An Uncirculated (UNC) banknote is a note that has never been in circulation and shows no signs of wear, folding, or handling. These are typically notes that have been:

• Stored securely since printing.
   
• Handled with gloves or tweezers.
   
• Direct from bank packs or Reserve Bank hoards.

Australian dealers, collectors, and price guides (like Renniks) often use adjective-based terminology to describe a note’s condition instead of numeric scores (e.g., PMG 65).

These grades are subjective and vary slightly between dealers but remain a de facto standard in Australian marketplaces and at coin fairs.

• No folds or bends.
   
• May have minor corner softness from stacking.
   
• Crisp paper and solid print.
   
• Acceptable in most collections and investments.
  
   

• Superior centering, bright colors, and embossing.
   
• No handling marks.
   
• Excellent for long-term investment and resale.
   
• Limited supply from original bundles.
   

• Often from high-grade bank packs or specially stored bundles.
   
• No visible flaws under 10x magnification.
   
• True “top-pop” quality.
   

💡 Often described by local dealers as "Superb" or "Exceptional UNC" informally, though this isn't an official term.

• Ask for high-resolution photos – Check corners, folds, and centering.
   
• Cross-reference with PMG standards – Especially for investment-grade pieces.
   
• Prefer dealers with a grading reputation – Some include conditional guarantees.

Paper Quality Crispness, brightness, and absence of toning or stains.

Ink Integrity Boldness and clarity of printing and serial numbers.

Centering Balance of borders front and back; Gem UNC requires near-perfect margins.

Folds/Creases No folds allowed in UNC. Light handling marks acceptable. 

Corners Sharp and square; rounded or bumped corners reduce to aUNC or lower.

Surface Marks Counting flicks or smudges may limit grade to Choice UNC or UNC.

Originality Unpressed, uncleaned paper with original embossing and sheen. 

1. Paper Quality: Should be crisp, original, and untouched.
    
2. Corners: Must be sharp; any rounding downgrades the grade.
    
3. Edges: Free from nicks, cuts, or dings.
    
4. Centering: Symmetry of borders; top-grade notes have perfect margins.
    
5. Ink/Print Quality: No smudging, fading, or inking issues.
    
6. Handling Marks: Any press marks, bends, or roller lines lower the grade.

✅ Sharp, square corners
✅ No folds, creases, or smudges
✅ Strong original crispness
✅ Balanced centering
✅ No staining or toning

Scarcity UNC notes are far rarer than circulated ones, especially older paper issues.

Condition Premium UNC condition commands the highest market prices.

Historical & Transitional Appeal Collectors target signature combinations, changeover years, and design shifts.

Portfolio Diversity Offers a tangible asset class with low correlation to traditional financial markets.

Numismatic Yield Long-term value appreciation, especially for rarer prefixes or short runs. 

Uncirculated Australian decimal banknotes continue to offer strong collectable and investment appeal. Whether building a personal collection or asset portfolio, UNC notes provide tangible, historically rich assets with consistent long-term growth and increasing interest among local and international investors.

 LAST UPDATED: 15th July 2025