The note is uncirculated, having been kept in storage for over fifty years. I was part of a collection belonging to a senior executive of the bank. I have only seen one other of these notes over many years. They are seen but rarely. The GEF/UNC grade is given as there are a number of light dents in the note from storage. However, the embossing is strong and the sheen on the note is beautiful. At this price, the note is an utter bargain. Free UK postage.