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Posted 02/06/2012 05:59 am
To me I would grade the note as Poor. Is it worth $300? I was tempted to bid on it because it was a very early example of a star note...catch 22...I guess the question you would have to ask is; would anyone else buy it from you in the future?
A good question is what proportion of the note is missing? I think about 20% of the note has been munch away by a collecting cockroach. So we'll put the note at 80% still exists, which means that it may be worth 80% of its downgraded value. Below is a little blurb from the RBA website:
Incomplete Banknotes
When damage to a banknote is such that a significant piece of the banknote is missing, it is classified as incomplete. In these cases, the Reserve Bank needs to take into account the possibility that pieces of the banknote may be presented for value separately. If several pieces of the same banknote are presented, the Reserve Bank's policy is for each piece to be worth a share of the value in proportion to its size. The combined value paid should be the face value of the original banknote. The value of incomplete banknotes is determined as follows:
If less than 20 per cent of the banknote is missing: Full face value is paid.
If between 20 and 80 per cent of the banknote is missing: Value is paid in proportion with the percentage remaining, e.g. half face value if half the banknote is present.
If more than 80 per cent of the banknote is missing: No value is paid.
Importantly, the presence or absence of specific features such as the serial number(s) is not a factor when determining value. Because full face value is not paid on incomplete banknotes, care should be taken when accepting incomplete banknotes. There is no obligation to accept an incomplete banknote when offered in payment/change.
OK so to the value: (McDonalds 2012)
Very Good (VG) $1900
Good (G) $1520
About Good (AG) $1140
then Fair (Fr) $760
Poor (PO) $380
Toilet Paper? (TP) $0
The values I've put are divided amounts between the VG & TP grades.
So apparently in my chronic tired state the value would be 80% of $380 which would make it [b]$304[b/]!
I think he's asking $4 too much...
...NO DEAL...that's probably why I didn't bid. 
A good question is what proportion of the note is missing? I think about 20% of the note has been munch away by a collecting cockroach. So we'll put the note at 80% still exists, which means that it may be worth 80% of its downgraded value. Below is a little blurb from the RBA website:
Incomplete Banknotes
When damage to a banknote is such that a significant piece of the banknote is missing, it is classified as incomplete. In these cases, the Reserve Bank needs to take into account the possibility that pieces of the banknote may be presented for value separately. If several pieces of the same banknote are presented, the Reserve Bank's policy is for each piece to be worth a share of the value in proportion to its size. The combined value paid should be the face value of the original banknote. The value of incomplete banknotes is determined as follows:
If less than 20 per cent of the banknote is missing: Full face value is paid.
If between 20 and 80 per cent of the banknote is missing: Value is paid in proportion with the percentage remaining, e.g. half face value if half the banknote is present.
If more than 80 per cent of the banknote is missing: No value is paid.
Importantly, the presence or absence of specific features such as the serial number(s) is not a factor when determining value. Because full face value is not paid on incomplete banknotes, care should be taken when accepting incomplete banknotes. There is no obligation to accept an incomplete banknote when offered in payment/change.
OK so to the value: (McDonalds 2012)
Very Good (VG) $1900
Good (G) $1520
About Good (AG) $1140
then Fair (Fr) $760
Poor (PO) $380
Toilet Paper? (TP) $0
The values I've put are divided amounts between the VG & TP grades.
So apparently in my chronic tired state the value would be 80% of $380 which would make it [b]$304[b/]!
I think he's asking $4 too much...
...NO DEAL...that's probably why I didn't bid. 
