We will try this again!! Many people ask me, What does the letters After the grade of a note mean? PCGS and PMG both have different designations for the same thing In paper quality PCGS uses PPQ (Premium Paper Quality) and PMG Uses EPQ (Exceptional Paper Quality) Though some are not a fan of this! I am adding an additional grade To anything or descriptive feature is always a bonus, So what are They saying when they use these terms? This relates to the condition Of the overall paper, Paper that is not original has graffiti, Pinholes has Been pressed, Cleaned, Washed or altered in anyway cannot get this Designation look at it as something extra!! But i for one would want to know the condition of the paper after All it would be more valuable, Even though paper designations are not Included in any price guide i would always consider a PPQ or EPQ More valuable. Here,s a good example of a Series 521 $10 in both PCGS VF 35PPQ and XF 45 with out designation is the 35PPQ a better note of course not! But the paper is crisper according to PCGS!
It is not the crispness of the paper that gets the PPQ or EPQ designation. It is whether the paper is orignal or not. Notes that are pressed, washed, cleaned, with grafitti, pinholes on higher grade notes, etc. will not get the designator regardless of how crisp the paper is. Here is a thread from CU that shows an example of this: http://forums.collectors.com/messageview.cfm?catid=23&threadid=755388&highlight_key=y&keyword1=ppq
Hi Lettow thanks for your contribution! I actually rewrote this and didnt Include the words over all paper quality in the second draft, Thanks for Calling that to my attention i will edit it and include your additional Info!!
Iam going to follow up on the 45, As per your question as why it didnt get The PPQ in the other thread, Its a great note with none of the obvious signs As descried, It baffels the mind really!!
From the PCGS Grading Standards : To distinguish notes that bear all the hallmarks of complete originality and outstanding paper quality for the grade, we will affix a “PPQ” (Premium Paper Quality) designation to the grade (e.g.: “Gem New 65PPQ”). These are notes that bear no visible evidence of restoration and that retain all signs of fully original paper quality, such as paper wave, embossing, and bold ink color and eye appeal. “PPQ” notes should also have above average paper for the grade that is free of defects such as tears, pinholes, or other problems. This is not done to penalize those notes that are not fully original, as many are very collectible and highly valuable. Instead, this system is designed to reward those notes, both circulated and New, that possess premium paper quality and complete originality. It should be understood that even though a note may be fully original and free of any restoration, it still might not qualify for the “PPQ” designation. From the PMG Grading Standards: In addition to the 70-point numerical grading scale, PMG uses several designations to give an additional description to select notes. These designations are Exceptional Paper Quality (EPQ), the PMG Star () Designation and NET. EPQ An Exceptional Paper Quality (EPQ) note is, in the opinion of PMG graders, completely original. EPQ notes will not have been physically, chemically, or materially processed to give the appearance of a higher grade. Notes exhibiting normal wear-and-tear for their grade are eligible. All notes graded Very Fine 25 and higher will be evaluated for the EPQ designation. Notes must qualify for the EPQ designation to grade Gem Uncirculated 65 and higher.
