| Uncirculated (U) | A Bond that has never been in circulation. New and unused without any folds. It would look as though it had just been printed. |
|---|---|
| Almost Uncirculated (AU) | A Bond that "U" in every area but has (only) one minor crease or smudge. |
| Extra Fine (EF) | A Bond that is nearly uncirculated but will have a few LIGHT folds and possibly some minor smudges. |
| Very Fine (VF) | A Bond that has more light folds and one or two heavier folds. These are generally clean and do not have any tears or are badly aged. |
| Fine (F) | These bonds generally show considerable circulation and have many heavy and light folds. The bond may also have some soiling and a few nicks. |
| Very Good (VG) | These bonds are completely limp. The bond is complete with no pieces missing but may have many small tears in the edge. |
| Good (G) | These bonds are very worn and mostly complete. Some small pieces missing and may show signinficant aging. Soiling usually covers the entire bond. |
| < Good (<G) | Less than Good is generally a bond that has at least one large piece out of the note and other damage but generally still presentable. |
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