I am relatively new to US currency collecting, and I recently bought a series 1928 $100 FRN in XF condition, as per the RCGS holder it is in. As a beginner collector, one of my chief concerns is that I dont unknowingly purchase a counterfeit note, and it is my understanding that the US $100 is one of the most counterfeited notes out there. I like to use the fingertip feel test of the raised printing on US bills to check authenticity; however in this case, the note is in a holder from Rare Currency Grading Service, and I assume you cannot --or should not-- remove the note from a grading service holder, once it has been graded. With that being the case, how much should I rely upon the RCGS grading and authentication without being able to handle the note out of the holder? I cant seem to find a website or any information about the company online. Are they still in business? Since I bought the note for a relatively inexpensive price, I am less concerned about the accuracy of the grading on the holder than I am about getting stuck with a counterfeit. Any advice or input from US currency collectors would be very welcome
First, welcome to the neighborhood @JTL ! I've never heard of RCGS, but then again, I don't collect paper money. I have owned some paper money that was graded by PMG, the NGC affiliate and I believe that PCGS also grades paper money. Beyond that, I wouldn't trust another grading service. If, as you say, you haven't found anything online about RCGS, I'd be more concerned that the note is over-graded by some basement slabber rather than being counterfeit. I could be totally wrong, so I'll wait to see if others chime in. Chris
Welcome to Coin Talk @JTL I do not believe RCGS is still in business. They were semi-popular way back in 2009-2010, along with CEC. You mostly saw their notes on eBay, never on Heritage, Stacks, or Lynn Knight. One collector I know nick named them Ray Charles Grading Service. Removing a note from a TPG holder happens all the time. Once you own, do as you please. RCGS was suspect because of their grades and I never heard anyone complain or mention they were authenticating counterfeit notes. I would trust it was real (not counterfeit) but be suspicious of the grade.
Would re-holder with either PCGS or PMG the value in a RCGS holder means little as it is most likely over graded, as long as you didnt spend to much you should be ok.
I'd expect a $100 note from 1928 to have a considerably smoother texture than a present-day $100 note so I wouldn't rely on doing a fingertip test to verify authenticity. I'd check to see that blue and red fibers are interwoven throughout the note and be content that you have a genuine note based on the results of that.
Received the note today. Pleasantly surprised by the condition considering its a close to 90 year old bill. No apparent creases, holes, or tears. A couple little stains and smudges near the edges.
the grade looks about right in comparison to one of my 40,s that was both graded by PCGS and then by PMG , however if you submit that note to either of them you have a good chance of a problem explanation or worse yet a net grade because of the staining and smudges, the margins on the back of your note are similar to my Military payment certificate Series 461 (See below)
It's actually a series 1928A, and not a series 1928. If it was a series 1928 it would have a number "8" in the district seal instead of an "H". There is quite a difference in price between the two different series.
Thanks for the clarification. I picked this one up for not much more than face value, so Im just glad to have an old $100 in nice condition.
Since this note has so little relative collectors value (at this time, anyway), I don't think it would be worth the expense To have it professionally graded
I tend to agree, I don't think there is a lot to gain by having this note graded. Did anyone else notice the RCGS slogan on the holder: "Do you want to know the truth about your currency?" and right next it an image of Honest Abe. All I can say is "YES!" How can I go wrong?
