12 PPQ?

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I had no idea that a note in this low grade could have "premium paper quality" (see scan below).

Recall that PCGS is an American firm that grades by American standards which are debatably lower than Canadian standards.

What really surprised me about this particular note is that it really doesn't look "original".  The manuscript signature is there, it hasn't been washed out.  But the note looks flat and dirty.  I know I wouldn't pay the $140 that it is currently selling for with 5 days to go in the listing.

{http://www.give-a-buck.com/special/PCGS12PPQ.JPG}

Found one even better, 10PPQ.  I guess there's no grade too low to be premium? 

{http://img507.imageshack.us/img507/6528/pcgs10ppq.jpg:http://img507.imageshack.us/img507/6528/pcgs10ppq.th.jpg}

Here's 8 PPQ, Not my note but just wanted to chime in.

{http://img685.imageshack.us/img685/1696/denoms0241.jpg:http://img685.imageshack.us/img685/1696/denoms0241.th.jpg}

I'm not a paper money grader but here's my assumption of what may be considered on the 2 PPQ low graded notes (posted 03/18) below (which is possibly reserved for rarer old notes with the majority found in lower grades):

Perhaps the PPQ designation is out of respect for the typical relative detractions often seen on notes in this condition, ie the majority of low graded notes often have portions of their design worn off, nicks, edge tears, super worn/rounded corners, graffiti or other serious problems (repairs) which lower integrity of their paper quality as a whole- the notes shown in the examples below don't have one or many of the typical detractions (except heavy soiling/circulation) & thus they've been dubbed "Premium Paper Quality."  I cannot comment on the first post (since I cannot see the scan) & do not post this opinion in defence of TPG or PCGS.  This is just an observation since the notes are in remarkably good shape considering how low grade they are.

Here are the official definitions:

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.

PCGS will affix a “PPQ” (Premium Paper Quality) designation to the grade (e.g.: “Gem New 65PPQ”). These are notes that bear no visible evidence of restoration and that retain all signs of fully original paper quality, such as paper wave, embossing, and bold ink color and eye appeal. “PPQ” notes should also have above average paper for the grade that is free of defects such as tears, pinholes, or other problems. This is not done to penalize those notes that are not fully original, as many are very collectible and highly valuable. Instead, this system is designed to reward those notes, both circulated and New, that possess premium paper quality and complete originality. It should be understood that even though a note may be fully original and free of any restoration, it still might not qualify for the “PPQ” designation.

BCS states: If a note is unaltered and has not gone through a restoring process and receives the grade of EF or higher it will receive an auxiliary designation of ORIGINAL stated on the holder directly beneath the number grade.