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Coins are generally graded according to the Sheldon scale, which is demonstrated below.  Coins are graded on a scale of 1 to 70, 1 being a barely recognizable coin and 70 being a perfectly struck new uncirculated coin.

Grading Morgan Silver Dollars

Grade	Description	Sample Images
P-1 (Poor)	Damaged and barely identifiable
FA-2 (Fair)	Very little detail throughout, but date must be recognizable
AG-3 (Almost Good)	Worn into rims, some lettering not legible
G-4 to G-6 (Good)	All lettering legible, all of LIBERTY on headband visible, rims may be worn into top of lettering
VG-8 to VG-10 (Very Good)	Full rims, stronger LIBERTY, some detail in hair, but no sharpness, some feathers on wings noticeable
F-12 to F-18 (Fine)	Bold rims, approximately 50% of hair detail visible, most feathers on wings visible
VF-20 to VF-35 (Very Fine)	Approximately 80% of hair visible, 95% of wing feathers visible, traces of breast feathers noticeable	(VF-20)
EF-40 to EF-45  (also XF-40 to XF-45)	Nearly all hair visible, all of wing feathers visible, most breast feathers visible.	(EF-40)
AU-50 (Almost Uncirculated)	Only slight wear evident on hair above ear, eagle exhibits most detail with only slight wear on breast feathers
AU-58 (Almost Uncirculated)	Exhibits nice mint luster, only very slight wear noticeable on hair above ear and eagle breast feathers upon magnification
MS-60 (Uncirculated)	Free from any trace of wear even under magnification, but can exhibit bag marks and other distractions	(Uncirculated)
MS-61 to MS-63 (Brilliant Uncirculated)	Showing moderate bag marks in field, and retaining much original luster
MS-64 (Choice Brilliant Uncirculated)	Showing only light bag marks in field, most mint luster present
MS-65 (Gem Brilliant Uncirculated)	Full mint luster, full strike, slightest of field distractions
MS-66 (Choice Gem Brilliant Uncirculated)	Full strike and luster, imperfections found only with magnifying glass
MS-67 to MS-69 (Extraordinarily Uncirculated Coin)	Full strike and luster, with no noticeable field distractions
MS-70 (Perfect)	Perfection both obverse and reverse, as well as rim -- very few coins reach this grade today; no early coins graded MS-70