Banknotes Grading Standards

Paper Money Guaranty™ (PMG®), an independent division of the Certified Collectibles Group™ (CCG™), is a world-leading, third-party service for authenticating and grading paper money. Since 2005, PMG has certified over 10 million notes, a testament to its unparalleled commitment to accuracy, consistency, and integrity in grading.

PMG Grading Scale

Numeric Grades

70 ★ EPQ	The highest grade assigned. Notes must have no evidence of handling visible at 5x magnification. The margins and registration must appear centered to the unaided eye. Notes must qualify for the PMG Star ( ★) Designation to be graded 70.
69 EPQ	This note is nearly visually indistinguishable from a 70 but the margins and registration may appear slightly off center. There is no evidence of handling visible to the unaided eye.
68 EPQ	The margins and registration are slightly off center. There may be very minor handling.
67 EPQ	A note with above-average margins and registration. There may be minor handling.
66 EPQ	There may be slightly more handling than a 67 EPQ note. The centering must be above average.
65 EPQ	The note may have one or two minor distractions as a result of minor handling. The centering must be above average.
Λ	Notes must qualify for PMG’s Exceptional Paper Quality (EPQ) designation to be graded 65 and higher.
V	Notes graded 25 to 64 are eligible for PMG’s EPQ designation if they meet the EPQ standards.
64	The centering is off on one or two sides. Some handling may be evident but there must be no folds in the design.
63	The centering is imperfect and the design may be flat. There may be several flaws but there will be no folds.
62	The note is strictly uncirculated but may have minor-to-moderate handling and/or corner tip issues. There will be no folds, however. The margins may touch or come into the design.
61	The note is poorly centered and the margins come into the design. There may be counting marks, smudges or other signs of handling. There will be no folds through the design.
60	A note with problems that may include toned paper, a small stain or fading. There will be handling issues but there will be no folds through the design.
58	Often a note with a single fold that crosses the design.
55	This grade is commonly assigned to a note that has one fold or two to three corner folds through the design.
53	A note with two vertical folds or a single horizontal fold. May also have signs of handling.
50	The note has two heavier folds or light horizontal and vertical folds. The handling can be significant.
45	A note with two to three heavy folds, one of which may be horizontal.
40	There are three or more folds, one of which may be horizontal.
35	For years, dealers and collectors called this grade “VF-XF”. This note looks Extremely Fine, but will have four to seven light folds.
30	This note will be lightly circulated and may have light soiling. There will typically be seven to ten folds.
25	A note that shows modest evidence of circulation as well as more folds and/or soiling than a note graded 30.
20	The note is moderately circulated with numerous folds, mild soiling. There are no serious detractions but there may be minor defects.
15	This note may look like a Very Fine note, but upon closer examination, it is found to have too many folds or too much circulation to warrant a Very Fine grade.
12	The evidence of circulation is considerable with rounded corners, margin splits and other issues. The note must be whole with solid paper.
10	A solid, whole note with lots of circulation. The note is too limp and has a number of minor problems.
8	The note is heavily circulated but is intact. Some small pieces may be missing. Soiling, light stains or splits are common for this grade. The note is limp.
6	The note is very worn with serious splits, fraying of the margins and damage.
4	A very heavily circulated note with numerous problems. It is totally limp with impaired visual appeal. Notes in this grade are commonly seen with pieces missing.

Designations

EPQ

An Exceptional Paper Quality (EPQ) note will not have been physically, chemically, or materially processed to give the appearance of a higher grade. Notes exhibiting normal wear-and-tear for their grade are eligible. All notes graded Very Fine 25 and higher will be evaluated for the EPQ designation. Notes must qualify for the EPQ designation to grade Gem Uncirculated 65 and higher.

PMG Star (★) Designation

PMG assigns the PMG Star (★) Designation® to notes with exceptional eye appeal for their assigned grade.

To receive a (★) from PMG, notes must exhibit exceptionally strong plate and/or overprint embossing, vibrant ink color, and pristine paper quality exceeding the well-established standards used to determine the Exceptional Paper Quality (EPQ) Designation.

NET

A “NET” graded note is one that exhibits mishandling or problems that are more significant than one would expect for the assigned numeric grade. Notes with moderate-to-extensive circulation are expected to exhibit some problems and PMG will not assign a “NET”grade unless these issues are severe. If a note is “NET” graded, the problem will be listed. Common problems that may result in a “NET” grade include a large tear or tears into the design, PVC damage, a missing corner, an amateur repair and extensive staining or annotations. The grade guarantee does not apply to Notes given a “NET” grade by PMG. Notes with “NET” grades are guaranteed to be genuine only.