Complete Reference · PMG Scale
Paper Money Grading Guide:
Every Grade Explained
The PMG scale runs from 1 to 70. Every grade has a name, a set of criteria, and a real impact on value. This guide covers all of them — what graders actually look for, how each grade differs from the one above and below it, and what it means when you're buying, selling, or just trying to understand what you have.
A note about our calculator: The LearnToGrade calculator estimates grades up to 68. Grades 69 and 70 exist on the scale, and we link to their guide pages below — but they are statistically so rare (fewer than a handful of examples exist for most series) that reliably estimating them from self-reported inputs isn't honest. We'd rather give you an accurate 68 than an inflated 70.
Rag (Grades 4–8)
Heavily worn, fragile notes. More folds than you can count. Structural damage, missing pieces, and heavy staining are common. The note may barely hold together.
Heavily Circulated (Grades 10–25)
Weak body, 20+ folds common, pinholes and stains are expected. Low grade but still collectable for scarce series. Paper has lost most of its original crispness.
Circulated (Grades 30–45)
Multiple folds and handling, softer paper, possible minor stains or edge wear. The note has clearly been used but still presents reasonably well. A popular collecting zone.
About Uncirculated (Grades 50–58)
Light handling only, very few folds, strong paper integrity. These notes are "close to new" — often just one or two light folds away from uncirculated. Highly desirable at this zone.
Uncirculated (Grades 60–65)
No folds. Crisp paper, sharp corners, strong eye appeal. Small counting flicks or handling impressions may be present. This is where serious collectors and investors begin to focus.
Superb Gem Uncirculated (Grades 66–70)
The rarest grades on the scale. These notes are essentially flawless — differences between grades are detectable only under magnification or raking light. Value increases exponentially at each step.