UNCIRCULATED (UNC) - The term, "uncirculated" means that an item has never entered circulation, but more then that the term refers to a note which has not been mishandled by the issuing authority, the bank, or the collector. The note should be free of any trace of stain, or discoloration, corners and edges should be sharp and corners square. Some aspects of the printing method can be taken into consideration such as the placing of security threads during the printing may cause a dimple at the top and bottom of the security thread. Notes of Pakistan and India were often stapled together prior to distribution to banks. These notes may be considered uncirculated if there is an absence of rust from the staple, but should be described as such. A rounding of the Euros has been noticed at the left hand side of the note due to the placement of the security strip.

ABOUT UNCIRCULATED (AU) - An uncirculated note which has experienced some handling such as bank counting folds at the corner, or a light fold through the center. Bank bands will often cause such a fold. Paper is clean and unsoiled and cannot contain a sharp crease which brakes the surface of the note.

EXTREMELY FINE (XF or EF)- An attractive note which shows some traces of handling such as a maximum of three (3) light folds, or one (1) strong crease. There may show a slight sign of rounding of the corners. Paper should be clean, with no stains.

VERY FINE - Note shows sign of handling, but is still highly attractive. Note may have a maximum of four (4) light folds, and/or a maximum of two (2) strong creases. Paper will show a minimum of dirt, but note is still relatively clean. No tears although edges may show slight wear.

FINE (F) - A note with many folds, and creases. Paper may show signs of handling, but is not excessively dirty. Edges will show handling with possible minor tears of less then 1/2mm. There will be no center holes due to excessive folding. One or two pin holes are acceptable if the overall appearance of the note is good.

VERY GOOD (VG) - The note is well used with many folds, creases, but no single piece of the note is missing. Tears may be present around edges, but not exceeding 3mm. Some discoloration and staining may have occured, and a very small hole may be present in the center due to excessive folding. Pinholes may be present, but not excessive.

GOOD (G)- A well circulated note which includes heavy multiple folding and creases, stains, discoloration, pinholes, edge tears not exceeding 10mm, center hole, and rounded corners. Only minor corner pieces of the note may be missing. Graffiti may also be present.

FAIR - An extremely well used note, dirty, with strong discoloration, tears entering into the body of the note, one or more corners missing, hole in center of note. Although some wear may obscure portions of the note the major design must be readable.

POOR - A note which has been severely damaged due to wear, staining or discoloration with pieces missing, possible graffiti, taped sections, and trimming of edges.

GRADING A NOTE - When grading a note it is important to hold the note to a light so that you can look down the length of the note. In this manner you will be able to detect minor folds, or notes which have been "Ironed" to remove minor folding or creases. Then hold it up to the light again to detect any holes in the note, or repairs. When grading a note one must take into consideration the age of the note, and the type of paper it was printed upon to determine if the note should be crisp or not. Older notes were often printed on a linen/paper combination to increase their circulation life, but these notes do not hold their crispness as well as current notes do. New notes, such as "polymer" notes may look uncirculated at first due to their resistance to dirt, wear, moisture, but may have actually seen circulation so examine the note carefully.