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Message:: [QUOTE="Skippy Topaz, post: 2568578, member: 76224"]Been trying to learn a bit more about Grading by looking at notes on the web and comparing them to the guidelines from the PCGS website (posted below) and other graded notes but to my untrained eye some of the guidelines don’t seem to follow what I see on notes. The guidelines say that an XF-40 can have three folds and pinholes but all the notes I’ve seen at 40 don’t have any folds and look really nice. The latest note I’ve been trying to guess the grade on is this one.  It looks pretty good and does have three folds (one grading chart said a typical VF-30 would have 7-10 folds) so having trouble figuring it out. My initial guess based on the guidelines was that this Educational is probably a VF-25 but then I found the PMG-25 posted below and think it looks much worse so maybe the first note is a 30? or can they both be a 25? Anyway…I figured I’d bring up the topic and see if someone more knowledgable on grading might chime in <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /> [ATTACH=full]555223[/ATTACH] [ATTACH=full]555224[/ATTACH] Extremely Fine 40The old standard of “three folds makes an XF” is applicable here, as typically a thrice-folded note does indeed usually grade “40”. Common sense exceptions must be made, however, as three folds that are exceptionally heavy may drop the note into a lower grade category. Notes with three folds and a couple of other minor light bends or folds may occasionally make it to the “40” grade if the extra folds are light enough and are not obtrusive to the overall appearance. A typical XF note may have a couple of pinholes, but any larger holes would prevent a note from reaching this grade.___________________________________________________________Very Fine 35This is a “just miss” grade, comparable to the grade “About Extremely Fine” used by some companies. It represents a note that is very close to an Extremely Fine 40 but that has one or two minor faults, such as an additional light fold or two that preclude a higher grade. A “35” should have eye appeal that is well above average for a VF note.____________________________________________________________Very Fine 30One or two extra folds on an otherwise Extremely Fine note would lower an example to this grade level. The paper should remain nearly fully bright, and it should retain strong crispness. A “30” will retain good color and eye appeal and should have no more than a few scattered pinholes.____________________________________________________________Very Fine 25A “25” is basically a “20” that for some reason appears slightly nicer than average or has some (but not enough) claim to a Very Fine 30 grade. A “25” will typically have bright, solid paper with some signs of light handling or circulation, and it may have more folds than are allowed for a higher grade.___________________________________________________________Very Fine 20A Very Fine 20 note should have plenty of body remaining in the paper, although numerous folds, wrinkles, or other signs of circulation may be present. Mild soiling might be apparent, but it should not be serious. The paper should remain relatively bright. No tears, stains, or other impairments should be readily apparent, and the note should still have nice eye appeal. Several minor pinholes may be visible when the note is held to a light. The corners may be slightly frayed or slightly rounded at this grade, but the paper should retain nearly full crispness and there should be little or no loss of color in the design.[/QUOTE]

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