This was listed as UNC by a prestigious Auction House. There are two light dents and a light crease on the bottom left corner. There is no central fold at all, so the note is not circulated but my grading has to be spot on and as accurate as possible. This is an outstanding banknote and I suspect many would list as AUNC but regardless of this, the note is of superior quality, in a high grade and offered at a very competitive price. When held up at an angle of 45 degrees to the light, the embossing is still proud and elevated. This is a really lovely banknote.