I'm relatively new to collecting paper money. If a note has very small edge repairs (which are noted in the certification) how does it affect value? The ones in this example are pretty hard to see. Otherwise, it is in really excellent condition with no folds or stains. Obviously, this would impact on the value of the note compared with one having no repairs. My question is, how much? Would it be more desirable to have a note in really great condition with the small repair or in worse condition with no repairs?
Personally, I would want an unrepaired note. Repaired notes would be okay to use as a display in a museum where examples of types of currency would be viewed. For a collector, an unrepaired note would be more desirable. I would be uncomfortable with a repaired note. I would always be saying, "Here's a ______ but it's repaired." The repair (even invisible) would detract from the essence of the note.
I'd avoid repaired notes along with notes graded without the xPQ designation, but there are notes where none are known without repairs or xPQ. If a repaired or no xPQ note is all that is available and I need the note in my collection, I'll take what is available. I like high quality notes so much of my collection is made of them, but there are a few that are rags because that's about all that can be found. In those cases it does not affect the value; it affects value when other notes in better condition can be found. In the last submission I sent in there is a Hawaii star with rust that ate a hole in the note. If I had a choice that note would not have been purchased, but I did not have a choice.
Unrepaired notes of this type are available but in high grade they are way out of my price range. So my choices are a repaired note that looks great, an unrepaired note in a very low grade or just not owning the note.
If this is the case, I would take the repaired better grade. It would show the finess of the engraving and contrasting features better. (not to mention color and paper quality as well.) It would give me more satisfaction looking at it because of the eye appeal. You can always upgrade later. IMHO
Thanks to everyone for your comments. I believe I may go for the repaired note in the higher grade and look to get a better one sometime in the future.
Just be cautious with purchasing "Apparent" notes since they can be hard to resell in the future. Most collectors would not purchase a note with this designation unless (as noted above) the note is rare, or almost unobtainable to most collectors in a higher grade. If you absolutely HAVE to have the note, then by all means purchase it, but just know that there could be issues later on when you try to sell it.
Thanks. That was another question I had: what the "apparent" designation meant. With this particular note, I found another example, that was graded "Extremely Fine 45" without the "apparent" designation, but the description indicated (and the photo showed) that the side margins had been trimmed. What's your opinion of a note with trimmed edges? Why would that not get an "apparent" designation?
It all depends on the note and the third party grader (TPG). Sometimes an apparent designation is only assigned if the issue was created by someone outside of the BEP.
