Best note to buy for under $1000?

I'm looking to make my largest purchase on paper money, at first I was thinking of getting a 1934 $500 note, but my dealer strongly recommended I get a large size type note. So, my preference at this point in large size notes would be a 1918 $2 battleship, I figure I could get a great example at the Baltimore show this weekend in VF35-XF45 (EPQ/PPQ) depending on district, but I would like to get Richmond if possible. Or should I get two nice uncirculated notes, say a Black Eagle and 1917 $2 ? The top of my spending budget is $1000 firm.

Just curious as to what everyone else's opinion is. What would you do with $1000 on your first large purchase?

 

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I love Black Eagle notes. I was going to recommend them before you even mentioned them. But it is all about what you like. It seems you like the $2 Battleship. I think you can be quite picky at the show. Best of luck. I might run into you

 

If it were me, I would shoot for a mid au 1891 Martha Washington silver certificate

 

Don't know about you but I've being searching for a 1896 $2 Educational Silver Certificate. Trying to see if I can snag one at $1,000 in low VF. No luck so far though.

 

Depends on how picky you are on grade. To me, a Buffalo, Chief, and a $5 Educational are the top 3 gets. The Battleship is #4 and maybe the Black Eagle and other Educationals next.

You can get a high VF Chief, a VF Buffalo, or a VG-F $5 Educational for $1k. If you go for a common district, you can get a nice VF Battleship and have enough left over for a high VF Black Eagle of a more common vintage.

Since the Battleship speaks to you, go for it. Richmond is not one of the easier gets. Not alot of them out there, you may have to be patient and bide your time.

I agree with your dealer by the way, too much of the value of the $500 and $1000 are tied up in the denomination, and not the collectible value. I don't think these notes are going to appreciate that much simply because as the value of the dollar shrinks, so does the large component of their pricing. Others may differ, but that's kept me from going after a $500.

If you don't care about District, get one of the more common ones and pocket the savings for other notes. Trust me on this, I started collecting Dallas, and it's a bear... lower pops and high demand mean I am scrambling for scraps.

 

If I was given $1000 and told I had to spend it on Currency I would look for the following- (one on your list, a few not)

1st- 1902 or 1929 National Currency from a local bank, mine is Chico California, not sure what yours is. They can range from about $50 to thousands depending on the bank.

2nd- $1 1896 Educational note. Beautiful bill for both the front and the back. Should be able to find a VF/XF with room to spare.

3rd- $2 1918 Battleship from SanFrancisco (I collect notes from San Francisco and the $2 is the only one I am missing from this time period.

Good luck on your hunt and let us know if you find something (don't buy anything unless you find the note that is right for you).

 

Thanks - Excellent feedback everyone, keep em coming! The 1901 Bison is definitely high on my list now too.

 

The 1901 Bison is the note that made me aware of US large notes and got me collecting currency two years ago. Stumbled across the currency section on eBay and the Buffalo floored me. Definitely my favorite note.

As an aside, I finally got one two weeks ago...

 

1862 $10 Legal Tender Note

 

Series 611 $5.00 Military Payment Certificate.

 

Take a list of all the notes being mentioned in this thread, look for each of them, so you can see them in hand. Don't let the money burn a hole in your pocket if you are not sure of what to buy after looking at so many notes. There will always be another show to go to and that allows for more introspective time to think about what you want to buy, save more money if you see something special or some grade requirement you'd like to have that special note in and by all means, always buy the best you can afford as that will make you the happiest if not help return the healthiest premium in the long run if you should ever need to sell the note. I would also caution not getting persuaded by dealers who try to sell you problem notes because they suggest the price is a bargain if not for "x" problem.

If I had the $1,000 I would pursue more large size Legal Tender notes. Namely, I'd look for a $2 Legal Tender note, Series of 1869, the 'Rainbow note' in a grade of about VF-20 per your budget. An alternative would be if I could find a $5 Legal Tender Note, Series of 1869 "Rainbow note' or maybe a Series 1880 with large brown seal. The $5s are also known as a "wood chopper" notes due to the vignette on the face.

With the budget you gave, you may also be able to find something below EF in the $10 Legal Tender Notes, Series of 1869, so called 'Jack a s s notes'. I personally like the seal's position and size better on the 1869 than the later Series with the donkey-eagle.

For something different than LTs, maybe you'd like a large size gold certificate. For your budget an EF or better $10 Series of 1907 to 1922 may be an option... or step it up to the $50 denomination if you don't mind such notes in the VF range.

As I started out saying, once you see some of these notes in hand, really think about why you are buying it, and not just at the random suggestions of strangers because we said so and you have the budget for something. If you spot notes in grades we pointed out but think owning something a little better is more to your goals and satisfaction, then by all means, exercise the discipline to just enjoy looking at things at the show and come back next time there is a show or auction where you can get something you will truly enjoy.

Lastly, if you do buy something, scan it and show it off! I'm sure we'd all like to see what you bought! Have fun!

With any remaining money I'd put it towards a book on currency and/or getting some lunch/dinner after the show.

 

Have to agree with krispy on this one: rainbow or large brown seal is the way to go. "Watermelon" notes are also highly sought after and should be considered if possible.

I own an XF Black Eagle, and you can get those (depending on signature combination) for $250 in that condition. There are great notes and started me in paper money, but are plentiful.

 

As Kegg (and my first response) notes, the Black Eagle is the perfect leftover pickup - if you manage to get the note you want for $700-$800, the Black Eagle is easily obtainable in very nice grade at a very reasonable cost. The most affordable of the "high demand" note designs.

Two nice notes are better than one...

 

I think the best note to buy for under $1000 would be a $1000 bill. Instant profit.
But really, good luck choosing. I look forward to seeing what you end up with.

 

Thanks krispy, I will most certainly survey every note mentioned in this thread. The top of my list right now would be the 1901 $10, 1891 $1 Educational, the $2 Battleship (Only if I can find Richmond in my price range) then the jackass or $2 rainbow.
I think I will definitely get a common, probably Fr. 236 Black Eagle in 63/64 - not included in the $1000 - my budget has gone up a little

I have the redbook on US Currency, the Blackbook, and The Standard guide to small size notes (all are the most current editions) . I have the 100 greatest American Currency notes on my radar as it has been suggested as an amazing coffee table book. What would be another book I should pick up?

Thanks for everyone's suggestions - and I will certainly show off whatever I pick up!

 

Of all the notes listed above I would go with the Battleship. It just has coolness factor. But I also like the 1914 $50 but in high grade.



The Series 611 $5 MPC has never done anything for me. I cannot say I care too much for the hairstyle of the subject, maybe also she reminds me of someone I do not like. But "Marilyn" is much more to my liking:



Or you could go for the last time a bared chest was ever depicted on anything printed by the BEP:

 

I'd suggest any books that catch your interest even if it's a remote interest about something you don't necessarily see yourself as a collector of, yet.

For instance, I don't really collect Colonial notes but I have an interest in them, their history and the money of that era. So a terrific book that I think any US paper money collector would also enjoy, at least for the history if not for being a tremendous reference book, is Eric Newman's, The Early Paper Money of America.

Another title that I recommend for the history of banking and how it affected the money and it's forms, the various Act of Congress that you see noted on early notes in the United States, a book which you may not find at a coin show readily, is Jason Goodwin's Greenback: The Almightly Dollar and the Invention of America. It's an easy read, very entertaining actually, and I thought interesting as written by an English guy making observations of a survey of US political and financial history.

 

some ideas: Large notes under a grand

1899 $5 chief mid grade
1882 $10 national bank note lower grade
1907 $5 woodchopper high grade

 

Update - Here is what I picked up at the Baltimore show:

1880 Woodchopper Fr. 80 (sm. seal) PMG 64 EPQ $600
1899 Black Eagle Fr. 233 PCGS 64PPQ $500
1917 $2 Fr.60 PMG 64 EPQ $350
1917 $1 Fr. 37 PMG 63 EPQ $300

I also picked up the 100 greatest American Currency notes (with bowers & sundman autographs) & got a Crab Cake Sandwich, because when in rome...

Im really happy with my pick ups as I have excellent examples at decent prices. I went in looking for a Bison, but the best price I saw was a VF20 at $1100 that didn't look Very Fine to me, the next best one was a nice example in VF30 for $1,400 but the dealer wouldn't budge, came really close to getting that - but I didnt feel comfortable at that price.

 

RedSeals!

WTG! Sounds like a sweet haul and a fun day you had. I'm glad to hear you found a book and some regional foods for your lunch too for your efforts seeking those notes.

I had a feeling that's about what you might find with the Bison note given your budget for the show and that very popular note's prices. I think you made good decisions to go with the other notes and wait on the Bison until you really feel good about the one you are buying for that much money you are willing to pay for such a note.

If you get a chance to scan the note, please post pics sometime too.

Enjoy your new pick ups! Congrats.