I just picked up a 1902 Plain Back $5 issued by the Myerstown National Bank, Charter #5241, certified VF25 by PCGS. From researching online I learned that there are a total of 27 large size notes reported for this bank. Would this be considered scarce enough to be worth a premium over the price of a "common" national of the same type? I paid close to the "common" price on an ebay auction, so I'm wondering if I got a deal...
Got scans of the note? Regardless of what a TPG grades something, 'eye appeal' and a good solid visual of the piece still influences what individuals will pay and so we need to see the piece in question to talk potentially of the value.
I scanned it but the file is too big to attach... It's probably at the lower end of a VF25, closer to a VF20, signatures weak but still visible. A fair amount of wrinkling but no major distractions, no heavy soiling.
So scan it at a lower resolutions size. 300 dpi and the longest dimension of the image size 800 to 1200 pixel. Then try to upload it. Also make sure the file type you try to upload is compatible with the sites recommended parameters. If you still have problems, you can get free image hosting website accounts at Photobucket or others, then link the image file URL here and the image will display inline with your posts.
Good, big pics! I click on them and they are huge. Thanx! The note looks accurately graded and I'd say you got it at an accurate price from a dealer who appears to know what they are selling. Pricing on Nationals sometimes varies based on collector interest in the issuing bank, so if you were to find a buyer of notes from PA or who sought those from Myerstown, and who wanted the note in the grade you have, then there may be a value some buyer is willing to pay over what you have just paid for it.
Nice pickup! It's hard to say what a national like this is worth. Someone who really wants a Myerstown note will be willing to pay more than someone who just wants a type note. Here's what I have in the Track & Price database for notes in the 20-25 grade range, and what people have paid for them in the past.
Thank you both for your great info and feedback! So is the Track and Price on this one higher than for a Plain Back from the most common banks in major cities like New York or Chicago? The price I paid is lower by a long shot than any of the historical prices, so I can see I didn't go wrong. It's a pleasure to own something with such a low population. If I had a coin with a population of less than 30 it would probably be way out of my budget. This is one reason I like paper so much. I would think that prices could skyrocket if only a few more people got into the hobby. It seems that there would be money to be made in buying this type of material at auction and then finding the right person to sell it to at a higher price. That's probably why I don't see many nationals on eBay being sold in a true auction with no reserve and a low starting bid like this one was. Selling would be the hard part for me, though, because I like currency too much!
The paper money market is a strong one, and collectors do pay strong premiums for notes. Serious money changes hands for rare notes and we can understand the fragility of paper money to that of coins, for how precious some notes are that remain in existence. Think of all the things that conspire against notes remaining in good condition or which would cause them to deteriorate or be unattractive to collectors. PM collectors certainly appreciate the pleasure you precisely noted about populations and scarcity of notes out there. It's amazing that paper money can be so neglected by so many coin oriented numismatic hobbyists and that coin mintages so bewilderingly high are accepted as rarities when notes really are rare in many instances. A lot of currency is dealt on individual dealers websites, and if you have only been sifting through eBay auctions, you might really like to delve into the dealer inventory. At the very least, if you haven't, check out Heritage Auctions, too, if for nothing other than the auction archives you can do your research on notes, compare different types within series and take advantage of the population in formation they share for free in their listing from TPGs like PMG and PCGS Currency who have graded notes. If National Currency is your thing, check out the site: nationalcurrencyfoundation.com For an example of a good dealer with online inventories to peruse, try Denly's of Boston. There are other resources out there, but you may already know of ones you prefer or have fun searching for others on your own. If not, let the PM folks here know what you are looking for to get some direction, if you need any more help. Regards.
There is another charter in Myerstown #9752 that is quite a bit scarcer - only 4 known notes but the value on them in average condition in the Kelly book is only $750 which suggests that although rare - not a lot of demand for notes from there. Pennsylvania is just one of those states where Nats were issued by a lot of different issuers - the population during that era was proportionately greater than it is now - so notes for the state are very very common. The population percentage vs other states declined over time after the Great Depression which also effects long term demand for collectables from there. In contrast aside from San Francisco issued Nationals, California had much less of a population then but much greater now so demand for Nationals from there is always high. Which I wish were NOT the case since I would love to have more than San Francisco issued Nats in my collection.
I think you got a good deal for the note at the price you paid - particularly if you have some ties to the town where it is from. I collect mainly from where I live and from where one of my grandparents was born - I own most of the known notes from both places. I guess I won't stop until I own all of them.
