AU - Almost Uncancelled, very good
EF - Extremely Fine, very good pieces, but circulated
VF - Very fine, clearly circulated, some folds, for most (NOT ALL) of the shares and bonds this is average grade.
Fair - Paper is wrinkled and have more spots and folds. Do not belong in a serious collection unless the paper is very rare.
Poor - Doesn't belong in ANY collection.
Note: Additions like + or - mean that offered or shown papers are in a bit better or a bit worse condition than the main condition. ( For example: EF- means that the paper is generally EF, but has a minor disruption, but still can be considered as EF. EF- is more or less the same as VF+.
Please be aware of the fact that most dealers use "optimistic" grading.
