Grading Guide · PMG · PCGS Banknote

PMG vs. PCGS Banknote Grading: Which Holder Should You Buy?

Two grading services certify the world's paper money, and both are trustworthy. The differences are in market share, designations, and what a single grade point does to price. Here is how PMG and PCGS Banknote compare, with real examples from the same notes in both holders.

What is the difference between PMG and PCGS Banknote?

Both services are members of the major dealer networks and both holders are accepted at every serious auction house. Neither is a "lesser" grader.

Does the grading service change the price?

Less than the grade does. Two examples from our own vault make the point. The same 2008 Zimbabwe 100 trillion (P-91) sits in a PMG 67 EPQ holder at $229 and in a PCGS 68 PPQ holder at $329. The same 1993 Yugoslavia 500 billion dinara (P-137) sits in a PMG 66 EPQ holder at $199 and a PCGS 68 PPQ holder at $449. In both cases the gap is the grade point, not the label. A 68 means near-perfect paper, centering, and margins, and population reports show how few notes earn it on any given issue.

Where the service does matter is liquidity. World-note buyers on the whole search PMG first, because PMG's world population is larger and more registry sets are built on it. U.S. currency buyers are comfortable with either. If you are buying a note you may sell into the world-note market later, PMG is the safer default. If you are buying the note to keep, buy the better grade regardless of holder.

Same note, two holders, one hundred dollars apart. The hundred dollars is the 68, not the logo.

What do EPQ and PPQ actually mean?

Both are the grader's statement that the paper is original: no pressing, washing, trimming, or restoration. PMG calls it EPQ; PCGS Banknote calls it PPQ. A note graded 65 without the designation has been handled in some way that changed the paper, even if it looks uncirculated. For modern world notes like Zimbabwe, Yugoslavia, Hungary, and Venezuela, expect the designation; its absence on a modern note is a reason to ask why. Our PMG grading explained post walks the full scale grade by grade.

When should you buy graded instead of raw?

When authenticity is the question, when the note is expensive enough that a fold changes the price by triple digits, when you are building a registry set, or when you want to sell someday without an argument. For a $60 modern note you plan to frame, raw with a certificate of authenticity is fine. For a $200 hyperinflation note or anything in the four figures, the holder is worth it. Our raw vs. graded guide goes deeper on the math.

One more consideration: pedigree labels. Both services will print a collection or dealer name on the label. A pedigreed holder ties a note to a known source, which helps at resale and settles the provenance question permanently.

Frequently asked questions

Is PMG or PCGS better for banknotes?

Both are reputable and both guarantee their grades. PMG has the larger world-note population and is the default for world collectors; PCGS Banknote is strongest in U.S. currency. For most notes, buy the grade, not the holder.

Is a PCGS 68 PPQ the same as a PMG 68 EPQ?

They are equivalent grades with equivalent paper-quality designations from two independent services. Standards are close but not identical, so a crossover between holders is not guaranteed to hold the grade.

Can I cross a PCGS note into a PMG holder?

Yes. Both services accept crossover submissions, and you can set a minimum grade so the note is returned in its original holder if it would grade lower.

What is the highest grade a banknote can receive?

70 on both scales. In practice, 70s are rare on any issue and most "top pop" notes are 68s and 69s.

Do graded notes sell for more?

At gem grades and above, yes, because the holder removes the authenticity and condition questions from the sale. At lower grades the premium narrows and can disappear.

Does Planet Banknote sell both?

Yes. Our graded inventory carries more than 240 notes across both services, including PMG pedigree-labeled notes from our own submissions.

Sources

• PMG, grading scale and EPQ designation guide (pmgnotes.com)
• PCGS Banknote, grading standards and PPQ designation (pcgs.com/banknote)
• PMG and PCGS Banknote population reports
• Planet Banknote graded inventory pricing, September 2026