When purchasing large size type notes I have really come to appreciate original paper that has not been messed with. And considering that I have a champagne taste on a beer budget, I find myself drawn to the VF-AU grades. I thought before that EPQ and PPQ were essentially the same, but now I'm beginning to wonder. Both in my own experience and in auction listings online, I've noticed a lot more "head scratchers" in PMG holders, while notes in equivalent PCGS holders seem to be cleaner and more eye appealing. For example, I recently searched the Heritage archives for VF $10 gold certificates. A search with the key word "PPQ" yielded only a handful of notes, while "EPQ" showed at least a full page if not more. Some of the EPQ notes were a bit scudzy looking but the PPQ's seemed nicer overall. Furthermore, the published grading standards for PPQ reference eye appeal while EPQ does not. Am I on to something here or is it just my imagination?
PMG's definition of EPQ; PMG uses the designation Exceptional Paper Quality (EPQ) for notes that, in the opinion of PMG graders, are original. By original, we mean that a note has not been physically, chemically, or materially processed to lend the appearance of a higher grade. PMG graders examine the embossing, inks, and overall integrity of each note to make the determination whether it will qualify for EPQ. Notes exhibiting normal wear-and-tear for their respective grades are eligible; normal wear may include factors affecting grade such as counting marks and folds. Notes receiving the EPQ designation must furthermore be unrestored. A restored note has had non-original material added to bring its appearance to a known or assumed state. For currency to grade Gem Uncirculated 65 or higher, it must also receive the EPQ designation. No note meeting PMG’s standards for the Gem Uncirculated grade can have had its appearance altered to achieve this grade, and thus the highest grade assigned by PMG without the EPQ designation is Choice Uncirculated 64. The minimum grade for which a note becomes eligible for the EPQ designation is Very Fine 30. A note receiving the EPQ designation will have the letters ‘EPQ’ appearing to the right of the grade on the PMG label. Prior to mid-November 2006, the words, “Exceptional Paper Quality” appeared on the back of the PMG label to signify this designation. Notes graded prior to this change may be reholdered to receive this new label format for a $5 reholdering fee. This designation was not in regular use prior to November 2005; notes graded before this date may be re-evaluated for EPQ designation for a $10 review fee, including reholder. PMG has never graded a note Gem Uncirculated 65 or higher that will not qualify for the EPQ designation. Therefore all notes graded Gem Uncirculated 65 and above, regardless of their date of certification, will automatically qualify for the EPQ designation, and may be reholdered with for a $10 fee. PCGS's definition of PPQ; 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. I believe both grading companies TRY to use the PQ designation for the same purpose. Grading is a paid opinion, and sometimes opinions vary.....buy the note, not the holder. Your best safeguard is to learn more about, and learn how to grade.
From 20 years of expeiance in collecting MPC in both PCGS (PPQ) and PMG (EPQ) You will find a slight variation and you Can tell this easily by the registry atleast in the MPC one you will find PCGS notes are graded at least one grade point better then PMG notes for an equivalent One , though I have cross graded many Notes and am currently 23 out of 23 Even Steven a 68 at PCGS is a 68 at PMG So far I haven't had any notes cross graded that went down or up, another Theory is that there is way more notes Going through PCGS then PMG
