This is a frequent question here and there has been no definitive answer. Almost every SMS coin looks better than almost every circulation strike, but this is no real help.
It appears that if a coin has the look of an SMS that it is graded as an SMS, and that if it has the look of a production issue they are graded MS. This is probably accurate in the majority of cases. Also keep in mind that most of the SMS coins were technically minted the same as regular production strikes, ie- struck once on standard planchets. So for most practical purposes there is no difference between the bulk of the SMS coins and the rest except for the look. SMS dies were in some cases retired to strike regular issue coins and some of these do look SMS. There were at least a few different SMS dies used so even all the SMS coins don't look the same. One of these dies was a regular production die polished to a high gloss and then struck on a polished planchet. These coins are extremely unattractive but are often found with no marks! There is a wide range of coin types made during this era and few can be definitively shown to be SMS and perhaps none to be regular production strikes.
Comments
SMS coin looks better than almost every circulation strike, but this is no real help.
if it has the look of a production issue they are graded MS. This is probably accurate
in the majority of cases. Also keep in mind that most of the SMS coins were technically
minted the same as regular production strikes, ie- struck once on standard planchets.
So for most practical purposes there is no difference between the bulk of the SMS coins
and the rest except for the look. SMS dies were in some cases retired to strike regular
issue coins and some of these do look SMS. There were at least a few different SMS dies
used so even all the SMS coins don't look the same. One of these dies was a regular
production die polished to a high gloss and then struck on a polished planchet. These
coins are extremely unattractive but are often found with no marks! There is a wide
range of coin types made during this era and few can be definitively shown to be SMS and
perhaps none to be regular production strikes.