This is very significant because it enlightens the reader that there is a possibility of 230 other possible notes in this same grade which are out there "RAW" that may hit this grade. When you’re buying a note - this is obviously VERY crucial to know. You want to know (obviously) NOT only how many have hit this specific grade, BUT how any more CAN possibly hit this grade. The number (in this example) 245 is an accumulation of ALL reported notes in this grade from sources ranging from Auction companies, to dealers and from collectors. After over 8 YEARS of grading, CGC has experienced approximately 60% of "reported raw notes in a grade" to actually achieve that reported Grade. Of those 60%, CGC has experienced less than 10% of those to hit GEM (65 or higher). In this above example that would mean of the 245 "reported raw unc's" that approx. 147 would actually "Professionally Grade out by CGC" to be TRUE Unc's, of those...approx 15 would hit GEM 65 or higher.

CGC's Rarity Report which was created over 7 years ago (the 1st in the industry) is the MOST "Inclusive" and accurate. You'll certainly take notice that perhaps in almost 8 yrs. CGC has only graded ONE (for example Fr 42) in 65; whereas other grading co's have Graded over a dozen (12) in just a short period since their inception (perhaps 18 mos. ago)....

This also lends itself to the Conservative Grading Standards of CGC and what it takes to hit the Ivy League Superior Grades of CGC!