Hey 2 of my first notes were just graded. Fr 123 grade 25, and FR 159 grade NET 10 (Repaired piece added) My question is this, Ive read about how repairs almost always damage/destroy the collectors value of a note, since this repair did not actually change the portion of the original note and instead a hole in the note was filled is this not valuable?, I attached a pic the repaired piece looks like a watermark on the right side of note.
PMG states: A “Net” graded note is one which has had an adverse occurrence after it was printed. Basically a Net or Apparent (PCGS) grade indicates a flaw with the note that occurs after the note was printed, aside from usual circulation, without which the note would achieve that grade. Things that might result in a Net grade are: stains, edge tears, internal tears, pinholes, missing pieces, writing, stamps, restoration, etc. Without the pinholes, your note would have likely achieved the same VG-10 grade, with no Net. Having pinholes, it would have achieved VG-10 Net with a comment "Pinholes". If the pinholes were closed, the note would grade VG-10 Net with a comment "Closed Pinholes." Closing the pinholes does not get rid of the Net grade, and it doesn't improve the grade. The idea is you can't "uncirculate" a note - although many people try. This leads us into the area of restorations. There are plenty of opinions on the subject. Some feel that professional and undetectable restorations add to the value of a note. Others feel that notes should not be tampered with at all. The difficulty is how to define a restoration. It can range from crappy job using scotch tape and Elmer's glue, to professional restorations closing pinholes, reattaching pieces and removing stains. And then there's doctoring. In my opinion, the difference between doctoring and restoration has to do with disclosure. If anything is done to a note to improve it's appearance without disclosure, I would call it doctoring. The TPGs like PMG and PCGS do not increase the grade due to a restoration. There are sellers out there **cough** Jimrob23 **cough** that will attempt to improve the appearance of a note and resell it at a higher grade, without disclosing what was done - that's doctoring. I've seen notes graded at 25 being passed as uncirculated after cleaning and pressing. Search around and you'll find a lot of threads on the subject with plenty of images.
btw, as i get the bills graded im going to make a post in the buy/sell section listing my inventory, if anyone wants to make offers, i will give anyone on this website first choice, because of all the great info you guys have provided
