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<p>[QUOTE=&quot;lettow, post: 2023697, member: 6986&quot;]PCGS only grades the paper that is there.&nbsp; They will not deduct from the grade for paper that is missing.&nbsp; They consider that &quot;net grading&quot; or &quot;market grading&quot; which is not in keeping with their standards.&nbsp; It will not get the PPQ designation.</p><p><br /></p><p>A few years ago there was a lively discussion on the PCGS board about a FRN that was missing the right quarter of the note but what remained garnered a grade in the 60s.</p><p><br /></p><p>My opinion only, but I would prefer a whole note even in Fine condition over this one.&nbsp; There are enough of these notes in the marketplace that I would pass entirely.[/QUOTE]</p><p><br /></p>

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