Grading Paper Money

Confederate currency issued during the Civil War, is much different then the US currency issued today. Confederate notes were printed on a variety of different paper types. Some examples have thin paper, and other examples were printed on thick paper. These notes were printed on large sheets, and then hastily cut apart by hand, leading many notes to have irregular cuts. Nearly all of these notes were hand signed, and all the serial numbers were either hand written, or hand stamped.

Grading currency should be done very conservatively. With currency, the condition of the paper relates to the value. Every fold, crease, bent corner, etc, reduces the value for currency. The more worn the paper is, the less it will be worth. Those notes that have more severe condition problems, such as tears, heavy staining, hinge/mounting glue remnant, ink erosion, etc., will have an even greater reduced value, as they are considered less appealing to the majority of collectors.

Pinholes are very common on Confederate notes, in every grade. This is due to the quality of paper used, as well as the fact that many of these notes were bundled together, and then band pinned closed. CSA Notes that have pinholes should not have any value reduction.

Eye appeal is a major factor in determining value also. A note with nice eye appeal will command more interest than another same type example with duller features and details, even if the grades of the paper of both notes are the same.

Previewing both sides of a note is essential to determining a grade. Many times, the front side does not show all the condition aspects of what the backside reveals. It is most important to show both sides of a note when selling so the buyer can better assess the condition of the paper. Properly describing the paper, and any flaws, will go along way towards customer satisfaction. When sellers do not properly describe notes, and/or do not disclose condition factors like tears, it many times leads to problems with the transaction. This is a common problem found in auction transactions.

We are very conservative graders of paper money, and describe every note as accurately as possible. We ALWAYS show both sides of every note we sell, and list any major flaws, so there will be no surprises when a customer receives their order.

The following is a brief description of OUR grading terms that are used on this site, and may not necessarily correspond with other dealers or collectors:

• CHOICE UNCIRCULATED (CU): When a grade of CU is given to a note, this should mean that it is crisp and in flawless condition. There should be NO folds, creases, or bent corners, and definitely NO major condition problems like stains or tears. It should have a complete border line visible. When a note is elevated to this grade, it should command a premium, as obtaining notes with this grade is the most desirable.

• UNCIRCULATED (UNC): An note graded UNC will hold most of the basic characteristics of a note graded in CU condition. It should be crisp with NO folds or any other major problems. The border line may be incomplete, and it may have an irregular cut. There may be one or two slight handling creases found on the note, but no major evidence of circulation.
• ABOUT UNCIRCULATED (AU): A note graded AU will be nice and crisp without any major problems. It may have one fold present, and one or two minor creases, or bent corners.
• EXTREMELY FINE (XF): An XF note will still be crisp but show more obvious signs of light handling. It should have no more then 3 folds. There could be a few light handling creases present as well.

• VERY FINE (VF): A VF note will come with more evidence of circulation. It should still have some crispness remaining and not be limp. There should be no more then 8 folds. There could be some additional handling creases present as well.
• FINE (F): A FINE note is one that is still intact, with its overall appearance still being presentable. It will show moderate to heavy evidence of circulation with numerous folds, creases and wrinkling. The note may have considerable loss of its crispness, but not be completely limp.
• VERY GOOD (VG): This grade is used for notes that are heavily worn and potentially limp, but still intact. Staining, tears and holes are common in this grade.
• GOOD (G): This grade is used for notes that are severely worn, limp, and heading into poor condition. The appearance has diminished considerably. There are usually numerous edge tears, and there may be small pieces of the note missing.
• FAIR: This grade is used for notes in extremely poor condition. There may be large pieces of the note missing along with a host of other major problems. Collectors normally only buy these notes as "fillers" until a better example can be obtained.
  • CHOICE: When this word is applied in front of an assigned grade, this means it is in "CHOICE" condition for that grade, and has nice eye appeal. The frame line should always be complete, and the paper should be free of major condition issues such as stains, tears, or ink erosion.
  • NET: A term used with an assigned grade to indicate a severe condition issue is present. When a note has this wording used, you should expect to see the condition problem stated.



There are several independent companies that grade Confederate notes for a fee. We are authorized dealers for one of these companies, PMG. They tend to grade fairly conservatively and have very appealing encapsulation holders.

If you are interested in having notes graded by PMG, we would be happy to assist. Just contact us for more info, or visit PMG's website directly by clicking on this link for a list of fees and more information: PMG

We hope this information has been helpful. If you have any further questions or concerns about grading Confederate notes, we would be happy to answer them for you.

Thank you for reading.