This is being offered at auction by Heritage in their Long Beach, 2017 September auction. I have heard "retouched" used in the context of "this note is to be avoided at all costs" to "I don't pay attention because the note appearance is all that matters." I lean more and more to the latter looking for bargains on notes that are not "NET" but some negative comment is on the back. I believe you can snatch some good bargains on notes with comments that are not "NET" A tear that you can't see on a scan, an inclusion, pinholes...etc, is not given the "NET designation and is a wonderful note. Especially, "closed pinholes" is another potential bargain generator. Look at my Fr-1184, it says "closed pinholes" on the back, their is no "NET" designation and the reverse is one of the most gorgeous I have seen for a $20 Large Gold. I have seen 40's and 45's of the Fr-1184 and their reverse doesn't have half the eye appeal of mine. Sure, we all want GEM-EPQ notes but if you are serious about building collections and you're not incredibly wealthy, then I am really trying to use my eyes! I have seen so many 35's that look better that much higher grades. SO I was really piqued by Heritage's definition of "Retouched" on this Lincoln $5 portal. I have copied Heritage's advertisement for this note verbatim below. Look at the note your buying and if it is not "NET" but has comments, don't walk away from a beauty because PMG didn't precisely define what was retouched!!!!
282 $5 1923 Silver Certificate PMG Choice Very Fine 35.
Very beautiful, lightly circulated porthole that PMG has anointed with their cryptic comment, "Retouched," which over the years we have found can mean almost anything or often nothing at all. The note could have a minor repair, a little artwork, or be entirely problem free. The comment reminds us of the old, unfunny joke about Tarzan swinging from vine to vine, wearing his new glasses, then jumping to a nonexistent vine, which was a crack in his glasses, and slamming to the ground. Poor Tarzan...Poor PMG...Poor consignor. There is a lot of value in this "Retouched" note.