Thursday, April 23, 2015
PCGS US Coins - numerical grading scale & description
Grade Description
Graded Poor>
PO-1 Identifiable date and type
FR-2 Mostly worn, though some detail is visible
Graded G>
AG-3 Worn rims but most lettering is readable though worn
G-4 Slightly worn rims, flat detail, peripheral lettering nearly full
G-6 Rims complete with flat detail, peripheral lettering full
VG-8 Design worn with slight detail
VG-10 Design worn with slight detail, slightly clearer
Graded Fine>
F-12 Some deeply recessed areas with detail, all lettering sharp
F-15 Slightly more detail in the recessed areas, all lettering sharp
VF-20 Some definition of detail, all lettering full and sharp
VF-25 Slightly more definition in the detail and lettering
VF-30 Almost complete detail with flat areas
VF-35 Detail is complete but worn with high points flat
EF-40 Detail is complete with most high points slightly flat
EF-45 Detail is complete with some high points flat
EF-45+ Detail is complete with a few high points flat. Superior eye appeal.
Graded Almost Uncirculated
AU-50 Full detail with friction over most of the surface, slight flatness on high points
AU-50+ Full detail with friction over most of the surface, very slight flatness on high points. Good eye appeal.
AU-53 Full detail with friction over 1/2 or more of surface, very slight flatness on high points
AU-53+ Full detail with friction on only 1/2 of surface, extremely slight flatness on high points. Positive eye appeal.
AU-55 Full detail with friction on less than 1/2 surface, mainly on high points
AU-55+ Full detail with slight friction on less than 1/2 of surface, on high points. Eye appeal is good.
AU-58 Full detail with only slight friction on the high points
AU-58+ Full detail with the barest trace of friction on the highest points. Superior eye appeal.
Graded Mint Condition
MS/PR-60 No wear. May have many heavy marks/hairlines, strike may not be full
MS/PR-61 No wear. Multiple heavy marks/hairlines, strike may not be full
MS/PR-62 No wear. Slightly less marks/hairlines, strike may not be full
MS/PR-62+ No wear. Still slightly above number of marks/hairlines, strike may not be full. Attractive eye appeal for grade.
MS/PR-63 Moderate number/size marks/hairlines, strike may not be full
MS/PR-63+ Average number of marks/hairlines, strike will be close to average. Good eye appeal for grade.
MS/PR-64 Few marks/hairlines or a couple of severe ones, strike should be average or above
MS/PR-64+ Very few marks/hairlines or a couple of heavier ones, strike should be average or above. Superior eye appeal.
MS/PR-65 Minor marks/hairlines though none in focal areas, above average strike
MS/PR-65+ Very minor marks/hairlines though none in focal areas, above average strike and eye appeal
MS/PR-66 Few minor marks/hairlines not in focal areas, good strike
MS/PR-66+ Very few minor marks/hairlines not in focal areas, very good strike with superior eye appeal
MS/PR-67 Virtually as struck with minor imperfections, very well struck
MS/PR-67+ Virtually as struck with very minor imperfections, very well struck with attractive eye appeal
MS/PR-68 Virtually as struck with slight imperfections, slightest weakness of strike allowed
MS/PR-68+ Virtually as struck with very slight imperfections, the strike must be virtually full. Eye appeal must be very good.
MS/PR-69 Virtually as struck with minuscule imperfections, near full strike necessary
MS/PR-70 As struck, with full strike
In addition to the 1-70 scale presented above, the suffixes described below are added to some grades in certain series to expand on the numerical grade.
Additional Designation & Description (wording used in grading)
Business Strike - A business strike is a coin struck for the purpose of becoming circulating coinage; a coin meant for commerce, rather than for collectors. Contrasted with Proof coins, which are struck especially for collectors.
Color: RD Red (more)
Color: RB Red-Brown (more)
Color: BN Brown (more)
Strike: FS Full Steps (more)
Strike: FB Full Bands (more)
Strike: FH Full Head (more)
Strike: FBL Full Bell Lines (more)
Surface: DM Deep Mirror Prooflike (more)
Surface: PL Prooflike (more)
Surface: DC Deep Cameo (more)
Strike: CA Cameo (more)
Strike: BM Branch Mint Proof
Strike: BMCA Branch Mint Cameo
FS First Strike (All Eagles, Gold Buffalos and Gold Spouse Coins)
SF Satin Finish
SMS Special Mint Set
SP Specimen (more)
Pos. A Edge Lettering on 2007 to Date $1 coins - Edge lettering is facing up when the reverse side of the coin is facing up
Pos. B Edge Lettering on 2007 to Date $1 coins - Edge lettering is facing up when the obverse side of the coin is facing up
PCGS No Grades
Occasionally, the experts at PCGS encounter coins which, for one reason or another, cannot be authenticated or graded. These "No Grade" coins fall into three categories: problem coins, inconclusive, or ineligible. "No Grades" in the first category will be placed in a PCGS Genuine capsule (except where noted). Those in the final two categories will be returned to the submitter un-encapsulated. All coins, encapsulated or not, will receive one of the "No Grade" codes listed in the tables below.
Problem Coins
All of the coins in this category (other than 83 and 99) submitted through the regular PCGS services will be placed in a PCGS Genuine holder, ungraded, with one of the following numerical codes placed after the coin number on the holder insert. On certain No Grades (as noted in the table below) the problem is more fully described on the insert. To read a more comprehensive description of any No Grade, click on the “more” link of any No Grade category.
Code Reason Explanation Described Holdered
82 Filed Rims Rim(s) and/or edge is filed. (more) Yes Yes
83 Peeling Lamination Potential for sealing damage. (more) Yes No
84 Holed and/or Plugged Any filled or non-filled hole. (more) Yes Yes
86 Authenticity Unverifiable Coin's status inconclusive. (more) Yes No
90 Counterfeit Fake coin or altered mintmark, date, variety. (more) Yes No
91 Questionable Color Any artificial re-toning & dipped copper. (more) No Yes
92 Cleaning Harsh cleaning or polishing. (more) No Yes
93 Planchet Flaw Generally large & prominent flaw(s). (more) No Yes
94 Altered Surfaces Any applied substance (wax, putty, lacquer). (more) No Yes
95 Scratch(s) Large & prominent scratch(s). (more) No Yes
96 No Service PCGS does not currently grade this item. (more) Yes No
97 Environmental Damage Corrosion, excessive toning, verdigris. (more) No Yes
98 Damage Any metal movement. (more) Yes Yes
99 PVC Residue Oily polyvinylchloride substance. (more) Yes No
Monday, March 16, 2015
PCGS US paper Currency - numerical grading scale
PCGS Currency - Our US paper currency Grading Standards
To distinguish notes that bear all the hallmarks of complete originality and outstanding paper quality for the grade, we will affix a “PPQ” (Premium Paper Quality) designation to the grade (e.g.: “Gem New 65PPQ”)
PCGS and PMG both have different designations for the same thing: In paper quality
PCGS uses PPQ (Premium Paper Quality) and
PMG uses EPQ (Exceptional Paper Quality)
Personally, included in any price guide I would always consider a PPQ or EPQ more valuable.
Grading Standards Overview according to PCGS as found in the PCGS link:
http://www.pcgscurrency.com/g_overview.html
It is my understanding that PMG also uses this same wording in their grading of US paper Currency. It is my opinion that PCGS & PMG are the two best and most accurate of the professional grading company's out there. There are others, but they're not holding the same reputation as PCGS & PMG, and therefore receive a lesser value. Again, this is just my personal opinion.
Perfect New 70
The “70” grade is essentially a perfect note. The note will be entirely original, with broad, perfectly even margins on all four sides, sharp corners, bright colors, outstanding eye appeal, and literally perfect paper quality with no trace of even the smallest fault. Perhaps only the most modern notes will attain this grade, and even then it will be a rare occurrence.
Superb Gem New 69
A “69” will be nearly as perfect as a “70”, but a very minor fault such as a barely measurable imperfection in the centering or a tiny, almost unnoticeable crinkle in the paper will keep such a note from absolute perfection.
Superb Gem New 68
A “68” is basically as nice and as close to perfection as a “69”, but a minor fault may be present, such as tiny handling mark, an edge bump, or a very small counting crinkle. Otherwise, a “68” will be flawless, with near perfect centering, bold colors, excellent eye appeal, and full originality. Despite the mention here of trivial flaws, one should remember that a “68” is an essentially perfect note. It is the highest grade that can reasonably be expected for many series, including most large size type notes.
Superb Gem New 67
A “67” should have broad margins for the issue, with excellent centering that is nearly perfect at a glance. The colors and eye appeal should be bold and attractive, and the originality should be unquestionable. Bold embossing (where applicable) must be evident. One or more tiny handling marks may be present, an edge or corner bump may be noticed, or there may be a tiny counting crinkle evident, but any fault that is distracting to the naked eye or that detracts from the overall appearance will prohibit a note from attaining the Superb grade.
Gem New 66
This grade level signifies a note that is superior to an “average” Gem note, but that can’t quite reach the Superb level because of some minor fault such as a counting crinkle, handling mark, or corner bump. A “66” may have terrific centering but just not the broad margins of a Superb grade, or it may be a broadly margined example that is just a tiny bit off center. A “66” should retain full originality, although the embossing may not be quite as strong as on a Superb Gem. The colors and eye appeal should still be well above average.
Gem New 65
A Gem note is one that at first glance appears perfect. After examination, however, one or more minor faults may be noticed that keep the note from attaining a higher grade. Such minor faults may include a counting crinkle, minor edge handling, faint handling marks or finger smudges, or very minor rounding of the corners. The centering should be well above average, although minor imperfections in the centering are permissible if the margins are broad. Embossing may or may not be present, but notes at this grade level will not receive the “PPQ” label if they are not fully original. An otherwise Superb note that has been pressed or is flat with no embossing may receive a “65” grade without the “PPQ” modifier. Notes in this and any New grade will, of course, have absolutely no folds or bends through the design. It should be stressed that although notes at this grade will (by definition) be less than perfect, they will still be above average notes that may appear to the average viewer to be pristine.
Very Choice New 64
“64” is an intermediate grade reserved for notes that are better than Choice New but that don’t quite reach the Gem grade. Such notes may have minor faults such as a couple of unobtrusive counting marks, ink or handling smudges, a single pinhole, or a rounded corner tip. The centering or margins will be better than average but may fall just short of that required for the Gem grade. It will still be an above average note, should have good eye appeal, and should not have any major blemishes or faults that are readily evident. A note at this grade level that receives the “PPQ” designation will likely have margins or centering that are slightly narrow or off center, but will possess complete originality.
Choice New 63
A Choice note will be strictly New, with no folds or bends that indicate circulation. The paper quality and eye appeal will be slightly above average for the issue, and any flaws present will be minor in nature. Imperfect centering is acceptable at this grade level, although any note with severe centering problems (with the design of the note touching the edge at one or more margins) cannot attain this grade. Counting crinkles or handling marks are acceptable, as is a frayed corner or two. One or two pinholes may be present. No folds or bends may reach into the design of the paper, although a light corner bend that does not extend into the design may be present. A note that otherwise appears Gem New but has flat paper surfaces may merit this grade. Complete originality is again required for the “PPQ” designation, although at this grade level some other problem such as poor centering or minor handling will be present.
New 62
A note at this grade level will remain fully New with no folds or bends through the design, but a couple of corner folds that do not reach into the design may be present. Counting crinkles and handling marks are acceptable, as long as they are not overly distracting. A partial bend or pinch that does not extend through the entire width of the note may cause it to be designated a “62” or lower. A note with severe centering problems may fall into this grade, as may notes with flat paper surfaces or minor paper toning.
New 61
Most notes that fall into this grade will do so because of a combination of faults, some of which may be severe. Corner folds (not into the design) may be present, as may signs of paper toning, handling, counting marks, smudges, pinholes, or other problems. A “61” will typically either be poorly centered with other minor faults, or will be a technically New note with no folds but that has a combination of minor faults that prevent a higher grade.
New 60
A “60” note will remain strictly uncirculated with absolutely no folds or bends that extend into the design. Notes at this grade level typically will have one or more significant faults that detract from the note’s appearance, such as slight loss of color, paper toning, minor foxing, two or more corner folds, flat and lifeless paper, pinholes, or a small staining spot or two. Any note with a major problem will be placed into a PCGS Currency “Apparent” grade holder with the problem described. A note in this grade will be generally unattractive, although it will technically be New or “uncirculated”.
Choice About New 58
A Choice About New 58 note will typically appear to be a Choice New or better note, with one or two light corner bends or folds that reach into the design of the note. A light vertical bend down the middle of an otherwise Choice New or better note would also qualify a note for this grade.
Choice About New 55
A note in this grade will appear New at first glance, but will have a bent corner or light vertical center fold that will keep it from an uncirculated grade. Two light vertical bends are acceptable for this grade, as long as the surface of the paper is not broken. More than one light fold or a heavy fold or crease will drop the note into a lower grade.
About New 53
"53 is an intermediate grade used for notes that are above average for the "50" grade but that don't quite reach the "55" grade. Such a note might have one slightly heavier fold or crease but with all the other qualities of an uncirculated note, or it might have a combination of light bends or corner folds that keeps it from a higher About New grade.
About New 50
An About New 50 note will display one or more light folds that are not heavy in nature or that do not detract from the overall appearance, two or three very light vertical bends if they do not break the surface of the paper, or one heavy fold or crease. Two heavy folds or creases will drop the note to a lower grade level.
Extremely Fine 45
A note in this grade will typically be bright, fresh, crisp, and attractive, but a few light folds, several light bends, or a couple of vertical creases may be present. The overall eye appeal will be above average, and only the slightest soiling may be visible.
Extremely Fine 40
The old standard of “three folds makes an XF” is applicable here, as typically a thrice-folded note does indeed usually grade “40”. Common sense exceptions must be made, however, as three folds that are exceptionally heavy may drop the note into a lower grade category. Notes with three folds and a couple of other minor light bends or folds may occasionally make it to the “40” grade if the extra folds are light enough and are not obtrusive to the overall appearance. A typical XF note may have a couple of pinholes, but any larger holes would prevent a note from reaching this grade.
Very Fine 35
This is a “just miss” grade, comparable to the grade “About Extremely Fine” used by some companies. It represents a note that is very close to an Extremely Fine 40 but that has one or two minor faults, such as an additional light fold or two that preclude a higher grade. A “35” should have eye appeal that is well above average for a VF note.
Very Fine 30
One or two extra folds on an otherwise Extremely Fine note would lower an example to this grade level. The paper should remain nearly fully bright, and it should retain strong crispness. A “30” will retain good color and eye appeal and should have no more than a few scattered pinholes.
Very Fine 25
A “25” is basically a “20” that for some reason appears slightly nicer than average or has some (but not enough) claim to a Very Fine 30 grade. A “25” will typically have bright, solid paper with some signs of light handling or circulation, and it may have more folds than are allowed for a higher grade.
Very Fine 20
A Very Fine 20 note should have plenty of body remaining in the paper, although numerous folds, wrinkles, or other signs of circulation may be present. Mild soiling might be apparent, but it should not be serious. The paper should remain relatively bright. No tears, stains, or other impairments should be readily apparent, and the note should still have nice eye appeal. Several minor pinholes may be visible when the note is held to a light. The corners may be slightly frayed or slightly rounded at this grade, but the paper should retain nearly full crispness and there should be little or no loss of color in the design.
Fine 15
This intermediate grade represents a note that has some qualities of a VF note, such as good body or soundness of paper, bright colors or inks, or above average eye appeal, but that possesses too many folds or too much evidence of circulation to grade Very Fine 20. This is a rather common intermediate grade, and will often be awarded to a Fine example that is above average in some respects or to a note that just misses the VF grade because of an isolated loss of body at a fold.
Fine 12
A note in this grade will resemble most notes that have spent considerable time in circulation. The piece will have lost some of its body, but the paper will still be solid. (A limp note will classify at a lower level.) The corners may be slightly frayed or rounded, and the edges may also be frayed. Pinholes may be readily apparent, but none should be large or obtrusive. A few minor edge splits are not uncommon in this grade, but they typically will be within the margin and not affect the design. No major stains or tears may be present, although a stray pencil marking or light teller stamp will not affect the grade at this level if it is not dark or obtrusive.
Very Good 10
Another intermediate grade that designates an above average VG or a “just miss” note that nearly reaches the Fine grade. A Very Good 10 might often be an otherwise Fine example that has a heavy fold or two with isolated soiling or worn areas around it.
Very Good 8
At this grade, a note will be heavily worn with slightly rounded corners, frayed edges, or slightly rough margins. The paper will be intact, however, and no pieces may be missing other than an occasional corner tip. A few edge splits may be apparent, although they must not be severe. The note will be limp or soiled from circulation, and some wallet staining may be visible. No major damage is acceptable at this grade level, however, and any note that has a large hole, stain, tear, or missing piece must fall into a lower grade category.
Good 6
This grade will be assigned when a note has some feature that prevents the full VG grade, such as heavy wear, a small missing piece from the edge or a small internal hole, or if there is some combination of minor damage or staining that prevents the Very Good 8 grade from being assigned.
Good 4
A “Good” note is actually not all that good, as it will be basically intact but fully limp and lacking in any color, snap, or eye appeal. The colors will have typically faded, and there may be small edge chips, nicks, margin tears, or other problems. Any note with major problems will either fall into an even lower grade or will be given an “Apparent” grade with the problems noted.
About Good 3
An About Good 3 note will typically be extremely worn and may be missing small pieces. If any major damage is evident or there are significant portions of the note missing, a lower grade will be in order.
Fair 2
A note in this grade should be mostly intact, but large pieces may be missing including some in meaningful portions of the design. Holes, stains, tears, splits, and other problems will likely be present.
Poor 1
About all that can be expected at this grade level is that the note is still (mostly) in one piece, although it may not be fully complete. Most notes are not collectible by the time they are this low on the grading spectrum, but some rare notes are still quite valuable even heavily worn and damaged. Most notes at this grade level are likely good candidates for skilled restoration.
To distinguish notes that bear all the hallmarks of complete originality and outstanding paper quality for the grade, we will affix a “PPQ” (Premium Paper Quality) designation to the grade (e.g.: “Gem New 65PPQ”)
PCGS and PMG both have different designations for the same thing: In paper quality
PCGS uses PPQ (Premium Paper Quality) and
PMG uses EPQ (Exceptional Paper Quality)
Personally, included in any price guide I would always consider a PPQ or EPQ more valuable.
Grading Standards Overview according to PCGS as found in the PCGS link:
http://www.pcgscurrency.com/g_overview.html
It is my understanding that PMG also uses this same wording in their grading of US paper Currency. It is my opinion that PCGS & PMG are the two best and most accurate of the professional grading company's out there. There are others, but they're not holding the same reputation as PCGS & PMG, and therefore receive a lesser value. Again, this is just my personal opinion.
Perfect New 70
The “70” grade is essentially a perfect note. The note will be entirely original, with broad, perfectly even margins on all four sides, sharp corners, bright colors, outstanding eye appeal, and literally perfect paper quality with no trace of even the smallest fault. Perhaps only the most modern notes will attain this grade, and even then it will be a rare occurrence.
Superb Gem New 69
A “69” will be nearly as perfect as a “70”, but a very minor fault such as a barely measurable imperfection in the centering or a tiny, almost unnoticeable crinkle in the paper will keep such a note from absolute perfection.
Superb Gem New 68
A “68” is basically as nice and as close to perfection as a “69”, but a minor fault may be present, such as tiny handling mark, an edge bump, or a very small counting crinkle. Otherwise, a “68” will be flawless, with near perfect centering, bold colors, excellent eye appeal, and full originality. Despite the mention here of trivial flaws, one should remember that a “68” is an essentially perfect note. It is the highest grade that can reasonably be expected for many series, including most large size type notes.
Superb Gem New 67
A “67” should have broad margins for the issue, with excellent centering that is nearly perfect at a glance. The colors and eye appeal should be bold and attractive, and the originality should be unquestionable. Bold embossing (where applicable) must be evident. One or more tiny handling marks may be present, an edge or corner bump may be noticed, or there may be a tiny counting crinkle evident, but any fault that is distracting to the naked eye or that detracts from the overall appearance will prohibit a note from attaining the Superb grade.
Gem New 66
This grade level signifies a note that is superior to an “average” Gem note, but that can’t quite reach the Superb level because of some minor fault such as a counting crinkle, handling mark, or corner bump. A “66” may have terrific centering but just not the broad margins of a Superb grade, or it may be a broadly margined example that is just a tiny bit off center. A “66” should retain full originality, although the embossing may not be quite as strong as on a Superb Gem. The colors and eye appeal should still be well above average.
Gem New 65
A Gem note is one that at first glance appears perfect. After examination, however, one or more minor faults may be noticed that keep the note from attaining a higher grade. Such minor faults may include a counting crinkle, minor edge handling, faint handling marks or finger smudges, or very minor rounding of the corners. The centering should be well above average, although minor imperfections in the centering are permissible if the margins are broad. Embossing may or may not be present, but notes at this grade level will not receive the “PPQ” label if they are not fully original. An otherwise Superb note that has been pressed or is flat with no embossing may receive a “65” grade without the “PPQ” modifier. Notes in this and any New grade will, of course, have absolutely no folds or bends through the design. It should be stressed that although notes at this grade will (by definition) be less than perfect, they will still be above average notes that may appear to the average viewer to be pristine.
Very Choice New 64
“64” is an intermediate grade reserved for notes that are better than Choice New but that don’t quite reach the Gem grade. Such notes may have minor faults such as a couple of unobtrusive counting marks, ink or handling smudges, a single pinhole, or a rounded corner tip. The centering or margins will be better than average but may fall just short of that required for the Gem grade. It will still be an above average note, should have good eye appeal, and should not have any major blemishes or faults that are readily evident. A note at this grade level that receives the “PPQ” designation will likely have margins or centering that are slightly narrow or off center, but will possess complete originality.
Choice New 63
A Choice note will be strictly New, with no folds or bends that indicate circulation. The paper quality and eye appeal will be slightly above average for the issue, and any flaws present will be minor in nature. Imperfect centering is acceptable at this grade level, although any note with severe centering problems (with the design of the note touching the edge at one or more margins) cannot attain this grade. Counting crinkles or handling marks are acceptable, as is a frayed corner or two. One or two pinholes may be present. No folds or bends may reach into the design of the paper, although a light corner bend that does not extend into the design may be present. A note that otherwise appears Gem New but has flat paper surfaces may merit this grade. Complete originality is again required for the “PPQ” designation, although at this grade level some other problem such as poor centering or minor handling will be present.
New 62
A note at this grade level will remain fully New with no folds or bends through the design, but a couple of corner folds that do not reach into the design may be present. Counting crinkles and handling marks are acceptable, as long as they are not overly distracting. A partial bend or pinch that does not extend through the entire width of the note may cause it to be designated a “62” or lower. A note with severe centering problems may fall into this grade, as may notes with flat paper surfaces or minor paper toning.
New 61
Most notes that fall into this grade will do so because of a combination of faults, some of which may be severe. Corner folds (not into the design) may be present, as may signs of paper toning, handling, counting marks, smudges, pinholes, or other problems. A “61” will typically either be poorly centered with other minor faults, or will be a technically New note with no folds but that has a combination of minor faults that prevent a higher grade.
New 60
A “60” note will remain strictly uncirculated with absolutely no folds or bends that extend into the design. Notes at this grade level typically will have one or more significant faults that detract from the note’s appearance, such as slight loss of color, paper toning, minor foxing, two or more corner folds, flat and lifeless paper, pinholes, or a small staining spot or two. Any note with a major problem will be placed into a PCGS Currency “Apparent” grade holder with the problem described. A note in this grade will be generally unattractive, although it will technically be New or “uncirculated”.
Choice About New 58
A Choice About New 58 note will typically appear to be a Choice New or better note, with one or two light corner bends or folds that reach into the design of the note. A light vertical bend down the middle of an otherwise Choice New or better note would also qualify a note for this grade.
Choice About New 55
A note in this grade will appear New at first glance, but will have a bent corner or light vertical center fold that will keep it from an uncirculated grade. Two light vertical bends are acceptable for this grade, as long as the surface of the paper is not broken. More than one light fold or a heavy fold or crease will drop the note into a lower grade.
About New 53
"53 is an intermediate grade used for notes that are above average for the "50" grade but that don't quite reach the "55" grade. Such a note might have one slightly heavier fold or crease but with all the other qualities of an uncirculated note, or it might have a combination of light bends or corner folds that keeps it from a higher About New grade.
About New 50
An About New 50 note will display one or more light folds that are not heavy in nature or that do not detract from the overall appearance, two or three very light vertical bends if they do not break the surface of the paper, or one heavy fold or crease. Two heavy folds or creases will drop the note to a lower grade level.
Extremely Fine 45
A note in this grade will typically be bright, fresh, crisp, and attractive, but a few light folds, several light bends, or a couple of vertical creases may be present. The overall eye appeal will be above average, and only the slightest soiling may be visible.
Extremely Fine 40
The old standard of “three folds makes an XF” is applicable here, as typically a thrice-folded note does indeed usually grade “40”. Common sense exceptions must be made, however, as three folds that are exceptionally heavy may drop the note into a lower grade category. Notes with three folds and a couple of other minor light bends or folds may occasionally make it to the “40” grade if the extra folds are light enough and are not obtrusive to the overall appearance. A typical XF note may have a couple of pinholes, but any larger holes would prevent a note from reaching this grade.
Very Fine 35
This is a “just miss” grade, comparable to the grade “About Extremely Fine” used by some companies. It represents a note that is very close to an Extremely Fine 40 but that has one or two minor faults, such as an additional light fold or two that preclude a higher grade. A “35” should have eye appeal that is well above average for a VF note.
Very Fine 30
One or two extra folds on an otherwise Extremely Fine note would lower an example to this grade level. The paper should remain nearly fully bright, and it should retain strong crispness. A “30” will retain good color and eye appeal and should have no more than a few scattered pinholes.
Very Fine 25
A “25” is basically a “20” that for some reason appears slightly nicer than average or has some (but not enough) claim to a Very Fine 30 grade. A “25” will typically have bright, solid paper with some signs of light handling or circulation, and it may have more folds than are allowed for a higher grade.
Very Fine 20
A Very Fine 20 note should have plenty of body remaining in the paper, although numerous folds, wrinkles, or other signs of circulation may be present. Mild soiling might be apparent, but it should not be serious. The paper should remain relatively bright. No tears, stains, or other impairments should be readily apparent, and the note should still have nice eye appeal. Several minor pinholes may be visible when the note is held to a light. The corners may be slightly frayed or slightly rounded at this grade, but the paper should retain nearly full crispness and there should be little or no loss of color in the design.
Fine 15
This intermediate grade represents a note that has some qualities of a VF note, such as good body or soundness of paper, bright colors or inks, or above average eye appeal, but that possesses too many folds or too much evidence of circulation to grade Very Fine 20. This is a rather common intermediate grade, and will often be awarded to a Fine example that is above average in some respects or to a note that just misses the VF grade because of an isolated loss of body at a fold.
Fine 12
A note in this grade will resemble most notes that have spent considerable time in circulation. The piece will have lost some of its body, but the paper will still be solid. (A limp note will classify at a lower level.) The corners may be slightly frayed or rounded, and the edges may also be frayed. Pinholes may be readily apparent, but none should be large or obtrusive. A few minor edge splits are not uncommon in this grade, but they typically will be within the margin and not affect the design. No major stains or tears may be present, although a stray pencil marking or light teller stamp will not affect the grade at this level if it is not dark or obtrusive.
Very Good 10
Another intermediate grade that designates an above average VG or a “just miss” note that nearly reaches the Fine grade. A Very Good 10 might often be an otherwise Fine example that has a heavy fold or two with isolated soiling or worn areas around it.
Very Good 8
At this grade, a note will be heavily worn with slightly rounded corners, frayed edges, or slightly rough margins. The paper will be intact, however, and no pieces may be missing other than an occasional corner tip. A few edge splits may be apparent, although they must not be severe. The note will be limp or soiled from circulation, and some wallet staining may be visible. No major damage is acceptable at this grade level, however, and any note that has a large hole, stain, tear, or missing piece must fall into a lower grade category.
Good 6
This grade will be assigned when a note has some feature that prevents the full VG grade, such as heavy wear, a small missing piece from the edge or a small internal hole, or if there is some combination of minor damage or staining that prevents the Very Good 8 grade from being assigned.
Good 4
A “Good” note is actually not all that good, as it will be basically intact but fully limp and lacking in any color, snap, or eye appeal. The colors will have typically faded, and there may be small edge chips, nicks, margin tears, or other problems. Any note with major problems will either fall into an even lower grade or will be given an “Apparent” grade with the problems noted.
About Good 3
An About Good 3 note will typically be extremely worn and may be missing small pieces. If any major damage is evident or there are significant portions of the note missing, a lower grade will be in order.
Fair 2
A note in this grade should be mostly intact, but large pieces may be missing including some in meaningful portions of the design. Holes, stains, tears, splits, and other problems will likely be present.
Poor 1
About all that can be expected at this grade level is that the note is still (mostly) in one piece, although it may not be fully complete. Most notes are not collectible by the time they are this low on the grading spectrum, but some rare notes are still quite valuable even heavily worn and damaged. Most notes at this grade level are likely good candidates for skilled restoration.
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