Look at the allowable amounts of handling. They are saying a GVF note is UNC!
Also, notes with a 'small stain' can be uncirculated. Really, PMG?
On this note, here is an example of a very poorly graded note. Slight corner rounding, two central folds, and counting stains on the back are evident. AU 55?
NOTE: Pics were a bit large, so I had to copy and paste from the browsing section of eBay. This means a photo of the back is not feasible because of 'File too large'.EDIT: I found the pic and replaced it with a bigger version of the image.
NOTE: You are required to use 'Edit' to add to posts, cdouble posts are subject to deletion. I will delete them in future — The Governor
Also, this 10 pound note is on eBay, graded as VF. It is clearly not, around the VG-F region.