Gorgeous 1912 Train note

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Need opinions on the precise grade of this note, thanks.

Looks like an AU... Really nice note indeed! 

I think it looks like an EF grade. 

Seems to be crease going across the note...  from left to right in the (horizontal)

And then some other (vertical) fold in the middle and quarters of the note. 

To get a 'precise' grade, one would need to see the note in hand.

This note was offered as a VF when it came up for auction in a Jeffrey Hoare sale in Feb. 1999 (lot #916), and is shown thus in the register.
They generally grade conservatively.

Maybe it was VF before it was pressed 

That's what I was thinking but I didn't want to be the one to say it.

I know, I dropped the P bomb    Better run for cover 

This note was offered as a VF when it came up for auction in a Jeffrey Hoare sale in Feb. 1999 (lot #916), and is shown thus in the register.
They generally grade conservatively.

Yes. VERY conservatively. Quite easily an EF in the market today. But hey, remember the days when one flaw would make a note EF and two flaws a VF ? And when an UNC was just that, an UNC, flawless note. Now we have all kinds of grades.