EPQ

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I noticed some bills have an EPQ rating while others don't. Should one be cautious of bills without an EPQ rating? Is it possible that they was been washed or pressed, and that resulted in the lack of EPQ? or do washed and pressed ones receive a NET grading?

I noticed some bills have an EPQ rating while others don't. Should one be cautious of bills without an EPQ rating? Is it possible that they was been washed or pressed, and that resulted in the lack of EPQ?

This is PMG's definition for EPQ..
PMG uses the designation Exceptional Paper Quality (EPQ) for notes that, in the opinion of PMG graders, are original. By original, we mean that a note has not been physically, chemically, or materially processed to lend the appearance of a higher grade. PMG graders examine the embossing, inks, and overall integrity of each note to make the determination whether it will qualify for EPQ. Notes exhibiting normal wear-and-tear for their respective grades are eligible; normal wear may include factors affecting grade such as counting marks and folds. Notes receiving the EPQ designation must furthermore be unrestored. A restored note has had non-original material added to bring its appearance to a known or assumed state.

For currency to grade Gem Uncirculated 65 or higher, it must also receive the EPQ designation. No note meeting PMG’s standards for the Gem Uncirculated grade can have had its appearance altered to achieve this grade, and thus the highest grade assigned by PMG without the EPQ designation is Choice Uncirculated 64. The minimum grade for which a note becomes eligible for the EPQ designation is Very Fine 30.

I believe that PMG once use to put the EPQ designation on the back of the note and now it is on the front....so if buying one without seeing it in person try to get a scan or pic of the back of the note to see if the EPQ designation appears there..

A "net graded" note is one which has had an adverse occurrence after it left the BEP. PMG will specifically state the reason(s) why any note is net graded. The PMG guarantee is not valid on any net graded note. A few reasons why a note may be "net graded" are tear, corner missing, repaired, re-embossed, washed, stained, ink or writing and PVC damage.
Hope this helps

FRIEDSQUID

A trimmed note could still be considered "original" and thus qualify for the EPQ designation.

so in this case it might just be that it didn't receive  a grade of 30? But what if you see a note over 30 without EPQ does that mean it has been restored?

so in this case it might just be that it didn't receive  a grade of 30? But what if you see a note over 30 without EPQ does that mean it has been restored?

Check this link you may find some answers here

http://www.pmgnotes.com/grading/grading-scale.asp

FRIEDSQUID

so from what i can understand basically notes above a 30 rating without an EPQ have been pressed or re-embossed? for the difference between 45 EPQ and 45 it says "note is not original" implying alterations? So should one stick to notes that only receive an EPQ rating? or does a note being altered not really matter?

So should one stick to notes that only receive an EPQ rating? or does a note being altered not really matter?

Personally I would prefer to stick to notes that are original and unaltered in any way.  Whether that is a PMG EPQ designation or a BCS ORIGINAL designation.
As for buying raw notes (ungraded) the best advice is to learn how to grade a note yourself and see what to look for in an original note.
If you check the BCS website there are some very good closeup pictures of embossing etc so you have an idea.
Also, next time you have the opportunity to go to a papermoney show have a dealer show you what their interpretation is of an original and not original note.
Remember FLAT does not mean a note is perfect
Also if you do plan to go to a show post that on this forum and you may be able to meet up with some members that I'm sure would be more than happy to help you with this....It takes time and remember that grading is still an interpretation by one person....and people can be wrong....GOOD LUCK

Just to add a little note ...even a TPG may not be sure so if you see a holder that does not have anything on it ie. Not the Original designation nor the Restored designation....who really knows...its up to the buyer of the note to decide I guess.
FRIEDSQUID

Just to add a little note ...even a TPG may not be sure so if you see a holder that does not have anything on it ie. Not the Original designation nor the Restored designation....who really knows...its up to the buyer of the note to decide I guess.

Fredsquid is exactly right.  Who knows.  Here's a little experiment I did.  After buying a pressed note from a Canadian dealer, I re-activated the note's three vertical folds and sent it to a TPG (not saying which one).  The grade given by the TPG was lower (VF-30 versus the "AU" the dealer gave it) and the note was designated "original".  So it's not always embossing they're looking for when deciding if a note is "original".

Make of this what you wish.

Apparently, erasure marks are also not detrimental to the EPQ designation.  Here is a note with obvious erasure of a pencil mark(?) over the right serial number.  Remember that an erasure mark can damage the surface of the note, removing ink that makes up the background tint.

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