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Forgive me for bragging

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I just joined, and I am posting my second... mainly because I cannot stand to wait to tell someone! I started collecting paper in 1996, and had the experience of attending the 1997 Fun auction in Orlando where Milton Friedberg sold his fractional collection. Got some great items, that I still have. A few years later, I was in a local (Albuquerque) coin shop, and saw a 1914 $5 red seal for sale for $185. I was new and unknowlegable enough to go home and do some research, but went back the next day and paid the $185, without any bargaining. That note turned out to be a 842a, Dallas note. About 8 known, with the best being 2 at XF. Mine is a very choice uncirculated... maybe a 64? But it has a problem... there is a small paper clip rust spot across the top border... so PCGS graded it as a 58 AU, as an "apparent" grade. They did not even list it as an AU in the registry. The note is quite a gem uncirculated...and so, my question... Is this a resonable grading? I don't intend to sell it (at least for now), and so I am not out to profit in any way (yeah, sure!). I would just like to know where this note stands in the grand scheme of things. Does anyone have some thoughts? I figure this is the start of a collection of red seal $5's, for this seems to be the toughest note. Advice is certainly appreciated. Lee Davis

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If it as truly uncirculated then PCGS would have called it 65 apparent with rust. PCGS obviously saw something like a fold or handling that you are missing. Depending on the severity of the rust and where it is on the note, you might be able to gave it removed. Most collectors would prefer an original XF over an AU with rust. However, if you get your note fixed up it could be worth significantly more money...like low five figures.

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