Instructions
Check the lines in the wheat heads. If these are still distinct, the coin can grade at least very fine (VF-20). If the wheat heads are somewhat worn, the coin will grade good (G-4) or very good (VG-8).
Examine Lincoln's jawbone and cheekbone. If the lines of his face are distinct, the coin can grade very fine or higher. If the features of his face show much wear, the coin will grade in the lower categories of good, very good, or fine (F-12).
Study the date. The year should be quite visible for the coin to grade at least good. If the date is well worn, the coin will not grade much above good (AG-3).
Look for discoloration. If the coin retains a fresh-from-the-mint red-brown color, it can grade as high as uncirculated (MS-60) or choice uncirculated (MS-63). Wheat pennies with a nearly full red color can rate the rare gem uncirculated (MS-65), barring any other flaws, but these coins are few and far between.
Examine the penny for contact marks and other slight blemishes caused by coming into contact with other objects. Coins without any wear that have small contact marks or blemishes can still grade as high as MS-60.