Italy 50 Lire 1933 P-54a F (Lupetta)

Gem Uncirculated

A note that is flawless, with the same freshness, crispness and bright color as when first printed. It
must be perfectly centered, with full margins, and free of any marks, blemishes or traces of handling.

About Uncirculated

A bright, crisp note that appears new but upon close examination shows a trace of very light use, such as  a corner fold or faint crease. 'About Uncirculated' is a borderline condition, applied to a note which may not be quite uncirculated, but yet is obviously better than an average Extra Fine note. Such notes command a price only slightly below a new note and are highly desirable.

Extra Fine

A note that shows some faint evidence of circulation, although it will still be bright and retain nearly full crispness. It may have two or three minor folds or creases but no tears or stains and no discolorations.

Very Fine 

A note that has been in circulation, but not actively or for long. It still retains some crispness and is still choice enough in its condition to be altogether desirable. It may show folds or creases, or some light smudges from the hands of a past generation. Sometimes, Very Fine notes are the best available in certain rare issues, and they should accordingly be cherished just as much as uncirculated notes. 

Fine

A fine note shows evidence of much more circulation, has lost its crispness and very fine detail, and creases are more pronounced, although the note is still not seriously soiled or stained.