OUR GRADING OVERVIEW...

• Circulation Evidence: None whatsoever. The note has never been in public use.
   
• Folds/Creases: Zero folds, bends, or handling marks. Any sign of a fold immediately downgrades to AUNC.
   
• Corners: Perfectly sharp, no rounding, dog-ears, or softening.
   
• Paper Quality: Absolute full crispness, retains complete “original sheen” or embossing. Feels firm in hand.
   
• Soiling: None. No fingerprints, dirt, stains, or handling smudges allowed.
   
• Eye Appeal: Pristine – the note looks as it left the press.
   
• Typical Market Premium: Always the highest value tier. Price differences from UNC down to AUNC/EF are substantial (20–70% lower in the next grades).

• Circulation Evidence: Virtually none – note has been handled but never circulated in normal commerce.
   
• Folds/Creases: Maximum of 1–2 light folds or bends, often a single horizontal or vertical fold.
   
• Corners: Slight rounding or a single corner bend may be visible.
   
• Paper Quality: Retains full crispness and “original sheen,” though less sharp than UNC.
   
• Soiling: Minimal, if any. A touch of handling dirt may appear.
   
• Eye Appeal: Still high – to many collectors it looks “uncirculated at first glance.”
   
• Typical Market Discount vs UNC: 20–40% lower than UNC, depending on rarity and denomination.

• Circulation Evidence: Limited but visible.
   
• Folds/Creases: Up to 3–4 folds (both vertical and horizontal) or multiple light bends. None should be excessively heavy.
   
• Corners: Noticeably rounded; tiny edge nicks may appear.
   
• Paper Quality: Still crisp but lacks the full rigidity of UNC/AUNC.
   
• Soiling: Light soiling or slight smudging allowed, particularly near edges.
   
• Eye Appeal: Attractive, but clearly circulated. No major tears, stains, or graffiti.
   
• Typical Market Discount vs UNC: Often 50–70% lower than UNC, but again rarity drives final value.

• Circulation Evidence: None – note has never been in public use.
   
• Folds/Creases: Zero. Any fold or bend disqualifies UNC.
   
• Corners: Perfectly sharp, no rounding or softening.
   
• Paper Quality: Full crispness, original sheen, embossing intact.
   
• Soiling: None – pristine presentation.
   
• Market Position: Benchmark grade for catalogues, pricing, and long-term ROI.
   
• Investor Appeal: Highest demand, strongest liquidity, premium growth over time.

• Circulation Evidence: Minimal – handled but not circulated.
   
• Folds/Creases: 1–2 light folds or bends.
   
• Corners: Slight rounding or single corner bend.
   
• Paper Quality: Retains near-full crispness, but slightly less firm than UNC.
   
• Soiling: Very minimal, typically edge or handling traces.
   
• Market Position: Collector’s compromise when UNC is unaffordable.
   
• Investor Appeal: Acceptable in scarce issues; typically 20–40% lower in value than UNC.

• Circulation Evidence: Limited but visible.
   
• Folds/Creases: 3–4 folds or bends allowed, none heavy.
   
• Corners: Rounded; small edge nicks possible.
   
• Paper Quality: Still reasonably crisp, but lacks UNC/AUNC rigidity.
   
• Soiling: Light soiling or smudging, mainly at edges.
   
• Market Position: Attractive for hobbyists; rarely used for serious investment.
   
• Investor Appeal: Generally 50–70% lower than UNC, unless rarity drives demand.

LAST UPDATED: 4th September 2025