Hey guys, Over the years I’ve collected all kinds of things including notes. I had some of the larger notes but I sold them off. I still have some of my small notes left but most of them are nothing special. Lately I’ve been chasing higher quality coins (to me) and enjoying it. I’ve been consolidating what I have by selling off my “junk” coins and buying nicer ones in slabs or having my coins slabbed. I’ve been thinking of doing the same thing with currency...Trading or selling most all of my small size stuff and buying a handful of quality large size notes. It’s been impressed upon me that coins and currency don’t seem to increase in value as fast as some of the pop-culture items that I collect, but they will never go out of style and can be handed down. Currency seems like a relative bargain right now. So much background! Here’s my question. I don’t profess to be the greatest note grader in the world, but I can tell if a note has tears, holes, or has been worked over with an iron. With the understanding that my main source of obtaining notes will be from the Internet like eBay or whatever forums I can find, would I be better off buying raw notes and having them slabbed myself, or should I just buy them in the slab? How cheap can I get them slabbed? (These will be handed down so I want them in slabs). I really want to focus on notes that are PPQ or EPQ quality. I’m starting from zero here. Lastly, I always seem to ask questions like this when I’m broke because I just reroofed a rental property, but are there dealers out there who usually sell a lot of raw notes that have better paper quality? And sell below EBay prices since they don’t pay fees? Simple large size notes like a black eagle? Thanks Steve
Lets see if I can answer some of your inquiries. I always recommend doing some research to gain some knowledge on notes and identification to ascertain their condition. Then when you have that down, peruse the examples at a coin shop and talk to the dealer on the note. Maybe start with cheap Federal reserve notes to get the conversation going. Secondly, once you have some knowledge, you can then decide if you want to go raw or graded. If you want to send notes In for grading, you would need to be a member to submit directly to the grading company, or you can most likely have a dealer submit on your behalf. PMG charges as low as $25 to become an associate member and large size note submissions can be as low as $25 per note for notes values up to $1,000. Keep that in mind when looking at the price of a graded note compared to a raw note. If It is close to being about $25 difference form the same note, I personally buy the graded note. Hope this helps a little on your journey fibroblasts size notes!
I guess your question of buying graded vs. raw would best be answered by how much you are willing to spend on higher graded notes. Some "out of my price range" notes that are certified can be purchased "raw" much cheaper, but then the cost of you having them graded has to be considered. Because you wish to "pass them down" I would suggest all of them be graded. I try to buy graded notes unless they are really out of my price range, like a high grade Educational $1, but sometimes you run across a deal. Research and setting limits on auctions are your best tools.
Fantastic information and advice! Thank you. I just signed up for NGC’s “club” that gives me a reduced rate on submitting coins. I wonder if the same applies to currency? I appreciate the mathematics of it. I can use $25 as a go - no go decision. This gives me ideas.
If you don’t trust your grading skills and/or you’re buying notes from the internet using flat photos, I highly recommend buying graded notes with original paper quality (EPQ/PPQ). Patience, due diligence and resources are paramount. Develop relationships with trusted dealers and fellow collectors. Join multiple forums and search through Buy-Sell-Trade categories for deals.
So who are some of these trusted dealers and collectors? Like somebody who can sell me a raw note for a premium because it’s PPQ and it actually is as advertised? I know that I still need to verify that on my own after receiving it, (and I think I can do that reasonably well) but there must be dealers out there like that. I’m talking about mid grade relatively common large size notes, of course.
