I find it hard to fathom that a note graded so low can earn a PPQ rating. Really? I thought the very grade implies the paper quality is not "premium."
In the lower grades *PQ will mean the note has not been pressed and does not have pinholes,tears, etc. Because pinholes and tears are "acceptable" at the lower grades according to the TPG companies these defects will not get specific mention on the holder for lower grade notes. *PQ does not mean the paper is bright and shiny. It means the grader has not detected any defects in the paper or attempts to improve it.
Following up on what Lettow said. From PCGS Website: To distinguish notes that bear all the hallmarks of complete originality and outstanding paper quality for the grade, we will affix a “PPQ” (Premium Paper Quality) designation to the grade (e.g.: “Gem New 65PPQ”). These are notes that bear no visible evidence of restoration and that retain all signs of fully original paper quality, such as paper wave, embossing, and bold ink color and eye appeal. “PPQ” notes should also have above average paper for the grade that is free of defects such as tears, pinholes, or other problems. This is not done to penalize those notes that are not fully original, as many are very collectible and highly valuable. Instead, this system is designed to reward those notes, both circulated and New, that possess premium paper quality and complete originality. It should be understood that even though a note may be fully original and free of any restoration, it still might not qualify for the “PPQ” designation.
Funkee, I fought this battle over on the PCGS board. To me, giving notes like this with such worn paper a PPQ designation undermines the value of said designation. I once thought the PPQ/EPQ/Whatevah designation was designed to denote truly nice example in the grade. Now, it is like "participant".
Please do not interpret my explanation as an endorsement of the practice. There does not appear to be anything original or premium about the paper quality of the notes in the OP.
