A note like that graded as a 35, I would cut out and throw away the holder, or send to another grading service if I wanted it in plastic.
If left raw, I would resell raw as a 40 with a clear conscience.
I would also buy the note as a 40 with 100 percent confidence in that grade. Extremely Fine 40The old standard of "three folds makes an XF" is applicable here, as typically a thrice-folded note does indeed usually grade "40". Common sense exceptions must be made, however, as three folds that are exceptionally heavy may drop the note into a lower grade category. Notes with three folds and a couple of other minor light bends or folds may occasionally make it to the "40" grade if the extra folds are light enough and are not obtrusive to the overall appearance. A typical XF note may have a couple of pinholes, but any larger holes would prevent a note from reaching this grade. [ PCGS Grade ]Very Fine 35This is a "just miss" grade, comparable to the grade "About Extremely Fine" used by some companies. It represents a note that is very close to an Extremely Fine 40 but that has one or two minor faults, such as an additional light fold or two that preclude a higher grade. A "35" should have eye appeal that is well above average for a VF note. [ PCGS Grade ]
From what I can see, the folds look average, clearly not light, but could also be much heavier.
Adding: If this were 10 years ago, and if the ink / stain was not there, I could see this note POSSIBLY getting a 45.
The 1928C $5 star is over graded IMO. That note should have gotten a 30 comment, possibly even a 25. Another note I would cut and toss the holder.
Totally agree. Assuming there's nothing else wrong other than three folds it's a 40 all day. Of course I would always want to look at the note in hand before making my final decision.
And yes that $5 red seal is overgraded. I would say 30 with comment