One of the main causes of disappointment within the collecting community is the subjective nature of quality grading.
Associations of paper money collectors, catalog authors, and even professional grading companies struggle with this issue. But when certified notes are compared with each other, the differences can sometimes be bizarre—where a poorer note has been given a higher grade than a better one, due to factors such as age or rarity.
The description I use is the one from the IBNS. With the best intentions, I have attempted to apply the IBNS quality descriptions and link them to the PGCS grade. One thing is certain: when I refer to UNC, I mean a banknote without any defects whatsoever. But I am not infallible. And because of the large number of notes and show visits, it is possible that a note that was once truly UNC, or was UNC in my judgement, may now no longer be entirely UNC. I will inspect UNC notes as thoroughly as possible before shipping, and if I have any doubts about the quality—even after the sale and payment—I will always notify you.
In the IBNS identification system, “a” stands for “about” and “g” stands for “good.” In the Dutch translation, “a” is rendered as “–” and “g” as “+”.
| IBNS identification | PGCS grading | Dutch | PGCS' description |
| UNC | 70 EPQ | UNC | 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. |
| UNC | 69 EPQ | UNC | 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. |
| aUNC | 68 EPQ | UNC- | The margins and registration are slightly off center. There may be very minor handling. |
| aUNC | 67 EPQ | UNC- | A note with above-average margins and registration. There may be minor handling. |
| aUNC | 66 EPQ | UNC- | There may be slightly more handling than a 67 EPQ note. The centering must be above average. |
| aUNC | 65 EPQ | UNC- | The note may have one or two minor distractions as a result of minor handling. The centering must be above average. |
| XF/UNC | 64 | Pr/UNC | The centering is off on one or two sides. Some handling may be evident but there must be no folds in the design. |
| XF/UNC | 63 | Pr/UNC | The centering is imperfect and the design may be flat. There may be several flaws but there will be no folds. |
| XF/UNC | 62 | Pr/UNC | 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. |
| XF/UNC | 61 | Pr/UNC | 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. |
| XF/UNC | 60 | Pr/UNC | 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. |
| gXF | 58 | Pr+ | Often a note with a single fold that crosses the design. |
| gXF | 55 | This grade is commonly assigned to a note that has one fold or two to three corner folds through the design. | |
| gXF | 53 | A note with two vertical folds or a single horizontal fold. May also have signs of handling. | |
| XF | 50 | Pr | The note has two heavier folds or light horizontal and vertical folds. The handling can be significant. |
| XF | 45 | A note with two to three heavy folds, one of which may be horizontal. | |
| aXF | 40 | Pr- | There are three or more folds, one of which may be horizontal. |
| VF/XF | 35 | ZFr/Pr | For years dealers and collectors called this grade “VF-XF.” This note looks Extremely Fine, but it will have four to seven light folds. |
| gVF | 30 | ZFr | This note will be lightly circulated and may have light soiling. There will typically be seven to ten folds. |
| VF | 25 | ZFr | A note that shows modest evidence of circulation as well as more folds and/or soiling than a note graded 30. |
| aVF | 20 | ZFr- | The note is moderately circulated with numerous folds, mild soiling. There are no serious detractions but there may be minor defects. |
| F/VF | 15 | Fr/Zfr | 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. |
| F | 12 | Fr | The evidence of circulation is considerable with rounded corners, margin splits and other issues. The note must be whole with solid paper. |
| VG/F | 10 | ZG/Fr | A solid, whole note with lots of circulation. The note is too limp and has a number of minor problems. |
| VG | 8 | ZG | 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. |
| G/VG | 6 | G/ZG | The note is very worn with serious splits, fraying of the margins and damage. |
| G | 4 | G | 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. |
