Outstanding banknote. It has not been circulated. There is a central fold which is likely to have come from the bank folding over the notes. The embossing on the note is utterly wonderful to behold. It is proud, with a clear lustre and beauty that indicates it has never been circulated. it is listed at the price for an EF grade but the grading is much better and GEF is correct. This is a superb note to add to the collection.