Grading the whole note or...?

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Recently spotted on the big friendly auction site is the 1911 $1 note shown below. I have blurred out the serial number deliberately.

I'm not a big fan of "net grading" which, by my definition, is the practice of assigning a lower grade to a note based on the presence of defects.  The purpose of net grading is to "roll" the defects into the technical grade.  For instance, a note that is VF but has a couple of pairs of staple holes might be net graded Fine by some people.  I would much rather grade the balance of the note and mention the defects separately.  In the case of the note shown below, the ratty edges are not a defect as much as they are damage done to the note as the result of intense circulation. In other words, the edge damage is not incidental in the same way tears and pinholes would be.  Assuming the technical grade is accurate (meaning the note has the firmness of a comparable problem-free VG-10 note), I don't know if I can accept what BCS has done by grading the balance of the note (i.e., the printed area) and describing the edges separately.  In other words, I find that being told the note is VG-10 kind of misleading.  Am I wrong or is this another example of a grading company assessing the grade based on the inner 95% of the note while treating the outer 5% like a separate entity from the printed portion?

What do you think?

{http://www.give-a-buck.com/special/BCS-vg10.JPG}

looks like G6 to me

Just for a fun comparison, here's another note that was given the same grade of VG-10 by BCS...

http://www.banknotecertification.com/bcspopcheck.php?search_text=AE457&Submit=Search%21

{http://www.give-a-buck.com/special/comm1912.jpg}

(cert # AE457)

The note was subsequently graded by PMG.  Anyone care to guess the PMG grade?

I would say VF-20 EPQ in the PMG holder.

may we see the back of the note please?

I'm not a big fan of Net grading either.  There can be very subjective reason given for the Net grade assignment (i.e. - tear, repaired tear, piece missing, etc.) The magnitude of the damage/wear also plays a big role.

The BCS graded 1911 note appears, to me, to be a G-5.  (VG-10 seems a bit of a stretch)

The $20 Commerce note might make a PMG VF-20 EPQ.

Cheers;

{http://www.give-a-buck.com/special/comm1912-b.jpg}

a quick look, and without feeling, smelling, etc., I'd say it's a fine-15. It's attractive with strong colour...

Without seeing the back of the 1911 $1, I would say G-4 and for the Bank of Commerce, I would agree with alvin5454 about F-15.

Well, it looks F-15 to me, but I do not know what PMG would have graded it. For the grade that PMG assigned to the note, I would agree also with the few members that said VF-20.

Those of you who guessed that the PMG grade is VF-20 are absolutely spot on.  I'm surprised, though, that two of you thought this note is "EPQ" because:
a) PMG does not give out that designation to notes under VF-30, and
b) this note is pressed.

I have no doubt in my mind that the BCS grade is a net grade that takes into account the pressing.  PMG is definitely the place to send your low- to mid-grade pressed notes because the lack of EPQ is meaningless, and they don't net grade a pressed note.  That's not an endorsement of PMG, it's just me telling it the way I see it.

I can't remember if I graded this note Fine or F+.  It looks nice for a fine, but it's still pressed.  Anyhow, it's not my note any more.