Currency Grading Companies
One of the most important decisions a dealer or collector makes when deciding to purchase a $5,000 or $10,000 bill is which currency grading service to use. Back in the early years of the late 90’s and early 2000’s there were very few grading companies. Currency Grading Authentication (C.G.A.) and R.C.G.S. were a couple that come to mind. Both C.G.A. and R.C.G.S. have pretty much disappeared from today’s market.
Paper Money Guarantee (P.M.G.) and Professional Currency Grading Service (P.C.G.S.) are the two main grading services that over 95% of dealers and Collectors use today. Legacy Grading Services is a newer grading service that has been around for several years, but P.M.G. and P.C.G.S. are the two dominate grading services in today’s market. P.M.G. and P.C.G.S. started around the same time in late 2004 and early 2005. Before that C.G.A. and RCGS were the main players. I have provided links to both grading services for you to view and make your own decision.
Both grading companies work off the Sheldon scale of 1-70, same scale that the coin industry uses, with a 70 being perfect.
P.C.G.S.
P.C.G.S. first entered the currency grading market in 2005 under the name P.C.G.S. Currency. In 2009 they licensed the name to a third party firm. After the 10 years licensed agreement expired in Jan 2019, P.C.G.S. resumed paper money certification under the new name of P.C.G.S. Banknotes. P.C.G.S. is a division of Collectors Universe. P.C.G.S. uses the universally recognized Sheldon grading scale of 1-70 grading scale to evaluate notes for wear, centering, margins and eye appeal.
P.C.G.S. uses the P.P.Q. designation. Any note above Very Fine 30 can receive their P.P.Q. designation provided they meet the requirement of originality with no issues. Notes graded 65 or higher that maintain originality, are automatically awarded the Premium Paper Quality (P.P.Q.) designation.
Notes with minor impairments (e.g., pinholes, slight tears, ink spots) receive a Details grade. Visit their website for more detailed explanation.
P.C.G.S. has many different Grading fees based off what type of note it is and the value of the note. Turnaround times also affect the cost. They offer several layers of turnaround times. You can visit their website to get the exact turnaround time fees. P.C.G.S. tends to offer quicker turnaround times than PMG and their fees tend to be a bit cheaper than P.M.G. P.C.G.S. also grades World Paper Money.
P.M.G.
Paper Money Guarantee (P.M.G.) was founded in 2005 as a fully independent third party paper money grading service. By many clients and dealers, P.M.G. is considered the leading grading service provider of choice. On their website they claim to have graded over 10 million currency notes. In the opinion of many dealers, P.M.G. does have the nicest holder. PMG fees tend to be higher than P.C.G.S. and their turn around times are typically much longer.
P.M.G. also uses the Sheldon grading scale of 1-70, with 70 being perfect. If there is a problem such as tears, repairs, or pinholes the note receives a NET grade. PMG will specifically state the reasons why the note has received the NET grade. Only the Genuineness Guarantee portion of the P.M.G. Guarantee applies to notes given a NET grade.
Like P.C.G.S., P.M.G. also offer several size holders for larger notes or multiple notes. P.M.G. also grades World Currency.
P.M.G. offers the Exceptional Paper Quality (E.P.Q.) designator for notes that it finds to be genuine and without any issues.
To find out more about P.M.G.’s fee structure and turnaround times, please go to their website for additional information.
Does E.P.Q. and P.P.Q. add value to a note?
Absolutely, without a doubt, the E.P.Q. or P.P.Q. adds great value to any note, especially on the Ultra High Denominations $5,000 and $10,000 bills. There are not many $5,000 and $10,000 bills with P.P.Q. or E.P.Q. attached. I believe the E.P.Q./P.P.Q. designation adds an additional 15% to 25% to the value to a $5,000 or $10,000 bill, especially when the notes are in Uncirculated condition with grades 60 to 66E.P.Q./P.P.Q. Less than 10% of $5,000 and $10,000 notes have P.P.Q. or E.P.Q. designators. I believe there are now three $10,000 bills in the 66E.P.Q./P.P.Q. holders. I sold one in the PMG-66E.P.Q., it was from the Chicago district. There are two 1934 Chicago notes and one Kansas City $10,000 bills in 66E.P.Q.
Even small size notes and large size notes with the P.P.Q./E.P.Q. designations bring premiums over the non E.P.Q./P.P.Q. graded notes. Some collectors only collect E.P.Q./P.P.Q. graded notes.
Any uncirculated note receiving an E.P.Q or P.P.Q. states that this note has never been doctored in any way or manner. It will generally show embossing with perfectly squared corners and bright colors.
Circulated notes that receive the E.P.Q or P.P.Q. stares that that note has never been doctored and does not have any issues such as pinholes, tears, rips, ink or pencil marks, or any stains.
