Bank Note Grading & Certification

Frequently asked

Notaphily questions, answered.

What scale do you use for bank notes?

The 70-point Paper Money scale aligned with PMG and PCGS Banknote conventions: 1 (Poor) through 70 (Gem Uncirculated). Notes that meet our criteria for wholly unaltered, unrestored paper receive the EPQ (Exceptional Paper Quality) designation alongside the numeric grade. EPQ is withheld from any note showing evidence of pressing, washing, ironing, chemical treatment, or humidity conditioning.

Will pressing or washing affect the grade?

Yes, both in terms of the numeric grade and the EPQ qualification. Pressed, washed, ironed, or chemically cleaned notes do not qualify for EPQ and are so noted on the certificate. The alteration is detected using raking light (which reveals paper-fibre disturbance and artificial flatness), long-wave UV (which exposes optical brighteners introduced by washing), and stereo microscopy. The note may still receive a numeric grade; the certificate records the alteration in plain language.

How do you handle polymer notes?

Polymer notes are examined in a temperature- and humidity-controlled cell to prevent static-induced surface marks. Holders for polymer issues incorporate a bespoke polymer-compatible spacer that prevents prolonged surface contact and eliminates any risk of chemical interaction between the holder and the note's substrate over time. EPQ criteria are adapted for polymer: pressing is less detectable but chemical cleaning and surface abrasion remain disqualifying.

Are star notes and replacements identified?

Yes. Replacement notes — UK 'Z' prefix issues, US star notes, ECB replacement issuance codes, and equivalents in other national series — are attributed on the certificate with the relevant Pick or specialist catalogue reference. Population data is recorded separately for replacement varieties, as they typically command a premium over standard issues of identical grade.

What about pinholes, common on older European notes?

Pinholes are counted, mapped by position, and described on the certificate. Their presence caps the achievable numeric grade — a note with multiple pinholes cannot grade above a defined threshold — but does not preclude certification or a numeric assignment. Pinholes do, however, automatically disqualify a note from EPQ designation, as EPQ requires wholly intact, unaltered paper.

Will repairs disqualify a note?

Tape repairs, paper fills, glue consolidation, and lamination receive a 'Repaired' qualifier on the certificate. The note is still graded, encapsulated, and registered, with the repair described in plain language including its location and extent. A repaired note is a legitimate collectible — our obligation is accurate disclosure rather than exclusion.

What provenance documentation do you accept?

We accept and record auction catalogues, estate inventories, prior third-party certificates (PMG, PCGS Banknote, IBNS expertising), correspondence, and published references. Provenance is entered in the registry entry and, for Specialist-tier submissions, appended in full to the certificate. A documented ownership chain is particularly valuable for high-denomination and historically significant notes where forgery risk is elevated.

What is your conservation policy?

Xene does not press, wash, or treat banknotes. We do not refer to conservation services for paper currency; any intervention to a note's original paper or printing must be declared by the submitter. Notes presented as unaltered that are subsequently found to have been treated receive a 'Restored' or 'Cleaned' qualifier on the certificate and do not qualify for EPQ.

How is transit insurance handled during submission?

Transit insurance at the declared value is included in the service fee from Standard tier upwards. Economy-tier submissions require the client to arrange their own cover. Xene provides detailed packing instructions, recommended archival interleaving, and contact details for our designated insured courier network upon submission confirmation.

Do you publish registry and population reports?

Yes. The Xene registry is publicly searchable by reference number, description, series, and grade. Population reports are updated in real time upon encapsulation. For banknotes, population data by signature variety and serial-number prefix has proven particularly valuable in establishing rarity premiums at the top grade points.

How does PMG-to-Xene cross-certification work?

The note is submitted in its PMG holder. It is removed in our grading room under controlled conditions and examined fresh — our graders make no reference to the previous grade until after their independent assessment is recorded. The note is then graded against Xene standards, encapsulated, and registered. The prior PMG certification and grade are noted in the Xene registry entry for provenance continuity; the original PMG holder is returned to the submitter. Where our grade differs from the prior PMG grade, the certificate records both grades and the reasons for any change.

Can a note with pinholes ever receive an EPQ designation?

No. EPQ (Exceptional Paper Quality) requires paper that is wholly intact, unrestored, and unaltered by any mechanical or chemical means. A pinhole — however small or however positioned in the margin — constitutes a physical breach of the paper substrate and automatically disqualifies the EPQ designation regardless of the note's grade, originality of print, and overall appearance. The numeric grade is not affected by the mere presence of a pinhole if the note is otherwise uncirculated, but EPQ cannot be awarded.

Recent case notes

From the notaphily bench.