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PERFORATIONS
In general, perforations on a stamp have an average length but are not exactly the same length all around. However, during the separation process, occasionally some perforation tips are not as long as the average. This may or may not be a problem depending on just how short they are. As a general rule, nibbed perfs' (noticeably shorter perforation tips) or 'short perfs' (perf tips that have no length at all), have some significance to the grade. 'Pulled Perfs', where part of the stamp inside the stamp hole has been actually pulled out during separation, represents more than just a nibbed or short perf minor deduction. It may be responsible for reducing the overall grade below the 50 point level. Reperforating, the alteration of perforations on one or more sides, is considered a major fault and PSAG will not grade reperforated stamps.
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Condition of the perforations: Perforations damage easily, and if a perforation is 'nibbled' or slightly short, a stamp becomes correspondingly devalued. The more 'teeth' which are affected, the less a stamp is worth.
The term 'pulled perf' is used frequently in philatelic circles and means there is a gap where a perforation tooth has been pulled away. A 'short perf' or a 'short corner' means that a stamp has part of a perforation or corner perforation missing and the stamp can only command a lower asking price.