PMG 64 Choice Uncirculated TOP POP!
A banknote of the British Administration in Palestine, 500 Mils Type 1945 (Ref. Pick: # 6d or TBB: # 201) is currently for sale on ebay. The note, dated August 15, 1945, is numbered J 332760 and graded PMG 64 Choice UNC. The seller indicates that this is the best known note out of the 63 copies (1) currently ranked in the PMG Population Report! Estimated at $ 1750 in XF grade in the Pick (2) and $ 2100 in UNC grade in the TBB (3), the banknote has already reached the price of $ 4300 with 43 auctions in progress (4)!
From VF to ... PMG64!
While preparing this article and in order to verify our score currently in progress for this reference, we discovered, not without dismay, that this so-called "finest note" of 500 Mils Type 1945 had already been sold during the recent “Live Auctions Banknotes July 2020” from cgb.fr (lot # 4390445) priced at € 650 but in ... VF grade!
Preserve the confidence of collectors!
How could a "PMG64 Choice UNC" grade be affixed to a banknote classified VF? On the photos of the sale of cgb.fr, we can clearly see many spots of emerging mold in the margins and at least two vertical folds. These elements have now completely disappeared from the graded note. The quality and performance of the restoration will therefore have finally succeeded in fooling and deceiving the vigilance of a grading specialist!
Although PMG notes is currently recognized as the world leader in old banknotes grading, unfortunately not all companies specializing in this field are immune to this type of practice that we strongly deplore within Numizon. In order to avoid the liability of grading companies being incurred in the future, it is imperative that all experts in the industry pay extra attention to prevent these kinds of errors from occurring again. The publication of this article will undoubtedly fuel the controversies and reinforce the convictions of the eternal skeptics of the “grading notes”. In conclusion, the entire Numizon team remains totally convinced that the grading of old and modern banknotes has become essential and whose main challenges are based on trust, guarantee and certification of transactions between all the players in our exciting collection!
(1) we checked 15 other non-graded copies of this note, for a total of 78 banknotes (current score).
(2) “Palestine” Standard Catalog of World Paper Money, 1368-1960, 12th edition (page 940).
(3) “The Banknote Book: Palestine” by Owen W. Linzmeyer.
(4) Monday 29, September: the banknote ultimately sold for $ 12,600!