It seems as if note.boy has already concluded (from his ironic tone)
that this seller has in fact re-graded the notes for profit, and that
the Spink grade must have been accurate.

As a regular buyer at Spink's, though, I must give the seller the
benefit of the doubt, as Spink is just as likely to undergrade notes as
they are to overgrade them: meaning VERY likely.

I must confess I have upgraded many notes I bought at Spink auctions.
But I am not a crook; just a more accurate grader...

anaana

note.boy wrote:
This note, and others he bought at a recent Spink auction, were ALL
undergraded by Spink as he now offers them on ebay at higher grades.

http://cgi.ebay.co.uk/B245-100-PEPPI...mZ170040994726

Spink graded it as "almost extremely fine" but it's actually "gEF/AU".

The one below Spink graded as "handstamp on reverse otherwise EF" but it's
actually "gEF/AU" with no mention of the hand stamp that can be seen at top
right.

http://cgi.ebay.co.uk/B245-100-PEPPI...mZ170040993933

I wish that every note I bought at auction turned out to have been
undergraded, what a lucky guy! :-) Billy