$20 Liberty Gold Coins XF
"XF" is a contraction for the denotation of "Extremely Fine". On the Sheldon Scale, developed in 1949 by Dr. William Herbert Sheldon, which ranges from 1 on the low end to 70 on the high end, XF coins tend to fall in the 35-45 range. These are coins that have been circulated, and they are not "Mint State". For collectors, these coins usually offer a more affordable entry into owning the coin of their choice. For those who own coins as a diversification in their portfolios, these coins offer a relatively inexpensive way to hold old American coins and still enjoy the financial benefits that owning bullion does not offer.
Specifics of the Grade
Regarding the $20 Liberty gold piece, a specimen in the Extremely Fine range of grades will be nicked and worn. There may be small dents or scratches in the coin's details, most likely including the face of "Lady Liberty". There will probably be "Bag marks" as well. Bag marks occur when gold coins are held in a sack (Usually in a bank vault) and the coins on the bottom are rubbed by the coins in the top of the sack.