1934 $1000 FRN (F-2211j)

That's a great note to have regardless. Without the pinholes, it would normally grade a Fine, maybe a long shot to VF. The pinholes might drop it to VG. I personally wouldn't grade it as it won't make a ton of difference if I were to sell it.

If PCGS can grade the above $ 20. note as VF I would say your $ 1000. would grade at least XF or maybe even AU by their standards.
The Bill Collector

Shouldn't that $20 be a body bag note from PCGS or do they treat notes different than coins?

"Wow! Very Fine 20 Apparent - and, what does Apparent mean in regards to the grade?"

The only thing Apparent to me is that they did not know how to grade it is so just called it VF ?. Unbelievable.

Very good reason to learn to grade for yourself. I would not want a note like that in my collection, and I would never pay to have a note like that graded.

I would much sooner take the money it cost to grade a note and buy a nicer note.
The Bill Collector.

To me it's apparent that they don't have very good standards for grading Paper Money if you have some PCGS FRN's in VF condition and they look better than that
$ 20., it's also apparent that someone at PCGS needs glasses.

Imagine someone buying a note like that from a mail order list without seeing it, ( for you younger guys that's the way it was done before the age of computers ) paying the VF price for it because the seller said it was "professionally graded" by PCGS as VF, how many would be happy with what they received vs. what they paid for ?.

And it's not the first time notes like that have been graded way higher than they should be.
The Bill Collector

Ralph,
I have no idea what it really means, as far as I know it's not used by any of the other "professional" TPG's that I know of, but I don't have much faith in them, especially after seeing that bill. It has taken me just over two years to learn how to grade my own Paper Money, to where I feel I can grade at least as good as most dealers, it was fun and a very good learning experience. After seeing the way some of "professionals" grade I have no use for them.

The only thing I can say is to go to the PCGS web site and ask them what the mean by "Apparent", like I've said, I don't know of anyone using that term in grading other than PCGS.

One thing I can tell you for sure, no one can grade Paper Money from a photo, most times they wont even come close, if the do come close it was just luck. You really have to get it in your hands to grade it.
Regards
The Bill Collector

So apparently this bill would grade VF20 if not for the stains, rips, tears, pin holes and the burned corner that has been taped?

Okay guys, I googled up PCGS Currency, and found the answer to my question - sharing it with y'all. -
"Notes that have major faults such as tears, splits, holes, missing pieces or have been subject to major restoration, such as repaired tears or splits, redrawing of the design, bleaching of the paper, or even reconstruction of missing pieces, will be assigned a "problem note" designation. Such problems will be noted on the grading label. In these cases we will assign an "Apparent" grade followed by a brief and concise description of the problems or repairs. The "Apparent" grade will equate to what the note would have graded without the mentioned problems. For example, "Apparent VF30, bleached and starched" might be a description of a problem note, as might "Apparent XF45, upper-right corner restored". No net grade will be given."
So.....to me, a graded bill with "Apparent" on the holder should be avoided unless it is a very rare issue. Do you agree?