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1929 Pittsburgh Low # $5 Whats it worth?
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<p>[QUOTE="Niel, post: 375283, member: 13422"]Two additions to what Lettow and Rickie said:</p><p><br /></p><p>Another indication of relative scarcity of a note from any particular NB is how much currency was outstanding when the bank closed. National Banks either called in their notes or people attempted to cash them out before the banks closed. </p><p><br /></p><p>Kelly's second edition says there was $493,335 un-redeemed when the bank closed in 1932. He further clarifies by saying that of that $493,335, $43,090 was in large size notes. So, there is aprox. $450,000 face value in small sized notes floating about. Figure a percentage is lost or destroyed. Even so, that leaves the potential for many notes to be "discovered" in the future. That could keep the price depressed as compared to a small size $5 from a different bank that only had $900 outstanding at its close.</p><p><br /></p><p>The second point is that demand has a big impact on what a note will sell for. If there are fewer folks looking for your note, the price it would realize would be lower than if perhaps every member in CT was looking for that particular $5 NBN from that bank. It's all about supply AND demand.....Of course it only takes another interested buyer to make a sale.</p><p><br /></p><p>Regardless, It's a VERY cool note and a great addition to any collection. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie6" alt=":cool:" unselectable="on" unselectable="on" /></p><p><br /></p><p>Best![/QUOTE]</p><p><br /></p>
[QUOTE="Niel, post: 375283, member: 13422"]Two additions to what Lettow and Rickie said: Another indication of relative scarcity of a note from any particular NB is how much currency was outstanding when the bank closed. National Banks either called in their notes or people attempted to cash them out before the banks closed. Kelly's second edition says there was $493,335 un-redeemed when the bank closed in 1932. He further clarifies by saying that of that $493,335, $43,090 was in large size notes. So, there is aprox. $450,000 face value in small sized notes floating about. Figure a percentage is lost or destroyed. Even so, that leaves the potential for many notes to be "discovered" in the future. That could keep the price depressed as compared to a small size $5 from a different bank that only had $900 outstanding at its close. The second point is that demand has a big impact on what a note will sell for. If there are fewer folks looking for your note, the price it would realize would be lower than if perhaps every member in CT was looking for that particular $5 NBN from that bank. It's all about supply AND demand.....Of course it only takes another interested buyer to make a sale. Regardless, It's a VERY cool note and a great addition to any collection. :cool: Best![/QUOTE]
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1929 Pittsburgh Low # $5 Whats it worth?
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