So as I begin to look at currency, have read some books on it and have picked up a couple of small notes, I ask you guys a simple question that I'm sure I already know the answer to. If you were entry level in currency what are some good starter notes? What would be a good buy/ what would you buy at $200? What do you see holding its value and are star notes really worth the hype/premium?
Welcome to Paper Money Tater! Paper Money is really a deep field of numismatics and collecting. It may take you some time to figure out just what you like most about it and where you really wish to start collecting. Do lots of research before you start buying and have lots of books at hand, that's what I'd spend that first $200. Remember, that just like coins, currency is used all over the world and there are many many beautiful examples of world currency you may enjoy collecting alongside any interests in US currency you may be starting out with, going by your 'stars' question. Like anything else that you are accustomed to in coin collecting, premiums and value comes from the finest quality, highest conditions and rarity of a given series note. You'll have to learn a bit about 'printages' to get a feel for how star notes impact rarity across various series and understand that currency, unlike coins, tends to have a lot less survive-abilty over the years due to its inherent fragility and how easily notes can take on damage. There's a lot of fuss about collecting fancy serial numbers (SNs) and while those do tend to command 'premiums' it's not really something all collectors must or have to follow in their own collecting interests and pursuits. While the history of US paper money (PM) is broad and the market for US notes is quite, quite strong as a collectible (check out past auction results on Heritage for example), remember that security engraving is something that can be appreciated across borders, especially if you start out enjoying US notes, because you will soon learn that many US based printers and engravers lent their expertise, craftsmanship and materials to other nations in times of need when a secure currency was in need for a given economy. Similarly, many skilled artisans influenced the great engraving houses of the US. It will be exciting to see what gets you interested and when you do start acquiring notes, post some to get some feedback and any answers you need questioned. There's not too many PM members on CT but I think between here and anywhere else you may share online, you'll find an eager audience willing to help. I know I got lots of support from the forum and I try to give it back when and where I can.
Tater, I will recommend this web site for your research needs. http://www.uspapermoney.info/general/ I don't know of a more detailed site for U.S. paper money. Click on any subject and explore away.
Welcome to Paper Money , and I will echo what Krispy said and add, start with a small goal on affordable paper money you like. Like, a set of different colored seals , or a nice National from your hometown. Whatever flaws are in the note that you buy will still be there when you sell, so buy the best example you can afford. Enjoy Mr. beginner.
I've been trying to put together a light green seal series from 1934 thought its a good point to start, and a small dollar type set. My local dealer has a $20 large gold cert. in about low end vf condition for about $200 just wonder if it is a good deal on it or not as I seldom see them other than online.
Of course you'll collect what appeals the most to you Tater, but that may take some time to decide. Krispy gave you some good advice when he said to first invest in some books and other references so you get a feel for what's out there. I did that before I bought anything and it's the way to go without doubt. I might suggest obsolete currency and private scrip if you're history minded. It was he and others on this forum who peaked my interest in collecting currency. After a bit I decided to confine my collection to New Jersey obsoletes only and don't regret the decision. While my collection is small (about 25-30 pieces) I have researched each and every one of them to learn about the banks and individuals involved in each example. It's been a blast. I love the historical aspect of collecting more than anything. Good luck to you and be sure to keep us posted on your progress. Bruce
thanks guys and maybe I need to ask this in another thread, but as I look at what I want to buy I've heard a lot about ironing notes and this brings me to my questions like with coins I assume there are bad and good dealers on ebay who's bad and who's good/reputable? PM me if you would like to say but not make it public.
The best way to protect yourself is to buy notes graded from PMG, PCGS or even CGA. If you go with CGA, make sure it has a star on the front or back of the holder. This indicates it was graded by the new CGA. The old CGA (without a star) does not have a good reputation. As far as eBay sellers... stay away from jimrob23. He's a known doctorer of notes. It goes way beyond just ironing notes. He uses acids and cleaning agents that restoration professionals use to remove ink and rust stains. However, trying to pass it off as a higher grade note for more money makes it fraud and doctoring. One dealer I've bought high-end notes from was Actioncurrencycom. They are very trustworthy. You can also go to www.actioncurrency.com for their inventory. I think the prices are a little less on their website because of eBay fees. There's a lot of doctoring going on, on eBay. Here's pages upon pages of doctored notes: http://www.flickr.com/photos/coinforgeryebay/sets/72157631103745094/ Here's some tips for helping spot doctored notes. But as always buying graded notes is the easiest way to protect yourself. http://www.cointalk.com/threads/one-of-4-doctored-notes-with-pics-a-caution.227223/
I have to agree with funkee's recommendation regarding graded notes. I'm fairly new to the hobby as well so it's nice to have a second opinion from somebody who grades notes for a living. I got burned a while back on Ebay when I bought a (raw) nice, white, crispy- looking FRBN that was dark and dingy when I got it in the mail. Not an expensive purchase but it taught me that unscrupulous sellers don't even have to doctor notes when they can let the brightness settings on the scanner do the work... I have a large size 5$ FRN that looks almost AU at first glance but is graded VF20 by PCGS because it was washed and ironed. I still enjoy owning it because I paid the VF price as that's what it was graded as, not the AU price from somebody trying to pass off a doctored note with a nice photo.
