What does it mean if a book's catalog record says the status is "newly acquired" or "in processing"?

This means the book has just arrived and is still in the process of being added to the collection. To get the book, visit the Circulation Desk and ask a supervisor to initiate the process of getting the "in process" expedited for circulation. You will be notified to pick it up at the Circulation Desk when it's ready.

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