell in one of three categories in terms of the grade: Good, fine or uncirculated.
A coin was described as being in good condition if the details were still pretty much visible and when the surface of the coin had seen some worn due to circulation. If a bit of mint luster was left and the features were more prominent, then a coin was described as being in a fine condition. On the other hand, if the coin has shown a luster almost resembling its condition when it left the relevant mint, and when the features were sharp, then its condition was described as being uncirculated.