How do you tell if the 5 Pound Jack Nicklaus note has been circulated it looks like new?

Answer 1

If the note was sold as a collector item, it would have been packaged in some form of protective sleeve or folder to prevent it from being handled and damaged.

If the note is not in some form of packaging and still looks like it is brand new, there may be tiny little creases or fold lines, or maybe scuff marks on it, or perhaps the corners may show some curling. You would need a good magnifying glass to see these sorts of marks.

If in any doubt, take it to a reputable coin dealer who will be able to give it a detailed examination with a professional eye.