The effect of pinholes? (nice 1935 $10)

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Just wondering, how much do pinholes detriment the value of an actual note? The note in this picture is actually a lot nicer than the scans would provide. It is a VF+ but with some pinholes on the top left-hand side.

These look more like staple holes than pinholes. I think there are 4 of these that are quite visible. This is quite common to see in many old notes and judging by the condition I would not think it it affects the grade or value very much. However if the note is peppered with them even in lower grades it may discourage many buyers and in turn result in a lower price.

In my opinion a few pinholes are trivial to a notes grade or value. Tears, holes or missing pieces will be seen as much more sever damage and will certainly result in lowering the grade.

I'd take it down about a half-grade in price. I hate pinholes.

I'd take it down about a half-grade in price. I hate pinholes.

So a VF net ?

I think VF, with pinholes. In price, part way between fine and VF....
For someone who doesn't mind pinholes so much, maybe close in price to a full VF.

I feel that it also depends exactly where the pinholes are, in particular whether they are "out in the open" for everyone to see (as with the present note) or whether they are hidden within a printed area. I don't like very visible pinholes that are clearly visible without holding the note up to the light but if you can only see them when holding the note up to the light then that's a lot more acceptable in my opinion.

Also, it's important to remember that there's a big difference between PIN holes and STAPLE holes. With PIN holes there is usually a small paper "flap" that can be closed back over the hole but with STAPLE holes there is a circular piece of paper totally missing with no flap. Staple holes are far, far worse than pin holes in my opinion!