I have a collection of $1000 and $500 Federal Reserve Notes from 1934. There are 5 $1000 notes that have consecutive serial numbers, 6 $500 notes with consecutive serial numbers, and 3 additional non-consecutive $500 notes. I wish to have the notes graded by PCGS and I would like to submit them myself in order to have more control over the notes. PCGS has a club membership that offers a coupon for 15 free submissions. However, there is a $3000 valuation limit per note. I was hoping that some more experienced forum members could offer some advice and give me an idea of the value of the notes so that I can properly submit them. I'm a little concerned about sending such valuables out for grading....in spite of Registered Mail. Are consequtive notes worth appreciably more than non-consecutive notes? My very limited grading knowledge tells me that the $1000 notes will likely grade at least 58 or better. I can provide more information on the notes if someone feels they can offer good advice. Thanks.
I will start by qualifying that I am not an expert. That said, I would first go to the heritage auction site and browse previous auctions to get an idea of possible value. If I thought they were that valuable, I would get on a plane / train or drive directly to the TPG you are going to use. There is no way I would send all those notes by mail. Just my thoughts.
You could post the notes here, there our allot of people that know what there doing And can give you a good idea of what there worth as there our several variables.
Indeed, keep them in your possession in any scenario. To that end, I would entertain the thought of a 'walk-through' at a TPG or at one of the shows where they have a booth and are willing to do on site grading.
First, the "free note submissions" are very low priority - current times of at least 6 months before return seem very common. To me, that is unacceptable. Better to pay more for priority submissions. Or use CGA, cheaper and faster turnaround. If you post scans, we can give you fairly accurate grade info. Consecutive notes can bring a bit of a premium to a few select buyers, but I do not believe that the "less than $3,000" takes that into consideration, I think it's just per note. If you plan to keep the notes, you should consider getting insurance coverage. I use Collectables Insurance Service and they include coverage during shipment (with caveats but full coverage using FedEx). Yours is a nice problem to have...
I was told at the National Money Show turnaround should be 6 to 8 weeks and definitely faster than economy. Check with PCGS to see if the value restriction has to do mainly with insurance since they don't think they actually appraise the notes. Also PCGS accepts FedEx packages you just have to contact them for the shipping address.
Your best bet is to submit them at a show, they always have specials, and they will have them back To you before the show is over! saving to and fro shipping which would save at min. $50.00
Also, I'm sure everybody would like to see the notes. I think being consecutive would bring a little premium, but you're also severely limited by the number of buyers that could buy 5 consecutive $1000 notes at once. It's got to be a small group of people.
Best idea is what mpcusa had: go to a show where PMG or PCGS will be set up and have them grade the notes right there on the spot. It will save you time and money, plus you will then have the notes with you the whole time. If you HAVE to ship them, then definitely do it priority with insurance since each note of yours is easily worth $2k for the $1,000 notes and $1k for the $500 if they are in that condition.
Thanks for all the suggestions and advice! It looks like the general consensus is to take the notes to a show for grading. I could probably do the Chicago Paper Money Expo in March. Exactly how does the grading process, costs, and timeline work when you submit at a show?
FoxDoc, PCGS will be at the April 24-27 2013 show at the Schaumberg, IL. Renaissance Hotel and Convention Center. PCGS and PMG will be at the ANA Worlds Fair of Money August 13-17 2013. Rosemont, IL. Convention Center. This is according to their web sites. Check their web sites for other shows if you're not in this area.
Keep in mind, as I have pointed out repeatedly, that the maximum indemnity for plain Registered shipment is about $45. To get a couple thou$and coverage, or more, you have to add postal insurance on top of registration. If they are lost, you have to prove your valuation to the USPS. There "may" also be a restriction on mailing currency, whether they are collectors' items or not. Research before you send. Having said that, I like the consensus advice, take a couple buddies and the notes to a coin show where PCGS offers across the table service. And as far as selling them afterwards, I would think (for instance) selling two consecutive notes times two transactions would bring you a comparable amount to trying to sell four at the same time, plus a greater potential number of buyers. Same theory for the $500 notes.
