70 Seventy Gem Unc The highest grade assigned. Notes have
50/50 margins and registration, and no handling.
69 Superb Gem Unc This note may be nearly visually
indistinguishable from a 70; however, margins or registration just
minutely off. No handling.
68 Superb Gem Unc Margins or registration are off slightly to
the naked eye. No significant handling.
67 Superb Gem Unc Great color and eye appeal. A well-centered
original note. May have very minor handling.
66 Gem Uncirculated Above average original note held back
from superb quality due to handling and / or margins and
registration.
65 Gem Uncirculated Strictly original note with great color
and eye appeal. May have one or two minor distractions. Centering is
above average.
64 EPQ Choice Uncirculated Original paper quality, but
centering is off on one or two sides.
64 Choice Uncirculated Note is well-centered and shows signs
of alteration (for example, pressing or re-embossing, etc.). No
folds in design.
63 EPQ Choice Uncirculated Original but margins are “tight”
on one or two sides. Good eye appeal.
63 Choice Uncirculated Imperfect centering. No folds in
design. May be flat and have a flaw or two.
62 Uncirculated Strictly uncirculated note that lacks some
eye appeal. May have “tight” margins, handling or corner tip issues.
61 Uncirculated Usually poorly centered and margins are
touching the design. May have counting marks, smudges, pinholes or
other problems.
60 Uncirculated A note with problems that result in
diminished eye appeal (i.e. toned paper, small stain, fading, etc.),
but no folds through the design.
58 EPQ Choice About Unc Premium grade note. May look like
higher grade, but unfortunately, has a single vertical fold or one
to two light corner folds.
58 Choice About Unc Often a note with a single fold that has
been pressed or re-embossed to hide the fold.
55 EPQ About Uncirculated Two light vertical folds or a
single fold with handling, but a nice original note.
55 About Uncirculated This grade is commonly assigned to a
note with one or two folds that has been pressed. Note may have been
re-embossed.
53 About Uncirculated No more than two vertical folds or a
single horizontal fold, but folds are too heavy for a higher grade.
50 About Uncirculated Two heavier folds, or a light
horizontal and vertical fold. Handling can be significant.
45 EPQ Choice Extremely Fine Usually a note with three light
vertical folds that may look much higher grade, especially when note
has little evidence of handling.
45 Choice Extremely Fine Many of the same qualities as above,
but note is not original. Common alterations include attempts to
diminish the appearance of folds.
40 Extremely Fine Three folds, one of which may be horizontal.
Little, if any, circulation.
35 Choice Very Fine For years dealers and collectors called
this grade “VF-XF.” This note looks Extremely Fine, but may have
four to five light folds. Original examples (EPQ) will usually be
attractive with little actual circulation.
30 Very Fine Still crisp, but may show a bit of circulation
or light soiling. May have several light folds.
25 Very Fine A circulated note with good eye appeal, but has
too many folds or too much soiling for a higher Very Fine grade.
20 Very Fine Moderate circulation with numerous folds, mild
soiling but no serious detractions. A solid note but may have a
minor defect.
15 Choice Fine Looks like a Very Fine, but may have too many
folds or too much circulation to warrant a full Very Fine.
12 Fine Considerable circulation, rounded corners, pinholes,
minor margin splits may be present, but the note will be whole with
solid paper.
10 Very Good A solid, whole note with lots of circulation.
Too limp or too many minor problems to make a fine grade.
8 Very Good Heavy circulation. Note is intact with no pieces
missing. Soiling, light stains, splits or a missing corner tip are
common for this grade. Note is limp.
6 Good Very worn, serious splits, fraying of the margins and
minor damage is evident.
4 Good Very heavily circulated note with numerous small
problems. Totally limp with impaired visual appeal. Commonly seen
with small pieces missing.
Grades under 4 Good are generally not collectible unless the note is
rare. Most notes at these grade levels are “Net” graded due to major
problems.
Definitions
EPQ An Exceptional Paper Quality (EPQ) note is, in the opinion of
PMG graders, original and has not been physically, chemically, or
materially processed to lend the appearance of a higher grade. Notes
exhibiting normal wear-and-tear for their grade are eligible. For
currency to grade GEM Uncirculated 65 or higher it must receive the
EPQ designation. For complete details click here.
Handling Minor disturbances in the paper other than folds such as
teller counting marks, crinkles and minor bends.
NET A “Net” graded note is one which has had an adverse occurrence
after it was printed. PMG will specifically state the reason(s) why
any note is “Net” graded. A few typical examples of why a note may
be “Net” graded are tear, corner missing, repaired, re-embossed,
washed, stained, ink or writing, and PVC damage. Only the
Genuineness Guarantee portion of the PMG Guarantee applies to Notes
given a “Net” grade by PMG.
Original Paper quality is as issued except for normal circulation.
Pedigree The “pedigree” field on the label of a certified note may
be used to indicate the collection name but it is not specifically
designated for highlighted collections typically referred to as “pedigrees.”
Many collectors like to have their names tied to their collections
and, while this is allowed, not just anything may be put on the
label / holder. It should also be noted that although this field may
add value to certain notes, it is not the primary purpose of the
field.
Registration Alignment of the face and back printing.
