Here is a simple listing of the major grades for banknote condition. I am by no means a professional grader. This might help you look at a note and grasp an idea of it's condition. Of course, professional grading companies also have degrees of condition within each grade, but that too is highly subjective. I summed this up from numerous sources, so that it can easily be read. I hope this helps the novice and the experienced get an idea of a note's condition. Please though, this is only a guide, if you want professional grading, then by all means pay to have it graded. Thanks for looking and please have a look at my banknote, coin, collectibles, and supply listings. Please like us on Facebook.
1. GEM CU- Gem Crisp Uncirculated
Perfect note- condition, appearance, margins, and no signs of handling.
2. CU- Crisp Uncirculated
As- Issued condition- no folds. Marks, folded corner tips, ect. must be mentioned.
3. AU- About Uncirculated
Almost as-issued except minor signs of handling. Might include a centerfold.
4. EF- Extra Fine
Note still crisp. Minor creases. Corners start to round. 3 folds define this grade.
5. VF- Very Fine
Moderate circulation. Some crispness. Several folds.
No tears on edges. Corners rounding.
6. F- Fine
Notes begin to feel soft. Countless folds. Minor edge tears. Fading colors.
7. VG- Very Good
Heavily circulated, but must be intact.
8. G- Good
More severe than VG. Corner maybe missing.