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The International Bank Note Society (IBNS) have issued fairly straight-forward guidelines as to the grading of banknotes. The most obvious place to find a full description of the grading terms is in the front of 'World Paper Money' by Albert Pick published by Krause Publications
Brief decriptions of the various grades are as follows:- | |
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UNCIRCULATED - A note in perfect condition with full natural sheen and crispness. N.B some notes from India in particular are originally stapled together in pads, and so will always have two holes in the left side, often with rust spots around the holes. |
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ABOUT UNCIRCULATED - As above, but may have a counting fold (not a hard crease)
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EXTREMELY FINE - May have two or three light folds or one hard crease. Slight wear to the corners is acceptable.
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VERY FINE - May have several folds vertically, and/or horizontally. May be slightly dirty, but still fairly crisp. Corners may be slightly rounded, and edges may show some wear, but no tears in the border.
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FINE - Quite well circulated but still quite attractive. May have some dirt, and softness of paper plus one or two small tears in the edge, which must not extend into the design. May have the odd staple hole, but no centre hole caused by folding.
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VERY GOOD - Well used but still intact. Corners may be rounded, some small tears may extend into the design, and there may be a small hole in the centre. May be a few staple holes, but the note must be complete.
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GOOD - A Heavily circulated note, with tears, nicks, pinholes, graffiti, dirt, and many folds or creases. It is acceptable for minor pieces of the note to be missing.
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Below these grades are FAIR and POOR, but such notes are complete 'rags' and would only be acceptable for very rare notes not available in a higher condition.
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