Paper money is graded on the same 70-point numeric scale as coins, but the criteria focus on folds, crispness, soiling, and margins rather than wear on metal. This reference lets you look up any grade and read what it means.
How the scale is organised
The scale is divided into descriptive tiers, with Uncirculated notes (60+) distinguished from circulated ones by the complete absence of folds:
1 .. 6 Poor / Fair / Good heavy wear, limp, possible damage
8 .. 10 Very Good many folds, soiling, but intact
12 .. 15 Fine several folds, still some body
20 .. 35 Very Fine a few folds, light handling
40 .. 45 Extremely Fine one or two light folds, near-crisp
50 .. 58 About Uncirculated at most one light fold or corner bend
60 .. 70 Uncirculated no folds; 70 is gem, perfectly centeredQualifiers such as EPQ (PMG) or PPQ (PCGS) certify original, unprocessed paper and are noted separately from the number.
What each criterion means
Folds are the dominant grading factor for circulated notes. The number, length, and crispness of folds drive most of the grade difference in the Fine through Extremely Fine range:
| Grade tier | Typical fold count |
|---|---|
| Poor (1–2) | Torn, stained, or missing portions; nearly illegible |
| Fair / Good (4–6) | Many heavy folds, limp, soiled |
| Very Good (8–10) | Numerous folds but note is intact |
| Fine (12–15) | Several vertical and horizontal folds, moderate soiling |
| Very Fine (20–35) | A few folds, light handling, still reasonably crisp |
| Extremely Fine (40–45) | One or two light folds; the paper retains most of its body |
| About Uncirculated (50–58) | A single light fold or corner bend; appears almost uncirculated |
| Uncirculated (60–70) | No folds at all |
Body and crispness describe how stiff and original the paper feels. A note with full original crispness holds its shape, has sharp corners, and shows the embossed texture of the printing under light. Notes that have been ironed, washed, or starched may look crisp visually but lack original paper quality — this is why EPQ/PPQ qualifiers exist.
Soiling and staining are assessed separately from folds. A lightly soiled note at Fine may grade at 12, while a more heavily stained example with otherwise similar folds might grade at 10. Ink stains, moisture marks, and foxing (small brown spots from age-related paper chemistry) all reduce the grade.
Margins and centering become decisive at the upper end of the scale. Two uncirculated notes with no folds and equivalent paper quality may grade MS-63 versus MS-65 based on how well the printed design is centred within the paper borders. A design that runs very close to or off one edge caps the grade, even on otherwise superb paper.
The EPQ / PPQ qualifier
PMG uses EPQ (Exceptional Paper Quality) and PCGS uses PPQ (Premium Paper Quality) to certify that a note’s paper has never been altered, pressed, or treated to improve its appearance. The qualifiers are separate from the numeric grade and appear on the slab label alongside it.
A note graded PMG 63 EPQ is worth meaningfully more than a PMG 63 without EPQ, because collectors know the number reflects the natural state of the note. Without the qualifier, a high numeric grade may have been achieved by pressing out folds or treating soiling, which is legal in the hobby but changes the paper irreversibly.
Common questions when grading your own notes
“It has no folds — why isn’t it a 70?” PMG-70 is reserved for notes with perfect centering, full margins, no handling marks of any kind, and exceptional embossing. A note handled even briefly during production or distribution may have contact marks or tiny surface imperfections that place it at 65 or 67 rather than 70.
“One small fold — is it About Uncirculated or Fine?” A single light fold anywhere usually places a note in the AU range (50–58). The distinction between AU-50, AU-55, and AU-58 depends on whether the fold has any associated wear, how light it is, and whether additional handling marks are present. Very Fine or Fine grades require multiple folds.
Example and notes
A note graded “Very Fine 25” shows a few vertical and horizontal folds and light handling but still has reasonable body and bright colors. Moving up to Extremely Fine 40 means only one or two light folds remain and the note is nearly crisp. The jump from AU-58 to Uncirculated 60 hinges on whether there is any fold at all — a single light center fold keeps an otherwise pristine note out of the Uncirculated tier. Centering and margins separate ordinary Uncirculated notes from Gem 65 and higher.