A couple days ago, I picked up the Guide Book of United States Paper Money by Arthur/Ira Friedberg. After skimming through the book, I was intrigued by the Gold Coin notes and several of the early large notes. Up to this point, my collection has been solely coins. However, I can see myself venturing out into paper money at some point soon. For those of you who focus on paper money, how do you collect? By series? By denomination? By type? Also, what would you suggest to collect for a beginner without breaking the bank? I would like to put together some type of set, but I don't have thousands of dollars to throw around (I would be willing to spend somewhere under $300 per note). Thanks for your advice!
There a many National Bank notes that are scarce yet affordable. Try and collect something from your area or symbolizes where you have been. Don't be afraid to sell a few and buy better grades. Try and get something in at least VF quality. Don't worry about large sized gold notes at this time. There are some common ones that are in your price range, but the resale can depend more so on timing in the market, then the quality of the note itself.
The easy answer is collect what you like. I also recommend purchasing notes graded by either PMG or PCGS Currency. I personally prefer PMG, but both are about equally good and reliable. I find paper money collecting can be flexible in terms of set building. You can build all sorts of sets. You can stick to just one category or build sets with multiple criteria. The following list are some of the general categories... Large-size or Small-size notes Silver Certificates (blue seal), US Legal Tender (red seal), Gold Certificates (yellow seal) & Federal Reserve Notes (aka FRN or green seal, Small-size only) Denominations ($1, $5, $10, etc.) Series/Date District (Chicago, New York, etc.) You can get more specific with condition, signatures, block letters, etc. There are also special issues (North Africa and Hawaii) and National Banknotes. My suggestion is to start with a short set that can expand into larger sets as you continue. I find that's the best way to stay focused without getting discouraged or totally emptying the wallet. Good luck.
I wrote this a few years ago as input to new collectors. You may find it helpful. http://www.frenchbanknotes.com/articles/collecting.php
Nice article Dave M. Being the author is very impressive. Was this published on a site or in a trade magazine? It is amazing how much talent sits on the CT boards. Some openly noticeable, others hidden inside threads with a short list of replies.
Thanks for the nice comments, saltysam. No, the article hasn't been published anywhere other than my web site.
I also have a finite amount of funds for paper money, I collect by denomination type. I am going for ones, type for the large size notes, and series for the small size. It is a fun set and I plan on making a display once it is completed.
I agree with @Endeavor ....collect what you like. Be a smart buyer. Be patient and buy notes with good eye appeal. Steer clear of problem notes, even if they have a wonderful price. When you go to sell or upgrade the problem note, it will still be a problem note. Try to buy notes with original paper quality. Research recent selling and auction prices and learn how to accurately evaluate (grade) potential purchases. Collect what you like.
Thank you all for the great responses! Out of curiosity, is there a resource available to show the number printed of US notes? I noticed that the number printed is available in the Redbook, but only for notes after the late 1920s....
Here are some sites I have bookmarked. They might not have everything you are looking for, but I have found them to helpful. http://www.uspapermoney.info/general/ https://books.google.com/books?id=E...=gbs_selected_pages&hl=en#v=onepage&q&f=false http://www.friesian.com/notes.htm http://www.mycurrencycollection.com/reference/star-notes/lookup EDIT: Just realized you might be looking for notes before 1920. Not sure if these would help you then.
Not sure if I missed it but the first question I would ask you is what kind of collection do want to have? If you are looking for examples that will increase in value then the advice would be different than if you were just interested in obtaining examples of different types of notes. I'd you're looking for notes that will increase value then you need to be mindful of the condition and doing your research and not over paying. If you just want to have a varied collection and don't care about investment then you probably still don't want to over pay but condition won't matter as much
Thank you for these links. I will check them out. I meant to suggest notes before 1930. There are several 1928/29 notes that I find appealing. Sorry for the confusion.
I have a binder full of $1 notes. I'm trying to get all 226 FRB/Block letter combos printed to date. The challenge is that they must be 2003A or older. I'm actually pretty close to completing it.
Such great responses. You all are really helping me out with your comments. @Cmcart very cool collection of fancies. I love those $100 notes. I noticed on eBay that many people are selling modern "consecutive" $1 notes in $100 bundles. Are these popular to collect?
Great dealer and great collector - Dave - link: http://www.coolserialnumbers.com/ForSale.aspx And another great dealer: http://www.usarare.com
