Are you absolutely certain that it is a pinhole and not a bump in the paper with a tad bit of missing ink on the front? Not that that would make it any less off putting... (Yeah, I know this is a stretch, but I’m trying to wrap my mind around the EPQ on this one as well.)
Yeah, unfortunately. I'm 99.99% sure. If I am correct, it was a good repair, but with a glass and a good back lighting, I can see what appears to a yellowing area around the from the pin around the area and minor disturbances in the paper. Your comment about a bump in the paper is exactly what I thought it was from the images on line. I may try tonight to take another picture and see if I can get it to show more.
I once had to return a PMG 66epq note with a pinhole. In my opinion a pinhole should disqualify EPQ/PPQ in the XF or higher grades However at the Fine/VF level I know that PCGS Currency would still sometimes award PPQ to notes with a pinhole or two. But not a CU note.
I guess I could accept minor and well hidden pinhole on a AU50 or below. When I read PMG's website, they kind of suggest that as well, and that that doesn't preclude a straight grade. They also suggest that could still be an EPQ note, so ??? However, the problems with that here, to me, are simple; 1. It's only hidden in the design on one side ... the other side, it's in an open field. 2. It's not an AU note, or even a 60 / 61. They graded it as a 63. Comparing it to a coin, that would be (again, to me) like a staple scratch in the fields or on a prominent device. Might still be Unc, but it isn't Choice. If it was an AU piece, it would also get netted down (an otherwise outstanding 58 would probably get a 53 grade, causing everyone to really look). Not that I necessarily agree with that type market grading, but I've come to mostly understand it and accept it for what it is. Larry, if you don't mind, either here or PM, could you tell me what steps you took, and how that went for you ... returning your note? Anyone else wants to comment this weekend, I would appreciate it. Mostly I am trying to learn what is acceptable to expect from graded notes and what is not. I'll figure out what I am going to regarding the note after I weight some options, and any new knowledge I can pick up.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”