1934 $500, Valuation?

So you're a bank teller and the guy was going to exchange it for $500 but questioned whether or not to take $680?

Anyway it does look to be worth $680. Just make sure he returns with the same note!

Or worse, if he leaves it in his pocket or accidentally rips it before giving it to you.

Fair price, but not a deal. I'd check completed ebay results for $500 notes in this district (Atlanta).

A local coin dealer in my area had a better condition note (high VF) from the Chicago Federal Reserve District for $750 in his shop that I was considering but ultimately passed on since I don't want to tie up that much money in one note.

Wow u drop the ball my friend customer walks in asking for $500 u offer $680? Now he knows it's worth more than face. He's probably offer the note on ebay.
Funny thing I'm a banker and same thing happen to me today. Gentle walks up wanted to exchange old bills for new ones. Normally when don't exchange notes for non members but when I saw the star note I made an exception




And I got the whole lot for $26

Unfortunately this happens. The seller gets $$$$ flashing in their mind and will start shopping it around. I've heard local dealers say that people will reject their very fair offer, shop it around to a half dozen other places, and ultimately accept less from someone else.

The fees would be huge on something like this note on ebay and probably eat up a large chunk of the premium over face.

As much as I know currency, if I accepted it for $500 my teller supervisor would freak out since she doesn't know currency and I would get written up. She has told me this before when I said that I would accept any old bills that came through the door. I can't since she can't "certify" that they are genuine.

Unless you have the cash already in your pocket, I see the dilemma, since the bank is not going to lend you that money to buy one of the notes. Best workaround I can see is if you have an account there, then you could withdraw the $500 from your account and exchange it for the note. That way the bank is not liable for or in possession of the dubious note at any point in time. The only issue with this would be the possible appearance of mixing personal transactions with bank transactions, but I hear the policy on these things changes from bank to bank.