What Would Be The Maximum You Would Pay For These?

He mentioned paying in cash. I said I need to see the notes & I'd then have to go to the bank. I'll ask him later if he'll accept a bank cheque...the answer will be most likely NO, because I guess he wants the money quick.
I assume, too many people have thought he was a crook in the fact that he wants the money quickly.
He was willing to accept some of my coins (namely good old gold) as part of the payment.
He also has more notes in his collection including an UNC lot of 10 consecutive 1 pound notes.
He also said he knew a bit about grading because he's had the collection for so long.
We'll see...I'm going to meet with him at around midday, give or take.

All good, banknotelover. My wife drive me there & she was really mad with me for taking so long because she was waiting in the car for one hour (or 58 minutes if you ask me!).
The notes in person? Hmm...I think he has overgraded the pricey notes. Overall, I'd say based on my harsh grading, that the notes would be valued in 20th McDonalds guide; between $23,750 - $30,000. (based on my grading; detracting grades for any repairs/stamps/cleans or presses)


Okay, so I knocked on his door, the yapping dogs began & he told me to go around the back without me even seeing him behind his nice security mesh door. It's what I'd expect. We took a seat outside under his pergola & got down to business. He also made such a big deal about touching the notes because of grease/oil on fingers, until I made him realise that the main concern between collectors is folding notes. I think he was trying to seem like he knew a bit about notes. (but it didn't seem like he knew enough, which is fair enough seen as though the notes were "apparently" inherited 14 years ago)

• The £1...had been guillotined (probably with scissors). I pointed this out to the guy & his response was "I didn't do that, that was how it was when I got the collection"...(My mind was ticking over & I felt like saying "listen here, that note has been clipped & it's no longer the grade it once was...& that is that...I don't give a s$$$ who did it, it's just that the note is not worth as much as it was before this happened!"


• The $1 ZAF...last prefix...fantastic condition note (EF-ish), with three creases (one on each third) but with a tear on the top, maybe 3mm long, which had been repeaired...yet again I felt like saying "I don't give a s$$$ who did it, it's just that the note is not worth as much as it was before this happened!"...so now it's just a VF.


• There was another repaired note in the $10 bunch


• There was also a note with a partial stamp on it & we were having a bit of a debate regarding whether it was a cancelled stamp from the bank...at this point I was really tempted to bang my head against a wall . "I said it's very unlikely to be a cancelled stamp or you wouldn't have the note right now. I told him, it'd only be cancelled if it was a really poor condition note or a forgery."

The overall experience...was it worth the 58 minutes with him & the hour & 20 minutes in transition? Probably not, but to me it always worth it for the experience & the better knowledge you bring out of it. If you find a bargain, the BOOM .
The reason he wanted cash...he's on a pension? He looked maybe 40-50 years old...maybe a disability pension? He didn't want other payments because of Centrelink. I asked about a bank cheque, but no go. He was prepared to accept bullion coins.
He wanted to let go of all the star notes in one go. He did have a heck of a lot of other notes which was a bit of a surprise, I was expecting a small amount, but he had a decent amount more, some consecutives, some shabby, but some nice. Did his stories match up, I'm still not certain.
He had some KGV notes which I was also interested in, but the lesson is...always undergrade rather than overgrade...or you might just get messed up.
Also, I think a few of the notes I looked at were pressed & cleaned; either, either or. Some were crisp but they sort of folded from opposing ends.
He's more interested in selling the notes in bulk rather than piss-farting around & taking time to sell them.
At the end of the day, if I was in his position, I'd be taking them out & about & meeting people to do it. At the end of the day, I sell some stuff through the business & people pick-up from the shop.
I think I should stick with what I know properly...POLYMER NOTES

Thanks for the update. Yeah pretty standard. I've been in this situation mny times where the seller over grades And you really can't be bothered explaining and they really don't want hear it... Not to me too mention them going overboard with touching notes, etc. they need to be In your hands to be able to grade them properly. Good story though.

Back to the original question before I go..."What would be the maximum you would pay for these?"
I'd probably pay around $13,500-$14,500.
One thing I always think about if it's an investment piece is that for it to be an investment piece, you need to have someone else who will want it.
This is why I will avoid the following in note purchases:

• Waving


• Repairs


• Re-colouring


• Pressing


• Cuts/cutting


• Pin-holes


• Anything else that I wouldn't want to buy myself!

BRING ON 2013!!

An excellent report GM. Thanks heaps for sharing the experience. Happy new year to all!

Flash some green and see what he says. Have you viewed them yet?

The notes are back up for sale again this time 25 of them (it was only 16 last time)

http://www.ebay.com/itm/STAR-NOTES-...em3a7e771dc1

This time they are already at almost $75,000. With a week to go that is about $3,000 a note.

Unless he is using a shill bidder it doesn't look much like a bargain to me