Paper currency is graded on the basis of certain standards developed over the years by dealers and paper money organizations. The process of grading, being somewhat subjective, is more of an art than a science. While accurate grading requires skill and experience, determining an approximate grade is possible for even a novice collector. The following sets out and describes the basic grades that may be assigned to a particular bill note or other paper currency item, starting from the highest grade to the lowest. Remember: Eye Appeal and collectability are always factors in deciding value, not grade. GEM UNCIRCULATED: A flawless uncirculated note. It is bright, crisp, well centered, free from any traces of handling. and has no folds, creases or bent corners. CHOICE UNCIRCULATED: An uncirculated note with brighter than normal coloration and crispness but not quite as fresh looking as a gem uncirculated note. It must have no creases or bent corners. ABOUT UNCIRCULATED: A clean and bright note with its original sheen but with some minor handling and showing very slight evidence of folds at a corner or through the center. EXTREMELY FINE: A crisp, good looking note with bright but very slightly faded colors and showing light handling and some folds. VERY FINE: An attractive note, but with more evidence of handling and wear such as several folds and some dirt and edge wear but with no tears and minimal loss of crispness. FINE: A circulated note exhibiting considerable but not serious signs of wear such as folds, creases and wrinkling. The note will show some loss of crispness and evidence of some discoloration, no pieces of the note missing. The overall appearance of the note is still good though. VERY GOOD: A well circulated, limp note with significant wear, discoloration, some staining, excessive folding, tiny pinholes and only small or minor pieces of the note missing. GOOD: The term “Good” in the grading of paper currency is almost misleading. This grade refers to a heavily worn used note having several strong folds and creases, discoloration, edge tears, frayed corners, surface abrasions, stains, pinholes, and an overall poor appearance. No large pieces of the note are missing, however. POOR: This is the lowest grade that can be accorded to a note. Such a note is severely damaged with large pieces missing and showing heavy surface wear, large holes, stains and considerable discoloration.