If any of you have read my previous posts, you know that I am normally a early US coin guy. However, for the past several years, I have had the itch to purchase a genuine $500 bill. I don't really care about the grade, VF would be fine; but I really do want to make sure it's genuine so purchasing one raw isn't a consideration. I'm far from an expert on paper, but is PMG respectable? I was looking at some PMG VF bill auctions, and considering it. Is $700-$800 reasonable? thanks, John
i dont have my books, so i cant tell ya value for grade. But i can tell you that PMG is a very reputable company. As for if their grade is accurate, i cant tell you.
I was just researching the value of a 1934 $500 bill for a friend of mine who owns one. In Very Fine, they are worth about $750-$800. Here is a link to one that sold last week on Heritage. http://currency.ha.com/common/view_item.php?Sale_No=3505&Lot_No=14027&src=pr
There are 3 Series of $500 notes... Series 1928, Series 1934 and Series 1934 A. There are some scarce printing in each group so the District the note was issued to will influence the price point! Series 1928 The Boston Note Fr# 2200-A will run you close to $10 K in EF-40 Richmond will run you near $6K Minniapolis, Kansas City, Dallas and San Fran will run about the same. The stars for this series is off the charts!! Series 1934 All non stars will run you close to $1K Series 1934 A All non stars will run you between $800.00-$900.00 SOthe Series 1928 is the one to get for long term value hold! I am working on the 1934 A Set of $1000 and $500..all I need is the $500 but they come around every so often in 64-65. My choice of Grading Companies in order is PMG then PCGS and lastly CGC Regards, RickieB
ooh, very nice! Thanks for the input. I honestly am not too concerned with the grade or type, I just want an example. The closer to face, the better. Actually, do you want to know part of my reasoning? My wife keeps giving me a hard time about spending all this money on coins.....telling me that I'm not saving money and putting away cash for a rainy day. Well, if I purchase a $500 bill, I get something cool and collectable, while I put away cash at the same time!
Johnny.... This is going to have to be said gingerly....based on your reasoning that may not be such a great idea. Some factors to consider here is that you will pay well over face for the note, have to find a note that will be at a desirable grade for future sales and pay the piper both ways on the way in and out......usually 15-20% If I were you, I would sign up at some of the local auction houses and survet the $500 notes that have been sold over the last 6 months to a year! Buy the grade that had the greatest % of resale appeal meaning VF30, XF, AU, CHCU and Gem. Always try to position yourself to move in and out quickly, if the need arises! Good luck... RickieB
i understand your reasoning johnny54321 i dont buy anything while at the same time looking at re-selling it I buy to hoard lol But with that said - RickieB does have a valid point. Higher graded notes will appreciate faster, and hold their value longer. So as a collector, i would say just find an example as you said. But as an investor, i would say get a higher grade example.
good points guys. I was semi-joking with my reasoning. Obviously, if I wanted to put away cash, the best way to do it is just that "put away cash" without paying the premium. Like Rickie said, I pay over face and take a 15% hit by doing it this way, so buying this as an investment isn't all that smart. It's just a heck of a lot more fun, so I'm willing to take the hit for the enjoyment of owning an out-of-circ high denom bill...also a neat conversation piece. It will most likely be handed down to kids or grandkids along with a cool story that would start with something like, "back in the good ole days, people actually payed for things with PAPER..." Most of my heavy collection/investment is in coins, which is where it will stay. Who knows, maybe this kind of purchase will convert me into a currency note person....:goofer:
I picked up a $500 note at the Chicago Paper Money Expo last year for less than $700 from a guy sitting in the back who had a bunch of miscelaneous stuff in lower condition. I would place the note in G to VG condition. Like the OP, I had an itch to own one, but not a lot of money to invest in one. I reasoned that since I wasn't buying an example that was likely to appreciate in value, I might as well get one for as close to face as possible. It was clean enough to appreciate, and while I would be lucky to get a 10% premium if I ever sold it, I know the limit on my exposure was less than $200. OP, you will not find what you are looking for advertised. It will be in the bargain pile. When you do find it, make an offer for less than it's priced. Notes like this in lower conditions don't move very fast for the same reasons that they won't appreciate in value, so you might get lucky. Good Luck.
Thanks for the input Gatzon, and nice pickup. Well, I did it. I purchased a PMG VF-25 for $705.00 1934A New York. It has a small blue ink mark on the reverse, and what looks to be a centerline crease. Other than that, pretty good; and the price was right where I wanted it to be. I will post some pics when it arrives.
congrats on your purchase! VF notes are not too shabby gradewise. they can still have crispness in the note and even clean paper! cant wait to see the pics
You scored much better than me. I commonly see notes F notes overgraded as VF as people don't realize just good a VF note really should be. Congrats.
Thanks. Well, the one caveat here is that it is marked as "stained", due to a small blue ink smudge on the reverse. It doesn't bother me though. Received her today, and am pleased. I'm not too picky, as my main goal was to be sure it was "real", so I wanted to go with a reputable authenticating company. Anyways, I'm kind of craving a $1,000 bill.... Maybe someday...
This currency thing is fun! I'm working on a type set with coins, and thinking maybe I could do one with 1934 notes. I was just thinking everything common in 1934 to keep it broad and simple up to a 1k note. I'm not really going for rarity. Do people collect notes in type sets, or is it considered something different? Anyways, I had fun with my wife on this purchase. I've been hinting to her that I wanted to purchase one with some of my coin sales( I wouldn't be caught dead making a purchase like that from our income alone without direct permission). The day I received it, I told her that we should start a cash fund and I just put $500 towards it. She was all happy that I was saving. I later showed her the note, and got the biggest "eye-roll" ever.:goofer: I guess the saying goes for the wife of currency collectors just as much as it does for coin collectors: "money money everywhere but not a dime to spend." Well, at least the face value of my currency/coin collection just tripled.
sooo.....any comments on my note? It's definitely not the best example, but not the worst either. It honestly looks like your average circulated bill, like something I would find in my wallet.
that is a neat $500 note! the 25 grade does not affect that at all very cool note. i doubt i will ever own a high denominated note like that, but i do like seeing them
Nice buy....My mother has a $1000.00 in the bank box that my father picked up for face in 1974...he had some 'people' at the bank
