IBNS Grading Standards

NOTES ON GRADING

The grade of an item is determined by its greatest defect. For example, an otherwise Uncirculated note with a tear into the design is automatically graded as Very Good.

Fold or Crease?

It can initially be confusing for a collector to identify the difference between a fold and a crease, and agreement on whether a note has a fold or a crease will affect the grade. The crease is the more severe of the two options, usually appearing as a dark line when held to the light and a crease will break the sizing1 of the paper. A fold is the hard dislocation of the paper but it does not damage the sizing (See Note 1). There is a third option, where the effect on the paper is less severe than a fold, such as a teller’s flick mark or the corner of a note being bumped (perhaps due to vacuum packing of the bundles of notes). Such a minor irregularity may be referred to as a wrinkle.

In modern paper notes with a security thread, a mark is often at the top edge of the note, surrounding the thread, this being caused by the guillotining of the note. This"half-moon" mark may also be referred to as a wrinkle, but is also variously referred to as a"dent", a"crimp", or a"cutting cup".

Note 1:"Sizing" refers to the"Size prepared for use; also, the materials from which size is prepared" and"size" is, in this context,"A semi-solid glutinous substance, prepared from materials similar to those which furnish glue, and used to mix with colours, to dress cloth or paper." (Definitions are from the Oxford English Dictionary.)

Mid Grades

Many dealers and collectors believe a note is better than one grade, but not as good as the next higher grade. For example, a note might have a stain, that would grade the note"Very Good" but otherwise the note is in a higher grade. It is recommended, in this case, the grade should be listed as VG+. (Notations such as"VG+++" are not recommended, and neither is the"-" which is sometimes used as in"UNC-".)

A dealer might also describe the note as"stain on front, otherwise Very Fine". Other notations used by dealers and collectors are gVG (for"good Very Good"), or VF/F to indicate a mid-grade. However, the latter notation has also been used to indicate the front of the note is Very Fine and the back is Fine, and can thus be confusing as to the interpretation of the notation.

Additions to Grades

The words"pinholes","staple holes","wrinkle","trimmed","graffiti","tape marks","perforations","cancellation marks", and whether the note has been"pressed","washed" or"restored", should always be added to the description of a note. Examples of descriptions are:

• Pin holes; e.g. VF with several pinholes
• Staple holes; e.g. UNC with usual staple holes (in the case where the notes are issued with staple holes)
• Wrinkle; e.g. edge crimp at security thread (as issued)
• Trimming; e.g. F with trimmed lower edge, reduced from original VF (See Note 2)
• Graffiti; e.g. VF with graffiti in watermark area
• Tape; e.g. VF with tape on the back
• Intentional perforations or cancellation marks; e.g. VF with six holes punched to cancel the note
• Pressed; e.g. XF and pressed
• Washed (or otherwise processed in a similar manner); e.g. F but washed and pressed from an original VF condition (See Note 2)
• Restored; e.g. VG (paper restored) or F (tears repaired)

Note 2: Trimmed and washed notes must be reduced one full grade from their original condition

Some of these attributes may be typical of a given grade, but cannot always define the grade of a note; that is, one cannot lower the overall grade of a note simply because of a specific defect and, in this case, the description must always include specific defects where present.