My earlier post wasn't a pro "washing & pressing notes" statement, nor "for the record" or an attempt to stir up the pot! I'm just trying to express honestly what I think I know about doctored notes. After collecting all these years (about 30) I'm still surprised at what I miss. I'll never forget just last year, at the Falls show, seeing a very rare note from the glass (not inspecting it) and salivating at the thoughts of owning it. It was priced about $1500 below book for the apparent condition. A very senior (and well connected) collector/dealer came walking by and told me the note was washed and pressed. I pratically gasped in surprise even though I didn't have a chance to inspect the note closely. It was clearly a professional job.
That exerience taught me 3 things:
a) that notes can be doctored to look amazing, and passed on to most collectors unknowingly, b) that if a note is a bargain price-- there's likely a good reason!
c) it pays to be well connected, informed, and to assume nothing
When discussing the practice of processing a rare note: I've too often seen the monkey response (hear no, see no, & speak no EVIL -evil- being a washed note!) which gets us nowhere. I'm writing about what I know about it and hope to hear others experiences with such notes. I know its not really what most collectors want to discuss -- its like a dirty secret!
Thirty years ago, I used to buy a note without even properly inspecting it. Its only been the last 3 years that I've learned how to properly grade a note. I have a few processed notes too --but that doesn't bother me because I love collecting... I don't buy notes simply as an investment.
Naturally, I prefer original to processed, but that doesn't mean I can't appreciate a note for its beauty (processed or not). I now tend to avoid dealers who sell processed notes-- unless they tell me the note is processed up front. What bothers me about the emergence of 3rd party grading, is whether they have come to terms with the amount of notes doctored-- Are they documenting these/ and revealing the kind of processing? IMO: That's something that needs to be investigated.