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Description
Adjustment marks are small file marks that appear on the surface of some older coins. These marks were placed on these coins before they were struck (the process whereby the image is imparted to the coin) to reduce the weight of the coin. If a coin had been minted that was significantly larger than the average coin, it would have been --- based on its metal content --- worth more than a standard coin. Allowing this to happen would have undermined the U.S. Mint's attempt to create a standard national currency.
Dates
Although no hard evidence exists as to exactly when adjustment marks stopped being used in the United States, they are virtually never seen after 1840. In general, the older the coin is, the more likely it will have adjustment marks. As technology advanced, the weight and thickness of planchets --- the blank sheets of metal that eventually become coins --- became easier to standardize, thus reducing the need for adjustment marks.
Appearance
Adjustment marks look like small scratches along the faces of a coin. These scratches tend to be most visible on the highest points of a coin, but they often run into the background as well. It is often difficult to tell whether the marks on a coin are adjustment marks or post-mint damage. If you think you may have a coin with adjustment marks on it, you can to take it to a knowledgeable coin dealer and ask him to inspect it. Only one side of a coin will have adjustment marks in most cases.
Value
Although adjustment marks may negatively affect the value of a coin, they are not nearly as detrimental to its overall value as legitimate wear and damage. Because of the age and metal content of coins with adjustment marks, it is almost always worth it to get the coin professionally graded. This will give you proof that the marks on your coin are adjustment marks and can help you immensely if you ever intend to sell the coin.