What Grade Is This 1937 Banknote Please?

Its hard grading from Pictures, but I see at least 3 folds. There could be as many as 5. Based on what I see I would say VF35.

The note may also have been pressed/washed which would take away the EPQ/PPQ. It looks too bright to not have been pressed at one point.

Visually its a pretty note.

EF
Appears to have been cleaned and pressed

Like I said without the note in front of you its hard to be 100% certain, but several tales. Note did circulate based on the folds. Its very very white, no soiling which doesn't match the 3-5 folds.

Also notes that are washed pressed have this artificial white look. In reality it could also be a super clean note, but the folds make me sceptical.

The below was washed and pressed, but I was unable to tell until I got in my hands. It was listed as AU, but is XF45 at the best.

I agree with the observations that the note has been washed & pressed. The design of the obversse doesn't look as severely processed (bleached) as the back. The reverse looks several shades too light.
Check out this image of the 1937 $50 SPECIMEN from C&C:
https://www.coinsandcanada.com/bank...m=9#banknote

In addition to it being an apparent VF-EF it is missing all the planchettes (green security dots) & has 2 staple holes which are most visible on the reverse above the LL of the lower left "FIFTY DOLLARS." The top hole has pierced the base of the allegorical lady's chair (left of microphone).

Other "telltale signs" of substantial processing (besides the upper border folds & super light ink of the design) are the dark smudges which appear more on the reverse than on the obverse. If you compare the image of the SPECIMEN you will see the draped blanket on the lady's knee is very dark but in your note it has had a lot of ink removed.