Coin Community Family of Web Sites Join Thousands of Coin, Bullion, & Money Collectors
Shop for APMEX Bullion on eBay!300,000 items to help build your collection! Coin, Banknote and Medal Collectors's Online Mall Vancouvers #1 Coin and Paper Money Dealer Royal Canadian Mint products, Canadian, Polish, American, and world coins and banknotes. Specializing in Modern Numismatics Join Thousands of Coin, Bullion, & Money Collectors








Username:
Password:
Save Password
Forgot your Password?


This page may contain links that result in small commissions to keep this free site up and running.

Welcome Guest! Registering and/or logging in will remove the anchor (bottom) ads. It's Free!

Worlds First Gold And Silver Bank Notes

To participate in the forum you must log in or register.
First Page Previous Page  Showing last 15 replies.
Author Previous TopicReplies: 64 / Views: 10,769Next Topic
Page: of 5
Pillar of the Community
Canada
5324 Posts
 Posted 06/22/2022  1:12 pm  Show Profile   Bookmark this reply Add john100 to your friends list
Most dealers can smell money, they might have XRF the notes and found them not to be 23K, this is the most important fact you need to verify, a normal paper note is around 1 gram
Pillar of the Community
United States
7273 Posts
 Posted 06/22/2022  1:30 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list
Now that we know the date purchased, the notes being all gold make more sense. Gold in 1999 sold on average for $278.86 (per troy ounce) or $8.67 per gram, assuming 2.4 grams we have $20.81 for 24K and $19.41 for 23K. Considering the notes cost $38.50, you are looking at a profit to the seller of about $17-$18 per note (minus expenses).

So yes based on 1999 prices the notes could be ~ 2.4 grams of 23K gold. That still doesn't explain the current selling price though.

If this was me, I would get the notes XRF and have the dealer get the gold estimate in each goin. At 2.4 grams of gold, you are talking $141 in gold in each note.
Valued Member
United States
114 Posts
 Posted 06/22/2022  5:06 pm  Show Profile   Bookmark this reply Add Garbanzo to your friends list
I would not be at all surprised at $141.00 value per note in todays dollars.
As for XRF, that's not a possibility for me.
I live in the small town of Deming New Mexico which is 60 miles from any town that might even have one.
I have no car or any way to get there.
There is, I'm sure, no XRF here in this town
We are in the high desert country.
hfjacinto .. It may be true that I overpaid for them in 1999 but I've kept them, and in pristine condition, long enough that I may wind up having the last laugh after all.
So that is not an answer for me.
If someone in the community would be interested in purchasing one on the net and could do that, it would solve the problem.
With the low price that they are going for it might prove to be a profitable move.
Until that happens we will not know.
I think that the answer to the current low selling price on them is that no one really knows what they have because of all the confusion surrounding them.
I mean, after all, look at the trouble that we are having solving this riddle.
Pillar of the Community
United States
7273 Posts
 Posted 06/22/2022  7:42 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list
@garbanzo, you are correct, we had a pretty lively debate on what you have. I wish you good luck. I will offer 1 more favor, I have several coin shops locally, I would be willing to get 1 XRF'ed for you and find out the actual gold content is and ship it back to you.

I know you don't know me from Adam, but this is more a curiosity to me as it is to you.
Valued Member
United States
114 Posts
 Posted 06/22/2022  7:59 pm  Show Profile   Bookmark this reply Add Garbanzo to your friends list
hfjacinto .. While I do appreciate the offer I am unwilling to let go of one of them and trust it to the possibility of damage in any way. Not that I have any reason to mistrust you, but things do get lost and damaged in the mail. I do a lot of buying on the internet and, over the course of the past few years, you would not believe how many of my packages have come through damaged by uncaring and incompetent people. Or totally disappearing altogether. Sorry but that's not going to happen. This is a full and complete set and the loss or damage of one can cost me too much. Someone is just going to have to buy one and test it themselves. Until then I'll keep them safe and sound right here like I have for the past 13 years. Thanks for the offer though.
Valued Member
United States
114 Posts
 Posted 06/22/2022  8:01 pm  Show Profile   Bookmark this reply Add Garbanzo to your friends list
Of course I meant the past 23 years.
Pillar of the Community
United States
7273 Posts
 Posted 06/22/2022  8:29 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list
@garbanzo, I understand and would think the same way. Thank you for posting these!
Pillar of the Community
Canada
2573 Posts
 Posted 06/22/2022  8:29 pm  Show Profile   Bookmark this reply Add walk2dwater to your friends list

Quote:
I bought them for $38.50 USD each, a slight premium over the paper money value.
They were supposedly legal tender at the time (in Antigua Barbuda), and maybe they still are...
What is the value of $38.50 in 1999 USD today with inflation?


So you bought the set for $38.50 + postage X 30?
That would be $1155.00 USD + postage back in 1999? According to my inflation calculator that would be worth $2,026.42 today.

Here's a set of 30 offered for $450 USD on ebay (shipping included):
https://www.ebay.com/itm/175183634148
It appears as if the set has lost $1576 in the past 23 years?
Very odd!
Valued Member
United States
114 Posts
 Posted 06/22/2022  9:22 pm  Show Profile   Bookmark this reply Add Garbanzo to your friends list
walk2dwater .. I'm thinking that as soon as someone actually finds out the value definitively that price will skyrocket. It may very well be a good buy right now.
Valued Member
United States
114 Posts
 Posted 06/22/2022  9:30 pm  Show Profile   Bookmark this reply Add Garbanzo to your friends list
walk2dwater .. you didn't figure into the equation the value of gold going up. That's part of the confusion. You are dealing with the value of the paper money.
Valued Member
United States
114 Posts
 Posted 07/01/2022  5:50 pm  Show Profile   Bookmark this reply Add Garbanzo to your friends list
OK folks, here is some information that I think that you all should have concerning The Worlds First Gold And Silver Banknotes.
I had the thought that these may have been very undervalued because of the rise in gold prices between 1999 when I bought them and today.
Well I was wrong.
With help from Helder, we had one of them tested and here are the results.
..........................
Happy Friday. I ended up making it to the coin dealer.
I showed him the note and he said it was very nice.
The first thing we did was weigh the note, and then enter the weight into the gold tester.
We entered the Karat based on the note and then tested it and the tester said it wasn't gold?
So my dealer looked at the note and asked if we could do a small cut.
I said sure as I needed to find out what's up.
We made a small cut and that was when we discovered the center of the note is paper.
The paper is covered in a very thin gold foil.
Based on the acid test we concluded the gold foil is at least 23K and the silver is just a thin applique which must be bonded to the gold.
Based on 2.2 Grams weight of the note, the tester said it had less then 10% gold.
No matter what setting we tried it wasn't enough gold to register.
So the dealers feelings are that the notes are at most .2 grams of gold (about $10 in gold), but due to
the work in removing it from the paper backing he wouldn't buy it.
The notes basically only have collector value and insignificant gold value.
..............
In answer to this email, I told him that he could do what he wanted with the bill and that it was good to finally know that the real value of these notes are not what many of us may have thought.
So, I figured that all of you should profit from the knowledge that we have gained, and not have to find out the hard way like it seems that I did.
(I payed $1155.00 back in "99" for this set. And you can buy them today for around $500.00)
Pillar of the Community
United States
7273 Posts
 Posted 07/01/2022  6:02 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list
Sadly, I was hoping it was 2.2 grams of gold in each, but it isn't.
Pillar of the Community
Canada
5324 Posts
 Posted 07/01/2022  7:30 pm  Show Profile   Bookmark this reply Add john100 to your friends list
A bout a couple years ago at coin shows some dealers had many different country"s banknotes gold foil for around 10.00 for sale they look really well made as I said earlier the two Canadian dealer that recently sold these sets can smell money, but now you and everyone knows the story.
Pillar of the Community
Learn More...
United States
3641 Posts
 Posted 07/01/2022  10:50 pm  Show Profile   Bookmark this reply Add hokiefan_82 to your friends list
I'm sorry to hear about the disappointing results, Garbanzo, but I'm glad you actually had them tested so you'd know for sure.
Member of SPMC, FCCB, ANA and ANS.
My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/
My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188
Valued Member
United States
114 Posts
 Posted 07/02/2022  11:32 am  Show Profile   Bookmark this reply Add Garbanzo to your friends list
If I could prevent someone else from falling into the same predicament it was all worth while.
Previous TopicReplies: 64 / Views: 10,769Next Topic
Page: of 5
First Page Previous Page  Showing last 15 replies.
To participate in the forum you must log in or register.


    




Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2026 Coin Community Forums
It took 0.38 seconds to rattle this change. Forums