The note is uncirculated but GEF is the grading I have given. The reason is that there are two diagonal dents towards the centre whcih has resulted in a ripple in the centre. This is a stoarge issue. Most would hold the AUNC grading but I want to be precise. It really is a great note with the embossing still strong. It is priced below the EPM valuation of EF so this is a bargain. Free UK postage as well.