Flabbergasted!

...or how my first submission may be my last.
Currency Journal for August 3, 2012

Okay, I am new to currency, but not new to collecting in general. When I won the free grading from PMG, I didn't want to waste it with just any old note. I decided on a $2 FRN Millennium note in the original BEP packaging. I carefully judged it against the criteria that PMG has listed on their site. This note was sweet... glass smooth with no hint of handling, razor sharp corners, and centering that was nearly perfect; only the top and bottom margins were slightly off. Based on the criteria, I judged it to be 67 or 68. Just learned the results:

64 NET - Thinning

Now, I'm assuming that NET is the equivalent to Details grading in coins. I don't know what 'thinning' means, so I'll be investigating that. A quick search says something about paper loss, but I'm not sure. What I am sure about is that I am very diasppointed, and very skeptical on how a note that nice can be grade out NET, and 64 at that. Here is the grading scale directly from the PMG web site:

68
Superb Gem Unc
Margins or registration are off slightly to the naked eye. No significant handling.

67
Superb Gem Unc
Great color and eye appeal. A well-centered original note. May have very minor handling.

66
Gem Uncirculated
Above average original note held back from superb quality due to handling and / or margins and registration.

65
Gem Uncirculated
Strictly original note with great color and eye appeal. May have one or two minor distractions. Centering is above average.

64 EPQ
Choice Uncirculated
Original paper quality, but centering is off on one or two sides.

64
Choice Uncirculated
Note is well-centered and shows signs of alteration (for example, pressing or re-embossing, etc.). No folds in design.


I want to know how in the world that note got a 64. Totally unacceptable. I feel cheated... very, very cheated. I had been thinking about sending in more notes that I acquired from the BEP, but now... no way. Its like sending in a proof set, and getting it back in Details grade. WTF? The worst thing is that I'll never know what the graders were thinking, since there is no report, no explanation, nothing to tell me why. I do know one thing... they'll not get a penny of my money until I do know. I'm so angry, I'm thinking of selling every friggin' note and starting over with PCGS. I'll make that decision once I'm calmer, and can think about it with a clear head.

Ciao for now

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