Graded vs Raw Banknotes: Which Should You Buy? (2026)
Buy raw for enjoyment and lower cost, and buy graded for high-value notes and resale. The gap is measurable: the same Zimbabwe 100 trillion dollar note retails for $198.17 raw uncirculated and $229 in a PMG 66 EPQ holder (Planet Banknote current retail), a premium of roughly 16 percent that buys certified authenticity and a neutral, independently assigned grade. This guide shows exactly what that premium covers, when it earns its keep, and what a beginner should buy first.
Last updated: July 2026
How do graded and raw banknotes compare?
A raw banknote is uncertified: its condition is the seller's opinion and its authenticity rests on the dealer's reputation. A graded banknote has been authenticated by PMG or PCGS, assigned a grade on the 1 to 70 scale, and sealed in a tamper-evident holder. Both can be the identical note in the identical condition; the slab adds independent proof.
| Attribute | Raw (uncertified) | Graded (PMG / PCGS slab) |
|---|---|---|
| Authenticity | Depends on the dealer's reputation and documentation | Verified and guaranteed by the grading service |
| Grade certainty | The seller's opinion of condition | A neutral expert's assigned grade, encapsulated |
| Price | Lower; no grading fee built in | Higher; you pay a certification premium |
| Verification | A Certificate of Authenticity from the dealer | A certification number you can look up on the grading service's own website |
| Storage | Needs a proper archival sleeve or holder to stay Uncirculated | Already sealed in a rigid, archival, tamper-evident holder |
| Resale | Relies on the buyer trusting you and your documentation | Certification widens your pool of future buyers |
| Best for | Collecting for enjoyment, filling type sets, lower-value notes | High-value notes, long-term holding, eventual resale |
How much more does a graded banknote cost?
On the notes where Planet Banknote stocks both versions, the certification premium starts at roughly 16 percent and climbs with the grade. The clearest way to see it is the same note priced raw and slabbed, side by side.
| Note | Grade | Certifier | Price |
|---|---|---|---|
| Zimbabwe 100 Trillion P-91 | Raw UNC (AA prefix) | Uncertified | $198.17 |
| Zimbabwe 100 Trillion P-91 | 66 Gem UNC EPQ | PMG | $229 |
| Zimbabwe 100 Trillion P-91 | 67 Superb Gem UNC EPQ | PMG | $279 |
| Zimbabwe 100 Trillion P-91 | 68 Superb Gem UNC PPQ | PCGS | $329 |
| Zimbabwe 50 Trillion P-90 | Raw UNC | Uncertified | $119 |
| Zimbabwe 50 Trillion P-90 | 66 | PMG | $159 |
Planet Banknote current retail, July 2026. Prices change with inventory and market conditions.
Read the numbers two ways. First, the entry premium is modest: moving from a raw uncirculated 100 trillion note at $198.17 to a PMG 66 EPQ at $229 costs $30.83, about 16 percent, and on the 50 trillion note the step from $119 raw to $159 in PMG 66 is $40, about 34 percent. Second, the premium grows with the number on the label, not the brand: the same 100 trillion note reaches $279 at PMG 67 EPQ and $329 at PCGS 68 PPQ. Grade drives price, not which service graded the note, a pattern covered in detail in our PMG vs PCGS comparison. For the full grade-by-grade ladder on this note, see the Zimbabwe 100 trillion price index.
What does the grading premium actually buy?
The premium buys three things a raw note cannot offer: a guarantee of authenticity, a grade assigned by a neutral expert instead of the seller, and a sealed holder whose certification number can be verified online.
Both PMG and PCGS Banknote grade paper money on the same 1 to 70 numerical scale, adapted from the Sheldon scale used for coins, where 70 is flawless and 1 is barely intact. The number sits alongside a descriptive grade and maps onto the traditional letter ladder that runs UNC (Uncirculated), AU (About Uncirculated), XF (Extremely Fine), VF (Very Fine), F (Fine), VG (Very Good), and G (Good). At the top of the scale, a paper-quality designation matters as much as the number: EPQ (Exceptional Paper Quality) from PMG and PPQ (Premium Paper Quality) from PCGS both certify completely original, unaltered paper, with no pressing, repairs, or chemical cleaning. A note carrying either designation is generally worth more than the same numeric grade without it.
The holder itself is part of the value. The label lists the note's country, denomination, Pick number, numeric grade, and a unique certification number that you can enter on the grading service's own website to confirm the note matches its label. That is a safeguard no raw note offers, and it travels with the note to every future owner. The full scale, with what each grade looks like in hand, is laid out in the banknote grading guide.
When is a graded banknote worth it?
Buy graded when the note is high value, when you plan to resell, or when the issue is a known counterfeiting target. Buy raw when the note is inexpensive and you are collecting for enjoyment.
The certification premium earns its keep by removing the two biggest risks in the market: authenticity and grade inflation. On a heavily counterfeited note like the Zimbabwe 100 trillion, a slab settles the authenticity question permanently. On any note you may one day sell, the certified grade means the buyer does not have to take your word for the condition. Learn the note's own story, and why it is a counterfeit target, in our Zimbabwe hyperinflation guide.
The same logic applies to grading notes you already own. Submit a note when two things are true: you believe it is genuinely high grade, Uncirculated or close to it, and its value justifies the grading fee plus shipping and insurance both ways. Grading pays off on scarce notes, high-grade examples of popular issues, and any note where certified authenticity meaningfully widens your pool of future buyers. It rarely makes sense for common notes worth a few dollars, or for circulated notes with folds, where the fees can exceed any premium a certified grade adds.
Which is easier to resell?
Graded notes are easier to resell, because the slab answers the two questions every buyer asks: is it genuine, and is the condition what the listing claims?
A raw note's resale depends on the buyer trusting you the way you trusted your dealer, which is why documentation matters so much on raw purchases. A certified note carries its proof with it. The grade was assigned by a neutral expert, the holder is tamper-evident, and the certification number can be checked online by anyone before money changes hands. Buying graded with resale in mind is prepaying for the trust your future buyer will need.
How do storage needs differ?
A graded note is already stored: the PMG or PCGS slab is a rigid, archival, tamper-evident holder that needs no extra sleeve. A raw note needs you to supply that protection yourself.
For a raw note, only inert archival plastics should touch the paper: polyester film, polypropylene, or polyethylene. Soft PVC vinyl is not safe, because it can release plasticizers that leave a sticky film and damage ink and paper over time. Keep either kind of note cool, dry, dark, and stable, and never crack a graded note out of its slab. Removing the note strips away the holder's protection and voids the grading service's guarantee, which erases much of what you paid for. The full routine, from holders to humidity, is in our guide to storing banknotes.
What should a beginner buy first?
For most beginners, raw uncirculated notes from a source-first dealer with a Certificate of Authenticity are the right start. Add a certified note once you know what you want to keep, or when you buy a higher-value piece.
Starting raw gets you the same notes for less and lets a themed collection grow quickly. Many popular collecting areas, hyperinflation notes among them, reach the market almost entirely in Uncirculated condition, so certification there is often chosen for presentation rather than necessity. A sensible progression: begin with raw notes you love, learn the grading scale as you go, and make your first slab a note where the certainty matters, such as the flagship Zimbabwe 100 trillion. That note is dated 2008, was released in January 2009, and was withdrawn in April 2009; it is the highest-denomination banknote of the modern era, with fourteen zeros, and it is available raw and graded in our Zimbabwe collection. For the wider first-purchase roadmap, read how to start collecting world banknotes, and when you are ready to compare holders in person, browse the graded banknotes collection.
Frequently asked questions
What is the difference between a graded and a raw banknote?
A raw banknote is uncertified: its condition is the seller's opinion, and its authenticity rests on the dealer's reputation and documentation. A graded banknote has been authenticated by an independent service, PMG or PCGS, assigned a grade on the 1 to 70 scale, and sealed in a tamper-evident holder with a certification number you can verify online. Both can be the same note in the same condition; the slab adds neutral proof.
How much more does a graded banknote cost than a raw one?
Using Planet Banknote current retail as of July 2026, a Zimbabwe 100 trillion dollar note costs $198.17 raw uncirculated and $229 in PMG 66 EPQ, a premium of roughly 16 percent. The 50 trillion note costs $119 raw and $159 in PMG 66, about 34 percent more. The premium grows with the grade: the same 100 trillion note reaches $279 in PMG 67 EPQ and $329 in PCGS 68 PPQ. Prices change with inventory and market conditions.
When is buying a graded banknote worth it?
Buy graded when the note is high value, when you plan to resell, or when authenticity is a real risk for that issue. The certification premium removes the two biggest risks in the market, fake notes and seller-inflated grades, and a certified note's grade can be verified online by its certification number. For low-cost notes bought for enjoyment, a raw note from a source-first dealer with a Certificate of Authenticity is usually the better value.
Is it worth getting my own banknotes graded?
Submit a note for grading when you believe it is genuinely high grade, Uncirculated or close to it, and its value justifies the grading fee plus shipping and insurance both ways. Grading pays off on scarce notes, high-grade examples of popular issues, and notes where certified authenticity widens your pool of future buyers. It rarely pays on common notes worth a few dollars or on circulated notes with folds.
Should a beginner buy graded or raw banknotes?
For most beginners, raw uncirculated notes bought from a source-first dealer with a Certificate of Authenticity are the right start, because you get the same note for less and can build a themed collection quickly. Add a certified note once you know what you want to keep, or when you buy a higher-value piece. A good first slab is a note you already love in raw form.
Do graded banknotes need special storage?
No. A note graded by PMG or PCGS is already sealed in a rigid, tamper-evident, archival holder, so it needs no extra sleeve. Keep the slab cool, dry, dark, and stable, and never crack it open, since removing the note voids the grading service's guarantee. A raw note needs its own inert archival holder made of polyester, polypropylene, or polyethylene, never soft PVC.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.
Whichever route you choose, buy from a dealer that documents its sourcing. Compare PMG and PCGS holders side by side in the graded banknotes collection, vet any seller with our dealer checklist, and find shipping and return answers on the FAQ page.