Edge structures of thermally treated graphite have been studied by means of atomically resolved high-resolution TEM. The method for the determination of a monolayer or more than one layer graphene sheets is established. A series of tilting experiments proves that the zigzag and armchair edges are mostly closed between adjacent graphene layers, and the number of dangling bonds is therefore minimized. Surprisingly bilayer graphene often exhibits AA stacking and is very hard to distinguish from a single graphene layer. Open edge structures with carbon dangling bonds can be found only in a local area where the closed (folding) edge is partially broken.