GRADING POLICY

The grade of a note is critical. At Olmstead Currency we know that how we grade determines our future. It is not pricing, it is grading that matters most. A note that is really VF but listed as EF with a low price is no bargain at all.

We follow the grading guide in the Krause publications, reprinted here for your information. There is always some subjectivity or judgment in grading and we advise everyone to learn how to grade properly. It will save you a lot of trouble - and a lot of money!

Olmstead Currency is conservative in grading. Additionally for world notes we specify pressing where it is evident. If a world note is not described as pressed then you can be certain it is 100% original, whether VG or UNC.

Because there is sometimes disagreement about grading we prefer a full return privilege and encourage any collector to return any note not totally to their liking, no questions asked.

At Olmstead Currency we insist that you to be 100% satisfied!

GRADING GUIDE - DEFINITION OF TERMS

UNCIRCULATED: A perfectly preserved note, never mishandled by the issuing authority, a bank teller, the public or a collector. Paper is clean and firm, without discoloration. Corners are sharp and square, without any evidence or rounding. (Rounded corners are often a tell-tale sign of a cleaned or "doctored" note.) An uncirculated note will have its original, natural sheen.
*NOTE: Some note issuers are most often available with slight evidence of very light counting folds which do not "break" the paper. Also, French-printed note usually have a slight ripple in the paper. Many collectors and dealers refer to such notes as AU-UNC.

ABOUT UNCIRCULATED: A virtually perfect note, with some minor handling. May show very slight evidence of bank counting folds at a corner or one light fold through the center, but not both. An AU note cannot be creased, a crease being a hard fold which has usually "broken" the surface of the note. Paper is clean and bright with original sheen. Corners are not rounded.

EXTREMELY FINE: A very attractive note, with light handling. May have a maximum of three light folds or one strong crease. Paper is clean and bright with original sheen. Corners may show only the slightest evidence of rounding. There may also be the slightest sign of wear where a fold meets the edge.

VERY FINE: An attractive note, but with more evidence of handling and wear. May have several folds both vertically and horizontally. Paper may have minimal dirt, or possible color smudging, Paper itself is still relatively crisp and not floppy. There are no tears into the border area, although the edges do show slight wear. Corners also show wear but not full rounding.

FINE: A note which shows considerable circulation, with many folds, creases and wrinkling. Paper is not excessively dirty but may have some softness. Edges may show much handling, with minor tears in the border area. Tears may not extend into the design. There will be no center hole because of excessive folding. Colors are clear but not very very bright. A staple hole or two would not be considered unusual wear in a Fine note. Overall appearance is still on the desirable side.

VERY GOOD: A well used note, abused but still intact. Corners may have much wear and rounding, tiny nicks, tears may extend into the design, some discoloration may be present, staining may have occurred, and a small hole may sometimes be seen at center from excessive folding. Staple and pinholes are usually present, and the note itself is quite limp but NO pieces of the note can be missing. A note in VG condition may still have an overall not unattractive appearance.

GOOD: A well worn and heavily used note. Normal damage from prolonged circulation will include strong multiple folds and creases, stains, pinholes and/or staple holes, dirt, discoloration, edge tears, center hole, rounded corners and an overall unattractive appearance. No large pieces of the note may be missing. Graffiti is commonly seen on notes in G condition.