The Grading of Banknotes – Beware the Banknote Washers and Pressers!

I bought a few notes at an auction recently. One was described as ‘fresh and clean’ and graded EF. It was a Treasury note. When it arrived it was as hard as cardboard as it had been washed to increase the grading. To me, the note was worthless. At best this sale was disingenuous. At worst, it is robbery. Sometimes notes are also pressed to iron out creases to increase the grade. I try to be as accurate in my descriptions of notes so buyers can know what the true grade of a note is. Just beware of the washers and pressers!!