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Ever since the scum of the world have decided that hobbies are in fact
a form of investing, paper currency collecting has, like every other
decent hobby in the world, been invaded by opportunists and people with
more dollars than sense. This has had an obvious effect on currency
grading standards.
Now, if you're interested in the real, hobbyist grading standards,
you'll have to look elsewhere. There are plenty of fine guides to
be found on the internet, and I have no intention to add another
here. It's been done.
What we offer here is a grading guide that's consistent with the notes
being sold at web auction to people who don't know better. For the
most part, the terminology is the same as for normal currency grading,
although the standards differ wildly.
Rare
This grade is normally given to notes that can be purchased at
face value at the local bank or ATM.
Only 15 Known to Exist
The seller has a pack of 100 of them.
Gem-CU
"Gem, Crisp Uncirculated" This grade is applied to
any note offered at auction with a reserve price of over $500. In
terms of actual collectible note grade, it corresponds to a range that
includes "EF" to "Gem-CU." Supporting
currency scans have been laboriously retouched to eliminate evidence of
bent corners, creases, folds and holes. Auction items graded
"Gem-CU" will display vivid, if somewhat unique colors, which
indicate the care with which the scan has been retouched, or the note
has been bleached.
Choice-CU or CCU
"Choice Crisp Uncirculated," a grade applied to most
notes with defects that can easily be concealed by creative scanning or
minimal retouch. Scans of these notes will generally be very
small, and will have a clean appearance with the edges cropped to give
the appearance of sharp corners. Any folds or creases present in
the note will be apparent in the scan, but only to serious currency
collectors. These notes are highly prized by the seller, or at
least are in their written description.
MS-64
This is a meaningless grade given to notes by people who normally
sell over-graded coins on auction sites. See "CU."
CU
"Crisp Uncirculated" These notes are sold with
accompanying scans that show clear evidence of severe folds and
creases. The presence of these creases will be denied in the
accompanying description text, which by convention, will have been
written in a way to reassure potential buyers that the seller is of
foreign origin, and has a thriving business reselling
"collectibles" over the web (note the included hyperlink
pointing to a subscription "adults-only" site). Auction
notes graded "CU" will retain some crispness, although most
of the crispness will be in the currency holder (included with the note
for a nominal $15 handling fee).
AU+++
"Almost Uncirculated +++" An intermediate grade
given to notes that are in slightly better condition than those that
would normally receive a collector's grade of "VG."
AU
"Almost Uncirculated" A note that has seen limited
circulation since being put up for auction. If a scanned image
of the note is offered, the denomination and nationality will be
clearly recognizable. The presence of the portait may be
obscured by creases, and corners will be sylishly rounded.
Accompanying text will convey a sense of urgency, suggesting that this
will be the last time this note will be seen for sale (typically, true,
given that if unsold, it will soon re-enter circulation).
EF or XF
"Extra-Fine" This note is being offered for sale
by a novice who found it during house renovations. It had been
folded into 16ths, and used to shim a door frame. The
seller often can't afford a scanner, but recently read up on currency
grading at the library.
VF
"Very Fine" Applied to any note over 100 years in
age. This will be the only indication of the note's true age,
because there will be no accompanying scan, the descriptive text will
use English words assembled at random, and the actual note (if
purchased and received) will resemble an over-used monographed
doily. Often called an "Educational Note" by
experienced hobbyists.
Real Good
A grade used by someone who knows nothing about currency collecting
or grading, but is offering the note for sale because his pocket change
looked odd. Experienced auction sellers would normally grade this
note "AU+++."
Error Note
Three types of error notes are commonly offered for sale at auction:
1) The note was damaged while being bleached; 2) The seller has painted
the image of another note over segments of this note; 3) The note was
bought as part of an uncut sheet of notes from the treasury, and
intentionally miscut.
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