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Apparent GEM 65???

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Recently I was reading the newest issue of Bank Note Reporter and in the monthly price guide summary it stated that PCGS graded a note an 'apparent GEM 65.' This really bothers me as a collector, as how can an 'apparent' note be graded in a GEM state; especially at 65? I know this may be the wrong forum to bring this up on and I also know that I am a little 'biased' however it should be noted that I do collect BOTH PMG and PCGS notes. If PMG were to do this, I would be sure to start a discussion about this as well. My question to the collecting community in general is; what are your thoughts on an 'apparent' note being graded GEM 65, by ANY grading company?


To make this argument fair, I want the collecting community to know that while I do collect and own BOTH PMG and PCGS notes, I do prefer PMG graded notes as a whole. I feel this is important to point out, as some in the note collecting community may consider me 'biased' for bringing this discussion to 'fruitation.'


Thank you for your thoughts...



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I found a pmg net au 55 ( net due to rust). But not gem. A note could have a 65 net but maybe have a tear on a brand new note. A sissor cut. A few reasons why a note may be "net graded" are tear, corner missing, repaired, re-embossed, washed, stained, ink or writing and PVC damage. Some of these could happen on a new note.

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So why would anyone buy a note graded 'net' or apparent,' aside from it being a RARE note? This is obviously a note with a major defect, correct?


Keep in mind I am asking because I personally 'shy' away from this sector of the market. Therefore, as soon as I see a 'net' grade, etc. I don't even bother to look at the rest of the note.


That being said, I don't collect any really rare notes that can't be had in 63 or better with original paper quality. Someone once stated that Nationals are hard to find in uncirculated condition, which is true; but I collect Pennsylvania Nationals. These are easier to find in uncirculated grade (for most regions) than other states.


Thanks for helping!



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