Above and beyond the criteria previously mentioned in 'G' and 'VG',
I look for:
When you start to look closely at a coin in 'Fine' condition, you can see a significant step up in detail relative to one in 'Very Good'. We are now in to the collectable grades in earnest, although still at the lower end of the scale.
Closer examination reveals significant wear, particularly to the high points. The highest features, such as the center diamond of the crown band, and the curved tops of inner ring deticals, are almost completely worn away.
A coin in fine condition is becoming pleasing to look at.
A coin in Fine condition is now considered collectible, and has a value relative to the demand for it. A 1924 Penny, which is readily available in this condition has a current book value of around $9. (ref: McDonalds AC&B, 20th Ed.)
Visual Grading Guide - Australian Commonwealth Pennies (1911 - 1936)
Below are images and descriptions representing my interpretation of the ANDA coin grading guide, taking in to consideration other research and documentation I have been able to find with reference to grading Australian coins. The guide will be based on Australian Commonwealth Pennies.
PLEASE NOTE: The gradings defined below are my opinion only - Please take the time to examine and understand factors affecting grading and value to form your own assessment on ANY coin, regardless of anyone else's (including mine) opinion of grade or value. (two related but different things, in my opinion).
Australian Pre-Decimal Coins
Visual guide to grading Australian predecimal coins
Page 2 - Fine (F)