Read the following passage and mark the letter $A, B, C$ or $D$ on your answer sheet to indicate the correct answer to each of the questions from $1$ to $10.$
Collecting coins can be a good investment bit it requires the study of popularity, availability, and granding techniques. Some coins are more desirable than others, their popularity being affected by the artist's talent, the subject of the design, the material from which the coin is made, and the time period when the coin was created. Availability is just as critical. Providing the coin is otherwise interesting or pleasing to the eye, the number of coins mindted and available on the market seems to have a direct relationship to the popularity.
The ability to grade coins is perhaps the most important requirement of a collector. A coin that is popular and scarce, which would normally make it valuable, may be worth much less or nothing at all if it has a low grade. Grading is standardized, and one can buy books and take courses on how to do it.
Grades are given letter designations as well as numbers. The letter represent general levels of the grade, while the numbers are more detailed. For example, there are $11$ number grades within the letter grade for a mint state coin. A mint state coin is uncirculated, which means it has never been used in commerce. It is the condition that it left the mint, the place where a coin is created. The mint state letter designation is MS, and the number range from $60$ through $70.$ An absolutely pefect coin is $MS-70$. It takes much training and a good eye to tell the difference between coins in this range. The things one considers include whether the coin has contact mark, which are marks obtained when coins bounce against each other in a coin bag; hairlines, which are marks appearing on the face of the coin from the minting process; luster, which is the natural coloration; and eye appeal. For example, an $MS-70$ is said to have no contact marks, no hairlines, very attractive and fully orginal luster, and poor eye appeal.
Below the mint state coin, the letter designation and number have the same meaning. That is, there are generally no numbers within the range of letters. But there are categories:
*Coin that are About Uncirculated: Very Choice About Uncirculated, known as $AU-58$; Choice About Uncirculated, known as $AU-55$; and About Uncirculated, known as $AU-50$.
*Coin that are Fine: Choice Extremely Fine, known as $EF-45$; Extremely Fine, known as $EF-40$; Choice very Fine, known as $VF-30$; Very Fine, known as $VF-20$; and Fine, known as $AG-3.$
*Coin that are Good: Very Good, known as $VG-8$; Good, known as $G-4$; and About Good, known as $AG-3$.
Thus, a circulated coin can have a number designation between $3$ and $58$, with only the numbers shown above available. That is, one cannot have a coin with a grade of $6$, for example. It is either $G-4$ or $VG-8$. It is possible for a coin labeled $G-4$ or even $G-3$ to be extremely valuable, but general it will be a coin that is almost unvailable in higher grades. Books and publications monitor the coin market regularly, just like the stock market is monitored, and ther described a coin's type, date, and grade, assigning a price to every one unless that grade would have no value.
In general, coin collectors loathe cleaned coins, so artificial cleaning by adding any chemical will detract greatly from a coin's value. A true coin collector will say the dirt in the creases is a positive attribute and much preferable to a cleaned coin.
$1.$ A good title for this passage would be
$A.$ The Finacial Benefits of Coin Collecting.
$B.$ How Popularity and Availbility Affect Coin Value.
$C.$ Coin Grading - One of the Most Important Skills in Coin Collecting.
$D.$ How to Grade Coins - A Detailed Study.
$2.$ The author describes a coin's popularity as involving all the following except
$A.$ grade $C.$ the depiction on the coin
$B.$ how well the artist created the work $D.$ the coin's material
$3.$ The author implies that availability is primarily related to
$A.$ the popularity of a coin.
$B.$ the material used to create a coin.
$C.$ the age of a coin.
$D.$ the number of coins of a given type and date that they were minted.
$4.$ The author implies that the most important features of a coin is its
$A.$ grade $B.$ date $C.$ artist $D.$ depiction
$5$ The one grading category that has the most numbered grades within it is
$A.$ Good $B.$ Mint State $C.$ Fine $D.$ About Uncirculated
$6.$ According the author, the phrase contact marks means
$A.$ marks on a coin caused by banging from other coins.
$B.$ defects in the minting process.
$C.$ connections among coin dealers.
$D.$ defects caused by cleaning.
$7.$ The word luster in the third paragraph is closest in meaning to
$A.$ value $B.$ sheen $C.$ marked $D.$ material
$8.$ According to the passage, a Mint State coin with which of the following characteristics would be graded the highest?
$A.$ One small contact mark, full luster, good eye appeal, and no hairlines.
$B.$ One large hairline, diminished luster, good eye appeal, and no contact marks.
$C.$ A small contact mark, a small hairline, foggy luster, and fair eye appeal.
$D.$ No contact marks, lusteraffected by cleaning, average eye appeal, and no hairlines.
$9.$ All of the following grades would be possible except
$A. MS-64$ $B. AU-56$ $C. VF-30$ $D. AG-3$
$10.$ The author implies that
$A.$ A low-grade coin never has value.
$B.$ The only difference between an $MS-60$ and an $AU-58$ may be that the $AU-58$ has been in circulation.
$C.$ Cleaning a coin can increase its value.
$D.$ One must be a professional in order to obtain information on coin value.