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.

Australian Decimal Banknote Condition Grading (Expanded Glossary) 

Standard Grades:

UNC – Uncirculated: Pristine, crisp paper, no folds or handling marks. May have a light counting flick from Reserve Bank bundles. 

aUNC – Almost Uncirculated: One faint corner bend or handling mark allowed. No centre folds. Paper retains full crispness and lustre. 

EF – Extremely Fine: Up to three light folds (vertical or horizontal). Paper still firm. Minor corner wear possible. 

VF – Very Fine: Several folds visible. Paper slightly limp but not overly dirty. Retains good body. 

F – Fine: Well-circulated, limp paper, heavy folds, edge wear. Still intact but clearly worn. 

VG – Very Good: Heavy circulation. Colours faded, edges frayed, pinholes or small tears common. 

G – Good: Very worn, limp, and dirty. Tears, graffiti, missing pieces. Filler only unless very rare. 

Fair / Poor: Barely intact; tape, missing corners, heavy staining. Kept only for rarity.

Collector/Dealer Nuances: 

Counting Flick UNC: A note technically UNC, but with a tiny flick or bend from Reserve Bank counting machines. 

Center Fold UNC: Claimed as UNC, but has a clear centre fold — controversial among purists. Dealers often price these slightly below true UNC. 

Handling Bend: Small curve from a thumb press or light corner bump, not enough to downgrade from aUNC. 

Pressed EF: An EF note that has been pressed flat to ‘look UNC.’ Collectors distrust this; value reduced once detected. 

Folder’s Line / Wallet Fold: Strong vertical fold from years in a wallet. Even if otherwise clean, reduces grade to VF or lower. Edge Nicks: Tiny splits at the margins, usually from circulation. Lowers grade from EF to VF. 

Staple Holes: Caused by stapling bundles of notes. Common in lower-grade decimals. 

Pinholes: Tiny holes from counting pins in banks. Acceptable in VG/F, but not tolerated in EF and above. 

Soiling / Foxing: Light staining (soiling) or brown age spots (foxing). Collectors discount accordingly. 

Graffiti: Ink marks, writing, or stamps. Usually lowers a note to filler value unless extremely rare.

LAST UPDATED: 26th September 2025