Timmy3939

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.

Wow That's a Super Nice and Original 1914 $5 Series. Natural Paper wave is Common in All US Currency due to the printing Techniques. You will see Some Notes have it more then others because they where wet when placed on the drying racks, usually the notes towards the bottom of the stacks show a lot more natural paper wave while notes towards the tops of the stacks will be flatter to the naked eye but still have the same embossing. Also something to watch for is some districts have More Paper Wave or heavier embossing then other districts due to production runs, pressure from printing etc. In the 1970s a lot of collectors wanted perfectly flat bills so light and heavy pressing methods where applied to a lot of collectible currency and deemed a premium for Market Flat Notes, Today that is not the standard as we know now how notes are really printed and what natural notes should look like.