First if your going to grade paper PMG is the only top tier company left, the old PCGS ( collectors universe ) green label was number 1 until the owner ran it in to the ground ! Lots of money was lost as there was no population figures to support the grades. Another thing to consider is grading can be very subjective, if your looking at a high quality note or any type good boarders ( even all around ) is always a great place to start
I have a collection of Confederate paper money by the type numbers that will never be complete. I look at the note and decide if I like it. Bright colors, decent centering for the given variety and the absence of stains are big for me. I know the number of folds is a big issue, but I'm more concerned if I like it. You can get high grade examples of the 1863 and 1864 issue notes if you are willing to pay for them. The 1861 notes are another story. For some of them, VF is as good as you are going to get unless you want to mortgage the house and be in the right place to buy them.
There’s nothing like collecting civil war era notes, there’s lots of fakes out there though so being very knowledgeable is key, TPG authentication would be a plus to
Yes, the pieces that I will collect in the future will be certified. I had five raw pieces graded. One, the most expensive piece by far, was graded higher than I thought it would be, one was a notch below and the other three were what I expected. Getting those pieces graded was expensive and time consuming - three months or more.
The EPQ/PPQ designations are as @SteveInTampa said, not having the designation implies the paper has suffered alterations from original. You can have an absolutely perfect note as far as print and centering go with absolutely no wear but moisture has caused the fibers to swell and the swelling has affected the embossing. Pressing a note also has a detrimental effect on paper quality.