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<p>[QUOTE=&quot;funkee, post: 1911508, member: 37925&quot;]Interesting thread. You got my interest peaked. I have a 1918 $1 FRN that is otherwise gem, yet it has two pinholes in the top corners. I assumed some kid just pinned it to a wall.</p><p><br /></p><p>No, I don&#039;t think non-PQ notes are priced with pinholes considered. Pinholes should be noted accurately by the two services. But in reality, it depends on the grade and severity, and whether that deems a Net/Apparent grade.</p><p><br /></p><p>Obviously, as you get down to grades 8 and below, pinholes may not earn a comment at all.</p><p><br /></p><p>According to PCGS, a pinhole may be present and still qualify for a <b>64!</b></p><p><br /></p><p>Check out this excerpt from the PCGS site:</p><p><br /></p><p><b><font size="3">Very Choice New 64</font></b></p><p><font size="3">“64” is an intermediate grade reserved for notes that are better than Choice New but that don’t quite reach the Gem grade. Such notes may have minor faults such as a couple of unobtrusive counting marks, ink or handling smudges, <u>a single pinhole</u>, or a rounded corner tip. The centering or margins will be better than average but may fall just short of that required for the Gem grade. It will still be an above average note, should have good eye appeal, and should not have any major blemishes or faults that are readily evident. A note at this grade level that receives the “PPQ” designation will likely have margins or centering that are slightly narrow or off center, but will possess complete originality.</font></p><p><font size="3"><br /></font></p><p><b><font size="3">Choice New 63</font></b></p><p><font size="3">A Choice note will be strictly New, with no folds or bends that indicate circulation. The paper quality and eye appeal will be slightly above average for the issue, and any flaws present will be minor in nature. Imperfect centering is acceptable at this grade level, although any note with severe centering problems (with the design of the note touching the edge at one or more margins) cannot attain this grade. Counting crinkles or handling marks are acceptable, as is a frayed corner or two. <u>One or two pinholes may be present.</u> No folds or bends may reach into the design of the paper, although a light corner bend that does not extend into the design may be present. A note that otherwise appears Gem New but has flat paper surfaces may merit this grade. Complete originality is again required for the “PPQ” designation, although at this grade level some other problem such as poor centering or minor handling will be present.</font>[/QUOTE]</p><p><br /></p>

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