Several events have impacted grading over the years. The first has to be the arrival of comic book conventions. Here, collectors could easily compare and discuss grading with dealers. The second major event was the discovery of the Mile High collection in 1977, which showed fandom true NEAR MINT/MINT copies of Golden Age books.

Probably the most important event to date, however, was the arrival of comic book certification with Comics Guaranty LLC (CGC). After being in existence for only two years, it has certified over 100,000 books. The technical grading applied to each comic book has now become the standard used by almost everyone buying and selling comics.

However, there are a group of special books, known as "pedigrees," that have high cover gloss, brilliant cover inks, and white, fresh, supple pages that place them far above other comics that might receive the same technical grade. Books from these pedigree collections actually transcend their technical grade. Of these, many collectors and dealers agree that the most important collections are the Mile High (Edgar Church) collection, the San Francisco (Reilly) collection, and the Gaines file copies. They are the most sought after, and generally, the most well documented – making it easier for collectors to ascertain their identity or provenance. Books from these collections all exhibit the extra qualities mentioned above.

This striking difference becomes apparent when comparing two comic books of the same grade, one pedigree and one generic. In most cases, the pedigree book will far outshine the generic one. Many collectors also agree that a book from one of these collections could very well be one of, if not the best surviving copies.

To the beginner, it may seem odd that a 9.2 Mile High copy will bring a higher price than a non-pedigree 9.4 copy, but to the seasoned collector with a good understanding of the hobby and its historical background, it makes perfect sense. The novice collector should understand these facts and acquire as much knowledge as possible about all the other pedigree collections and their place in the market before paying for comics that are not of pedigree quality.

Before a comic book’s true value can be assessed, its condition or state of preservation must be determined. In all comic books, the better the condition, the more desirable and valuable the book. Comic books in MINT condition will bring several times the price of the same book in POOR condition. Therefore, it is very important for a collector to be able to properly grade their books. Comics should be graded from the inside out, so the following comic book areas should be examined before assigning a final grade.

Collectors should review inside pages, inside spine and covers, and outside spine and covers for any tears, markings, brittleness, tape, soiling, or other defects that would affect the grade. After all the above steps have been taken, then the reader can begin to consider an overall grade for his or her book. The grading of a comic book is done by simply looking at the book and describing its condition, which may range from absolutely perfect newsstand condition MINT to extremely worn, dirty, and torn POOR.

Numerous variables influence the evaluation of a comic book’s condition, and all must be considered in the final evaluation. Although the grade of a comic book is based upon an accumulation of defects, some defects may be more extreme for a particular grade as long as other acceptable listed defects are almost non-existent. As grading is the most subjective aspect of determining a comic book’s value, it is very important that the grader be careful not to allow wishful thinking to influence what actually is. It is also very important to realize that older comics in MINT condition are extremely scarce and rarely advertised for sale; most of the higher-graded comics advertised range from VERY FINE to NEAR MINT.

MINT (MT) (9.9 to 10.0): Nearly perfect in every way. Only the subtlest bindery or printing defects are allowed. Cover is flat with no surface wear. Cover inks are bright with high reflectivity and minimal fading. Corners are cut square and sharp. Staples are generally centered, clean with no rust. Cover is generally well centered and firmly secured to interior pages. Paper is supple and fresh. Spine is tight and flat.

NEAR MINT/MINT (NM/MT) (9.8): A comic book that has enough positive qualities to make it better than a NEAR MINT+, but has enough detracting qualities to keep it from being a MINT 9.9. In most cases, the comic book has a better appearance than a copy that has earned a NEAR MINT+ grade.

NEAR MINT (NM) (9.2 to 9.7): Nearly perfect with only minor imperfections allowed. A comic book with this grade should have no corner or impact creases, nearly invisible stress marks (if any), and no bindery tears larger than 1/16 of an inch. A couple of very tiny color flecks – or a combination of the above – keeps the book from being perfect, making its overall eye appeal less than MINT and dropping it into this grade. Only the most subtle binding and/or printing defects are allowed. Cover is flat with no surface wear. Cover inks are bright with high reflectivity and minimum of fading. Corners are cut square and sharp with ever-so-slight blunting permitted. Staples are generally centered, and are clean with no rust. Cover is centered and firmly secured to interior pages. Paper is supple and like new. Spine is tight and flat.

VERY FINE/NEAR MINT (VF/NM) (9.0): A comic book that has enough positive qualities to make it better than a VERY FINE+, but has enough detracting qualities to keep it from being a NEAR MINT-. In most cases, the comic book has a better appearance than a copy that has earned a VERY FINE+ grade.

VERY FINE (VF) (7.5 to 8.5): A comic book graded VERY FINE is an excellent copy with outstanding eye appeal. Sharp, bright, and clean with supple pages. Cover is relatively flat with almost no surface wear. Cover inks are generally bright with moderate to high reflectivity. Staples may show some discoloration. Spine may have a couple of almost insignificant transverse stress lines and is almost completely flat. A barely unnoticeable ¼ of an inch crease is acceptable, if color is not broken. Pages and covers can be yellowish/tannish (but not brown) – although most comic books of this grade have a paper color of off-white to white.

FINE/VERY FINE (FN/VF) (7.0): A comic book earning this grade has enough positive qualities to make it better than a FINE+ copy, but has enough detracting qualities to keep it from being a VERY FINE- book. In most cases, the comic book has a better appearance than a copy that has earned a FINE+ grade.

FINE (FN) (5.5 to 6.5): A comic book in FINE condition is an above-average copy that shows minor wear but is still relatively flat and clean with no significant creasing or other serious defects. Eye appeal is somewhat reduced because of slight surface wear to the comic book. The book may have a small defect such as a few slight cross stress marks on its spine, or a very slight spine split (¼"). A comic book in FINE condition appears to have been read a few times, and has been handled with moderate care. Compared to a VERY FINE copy, a FINE-graded comic book’s cover inks are beginning to show a significant reduction in reflectivity – but it is still a highly collectible and desirable book. Its pages and interior covers may be tan, but they must still be fairly supple with no signs of brittleness.

VERY GOOD/FINE (VG/FN) (5.0): A comic book that has enough positive qualities to make it better than a VERY GOOD+ copy, but has enough detracting qualities to keep it from achieving a FINE- grade. In most cases, the comic book has a better appearance than copy that has earned a VERY GOOD+ grade.

VERY GOOD (VG) (3.5 to 4.5): The average used comic book. A comic in this grade shows some wear and can have a reading or center crease, as well as a moderately rolled spine, but has not accumulated enough total defects to reduce eye appeal to the point that it is no longer a desirable copy. Some discoloration, fading, and even minor soiling is allowed. As much as a ¼" triangle can be missing out of the corner or edge. A missing square piece (1/8" by 1/8") is also acceptable. Store stamps, name stamps, arrival dates, initials, etc. have no effect on this grade. Cover and interior pages can have some minor tears and folds, and the centerfold may be detached at one staple. The cover may also be loose, but not completely detached. Common bindery and printing defects do not affect the grade. Pages and inside covers may be brown but not brittle. Tape should never be used for comic book repair; however, many VERY GOOD- condition comics have minor tape repair.

GOOD/VERY GOOD (GD/VG) (3.0): A comic book that has enough positive qualities to keep it from earning a GOOD+ grade, but has enough detracting qualities to keep it from being graded VERY GOOD-. In most cases, the comic book has a better appearance than a copy that has earned a GOOD+ grade.

GOOD (GD) (1.8 to 2.5): A copy in this grade has all pages and covers, although there may be small pieces missing inside; the largest piece allowed from front or back cover is a ½" triangle or a square ¼" by ¼". Books in this grade are commonly creased, scuffed, abraded, soiled, and may have as much as a 2" split on the spine, but are still completely readable. Often, the paper quality for a GOOD-graded comic book is low but not brittle. Cover reflectivity is low, and in some cases, completely absent. This grade can have a moderate accumulation of defects but still maintains its basic structural integrity.

FAIR/GOOD (FR/GD) (1.5): A comic book that has enough positive qualities to keep it better than a FAIR+ copy, but has enough detracting qualities to keep it from earning a GOOD- grade. In most cases, the comic book has a better appearance than a copy that has earned a FAIR+ grade.

FAIR (FR) (1.0): A copy in this grade is usually soiled, ragged, and possibly unattractive. Creases, tears and/or folds are prevalent in a comic book of this grade. Spine may be split up to two-third of its entire length. Staples may be gone. Up to one-tenth of the front cover may be missing. These books are readable, although soiling, staining, tears, markings, or chunks of pages missing may moderately interfere with a collector’s ability to read the entire story. Some collectors consider this the lowest collectible grade because comic books in lesser condition are usually defaced and/or brittle. Very often, the paper quality of a FAIR-graded comic book is low and may have slight brittleness around the edges but not in the central portions of the pages. Comic books in this grade may have a clipped coupon, so long as it is noted alongside of the nomenclature; i.e.: "FAIR (1.0) Coupon Clipped." Valued at 50% to 70% of a GOOD-graded copy.

POOR (PR) (0.5): Most comic books in this grade have been sufficiently degraded to the point that copies may have extremely severe stains, missing staples, brittleness, mildew, and/or moderate to heavy cover abrasions to the point that some cover inks are indistinct, if not absent. Comic books in this grade can have small chunks missing and pieces out of pages. They may have been defaced with paints, varnishes, glues, oil, indelible markers or dyes. Covers may be split the entire length of the book, but both halves must be present with only some chunks of it missing. A page(s) may be missing as long as it is noted along side of the nomenclature; i.e.: "POOR (0.5) Second Page Missing." Value depends on extent of defects, but would average about one-third of GOOD.

Many of the early strip reprint comics were printed in hardback with dust jackets. Books with dust jackets are worth more. The value can increase from 20% to 50% depending on the rarity of the book. Usually, it stands to reason that the earlier the book, the greater the percentage. Unless noted, prices listed are without dust jackets. The condition of the dust jacket should be graded independently of the book itself.

The restoration of comics is a contentious area of debate among many experienced collectors. When restoration of comics first began, it was a collection of crude, damaging attempts to preserve or fix comics exhibiting defects like tears or missing pieces. At first using tape, glue, and color pens, restoration soon evolved, utilizing more advanced techniques like chemical baths and deacidification. Today, professional restorers work in a quickly maturing field using methods that have stood the test of time. There is still a stigma attached to restoration, however, often due to a lack of knowledge about how restored comics relate to the market.

Many restored comics are unnecessarily put through the process, begging the question, "When should comics be restored?" If a comic is in VERY GOOD condition or better, do not restore it. Restoration is meant to preserve deteriorating comics, taking an ugly pile of loose pages and restoring them to an attractive form that can be handled and enjoyed. In the case of comics in VERY GOOD or higher grades, the book is already an attractive item and restoration would be excessive.

The value of the comic should also be high enough to justify restoration. With prices of $30 to $75 an hour to restore a comic, only very valuable books should be candidates. It is recommended to avoid restoring Silver Age comics, apart from key issues, due to their relative availability. Restored Silver Age comics also do not rise in value as much as a restored Golden Age comic.

Bindery chips – a common defect in Golden Age comics – are considered printing defects and are relatively acceptable in the market. Restoration on such a defect by itself would usually be considered excessive. Books with brown or brittle pages are usually not good candidates either. Even though the comic will look better, its page quality will still rate a lower grade. Bleaching and other treatments can be used, but are expensive, frowned upon, and not very effective. Only the most expensive books should ever be considered for page treatment. Similarly, books missing covers and interior pages are poor candidates for restoration. A comic book must be relatively complete to be successfully restored.

Preventative restoration – widely used and accepted by collectors – consists of "non-additive" restoration on a book with one or two major defects. A prime example would be a $2,000 book in FINE condition that has a 2" piece of tape on the cover. Removal of the tape improves the value and appearance of the book. The process is cheap and quick, and nothing is "added" to the comic, such as Japan paper or color touch. Although it is always imperative to disclose any and all restoration work on a book, some collectors don't even view these simple repairs as restoration. Other defects fixable by "preventative" techniques are water stains, warping, dirt or writing, rusty staples, and spine rolls. These minor fixes work best with books that are graded above VERY GOOD condition – the one exception to the rule noted earlier.

· The amount of restoration required: In general, the more restoration has been performed, the less the comic is worth compared to its apparent grade value. A lightly restored book will be valued higher than a book with heavy restoration in the same apparent grade.

· The market demand for the comic book: This is highly subjective, but the higher the demand, the likelier your restored book will fetch its apparent grade price. Consequently, if the comic is slow on the market, a restored copy may be less than the value derived from the above formulae.

· The market value of the comic book: The market fluctuates widely on restored copies of expensive books. A small variance in perception of what a restored copy is worth can mean a difference of thousands of dollars on high-end comics (see formulae above). Values tend to be more stable on common books.

· The age of the comic book: The younger a comic, the less likely the book will increase in value significantly from restoration. This applies mainly to Silver Age comics, as noted earlier.

Armed with this knowledge and a good understanding of the market, you should be able to make an informed decision about restoration. When in doubt, contact a reputable dealer or collector who is familiar with restored comics in the marketplace.

· 1897 to 1933 Comics: Most of these books are bound with thick cardboard covers and are very rare to non-existent in VF or better condition. Due to their extreme age, paper browning is very common. Brittleness could be a problem.

· 1933 to 1940 Comics: There are many issues from this period that are very scarce in any condition, especially from the early to mid-1930s. Surviving copies of any particular issue range from a handful to several hundred. Near Mint to Mint copies are virtually non-existent with known examples of any particular issue limited to five or fewer copies. Most surviving copies are in FINE to VERY FINE condition or less. Brittleness or browning of paper is fairly common and could be a problem.

· 1941 to 1952 Comics: Surviving comic books would number from less than 100 to several thousand copies of each issue. Near Mint to Mint copies are a little more common but are still relatively scarce with only a dozen or so copies in this grade existing of any particular issue. Exceptions would be recent warehouse finds of most Dell comics (six to 100 copies, but usually 30 or less), and Harvey comics (1950s to 1970s) surfacing. Due to low paper quality of the late 1940s and 1950s, many comics from this period are rare in Near Mint to Mint condition. Most remaining copies are VERY FINE or less. Browning of paper could be a problem.

· 1953 to 1959 Comics: As comic book sales continued to drop during the 1950s, production values were lowered resulting in cheaply printed comics. For this reason, high grade copies are extremely rare. Many Atlas and Marvel comics have chipping along the trimmed edges (Marvel chipping), further reducing the number of surviving high grade copies.

· 1960 to 1979 Comics: Early '60s comics are rare in NEAR MINT to MINT condition. Most copies of early '60s Marvels and DCs grade no higher than VERY FINE. Many early keys in NEAR MINT or MINT exist in numbers less than 10 to 20 of each. Mid-'60s to late-'70s books in high grade are more common due to the hoarding of comics that began in the mid-'60s.

· 1980 to Present: Comics of today are common in high grade. VERY FINE to NEAR MINT is the standard rather than the exception.

When collectors consider the scarcity of Golden and Silver Age books compared to the abundance of newer material, they will begin to appreciate the true rarity of these early comics. In many cases, less than 5 to 10 copies exist of a particular issue in NEAR MINT to MINT condition, while most of the 1930s books do not exist in this grade at all.