When bought from a Major Auction House the note had been graded EF. I have reduced the grading to AEF. The reason is that there is evidence of very light pressing and a couple of creases can be made out when examined under the magnifying light. The note is clean (not washed or doctored in any way) and devoid of pinholes. It really is an excellent example and a great addition to the collection. The Catterns notes are often soiled and repaired but this one stands out as a very acceptable and collectible note. The price is way below the catalogue value.