Hello all, I picked two of these up at an estate sale for $15 each. The signatures are from Speelman and White. Was it worth it or did I get ripped off ? I have a book which begins grading at "F-12" or 'fine' and the value is $40. I don't feel this is a fine note, so how do you know ?
I can tell you no one pays $40 for a fine Fr. 237 on eBay. These are the last of the large sized notes, and common in almost all grades. If there are no pin holes, tears, or graffiti, I'd say you made out good. But keep in mind you can purchase one of these notes in uncirculated condition for $100. Gem goes for around $150 or so.
For example, I paid less than $30 for this note, shipped. Anyone have a guess on the grade? (New CGA)
You did fine. This particular bill is common, but I sell these at shows for $23-25 @ in middle grades. Or I'll sell 10 of them for $200. This looks VF. Good find. If you want to have fun, try to find the 1923 $1 legal tender note (think RED). You'll have to dig a little deeper in your wallet.....
I don't feel this is a fine note, so how do you know ? In coin and banknote language 'Fine' means 'Just about acceptable', and 'good' means 'Horrible' I'd call your notes 'Very Fine' which really means ' Quite Decent'. The wording dates back to the 18th C. when ancient coins were the focus of coin collecting, and the standards were really applicable to coins in general a couple of thousand years old that had had a tough life. A 'fine' Roman or Greek coin really would have been a fine find. With the popularity of collection more modern coins in the 19th and 20th centuries more use was made of the higher grades, that for classical era coins would have been ultra rare, leading to congestion at the top of the heap and to the absurd situation today where the finest examples are divided into more and more microgrades, and the ultimate absurdity of graders grading other graders work. How you'd know grade for a banknote is pretty easy, a perfect note is 100%, and then you deduct points for wear to edges and corners, folds, dirt, marks, and crispness to come to a lower number which is the grade of the note. You can find banknote grading guides online. The US may not use the 100 start point, but the principle is pretty simple. Your notes look 'Quite Decent' to me and a fair buy at the price you paid.
Once again, as in your Morgan dollar purchase, you did well. Show us the other one when you get a chance.
