To add to Cody's comment, You will notice Paper wave considerably more in the older PMG holders then you will on the more modern style holders. The older plastic isn't as rigid so it tends to show more of the notes originality. The newer holders are much stiffer and don't move as much so it holds the note much tighter and doesn't reflect the paper as well. Just keep in mind you just joined this forum, a lot of us have handled literally thousands and thousands of notes. Me personally I probably handle 100+ 1914 Series $5 Notes monthly and can attest to all the different FR's, Grades, Embossing, and Color of paper/printings.