Grading Banknotes IBNS Guide

The Term"Uncirculated"

The word"Uncirculated" is used in this grading guide only as a qualitative measurement of the appearance of a note and is more properly known as"Uncirculated condition", as it is the condition that is being described, not stating the fact whether or not the banknote has been in circulation. Thus the term"About Uncirculated" (AU or aUNC) is justified and acceptable because so many notes that have never seen hand-to-hand use have been mishandled so that they are available in, at best, AU condition.

Either a note is in Uncirculated condition or it is not; there can be no degree of Uncirculated. Highlights or defects in colour, centering and the like may be included in the description but the fact that a note is, or is not, in Uncirculated condition should not be a disputable point.