I am a coin guy who is becoming (to the chagrin of my wife) increasingly more interested in US paper currency. I have the Friedberg Red Book on the subject and have read it. I was wondering what you guys think a good place/series to start collecting is?. I like fractionals, and older gold and silver certificates. All opinions, thoughts, insights, warnings and advice appreciated. Thanks, guys.
Depends on your budget. Some of the notes can get very expensive even in low grades. Research some of the currency sites, auction sites (Heritage, Stacks etc.) to see what some of the values are. There are a lot of ways to collect. I, personally like some fancy numbers and errors. I also have a collection of older Canadian Chartered banknotes as well as world banknotes and notgeld. To keep my spending down, I search stacks just like coin collectors search rolls.
Amen to this. The choices you have are too many to list. I started collecting currency for a challenge. A challenge of completion. My budget is limited so I chose Small-Size, Modern-Era One Dollar Federal Reserve Star Notes. I wanted to collect an example (CH-CU) for every series (year) in every district issued 1963 through current. It may sound simple, but some of them were very ex$pen$ive and hard to locate in uncirculated condition. It took a little over 4 years, and I finished back in June. Along the way I was also intrigued with WWII Emergency notes, R & S Experimentals, Star notes in 2,5,10,20 and 100 dollar denominations, and 4-subject currency sheets. Pick up some currency guides in whatever niche you choose, ask questions, learn about grading, and try to keep from mortgaging your home.
I have to agree with the previous posters that when it comes to paper money. Paper money can be equally expensive and time consuming as coin collecting depending on what you're interested in. Generally, most small-size notes can be acquired from your local bank and can be purchased in packs, just like coins are purchased in rolls. That would start you off on small-size modern notes. You could find anything from the series 1928 up to 2009. You'll find the different districts, red seals, silver certificates, and probably some star notes. As for acquiring other types of notes, fractionals, large-size, gold certs, MPC, etc., you will most likely have to go through coin shops, ebay, and other auction houses. While some examples can be had for less than $100 each in low grades, many are hundreds or more in the higher, more desirable grades. The question you will ask yourself is what can I afford and what type/series do I want to start with? My advice is to pick up a Standard Catalog of United States Paper Money (my favorite), or any other reference guide and look through it. Then look online or in the shop for a day or two and just browse, taking note of what catches your eye. Ask questions, but don't buy anything the first time. Welcome to paper money collecting. Say good bye to your wallet.
Haha...thanks guys. I just subscribed to the Bank Note Reporter. I think I'm going to do some more reading before I buy anything. For now I just ask for bills at the bank. I have found two star notes already. A 2006 $100 bill and a 1976 $2 bill. Both are circulated and don't carry much, if any, of a premium right now. Still cool to find though. I found both requesting cash after cashing expense checks.
Personally I like fractionals. They are unique and decent grades are easy to come by and afford. But, like you I was in the same position and took me a while to settle, lol, more or less on fractionals.
Star notes are generally the only notes in modern series worth anything over face. Some of those can be from lower printings and can be worth more. Also, some districts are worth more depending on the year. This is a great resource that I use almost every time I find a star note: http://www.mycurrencycollection.com/reference/stars/
I collected Fractionals for awhile but life changes things. We now just hang on to every star note we find......no matter the denomination. I'm still trying to get some spark back in my coin and currency collecting.........got stung a couple times and the luster fades. It's still a great hobby!
Have you considered something like a topical collection, of some theme that interests you? With such a collection you can define the scope and expense to make it what you want. With your prior focus on US notes you might be pleasantly surprised at what you can find (at likely lower costs) in the rest of the world. Dave
