Banknote Grading: The Complete Guide to the PMG and PCGS 1-70 Scale
Last updated: July 2026
Banknote grading is the process of assigning a note a standardized condition score so buyers and sellers agree on quality. Two services dominate paper money: PMG (Paper Money Guaranty) and PCGS Banknote. Both grade on a 1 to 70 numerical scale adapted from the Sheldon scale used for coins, where 1 is a barely-intact note and 70 is flawless. A grade also carries a descriptive word (Uncirculated, About Uncirculated, Very Fine, and so on) and, at the top of the scale, a paper-quality designation: EPQ from PMG or PPQ from PCGS, both certifying original, unaltered paper.
What do the numbers on the 1 to 70 banknote grading scale mean?
The 70-point scale maps directly onto the older letter-grade system collectors have used for decades. Higher numbers mean fewer folds, cleaner paper, better centering, and sharper corners. The table below shows how the numeric grades, the descriptive grades, and the traditional letter grades line up. Descriptive labels follow PMG's published grading standards; PCGS Banknote uses the same numeric scale with closely equivalent labels.
| Numeric grade | Descriptive grade | Letter grade | What the note looks like |
|---|---|---|---|
| 67-70 | Superb Gem Uncirculated | UNC | Virtually flawless; near-perfect centering, full original paper, no handling visible even under magnification |
| 65-66 | Gem Uncirculated | UNC | Exceptional eye appeal with strong margins; the grade most collectors target for a certified showpiece |
| 63-64 | Choice Uncirculated | UNC | Never circulated, with minor margin or centering imperfections that keep it below Gem |
| 60-62 | Uncirculated | UNC | No folds or wear, but may show counting flicks, minor handling, or off-center printing |
| 50-58 | About Uncirculated | AU | Nearly new; at most one light fold or a trace of handling, otherwise crisp |
| 40-45 | Extremely Fine | XF (EF) | Light circulation; a few folds, still bright paper and sharp corners |
| 20-35 | Very Fine | VF | Moderate circulation; multiple folds and some softening, but no tears and full design detail |
| 12-15 | Fine | F | Well circulated; heavier folds, some limpness, corners rounded but design fully readable |
| 8-10 | Very Good | VG | Heavy wear, possible small edge splits, but intact and identifiable |
| 4-6 | Good | G | Extensive wear, staining or small holes possible; the lowest grade most collectors will buy |
| 1-3 | Fair to Poor | None | Barely intact; heavy damage, pieces missing. Collected only for very scarce notes |
Two notes can share a numeric grade and still look different, because the grade is a summary of centering, margins, paper, and wear taken together. That is why collectors examine the note and its holder, not just the number.
What does UNC mean on a banknote?
UNC stands for Uncirculated: a note that never entered circulation and shows no folds, creases, or handling wear. It is the top of the traditional letter-grade ladder, which runs UNC (Uncirculated), AU (About Uncirculated), XF or EF (Extremely Fine), VF (Very Fine), F (Fine), VG (Very Good), and G (Good). On the 70-point numeric scale, Uncirculated covers grades 60 through 70, subdivided into Uncirculated (60-62), Choice Uncirculated (63-64), Gem Uncirculated (65-66), and Superb Gem Uncirculated (67-70).
The vast majority of raw notes Planet Banknote sells are Uncirculated unless the listing states otherwise, because we source direct from mints, central banks, and authorized distributors rather than from circulation. A raw UNC note has never been certified by a grading service, but it is still an Uncirculated note by condition.
What do EPQ and PPQ mean?
EPQ and PPQ are paper-quality designations that sit alongside the numeric grade, and they matter as much as the number to serious buyers.
- EPQ (Exceptional Paper Quality) is PMG's designation for a note with completely original, unaltered paper: no pressing, no repairs, no chemical cleaning, and full embossing where applicable.
- PPQ (Premium Paper Quality) is PCGS Banknote's equivalent designation, certifying the same thing: original, untampered paper.
A note graded PMG 66 EPQ is worth more than a bare PMG 66 because the EPQ confirms the paper is exactly as it left the press. When you compare two certified notes at the same number, always check whether one carries EPQ or PPQ and the other does not. That single designation often explains a price gap.
PMG versus PCGS: which grades banknotes?
Both PMG and PCGS Banknote are widely accepted third-party grading services, and both use the 1 to 70 scale. PMG has the longer track record specifically in paper money and grades the largest share of world banknotes. PCGS is the better-known name in coins and grades banknotes under its PCGS Banknote service. For most world-banknote collectors, a note in either holder settles the two questions that matter most: it is authentic, and its grade was assigned by a neutral expert rather than the seller.
Planet Banknote stocks notes certified by both services. When you buy a slabbed note, the holder's certification number can be looked up on the grading service's own website to confirm the note matches its label, which is a safeguard no raw note offers.
Should you buy raw or certified banknotes?
Both have a place, and the right choice depends on why you are buying.
| Raw (uncertified) | Certified (PMG / PCGS slab) | |
|---|---|---|
| Authenticity | Depends on the dealer's reputation and documentation | Verified and guaranteed by the grading service |
| Grade certainty | The seller's opinion of condition | A neutral expert's assigned grade, encapsulated |
| Price | Lower; no grading fee built in | Higher; you pay for the certification premium |
| Best for | Collecting for enjoyment, filling type sets, lower-value notes | High-value notes, long-term holding, eventual resale |
| Storage | Needs a proper sleeve or holder to stay Uncirculated | Already sealed in a rigid, archival holder |
If you are buying one note to enjoy, a raw Uncirculated note with a Certificate of Authenticity from a source-first dealer is a sound, affordable choice. If you are buying a high-value note or buying with resale in mind, the certification premium usually earns its keep by removing the two biggest risks in the market: authenticity and grade inflation. Browse Planet Banknote's graded banknotes to compare PMG and PCGS holders side by side, or see how grade drives price on a single note in our Zimbabwe 100 trillion value-by-grade guide.
Should you get your own banknote graded?
Submit a note for grading when two things are true: you believe it is genuinely high grade (Uncirculated or close to it), and its value justifies the grading fee plus shipping and insurance both ways. Grading a common note worth a few dollars rarely makes sense, because the fees can exceed any premium a certified grade adds. Grading pays off on scarce notes, high-grade examples of popular issues, and any note where certified authenticity meaningfully widens your pool of future buyers. If a note is already circulated with folds or handling, a certified circulated grade seldom adds enough to cover the cost.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.
Ready to buy with grade in mind? Start with certified notes in our graded collection, explore the flagship Zimbabwe banknotes, or read more collector guides on the Planet Banknote blog. Ordering, shipping, and return questions are answered on our FAQ page.
Frequently asked questions
What is the banknote grading scale?
Banknotes are graded on a 1 to 70 numerical scale used by PMG and PCGS Banknote, adapted from the Sheldon scale used for coins. Grade 70 is flawless and grade 1 is barely intact. The numbers correspond to descriptive grades (Uncirculated, About Uncirculated, Very Fine, and so on) and to the traditional letter grades UNC, AU, XF, VF, F, VG, and G.
What does UNC mean on a banknote?
UNC means Uncirculated: a note that never entered circulation and shows no folds, creases, or handling wear. On the 70-point numeric scale, Uncirculated covers grades 60 through 70, from Uncirculated (60-62) up through Gem Uncirculated (65-66) and Superb Gem Uncirculated (67-70). Most raw notes Planet Banknote sells are Uncirculated unless the listing says otherwise.
What is the difference between EPQ and PPQ?
Both certify original, unaltered paper. EPQ (Exceptional Paper Quality) is PMG's designation and PPQ (Premium Paper Quality) is PCGS Banknote's designation for the same thing: a note that has not been pressed, repaired, or chemically cleaned. A note with EPQ or PPQ is generally worth more than the same numeric grade without it.
Is PMG or PCGS better for banknotes?
Both are widely accepted and both use the 1 to 70 scale. PMG has the longer track record specifically in paper money and grades the largest share of world banknotes, while PCGS grades banknotes under its PCGS Banknote service. For most collectors, a note in either holder settles the two things that matter: authenticity and an independently assigned grade. Planet Banknote stocks notes certified by both.
Should I buy raw or graded banknotes?
Buy raw for enjoyment, type sets, and lower-value notes, ideally from a source-first dealer that includes a Certificate of Authenticity. Buy certified for high-value notes or when you plan to resell, because a PMG or PCGS slab removes the risks of fake notes and seller-inflated grades. The certified premium usually earns its keep on notes where authenticity and grade certainty affect the price.
Is it worth getting a banknote graded?
It is worth grading a note when you believe it is high grade and its value justifies the grading fee plus round-trip shipping and insurance. Grading pays off on scarce notes and high-grade examples of popular issues, where certification widens your pool of buyers. It rarely pays on common notes worth a few dollars or on circulated notes with folds, since the fees can exceed any added value.