Afternoon All, I have a $10 National Bank note from the "Bedford National Bank" (Bedford, Indiana), charter 5187. It's a blue seal, date-back and have been told it appears to be in at least good condition. I have been unable to locate another example of this note and one dealer told me it was pretty rare. Can anyone give me a guestimate of its worth and should I have it graded/slabbed? Thanks
I know several collectors locally who would love to own that note. These notes are tricky to value as they come up infrequently. I'll do a little homework and see if I can't get you a ballpark figure.
I found an 1882 $10 "Value" back, Charter 5187 in Fine-Very Fine sold in 2009 for just over a thousand dollars in the Heritage Signature Auction held in Long Beach. http://currency.ha.com/c/item.zx?saleNo=3506&lotNo=13187
Welcome to the forum! I don't know any detailed info on this note but it's very nice. IMO you should get it graded/slabbed. Hope to see more like this!
Welcome to Coin Talk- A neat note - It appears to be in VG condition with some issues. Not super rare but non the less the note does have some value. In the condition it sits I would think the note in todays market would bring about $500-$600 at the right auction IMO. Thanks for showing it off-
Thanks for all the info and funkee, thanks for the screen shot. Not real sure how to read the page but it appears there are two known $10 5187 1882 date-back (three with mine) and the last one sold in 2000 for $1017 (grade 15?). How does the "grade 15" correlate to the comments that this appears to be a good to very good note? I'm going to have it graded/slabbed but I'm not entirely sure I'm going to sell it. I do coins not currency but I can't remember if I inherited it (I'm from Indiana) or I got it at an estate sell years ago. Thanks again.
As for corralation to the fine grade would be basically like coins - It is a more circulated example with more wear & soiling ,margin splits/tears ect.. That is not the only "animal" you are dealing with though when coming up with a value on this piece when trying to corralate the value to the note that was graded Fine 15 . That note was sold in 2000 & from 2000 through 2007 the currency market was quite "hot" & over inflated price wise. Just like most markets the coin & currency markets are cyclical & have highs & lows . IMO we are still at a low in the currency market. That being said with the condition of your piece & the overall market conditions for sales of these notes I will still say this would most likely sell in the $500 - $600 range.
I think this is a great note. I love nationals. One thing to keep in mind is this...to the right buyer, they can be really valuable. Let me give you an example, to me this is a neat note. If I could get a good deal on it (a few hundred dollars) I might be interested in it. But, I personally wouldn't pay $500. However, lets say that this was a note from Eugene, Oregon (instead of Bedford, Indiana)...and for the sake of argument we'll say they were equally valuable (which they aren't, Eugene 1882 notes have sold in the $10K range). I would be much more inclined to pay $500 or maybe even a bunch more because that's a city I'm searching for. If you can find a collector that focuses on Indiana notes...or even better, Bedford notes you can get some good money for them. Just as an aside, I recently purchased a series 1902PB $10 Eugene National note and it is in far worse condition than this (to be honest, it's a tattered rag with repairs done to it) and I paid a pretty penny IMHO.
This is all very good information...thanks everyone. I just completed my application to PCGS and as soon as I get my membership info I'll be sending it off for grading. I also spoke to my grandmother (95) and she seems to think this was part of my grandfathers collectibles. With that I don't think I'll be selling anytime in the near future unless someone makes me an offer I can't refuse. Thanks again.
You're correct. It shows 2 known 1882 $10 date-backs. But it doesn't say who it was graded by, so it might be the subjective grade of the seller or the person compiling the census. I think you can get 4 figures for this note without a problem in today's market. Then again it still depends on if you find an interested buyer (or two if it's an auction).
If you happen to collect bills from that bank/town/state be sure to post in the national currency thread and I will add you to the list. http://www.cointalk.com/t209582/
