PMG grading
What the numbers on a PMG label actually mean, what EPQ adds, and how to work out whether grading your note returns more than it costs — which for most notes it does not.
The 70-point scale
Paper Money Guaranty grades on the same 1-to-70 scale used across US numismatics. The number is a condition judgement, not a value: a 66 on a common note and a 66 on a scarce one describe the same paper and mean very different money.
| Grade | Name | What it describes |
|---|---|---|
| 1–3 | Poor to Good | Heavy wear, pieces possibly missing, design still identifiable. Value is close to face on a common note. |
| 4–6 | Good to Fine | Circulated hard. Rounded corners, soft paper, many folds. Collected only when the note itself is scarce. |
| 8–15 | Very Good to Choice Fine | Clearly circulated but intact, with body left in the paper. |
| 20–35 | Very Fine | Light to moderate circulation. Some crispness remains and the corners are largely square. |
| 40–45 | Extremely Fine | Three light folds at most, near-original crispness. The first grade where a premium reliably appears. |
| 50–58 | About Uncirculated | One light fold or a corner bend. Everything else is as issued. |
| 60–64 | Uncirculated | No folds at all. Lower numbers reflect handling marks, counting creases or poor centring. |
| 65–66 | Gem Uncirculated | No folds, strong margins, clean paper. The usual target for a serious collector note. |
| 67–70 | Superb Gem Uncirculated | Near perfect and genuinely uncommon. 70 means no flaw is visible at 5x magnification. |
EPQ, and why it can matter more than the number
Exceptional Paper Quality is a separate designation from the grade. It says PMG found the paper unaltered — not pressed, washed, repaired or colour-touched — with its original embossing intact. Two notes can both grade 64, and the one with EPQ will consistently be the easier sale.
PMG also awards a Star on the label for exceptional eye appeal within the grade. It is unrelated to star notes, which are a printing fact rather than a grading opinion. A replacement note can receive a grading Star, and the label will then carry both — an unfortunate collision of vocabulary that catches out a lot of first-time buyers.
When grading is worth the money
Grading has a floor cost. There is a fee per note, shipping both ways, and insurance, and none of it gets cheaper because the note is cheap. Fees and tiers change, so check the current schedule directly with the grader rather than trusting any figure quoted on a site like this one.
The decision is simpler than it looks:
- Raw note worth face value. Do not grade it. This covers almost every note anyone asks about, including most star notes.
- Raw note worth less than roughly three times the total grading cost. Do not grade it. The grade rarely lifts the price enough to cover the fee, and a low grade can lower it.
- Uncirculated, and scarce for a reason you can name. A short-run star note, a genuinely rare serial pattern, a printing error. Here grading usually pays for itself, because the whole premium depends on a condition claim the buyer would otherwise have to take on trust.
- You need authentication, not a grade. Errors and altered notes are the common case. A holder settles the question permanently.
The honest version
Grading is a marketing expense for a note you intend to sell, not an investment in the note. If you are keeping it, a sleeve and a dry drawer preserve it just as well for a fraction of the cost.
Before you send anything
Find out whether the note has a premium worth certifying. If the answer is face value, grading turns a $20 note into a $20 note in a plastic holder that cost more than the note.
- Look up what a serial is worth for a dollar range scaled by condition.
- Check a serial for collector patterns to see whether the digits carry anything.
- Look up the print run if the note is a replacement — run size decides whether a star note is worth certifying at all.
Questions
What does PMG stand for?
Paper Money Guaranty. It is a third-party grading service that authenticates a banknote, assigns it a numeric grade on the 70-point scale, and seals it in a tamper-evident holder with that grade on the label.
What does EPQ mean on a PMG label?
Exceptional Paper Quality. It means PMG found no evidence that the paper has been altered — no pressing, washing, repairs or added colour — and that the note retains its original embossing and surface. On an uncirculated note the EPQ designation is often worth more than a point or two of grade.
Is PMG grading worth it for my note?
For most notes, no. Grading costs a fee per note plus shipping and insurance both ways, and that cost does not scale down for a cheap note. As a rule of thumb, grading only makes sense when the note is worth several times the total cost of grading it, or when authentication is the point — a high-value error, a rare early series, or a note you intend to sell to someone who will not take your word for its condition.
What is the difference between PMG and PCGS?
Both are third-party grading services using the same 70-point scale, and both are widely accepted. PMG is the larger name in paper money specifically. PCGS Banknote grades notes too. A note graded by either is easier to sell than an ungraded one; regrading a note that already has a holder is rarely worth the cost.
Does grading a star note or fancy serial add value?
Grading does not create value, it certifies it. What it does is remove the buyer's doubt about condition, which matters most exactly where condition drives the premium — and on fancy serials and short-run star notes, condition drives most of the premium. A scarce note in an uncirculated holder sells more readily than the same note raw.
SerialValue is not affiliated with Paper Money Guaranty, PCGS, or any grading service, dealer or auction house, and earns nothing from a submission.