What Is Your Preference As A Collector....

Well,
Here they are, both graded by the same Co. as V. F. For me that's un-believable, and what's even more un-believable is that there's more out there just as bad. The guys here that graded them in the GOOD category I think were being generous. Would anyone on this forum actually buy these notes at V. F. prices and be proud to have them in there collection. Not me.
Bill Collector

For those of us who do not collect graded currency, a definition
of the designation " Apparent " would help.
Is it the same as " details " for coins?
What bothers me more is the the first example looks crisper
than the second, yet both merit VF-20.
Neither deserves VF money.
"But the label says ..."
And that is what makes me upset with TPG. MISLEADING!

Bill Collector,
I'm surprised the $1000 graded as highly as it did, I personally find that to be ridiculous. With all that soiling it in no way resembles a 20. As far as the $20 National I find it to be only slightly over graded by the TPG grading standards of assigning a numerical value to the note without the problems listed. Does it look like crap? Sure, but it still looks better than a an AG3 or a G4 even because their aren't a bazillion folds and there isn't that much soiling on the note, compared to what would be seen on a lower grade that has seen more circulation. In fact, I'd say the non messed up parts still retain a fair amount crispness based on the look of the note. No AG, G or even VG note would have that. Hell, I've seen plenty of fines that don't have an ounce of crispness left in them yet they still would fit the grade of a 12. Would I buy that at a VF price? heck no, but that is similar to details graded coins, in that problems are taken into account when assigning a proper value to the note. Harshly cleaned coins trade at about half the listed value in many cases, unless a coin is particularly rare, so something similar would take place with these notes.

Well I went and found the grading standards for PCGS and PMG haven't found the standards for the new CGA, any way this is what I found. It's very "apparent" to me that PCGS don't follow there own grading standards.

PCGS Very Fine 20:
A Very Fine 20 note should have plenty of body remaining in the paper, although numerous folds, wrinkles, or other signs of circulation may be present. Mild soiling might be apparent, but it should not be serious. The paper should remain relatively bright. No tears, stains, or other impairments should be readily apparent, and the note should still have nice eye appeal. Several minor pinholes may be visible when the note is held to a light. The corners may be slightly frayed or slightly rounded at this grade, but the paper should retain nearly full crispness and there should be little or no loss of color in the design.

PMG Very Fine 20:
Moderate circulation with numerous folds, mild soiling but no serious detractions. A solid note but may have a minor defect.

Bill Collector

Yet there are collectors that have faith in TPG's and think they can grade within one point, like between a 64 and 65, from what I've seen very, very few can grade that close, in fact it's very un-likely as when things get that close it's usually a judgment call and the next day it can go up or down a point. Yet because of the idea that an item is one point higher the value goes way up, it's usually investors that get sucked into that type of thinking not real collectors that know how to grade. It's one of the BIG reasons that coins got or get cracked out of there plastic holders and get sent back to be graded by someone else.
Bill Collector

I am not careful enough no to damage paper money, so I have avoided it, but if I start it would be with the fractional bills issued during he metal shortage caused by the Civil War. I have seen a collection o them and am impressed.

@kookoox10 I totally agree with what you're saying but nationals is definitely a different sort of game when it comes to collecting. I get that many banks only have notes available in net/apparent grades. In nationals, net graded notes will only significantly impact the value of notes that come from the banks that are more common and when there are plenty of other better graded examples to choose from. But speaking as type collector, buying net notes is not necessarily the best investment in most other fields of currency collecting. In large size type notes even some of the more rare Friedberg numbers will see a significant loss from book value on net graded material.

I've recently been researching the 1923 Legal Tender $10 "poker chip" note, which is one of the more rare type pieces out there in the grade I'm looking to collect - which is somewhere in the VF range. Doing some research into recently sold prices I've seen net graded notes trade at around $1000 off book value for the most minor of issues in XF and VF and I've seen repaired notes in AU grades trade for multiple thousands off book value. You don't see that kind of stuff happen in nationals and thus a "problem" note isn't as much of an issue at all really.

For coins I'm usually fine with either but with notes I ALWAYS prefer graded.