Retouched/Repaired Notes?

I agree with Coinfrog. However, it is your collection. If you've no intention of selling, and want to amass a more complete collection without worrying over the grade (as in the old adage of "buy high grade first as opposed to low grade, since you'll just want to upgrade those coins/notes in the future"), then go for it!

If however, you can get a note for a crazy low price (i.e., in my personal experience, got a Fractional Note, not too-too bad of shape, for about $6 at a local auction), then you really can't go wrong.

Depends on what you are collecting. There are certain notes where if you wait till a high grade note arrives you will be waiting forever. For modern notes it is all about grade. For old notes it is very dependent on how many were issued and how many are still in existence. Professional grading has traditionally been popular among US issued notes. That market is very different to - for instance the Australian or Pacific markets. A collector with one of the largest and most valuable Pacific collections once told me to buy only notes that you would love to own even if they became worth nothing. Then it doesn't matter what you pay for them - they will always be worth it. It is paper and a collectable and any vlue attributed to it is purely speculative. If it is rare and you like it then buy it in any grade. You can always use it to trade with another collector. It is easier to get notes that you want that are not for sale if you have something that the owner desperately wants. The problem with repaired and "apparent" notes is that repaired notes can deteriorate badly if chemicals were used and "apparent" means it looks good but is really a lower grade.