Would the cutting error add value to this brown back national? Would PMG/PCGS qualify it as an error, considering it was probably hand cut?
Is this from a hand-cut sheet? I know the it would have a premium if it were a contemporary, machine-cut note, but as a hand-cut note, I'm not so sure.
Funkee: While hand cutting was the norm back in the early days, I think to best answer your question I would consult 2 people, The first; Don C. Kelly Ph.D. a well know Author of Nationals. www.donckelly.com The second; Frederick J. Bart, MD, Author of United States Paper Money Errors and owner/partner of Executive Currency www.executivecurrency.com I feel since some of the above note is showing on the top portion it may warrant giving them a call. That is what I would do. RickieB
Tough call, I know on other notes they do warrant a small premium. Especially if a subsequent not or some selvage show. But on a national, sometimes it could be seen as a detractor. At least that's what I've been told through another forum site. I would definitely follow the advice of Rickie and reach out to some of those contacts he provided. And while you're on Kelly's site, you should check out the 69 rainbow $1 graded XF40. It's a beaut!
"Back in the day" such a miscut would actually lower the value. Notes used to be graded based upon margins, with equal margins being the most wanted pieces. I cannot comment if this is still true, but I remember the price of two identical $5 silver certificates, (1896?), were $300 different because one was centered and the other crowded at the bottom similar to this note.
Heritage results show enough notes of this type on this bank with acceptable margins that I believe the margins on this one detract from it and lower the value.
I always thought a missing part of the printing lowered the value of any note which was hand cut. Someone could trim off tears or ragged edges from circulation, in order to increase the value.
That's definitely a known practice, which is hard or impossible to detect, if the original note has large margins. In this case, we can see the top of the next note on the reverse, which can't be created unless someone starts with an uncut sheet.
