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<p>[QUOTE=&quot;johnmilton, post: 26381786, member: 101855&quot;]The PCGS Banknote Company when belly up. All of their certified notes are like raw notes now. That is not a big problem for the less expensive pieces, but for the better notes, it means you either have to sell them at a discount or have them re-graded.</p><p><br /></p><p>I witnessed a transaction at the Summer FUN which illustrated the problem. A represntive from another dealer brought a note to a dealer with whom I do a great deal of business. The dealer looked at the note and said, &quot;You know the problem, don&#039;t you? I can only pay you X.&quot;</p><p><br /></p><p>The representative acknoweldged the situation and accepted the offer.</p><p><br /></p><p>My dealer friend told me that the PCGS Banknote Company got lose with their grading toward the end which tainted the product. Personally I don&#039;t think that this situation speaks well for PCGS.</p><p><br /></p><p>And yea, Fractional Currency is a lot of fun to collect. You can put together a type set without breaking the bank. I put a set together back in the late 1980s. All of my notes are raw, although they are all high grade circs or crisp Uncirculated. I am not a paper money expert, however.</p><p><br /></p><p>The piece you have is considered to be from the second issue of Fractional Currency. Technically it&#039;s the first issue, because the earliest notes were called “Postal Currency.”</p><p><br /></p><p>The oval around Washington’s portrait is an anti-counterfeiting device. It’s made of copper particles glued to the paper. If it’s like the copper in a bronze coin. If it’s bright red, it’s pristine. It usually turns brown, and it some instances can even turn green. I’ve see counterfeit pieces that had green around the portrait. Those were made &quot;back in the day,&quot; not recently.</p><p><br /></p><p>Here&#039;s the Second Issue 5 cent note from my collection.</p><p><br /></p><p>[ATTACH=full]1683360[/ATTACH] [ATTACH=full]1683361[/ATTACH]</p><p><br /></p><p>Here is a Postal Currency note to show you the difference. This one has the perferated edge, like a postage stamp. They also come with plain edges. </p><p><br /></p><p>[ATTACH=full]1683362[/ATTACH] [ATTACH=full]1683363[/ATTACH][/QUOTE]</p><p><br /></p>

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