I explained to them that there certainly are some subjective elements to grading, much of it is very objective. We have many currency albums designed around Graded Currency, but this list below that I have paraphrased from Navona is a nice summary of how notes are graded. We have the heaviest weight currency pages in the world contained in our Professional Currency Albums.
Currency is graded on a scale from 1 to 70 where a "70" is absolute mint perfection with no flaws and perfect centering, while a "1" would be something pulled out crumbled out of your pocket! Take a look at the explanation below and when you are ready to store your graded notes, please make sure to visit our website for Currency Albums - they really are simply the best in the world!
Gem Uncirculated (GEM UNC) (65 – 70)
By definition, an uncirculated banknote in mint condition with no flaws or folds and perfect centering. Grades above 67 are rare and banknotes in this condition are most sought after by serious collectors.
Uncirculated (UNC) or Crisp Uncirculated (CU) (60 – 64)
By definition, an uncirculated banknote is a mint note that has never been handled and should by default be crisp. However, graders use UNC and CU though they should be synonymous. The corners should also be sharp and square.
About Uncirculated (AUNC) (50 – 59)
The “A” stands for “about” or “almost” uncirculated banknotes. This is a perfect banknote with some handling, but appears uncirculated to the naked eye. Upon
closer examination, these banknotes may show marginal wear observed
with very light creases or slight folds that are not pronounced.
Extremely Fine (XF) (36 – 49)
While
there are no tears or stains on a XF banknote, light handling is
apparent with several small folds, though none of the folds stand out. Most Confederate banknotes rarely make it to the AUNC or UNC category, but are classified as XF.
Very Fine (VF) (20 – 35)
A Very Fine note should not have any tears but minor stains or dirt may exist. There should also be more pronounced folds, while the banknote is still relatively crisp. The edges of the banknote will show some wear, but will not have any traces of rounding.
Fine (F) (11 – 19)
A Fine (F) note may have some minor stains and some small tears that are not pronounced. The tears should not extend into the design, but should be limited to the edges. The color of the banknote may also be faded with age. The note may have also lost some of its crispness.
Very Good (VG) (6 – 10)
Very Good (VG) note may have stains and tears that extend into the design. The color of the banknote may have faded with age and it may appear limp. However, no part of the banknote is actually missing.
Good (G) (3 – 5)
A Good (G) note may have significant stains and/or graffiti, frayed edges and faded color. The note may also be limp due to excessive handling.
Poor (P) (1 – 2)
A Poor (P) note is the lowest grade possible. Such
a note could be severely damaged with missing pieces, frayed edges, and
discoloration and could be limp from excessive handling. It
is generally not recommended to purchase a note with this grade unless
the circumstances are such that the note is extremely rare.
