When you see a note that has been given the EPQ designation, typically what kind of premium should be expected over one that does not receive the designation? They seem to be rarer. I'm not sure how they judge what deserves the designation. I know some notes could have been tampered with to make them look better. That's not to say just because a graded example didn't get EPQ that it's tampered with. What do you guys think about it?
Typically, any added premium for a EPQ/PPQ/SPQ/OPQ designation is usually linked to the basic value and rarity of the series. Modern small size notes tend to be less expensive and usually have the designation, so PQ may not make that big of a difference. Older circulated large size notes have usually had some kind of improvement done, so PQ will have a larger premium. The grading companies are looking for original embossing, bold ink color, and eye appeal, some older notes might even have an original paper wave. Unlike coins, once the note is encapsulated, some of these qualities are much harder to detect and you have to trust the grading company. Restoration, pressing, washing, pinholes, stains, tears, etc will keep notes from receiving a PQ designation. Handle as many notes as possible, learn how to grade and detect problems. Before TPG's, many older large size notes were improved by washing and pressing to improve eye appeal. Buy the note, not the holder. An educated collector is a smart buyer and better collector. Visit the grading companies web sites and you can read how they determine grades and Paper Quality originality.
