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 Replies: 17 / Views: 4,111 |
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Valued Member
United States
100 Posts |
Hello, A elderly man walked in today to ask about $500 bill that he wanted to exchange for 500. I told him that I could meet him after work to look at it and that I would offer him more than $500. I met him and checked out the bill. It's worn (I am no expert but I would think 15-20) but I still wanted it. I offered $680. He said he would talk to his wife tonight and call me tomorrow. Do you guys think it would be worth $680?   |
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Bedrock of the Community
 United States
12840 Posts |
Looking at completed ebay sales, $680 seems to be a decent cash price for a note in that condition. I'll defer to the experts tho - I haven't started collecting $500 notes yet. That may change after I win the PowerBall tonight though.  |
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Bedrock of the Community
United States
94367 Posts |
Note appears tattered and smudged in addition to everyday wear. It is just barely OK at that price level, but certainly not a bargain.
Edited by Coinfrog
01/09/2016 6:46 pm
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Moderator
 United States
16679 Posts |
I'd buy that for $680.
swcoin.ecrater.com
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Bedrock of the Community
United States
10982 Posts |
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! |
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Pillar of the Community
United States
1285 Posts |
Seems a bit high for such condition but if you want it then by all means go for it.
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Pillar of the Community
United States
4963 Posts |
Quote:
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. |
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Bedrock of the Community
United States
94367 Posts |
As I say, this is not a steal by any means. Put simply, your LCS would not offer you this if you took it in the same day.  |
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Pillar of the Community
United States
3843 Posts |
 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. |
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Bedrock of the Community
United States
94367 Posts |
Agree that $750 or so for a high VF is a fair price. This one has many edge ticks and at least one small tear and would probably rate an "apparent" grade of F-12 at the highest. Atlanta is not a particularly scarce district for this issue.
Most collectors buy one of these just to own the type. If that is your aim, then spend a little more and get a nicer note.
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Valued Member
United States
144 Posts |
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 |
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Pillar of the Community
United States
4963 Posts |
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Pillar of the Community
United States
3843 Posts |
Quote:
Now he knows it's worth more than face. 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. |
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Bedrock of the Community
United States
94367 Posts |
Correct. Including Paypal fees, you are talking around 12%.
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Valued Member
 United States
100 Posts |
Quote: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. 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. |
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Pillar of the Community
United States
4963 Posts |
Why not take them and replace them in the register with notes from your own pocket? You probably don't have $500 on hand, but I'm sure you could replace them somehow.
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Replies: 17 / Views: 4,111 |
Posted 01/09/2016 6:10 pm
