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Notes cut from BEP issued sheets.

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What are collectors opinions on notes cut from BEP issued sheets that attain really high grading.....As they weren't cut at the BEP facility surely that constitutes 'altered' status as they can and are carefully measured and cut to give perfect margins both in size and equality by the collector/cutter.......I don't understand how this can be designated a 69 when it is obvious that it has been cut from a sheet outside of the control of the BEP....And therefore is not really a genuine original.

What are your thoughts on this....And should it be noted on the holder that the note was originally part of a sheet and that it has indeed been cut into a single 'by persons unknown.'

An obvious example are the Fr # 2039* 2004a Atlanta $10 Star notes that everyone knows came out of the BEP in sheets and were expertly cut to attain the highest grades.

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I buy sheets from bep. I dont cut them up.


I do buy PMG graded single notes that have been cut from a sheet for my collection. PMG should note that it was cut from a sheet but only for notes that were issued only as sheets.

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It doesn't concern me either way.

All notes come from sheets. It's been this way for over 100 years. Whether machine cut, (BEP) or hand cut, a well centered, well margined note has tremendous eye appeal. I have cut up 8-subject sheets into 4-subject sheets and it's nerve racking and not as easy as it sounds. I have examples of each....





The 2004A Atlanta note is cut POST-BEP, and the 2006 Cleveland note is BEP cut.

Both notes have large, even margins. The Atlanta note resides in a 69PPQ holder and the Cleveland note is raw.

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