What PMG grades
Paper Money Guaranty (PMG) is the dominant third-party grading service for US and world banknotes. PMG encapsulates each note in a sealed holder after assigning a numeric grade on the 1–to–70 scale used across the paper money grading industry, with separate flags for paper quality and any conservation work.
The grade ranges
Below 25 (VF) is heavily circulated. 30–35 is Choice VF. 40–55 is Extremely Fine to About Uncirculated. 60–64 is Uncirculated with minor flaws. 65–69 is Gem Uncirculated. 70 is Superb Gem with no detectable flaws under magnification. The Gem 65 boundary is the major price-break threshold for collector currency.
EPQ and PPQ designations
EPQ (Exceptional Paper Quality) on PMG holders — PPQ (Premium Paper Quality) on PCGS Currency holders — indicates the note has original paper without conservation, washing, or pressing. EPQ-designated notes trade at substantial premiums over the same grade without the designation. The difference can be 50 percent or more on Gem-grade notes.
When to grade
For notes with declared values above the cost of submission plus shipping plus insurance — typically anything over a few hundred dollars in raw form — PMG encapsulation makes the note safer to sell, easier to ship, and protects against handling damage. For low-value circulating currency, raw is fine.
Frequently Asked Questions
Is this banknotes guide suitable for beginners?
Yes — this guide is written to be accessible to new collectors while remaining useful for intermediate enthusiasts. We layer foundational concepts with practical examples, expected price ranges, and authentication checkpoints so you can read once and reference repeatedly. If you are completely new, we recommend reading our beginner’s roadmap (/start-here/) alongside this material.
How current is the information in this banknotes guide?
This guide reflects 2026 market conditions, grading standards, and authentication best practices. We periodically refresh content as auction records, grading-service criteria, and counterfeit techniques evolve. The guide’s last-updated timestamp shown by your browser corresponds to our most recent factual review.
What’s the most common mistake collectors make in banknotes?
Buying before learning. The hobby rewards patience: collectors who spend the first 60-90 days reading, attending shows, watching auction results, and asking questions in established communities consistently outperform those who buy aggressively from day one. Education compounds; impulse purchases rarely do.
Where can I get items in banknotes authenticated?
For most categories, established third-party authenticators include PSA, BGS, CGC, and SGC for cards; PCGS and NGC for coins; BBCE for sealed Pokémon and sports wax; AFA for toys; and recognized industry experts or auction-house specialists for watches, autographs, and fine collectibles. Independent verification typically costs $20-$200 and is well worth it for any item over $500. See our /authentication-hub/ for category-specific recommendations.
How do I sell banknotes for the best price?
Match the venue to the value. Items under $100: eBay or Facebook collector groups. Items $100-$1,000: eBay with strong photography and detailed descriptions, or category-specific platforms (StockX, Discogs, Catawiki). Items over $1,000: established auction houses (Heritage, Goldin, Christie’s, Phillips) or vetted dealer consignment. Avoid pawn shops (typical offers: 20-40% of fair value) and unverified buyers offering instant cash.