It may be helpful for new collectors, buyers and sellers of banknotes to understand the grading principles involved in considering the condition of an old banknote. For example, the "Uncirculated", or "UNC", grade is used quite often without, I suspect, a true understanding of the actual grade. UNC has little to do with whether, or not, the note has ever been in actual circulation but pertains to it's actual condition. Many feel that grading is subjective however there are actual standards which make is less of an issue subjectivity and more of an issue of knowledge and observation. According to the IBNS Grading Standards for World Paper Money, the grading guide is as follows:

UNCIRCULATED (UNC): A perfectly preserved note, never mishandled by the issuing authority, a bank teller, the public or a collector. The paper is clean and firm without discoloration. No folds (a bend without braking the surface of the paper) and no creases (a hard fold that has broken the surface of the paper). Corners are sharp and square without any evidence of rounding.

ABOUT UNCIRCULATED (AU): A virtually perfect note, with some monor handling. May show very slight evidence of bank counting folds at a corner or one light fold through the center, but not both. An AU note cannot be creased. The paper is clean and bright with original sheen and the corners are not rounded. Europeans may refer to an AU note as EF-UNC or EF (Extremely Fine).

EXTREMELY FINE (EF): A very attractive note with light handling evidence. It may have a minimum of three light folds or one strong crease. The paper is clean and firm without discoloration. The corners are sharp and square without any evidence of rounding. Europeans may refer to an EF notes as Good-Very Fine or GVF.

VERY FINE (VF): An attractive note with more evidence of handling and wear. It may have several folds both vertically and horizontally. The paper may have minimal dirt or smudging. The paper is still relatively crisp and not floppy.

FINE (F): The note shows considerable circulation with many folds, creases and wrinkling. The paper may not be excessively dirty but has some softness. The edges may show much handling with minor tears in the border. The tears may not extend into the design. There will be no center holes due to excessive folding. The colors are clear but not very bright, a staple hole or two would not be uncommon. Overall it would still be a reasonably desireable looking note.

From there we go to VERY GOOD (VG), GOOD (G), FAIR & POOR. Through these ranges we go from "very well used" to "a rag". At this stage few bother grading as they are getting pretty rough.

I hope this will help some folks out and clear up some confusion.

Kindest regards,

Frank

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