PMG vs PCGS for Banknotes: Which Grading Service Should Collectors Choose?
PMG and PCGS Banknote are both trusted third-party grading services, and both grade paper money on the same 1 to 70 scale, so neither is universally better. PMG has the longer track record as a dedicated paper-money grader, while PCGS is the more familiar name to coin collectors and grades notes under its PCGS Banknote service. The right choice depends on the specific note, the grade you want, and the collecting ecosystem you already use. Planet Banknote stocks notes certified by both.
Last updated: July 2026
How do PMG and PCGS compare for banknotes?
Both services certify authenticity, assign a grade on the identical 1 to 70 scale, add a paper-quality designation, and seal the note in a tamper-evident holder with a verifiable certification number. The differences are in wording and history, not in the fundamentals.
| Attribute | PMG (Paper Money Guaranty) | PCGS Banknote |
|---|---|---|
| Grading scale | 1 to 70 numeric, adapted from the Sheldon scale | 1 to 70 numeric, adapted from the Sheldon scale |
| Paper-quality designation | EPQ (Exceptional Paper Quality) | PPQ (Premium Paper Quality) |
| What the designation certifies | Original, unaltered paper: no pressing, repair, or cleaning | Original, unaltered paper: no pressing, repair, or cleaning |
| Track record in paper money | Longer; a dedicated paper-money grader | Grades notes under the newer PCGS Banknote service; PCGS is long established in coins |
| Holder | Rigid, sealed, tamper-evident; printed label with grade and cert number | Rigid, sealed, tamper-evident; printed label with grade and cert number |
| Online verification | Certification-number lookup on PMG's website | Certification-number lookup on PCGS's website |
| Population data | PMG population report | PCGS population report |
| At Planet Banknote | In stock PMG | In stock PCGS |
Do PMG and PCGS use the same grading scale?
Yes. Both grade paper money on the same 1 to 70 numerical scale, adapted from the Sheldon scale used for coins, where 70 is flawless and 1 is barely intact.
Because the scale is shared, the number means the same thing in either holder. A note graded 66 by one service sits at the same point on the scale as a 66 from the other, and both attach a descriptive grade (Uncirculated, About Uncirculated, Very Fine, and so on) alongside the number. If you understand one service's grades, you already understand the other's. For a full walk through the numbers and what each grade looks like, see the Planet Banknote grading guide.
What is the difference between EPQ and PPQ?
EPQ and PPQ are the same idea under two names: a note with completely original, unaltered paper that has not been pressed, repaired, or chemically cleaned.
- EPQ (Exceptional Paper Quality) is PMG's designation.
- PPQ (Premium Paper Quality) is PCGS Banknote's designation.
The wording differs by service, but the meaning is identical. A note carrying either designation is generally worth more than the same numeric grade without it, because the paper is certified to be exactly as it left the press. When you compare two certified notes at the same number, always check whether both carry EPQ or PPQ. That single designation, not the brand on the holder, often explains a price gap.
Which service has the longer track record in paper money?
PMG has the longer track record as a service dedicated to paper money, while PCGS built its name in coins first and grades notes today under its separate PCGS Banknote service.
That history is the most real difference between the two, and it cuts both ways. PMG's paper-money focus means collectors encounter its holders most often across world banknotes, so a PMG grade is a familiar reference point in the notes market. PCGS brings decades of coin-grading infrastructure, brand recognition, and a large registry community that many collectors already belong to. Both are widely accepted, and a note in either holder answers the two questions that matter most: the note is genuine, and its grade was assigned by a neutral expert rather than the seller.
How do the holders and labels differ?
Both services seal the note in a rigid, tamper-evident holder with a printed label, and both make each note verifiable online, so the practical differences come down to terminology.
On either holder, the label lists the issuing country, the denomination, the catalog (Pick) number, the numeric grade, the descriptive grade, the paper-quality designation, and a unique certification number. You can enter that certification number on the grading service's own website to confirm the note matches its label, a safeguard no raw note offers. The clearest label difference is the paper-quality wording already covered above: PMG prints EPQ, PCGS prints PPQ. Beyond that, choose the holder whose look and ecosystem you prefer, since both protect and document the note the same way.
Does the grading service change what a note is worth?
No. Grade drives price, not which service graded the note.
The clearest way to see this is to line up the same note across grades and services. The table below shows Planet Banknote retail for the Zimbabwe 100 trillion dollar note (Pick P-91) at the top of the scale.
| Grade | Certifier | Price |
|---|---|---|
| 67 Superb Gem UNC EPQ | PMG | $279 |
| 68 Superb Gem UNC PPQ | PCGS | $329 |
| 68 Superb Gem UNC EPQ | PMG | $367 |
Planet Banknote current retail, July 2026. Prices change with inventory and market conditions.
Notice that the price climbs with the grade number, not with the brand on the holder. At grade 68 the PCGS example is priced below the PMG example, and the PCGS 68 sits between the PMG 67 and the PMG 68. If the service itself carried a premium, the two 68s would not straddle each other this way. For the full grade-by-grade ladder on this note, see the Zimbabwe 100 trillion price index.
Which grading service should you choose?
Choose by the note and the grade first, then treat the service as a secondary preference, because both PMG and PCGS Banknote are trusted and neither is universally better.
A few fair guidelines:
- Buy the note, not the label. Find the note and grade you want, confirm it carries EPQ or PPQ if paper quality matters to you, and let availability guide which service you end up with.
- Match your ecosystem. If you already keep a PCGS registry set or grade your coins with PCGS, a PCGS Banknote holder fits neatly. If you collect world paper money broadly, you will see PMG holders most often.
- Verify either way. Whichever service graded the note, look up its certification number online before you buy, and keep the holder sealed to preserve the grade.
Planet Banknote stocks notes certified by both services, so you can compare the two holders side by side rather than commit to one. Browse the graded banknotes collection to see PMG and PCGS examples together, or read more collector guides on the Planet Banknote blog.
Frequently asked questions
Do PMG and PCGS use the same grading scale for banknotes?
Yes. Both PMG and PCGS Banknote grade paper money on the same 1 to 70 numerical scale, adapted from the Sheldon scale used for coins, where 70 is flawless and 1 is barely intact. A note graded 66 by one service occupies the same point on the scale as a 66 from the other. The scale is shared, so the number means the same thing in either holder.
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. The wording differs by service, but the meaning is the same, and a note with either designation is generally worth more than the same numeric grade without it.
Is PMG or PCGS better for banknotes?
Neither is universally better. Both are widely accepted, both use the 1 to 70 scale, and both certify authenticity and paper quality. PMG has the longer track record as a dedicated paper-money grader, while PCGS grades notes under its PCGS Banknote service and is the more familiar name to coin collectors. For most collectors, a note in either holder settles the two things that matter: authenticity and an independently assigned grade.
Does Planet Banknote sell both PMG and PCGS graded notes?
Yes. Planet Banknote stocks notes certified by both PMG and PCGS Banknote, so you can compare the two holders side by side and choose the grade and service you prefer. Every certified note can be verified by its unique certification number on the grading service's own website, and every order ships with a free Certificate of Authenticity.
Should I choose a banknote by its grade number or by the grading service?
Start with the grade and the note, then treat the service as a secondary preference. Price and quality track the numeric grade far more than the brand on the holder, so a 68 is a 68 whether it is PMG or PCGS. Choose the service that fits your collecting ecosystem, such as the population reports or registry you already use, once you have found the note and grade you want.
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.
Have a question about a specific certified note or your order? Our FAQ page covers shipping, returns, and the Planet Banknote Verified process, and every certified note we sell can be checked against its grading service's online records before it ships.