This was graded as GEF at auction but my grading is slightly lower, only as there are several very tiny pinholes which is very common on the Bernhard notes. But for these I would agree with GEF. It really is a top quality banknote, an absolute gem of a note. I had a look at Ebay for comparison and see notes that are similar being offered for £250 and more with the lowest price on a note that is VF at best, being £180. This offer is very hard to beat. Free UK postage.