Help! $500 dollar bill

So I was able to come across a $500 dollar bill and was able to obtain it for $500. I have a gentleman offering me $800 for it and told me because there is a mark from a counterfeit pen that it's considered damaged currency. Without the mark he would have been able to give me 1200-1500 for it. I wanted to see if this was true or not? I'm relatively new to the currency game and don't want to get duped. Any insight would be greatly appreciated!

 

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Welcome to CT. It would be of great benefit to you to post photos of both sizes as many of us do not do links.

 

Oh sorry! I think I attached the photos to this post.

 

Looks real to me. And yes, it has been damaged by a counterfeit detector pen. No way to get rid of that mark and all it does is verify that federal paper was used. Wait to hear from others as the condition is everything on paper money. The date and signatures can also make a difference. This is a series 1934-A.

 

Thank you! Hopefully the damage isn't too bad, that mark pains me.

 

Shame about that mark.

 

The mark that a counterfeit detection pen makes on modern notes will sometimes fade away. I can’t speak for older notes. I’d be tempted to call or email Nancy Poli and ask for her advice and see if anything can be done...she would know.

 

If that is indeed a mark from a counterfeit pen then I'd say you have nothing to worry about as the mark will disappear within the coming days or a week at most.

With that said, I have my doubts if an actual counterfeit pen was used as packaging for the pens clearly indicates they are ineffective on currency produced from before about 1960. Counterfeit pens used on older currency are well known to fail the pen test and turn black. If a highlighter or some other kind of pen was used then I'd be worried but I suppose time will tell at this point.

 

Whoever hit it with the counterfeit pen was an idiot. It will eventually fade but is a distraction until then and will lower the price.

The harshly trimmed margin probably has a greater effect on value than the counterfeit pen mark.

$800.00 is a little low even with the trim job and pen mark but $1200.00 is high based on similar notes in recent Heritage auctions. $900-1,000 is more realistic.

 

Unfortunately, it was an inexperienced teller who marked it with the counterfeit pen. It happened at the bank I work at, I don't work on the teller line I have a more specified role but I happened to be near the teller when the bill was deposited. I stepped away for a few minutes and didn't catch the marking or I would have discouraged it.

 

Who is Nancy Poli??

 

On the bright side you can be thankful the pen showed a negative result and passed the test. If it turned black, like is what usually happens with older currency like this, the teller would have freaked out and likely sent the note out as counterfeit. From there the government would have either just redeemed it for $500 (crediting the bank who would eventually credit the depositor) and destroyed it or sent it back with literal writing on the margins that it is genuine, effectively negating any real collector value.

 

Nancy, and her daughter are considered the premier paper money conservators. Used by paper money dealers and auction houses alike. She has done work for me in the past with great results. I highly recommend her services.

http://www.polirestoration.com/about.html

I bought a rare Tampa National that had a glob of foreign substance on the back and I was worried it may damage the note in the future. Nancy removed it completely and got the grade from a 12 to a 15...which I wasn’t expecting.

 

It shouldn't pain you too much, after all you're gonna make some profit free and clear off it! good luck!

 

I think I'll reach out to her, hopefully it's worth her time

 

A $500 dollar bill in that condition is still going to be worth a premium
regardless of that mark on front, it just depends on what your willing
to accept, though i would not consider it to be a candidate for grading.

 

If it is recommended to send the note in for conservation or to attempt any conservation methods yourself I would give it up to a week before doing so. Experience tells me the marking will be completely transparent or have disappeared by that time on its own.

 

I'd wait, as NOS said, and see if the mark disappears. Tell the prospective buyer that you'll be in contact at a later date. No hurry unless you really need your initial cost back.

 

Below is a photo of the back of one of mine (series 1934). The ink color on mine seems to be a bit lighter. Maybe the gurus can tell us more.

 

That stain on the left and possible pin holes in the right edge center field are not desirable. The first note is very nice. If the pen mark disappears, I think the $800 area is fair. The value of these bills have gone up, but it would have to be graded and grade well to try to get any more than that.
As for this note, you would also have to show the obverse, but I would guess it is worth less than the 1st note. Always take into account circulation, any creases, folds, staining, pinholes, tears, repair attempts and the color of the ink. (Dark, light, etc.) Without seeing the obverse, half of the note is not being evaluated. Maybe there is a star or a fancy serial number, or an error.