Very Fine (VF)
A coin in 'Very Fine' condition is collectible when we talk about earlier periods, as they are harder to come by in nicer condition, and because of their visual appeal.
A 1932 Penny (fairly common) in this condition has a current book value of around $20.00. (ref: McDonalds AC&B, 20th Ed.).
In my opinion, the step from 'Fine' to 'Very Fine' is more dramatic than other grades, although quite difficult to grasp initially.
Possibly the best way to describe a coin in 'VF' is that by this stage it really is quite an attractive coin to look at, with a lot of detail and definition.
Any detractors, such as rim bumps, contact marks, grott, verdigris, or cleaning are very noticeable, simply because of how attractive the coin is over-all.
Closer examination reveals minor wear, particularly to the high points.
The highest features, such as the 3rd and 4th pearls (left of center diamond in crown band) are worn away.
If you haven't seen a coin in EF before, it is difficult to see the wear to a coin in VF.
By now we should have our magnifiers out for a closer look.
The easiest (and most described) detail referred to when grading Australian coins of this era are the details to the King's crown band.
Someone trying to describe a coin as 'VF', without actually saying 'VF', might state "6 pearls, full centre diamond" in reference to the definition of the crown band.
Above and beyond the criteria previously mentioned in 'F', for 'VF' I look for:
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 3 - Very Fine (VF)