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.
