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<p>[QUOTE=&quot;Dave M, post: 3639390, member: 17469&quot;]Separate your thoughts of the grade versus the value.</p><p><br /></p><p>Grade is (in this case) based on PMG&#039;s standard as written, and talks about the quality of the printing and the condition of the note. If they say &quot;pinholes (on in this case punches for cancellation) don&#039;t affect the grade&quot;, then that&#039;s their standard.</p><p><br /></p><p>Value is based on the demand for the note and thus how much someone is willing to pay for it. A note graded PMG 45 could be a completely common note worth $1, or a very rare note worth $10,000. Both could be graded PMG 45, with no notation on them as to rarity.</p><p><br /></p><p>So let&#039;s say there were 5000 of those specimens made, but there was one day that the central bank decided to recall and cancel them all. They started this process and had cancelled two of the notes, when suddenly the bank caught on fire and burned down. So there are 2 in existence with punched holes and &quot;CANCELLED&quot; overprinted on them, and there are 4998 of the original un-cancelled specimen notes. All other things being equal, which would you rather have?[/QUOTE]</p><p><br /></p>

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