Actually, in the spectrum of grading, a grade of "Good" is probably only slightly high (seriously). A Currency note graded Good is an absolute dog. Could have pieces missing, tears, etc.
Uncirculated
Almost Uncirculated
Extra Fine
Very Fine
Fine
Very Good
Good
Fair
Poor
From the IBNS grading standards:
Quote:
GOOD: A well worn and heavily used note. Normal damage from prolonged circulation will include strong multiple folds and creases, stains, pinholes and/or staple holes, dirt, discoloration, edge tears, center hole, rounded corners and an overall unattractive appearance. No large pieces of the note may be missing. Graffiti is commonly seen on notes in G condition.
FAIR: A totally limp, dirty and very well used note. Larger pieces may be half torn off or missing besides the defects mentioned under the Good category. Tears will be larger, obscured portions of the note will be bigger.