I am hoping to purchase this note but not sure about the grading. Seller has only listed it as "low grade". If I buy this note and send it in for professional grading at PMG, what you think it would be? PMG 15 or less is my guess but I am a novice and not sure. This note has a big hole but otherwise in decent condition. I have seen some PMG 15 or lower grade notes online that are much more worn. Any help would be really appreciated
If it weren't for the hole it would probably grade VF. I don't know if there's such a thing as a DETAILS grade on currency.
The hole probably lowers it a lot. See what Steve in Tampa says. Without the hole it could be 25-30? Besides being folded down the middle there are other areas, that seem to be partially restored creases, etc.
Cool note. It’s unfortunate about the hole. It appears to be a VF. I like the fact that the serial numbers are printed on both sides. This example sold for $24K in 2020.
I attended a grading workshop by a pretty upstanding paper certifier in this area & he said (a few times) you grade the overall note and then identify the issue. The issue doesn't take your # down but they are like NET notes. (It has a stigma attached to it). So, as Steve (& others) have pointed out its probably VF20 or even VF25 (b/c the paper is pretty good) but with a "hole" or "part missing" issue (& of course non EPQ). The paper is discoloured so it would have lost its EPQ even without the hole/missing piece. But if the missing piece was there it would be a much better purchase. However, with a hole that size, it will be a deal-breaker for a LOT of collectors as are most issues (& NET notes). It certainly takes away almost any eye appeal the note would have had so it will be a very tough sell down the road.
For me, I look for attractive examples that hole in the middle is a major distraction and would affect the over all desirability of the note.
I appreciate all the help. I cant afford this note if the hole was not there and not sure I want to buy despite a reasonable-priced rare note given the big defect.
I don't know how it would technically grade, but I wouldn't be so quick to give up on it, just because it has issues. The design is cool, I personally have always wanted one, and the important part of the design (at least to me), the Kaiser, is just fine, and the rest of the note besides the hole has no major issues. It is certainly imperfect, but (at least for me), I could not afford the $24K example that Steve posted, so I personally would consider it. The question to ask yourself: When looking at the note, is your first thought: 1) That is a cool looking Kaiser, or 2) That is an ugly looking hole. If the answer is 2, then forget it. But if the answer is 1, then it could be for you. My personal thought on seeing your scan was 1. Somehow I doubt you would have too much trouble selling it. It is a cool design, some collector will want it, though of course the price will suffer.
I wonder if the paper had a hole before the printing. If so, then it's not a printing process-made defect, but a paper defect before the printing. The reason I say this, is that the hole is not cermeritical and I lean to the production on when the paper was manufactured. I was a printer at one time and have seen defects in our papers.
