What Does PF70 Ultra Cameo Mean? Complete Guide

PF70 Ultra Cameo is one of the highest certifications commonly seen on modern Proof coins graded by NGC.

The term actually combines two separate parts of a coin’s certification.

PF70 is the numerical grade. It represents the highest grade on NGC’s 1 to 70 grading scale for Proof coins.

Ultra Cameo is a separate designation describing strong visual contrast between the frosted design elements and deeply mirrored fields of a qualifying Proof coin.

A coin certified NGC PF70 Ultra Cameo has therefore achieved both the highest numerical Proof grade and NGC’s Ultra Cameo designation.

That can make PF70 Ultra Cameo particularly desirable to collectors, but the certification alone does not make a coin rare or valuable. The original mintage, certified population, collector demand and market availability still need to be considered.

For a closer comparison of the two highest Proof grades, see our ⁠PF69 vs PF70 guide.

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At a Glance

PF: NGC’s prefix for a Proof coin.

70: The highest numerical grade on NGC’s grading scale.

Ultra Cameo: An NGC designation for qualifying Proof coins displaying strong contrast between frosted devices and deeply mirrored fields on both sides.

PF70 Ultra Cameo: A Proof coin that has achieved NGC’s highest numerical grade and the Ultra Cameo designation.

Is PF70 Ultra Cameo the highest grade? PF70 is the highest numerical Proof grade. Ultra Cameo is an additional designation rather than a higher numerical grade.

Is PF70 Ultra Cameo rare? Not necessarily. The population of the individual coin needs to be checked.

Is PF70 Ultra Cameo worth more? It can command a premium, but value depends on the underlying coin, mintage, population, demand and market.

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What Does PF Mean in Coin Grading?

NGC uses PF to identify Proof coins.

Proof coins are specially produced collector coins. Traditional Proofs typically display highly reflective fields and frosted design elements, although other Proof finishes such as Reverse Proof also exist.

NGC explains that traditional Proof coins are produced using specially prepared dies and planchets, with the resulting finish typically creating frosted devices against mirrored fields.

You can read more in ⁠NGC’s official guide to Proof coin types and grading.

The letters PF therefore identify the coin as a Proof rather than describing its quality by themselves.

The number following PF tells us the numerical grade.

For example:

PF69

and

PF70

are both Proof coins, but they have received different numerical grades.

PCGS uses different terminology, generally using PR for Proof coins. Our ⁠PCGS vs NGC guide explains the differences between the two major grading services and their terminology.

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What Does PF70 Mean?

PF70 is the highest numerical Proof grade used by NGC.

NGC grades coins using the internationally recognised 1 to 70 numerical grading scale.

According to ⁠NGC’s official grading scale, a Mint State or Proof coin graded 70 has no post-production imperfections visible at 5x magnification.

There is no PF71.

PF70 therefore represents the top of NGC’s numerical Proof grading scale.

However, PF70 should not automatically be interpreted as meaning rare.

A modern Proof coin can achieve PF70 in relatively large numbers if production quality is consistently high and substantial numbers are submitted for grading.

Another coin may have only a small number of examples achieving PF70.

The grade is the same.

The scarcity is not.

This is why the certified population of the individual coin matters when assessing a PF70 example.

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What Does Ultra Cameo Mean?

Ultra Cameo describes the contrast between the design elements and fields of a qualifying Proof coin.

Traditional Proof coins commonly have:

Frosted devices: the raised elements of the design.

Mirrored fields: the flat background areas surrounding the design.

When the contrast between those two surfaces is particularly strong, NGC may award the coin its Ultra Cameo designation.

According to ⁠NGC’s official explanation of Cameo and Ultra Cameo, the qualifying contrast must be present on both sides of the coin. NGC applies the designation automatically to qualifying coins.

NGC also records Proof, Proof Cameo and Proof Ultra Cameo separately within its Census.

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What Does PF70 Ultra Cameo Mean?

Put the two components together and the meaning becomes straightforward.

PF70

The coin is a Proof and has achieved the highest numerical grade on NGC’s grading scale.

Ultra Cameo

The coin has also achieved NGC’s Ultra Cameo designation for the contrast between its frosted design elements and mirrored fields.

Therefore:

PF70 = numerical grade

Ultra Cameo = Proof contrast designation

A PF70 Ultra Cameo coin has achieved both.

This distinction is important because Ultra Cameo does not mean PF70.

A coin could be:

PF68 Ultra Cameo

PF69 Ultra Cameo

or

PF70 Ultra Cameo

All three have qualified for the Ultra Cameo designation, but they have received different numerical grades.

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Is PF70 Ultra Cameo the Highest Grade?

PF70 is the highest numerical Proof grade awarded by NGC.

Ultra Cameo is not an additional grading point above 70. It is a separate designation.

A useful way to read the label is:

PF → Proof

70 → Numerical grade

Ultra Cameo → Contrast designation

This is why describing Ultra Cameo as a grade can be misleading.

The grade is PF70.

Ultra Cameo provides additional information about the Proof coin’s visual characteristics.

When the two appear together as PF70 Ultra Cameo, the coin has achieved both NGC’s highest numerical Proof grade and its Ultra Cameo designation.

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What Is the Difference Between Cameo and Ultra Cameo?

NGC can certify traditional Proof coins without a Cameo designation, as Cameo or as Ultra Cameo depending on the degree of contrast.

NGC designation	Description
Proof	Little or insufficient contrast for a Cameo designation
Proof Cameo	Noticeable contrast between frosted devices and mirrored fields
Proof Ultra Cameo	Particularly strong contrast between frosted devices and deeply mirrored fields

NGC states that the Cameo and Ultra Cameo designations follow the numerical grade and describe the degree of contrast present on qualifying Proof coins.

The distinction is therefore about appearance and contrast, not whether the coin is PF69 or PF70.

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Is Ultra Cameo Better Than Cameo?

In terms of the degree of contrast being recognised, Ultra Cameo represents the stronger designation.

That does not mean an Ultra Cameo coin automatically has a higher numerical grade.

For example:

PF70 Cameo

and

PF69 Ultra Cameo

tell us two different things.

The PF70 Cameo has the higher numerical grade.

The PF69 Ultra Cameo has received the stronger contrast designation.

This is another reason collectors should read the complete certification rather than focusing on one part of the label.

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What Does PF70 UC Mean?

PF70 UC is commonly used as shorthand for PF70 Ultra Cameo.

On an NGC-certified coin:

PF = Proof

70 = highest numerical grade

UC = Ultra Cameo

Collectors and dealers may therefore use abbreviations such as PF70 UC, PF70 UCAM or PF70 Ultra Cameo when discussing coins.

When researching a particular coin, however, it is sensible to check the exact certification directly with the grading company rather than relying solely on an abbreviated description.

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Ultra Cameo vs Deep Cameo: What’s the Difference?

Collectors may also encounter the term Deep Cameo, particularly on PCGS-certified Proof coins.

NGC states that Ultra Cameo is generally synonymous with Deep Cameo, another commonly used term within numismatics.

In practical terms, both describe pronounced contrast between frosted design elements and deeply mirrored fields on traditional Proof coins.

The terminology differs between grading services.

NGC generally uses:

Ultra Cameo

while PCGS commonly uses:

Deep Cameo, often abbreviated to DCAM.

This is why collectors might encounter:

NGC PF70 Ultra Cameo

and

PCGS PR70 Deep Cameo

on comparable types of Proof coins.

The grading companies use different terminology, so the labels should be interpreted according to the standards of the company that certified the coin.

For a broader comparison of the two grading companies, see our ⁠PCGS vs NGC guide.

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PF69 Ultra Cameo vs PF70 Ultra Cameo

Both certifications include the same Ultra Cameo designation.

The difference is the numerical grade.

PF69 Ultra Cameo describes a Proof coin with nearly imperceptible imperfections that has also achieved the Ultra Cameo designation.

PF70 Ultra Cameo describes a Proof coin with no post-production imperfections visible at 5x magnification that has also achieved the Ultra Cameo designation.

The physical difference between PF69 and PF70 can be extremely small, but the market premium can sometimes be significant.

Whether that premium makes sense depends heavily on the individual coin and its certified population.

Our dedicated ⁠PF69 vs PF70 guide examines this comparison in detail.

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Can a PF69 Coin Be Ultra Cameo?

Yes.

Ultra Cameo is separate from the numerical grade, so both PF69 and PF70 coins can receive the designation when they meet NGC’s requirements for Ultra Cameo contrast.

A coin could therefore be certified:

PF69 Ultra Cameo

or:

PF70 Ultra Cameo

Both coins have received the Ultra Cameo designation. The difference between them is their numerical grade.

This distinction is important because Ultra Cameo does not mean perfect. It describes the visual contrast of the Proof coin rather than whether the coin has achieved a grade of 70.

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Is PF70 Ultra Cameo Rare?

Not automatically.

PF70 Ultra Cameo describes the certification of the coin.

It does not tell you how many examples exist.

Consider two hypothetical coins:

Coin A

Original mintage: 500
NGC PF70 Ultra Cameo population: 20

Coin B

Original mintage: 20,000
NGC PF70 Ultra Cameo population: 8,000

Both coins have exactly the same PF70 Ultra Cameo certification.

Their scarcity is clearly very different.

This is why collectors should distinguish between:

Mintage: how many coins were originally produced.

Population: how many examples have been certified by a particular grading company within a particular category.

Grade: the condition assigned to the individual coin.

Designation: additional characteristics recognised by the grading company.

Our ⁠Coin Population vs Mintage guide explains these differences in detail.

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Does a Low PF70 Ultra Cameo Population Matter?

It can.

If a coin already has a low original mintage and relatively few examples have achieved PF70 Ultra Cameo, collectors may be looking at a combination of original scarcity and condition rarity.

But population figures need to be interpreted carefully.

A population of 20 does not mean only 20 examples of the coin exist.

It means the grading company had recorded 20 examples within that particular certification category when the population was checked.

Populations can also change as additional coins are submitted for grading.

Our guide ⁠What Is a Coin Population Report? explains how NGC and PCGS population data works and why populations should be treated as dynamic research tools rather than fixed mintage figures.

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Is PF70 Ultra Cameo Worth More?

It can be, but there is no universal PF70 Ultra Cameo premium.

The market value of a certified Proof coin can be influenced by:

• original mintage
• numerical grade
• certified population
• condition rarity
• collector demand
• historical or numismatic significance
• current availability
• additional designations
• certification label
• comparable market sales

PF70 is relevant because it represents the highest numerical Proof grade.

Ultra Cameo can also be desirable because it identifies particularly strong cameo contrast.

But neither should be considered in isolation.

For example, a PF70 Ultra Cameo coin with a population of 500 is a very different proposition from a PF70 Ultra Cameo coin with a population of 10, even though the wording on the holders may otherwise appear similar.

The certification tells us important information about condition and Proof contrast.

It does not determine market value by itself.

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Does Ultra Cameo Affect a Coin’s Value?

Potentially, but not in isolation.

Strong cameo contrast is desirable to many Proof collectors, but a designation does not create a guaranteed market premium.

Its significance depends on the individual coin.

Ultra Cameo may be relatively commonplace for some modern Proof issues.

For other coins, particularly issues where strong contrast is more difficult to find, the designation may be more significant.

Collectors should therefore investigate how unusual Ultra Cameo actually is for the particular coin rather than assuming every Ultra Cameo designation carries the same importance.

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PF70 Ultra Cameo and NGC First Releases

Some NGC-certified coins carry an additional designation such as:

PF70 Ultra Cameo First Releases

This contains three separate pieces of information.

PF70 describes the numerical grade.

Ultra Cameo describes the Proof contrast.

First Releases is an NGC releases designation.

First Releases does not make the coin PF70 and it does not create the Ultra Cameo effect.

Each part of the certification describes something different.

Our guide to ⁠NGC First Releases vs Early Releases explains the First Releases designation and NGC’s applicable qualification period in detail.

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PF70 Ultra Cameo and British Gold Coins

PF70 Ultra Cameo is particularly relevant to collectors of modern British Proof gold coins.

NGC-certified examples can include:

• Proof Sovereigns
• Five Sovereign gold coins
• Britannia gold Proofs
• commemorative £5 gold coins
• Royal Mint series
• limited-mintage modern Proof issues

When researching one of these coins, the certification should be considered alongside the original Royal Mint issue figures and current certified population.

A low-mintage British gold Proof with a small PF70 population presents a very different proposition from a modern Proof where large numbers of examples have achieved the same grade.

For these coins, a useful order of analysis is:

Coin → Mintage → Grade → Population → Designations → Demand → Price

rather than:

PF70 Ultra Cameo → therefore rare

This prevents the certification label from being mistaken for evidence of scarcity that it does not provide on its own.

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Does PF70 Ultra Cameo Mean the Coin Is Perfect?

The word perfect is frequently used informally when discussing 70-grade coins, but NGC’s actual definition is more precise.

NGC defines a 70-grade coin as having no post-production imperfections visible at 5x magnification.

That is the grading standard collectors should rely upon.

Ultra Cameo then describes a separate aspect of the Proof’s appearance.

So when you see:

NGC PF70 Ultra Cameo

you are looking at a coin that has satisfied both NGC’s requirements for the numerical grade of 70 and its requirements for the Ultra Cameo designation.

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What Should You Check Before Buying a PF70 Ultra Cameo Coin?

The label provides useful information, but it should be the beginning of the research rather than the end.

The underlying coin

What exactly are you buying and why is the issue significant?

Original mintage

How many examples were originally produced?

Grade

Has the coin achieved PF70?

Certified population

How many examples have been certified at PF70 Ultra Cameo?

Population distribution

How does the PF70 population compare with PF69 and other grades?

Collector demand

Is there established demand for the particular issue?

Availability

How often do comparable examples actually appear for sale?

Price

Is the premium supported by scarcity, demand and comparable market evidence?

The most useful approach is therefore:

Coin → Mintage → Grade → Population → Demand → Price

rather than simply:

PF70 Ultra Cameo → therefore valuable

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Frequently Asked Questions

What does PF70 Ultra Cameo mean?

PF70 Ultra Cameo means an NGC-certified Proof coin has achieved the highest numerical grade of 70 and has also received NGC’s Ultra Cameo designation for strong contrast between its frosted devices and deeply mirrored fields.

What does PF70 mean?

PF identifies a Proof coin and 70 is the highest numerical grade on NGC’s grading scale.

What does Ultra Cameo mean?

Ultra Cameo is an NGC designation describing particularly strong contrast between the frosted design elements and deeply mirrored fields of a qualifying Proof coin.

Is PF70 Ultra Cameo the highest grade?

PF70 is the highest numerical Proof grade. Ultra Cameo is an additional designation rather than a grade above 70.

Is Ultra Cameo better than Cameo?

Ultra Cameo represents a stronger degree of recognised contrast than Cameo. It does not necessarily mean the coin has a higher numerical grade.

Can a PF69 coin be Ultra Cameo?

Yes. Ultra Cameo is separate from the numerical grade, so both PF69 and PF70 coins can receive the designation when they meet NGC’s Ultra Cameo requirements.

Is PF70 Ultra Cameo rare?

Not necessarily. The original mintage and certified population of the particular coin need to be checked.

Is PF70 Ultra Cameo worth more?

It can command a premium, but there is no universal premium. Value depends on the coin, mintage, population, demand, availability and market evidence.

What is the difference between PF69 Ultra Cameo and PF70 Ultra Cameo?

Both have received the Ultra Cameo designation. PF70 is the higher numerical grade while PF69 is one point below it.

What does PF70 UC mean?

PF70 UC is commonly used as shorthand for PF70 Ultra Cameo.

Is Ultra Cameo the same as Deep Cameo?

NGC states that Ultra Cameo is generally synonymous with Deep Cameo. NGC generally uses Ultra Cameo while PCGS commonly uses Deep Cameo or DCAM.

What does PF70 Ultra Cameo First Releases mean?

It combines three separate NGC certification characteristics: PF70 is the numerical grade, Ultra Cameo is the Proof contrast designation and First Releases is an additional releases designation.

Does PF70 mean a coin is perfect?

NGC’s precise definition is that a coin graded 70 has no post-production imperfections visible at 5x magnification. The word “perfect” is often used informally, but NGC’s actual grading definition is more precise.

Does PF70 Ultra Cameo mean a coin has a low mintage?

No. Grade, Proof contrast and original mintage are separate characteristics. A PF70 Ultra Cameo coin can have either a high or low original mintage.

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Final Thoughts

PF70 Ultra Cameo combines two important but separate characteristics of an NGC-certified Proof coin.

PF70 represents the highest numerical Proof grade, while Ultra Cameo describes the strong contrast between deeply mirrored fields and heavily frosted devices on qualifying Proof coins.

Neither term establishes rarity by itself.

A PF70 Ultra Cameo coin may have a very small certified population or there may be hundreds of examples carrying exactly the same grade and designation.

For collectors of British gold coins, the most useful approach is therefore to look beyond the label.

Consider the underlying coin, original mintage, PF70 population, condition rarity, collector demand, market availability and price together.

PF70 Ultra Cameo tells you a great deal about the quality and appearance of a certified Proof coin.

Understanding whether that particular coin is scarce, desirable or appropriately priced requires looking at the wider picture.