Is this a fair offer? Graded 64 EPQ PMG 1953 Jamaica One Pound pick #41b

I recently received an offer of $600 for this 1953 Jamaica Pound graded by PMG @ 64 EPQ. It that a fair offer? Heritage Auctions only has a 1958 AU58 which sold for $211.50 in Sept. of 2103. The other prices I have seen online have been all over the board. I was hoping I could get a better idea from someone who has experience with graded world notes. Thanks!

 

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I know nothing of what you are trying to sell. There tends to be limited data for foreign notes and currency unless they are ultra rare or have passed over the auction block several times. Based on what you know of this note, does it sound fair? If the offer is legit and the price is higher than what its worth, then I would say take it and buy something even better. But if the value in the books says $800 and they are offering $600, then maybe you can try to renegotiate. Remember one thing....what is the market for what you have. I bet it is less than 1%. It gets tough to sell items like this when there just isn't a market for them. For example, I have a really valuable high grade set of Turks and Caicos coins, but I would have a hard time of selling it for what they are worth because the market is less than 1% of collectors who understand the value of these coins. Good luck.

 

Well according to PMG population there are only 4 higher grades: 2 graded at 66EPQ and 2 graded at 67EPQ. I don't know the book price on this note but I do know that with world coins you definitely can't go by what Krause says so I'm assuming that is the same with world notes. Thanks for your input.

 

Take the money and run. The market is probably closer to 0.01% than 1%. Then go to a coin show, especially a smallish local show, and ask around to the dealers, "What's your best $100 investment deal?" At least one of the fifty frantic "offers" you hear should be pretty good. Then do it five more times, plus, watch CraigsList, where sellers tend to be expensive but desperate. In negotiating, it's better to ask for something else to be thrown in, than for a price reduction from $100 to, say, $85. Good luck from ME, too.

 

True. Thanks!

 

Thanks for the kind words. There's another way to analyze this, i.e., where is the next 20% of profit coming from? Is it from getting (+20%) $720 for your note, or is it from vacuuming up a handful of firmly-negotiated cherry-picked deals offered by strapped coin-show dealers who haven't quite made the table rent yet?

I see more and more Silver being stripped out of proof sets (and sold for junk silver = easy cash) since there's a substantial oversupply of proof sets right now; that seems like a good choice at the moment, plus some chance of finding flyspeck varieties, if you're into that sort of thing. Or if you are really knowledgeable about Seated Liberty coins, for instance, browse the dealers' 19th Century type coins (also out of favor).

 

I completely agree. Although you might be able to squeeze out some more money out of another buyer, it may be a long, long time before another one comes around. Market prices fluctuate... especially for lower-demand items like these. If the market takes a dive during that time or more gem notes are discovered, you might never see an offer for that amount again. If it's at least 75% of book value, go for it. As a rule of thumb, book value is considered to be higher than auction/wholesale. Don't kick yourself in the foot for passing on a decent offer, by trying to make a few more dollars.

 

Anyone known what the current book value is on this note? The one paper money price guide I have is dusty and old and I don't even think it has world notes.

 

Update...I sold the note! Just wanted to thank everyone for all the great input.

 

What'd ya get???

 

The $600

 

Nice job!!! Congrats.

 

$600

 

Steamer Trunk of Old Jamaica Currency Washes Up On Cayman Islands Beach
By Kingston Guy. WC News Services, Copyright 2014

Local surfers catching the early-morning tide were surprised to find a huge trunk caught in driftwood on Chelsea Beach, 6 miles east of George Town, capital of the Cayman Islands. Upon opening the trunk, three young men found dozens of packs of 1953 £1 notes bearing the portrait of King George VI, still in plastic pouches of 100 bills, in pristine condition.

Police confiscated the shipment of notes, but indicated the three young men might prove eligible for a reward from the British government, or the printer, Thomas de la Rue. The bills are no longer valid for commerce. [more]

 

Wow! That's crazy.

 

Talk about good timing. If that discovery (of pristine notes!) just happened, prices will plummet. Chances are you will never see an offer like $600 ever again.

 

I shoulda been a newspaper reporter.

 

Nice work, Kingston Guy. Nice work.

 

So, umm, don't believe everything you read on the Internet. Just wanted to make the OP feel good!