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 Replies: 11 / Views: 9,694 |
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New Member
Canada
2 Posts |
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Pillar of the Community
Canada
5246 Posts |
In that condition, they are only worth face value-$1000 each.
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Pillar of the Community
Canada
1571 Posts |
Since they are not very easy to come across, I think a small premium can be expected in any condition to the right buyer.
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Pillar of the Community
Canada
5246 Posts |
Yes, they might theoretically command a small premium, but I know that my LCS is reluctant to buy this stuff since it ties up a lot of money, and he cannot sell them very easily.
I personally would just put them in the bank.
My paper money catalogue lists them at $1000 in VF and about $1100 in AU.
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Bedrock of the Community
Canada
21614 Posts |
I agree with oriole.
In that condition there is no premium.
Put them in the bank and collect interest.
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Pillar of the Community
Canada
955 Posts |
I would deposit one and break up the other into 20's , 10's , 5's and
a variety of coins then , a hunting I would go , a hunting I
would go !
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Pillar of the Community
United States
1479 Posts |
If you particularly don't need cash right away keep them. Their beautiful notes and unless called by the Bank of Canada? I know nothing about any of that, Canada that is; anyhow cash is king. Carry them around and wip one out at a convince store and watch their eyes pop out.
I have been given fat bills by aunts and uncles, dad and owned a few of my own There's a reason people kept cash locked away back in the old days and its always lingered in the minds of people who trudged through the 1930's.
From a historical perspective I would conclude your blood kin left you a little something they wanted you to have. Post a sign that says " not for sale!".
Good luck, nice pics.
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New Member
 Canada
2 Posts |
Thanks for all the replies! Just out of curiosity, how come some of the bills on ebay are worth a lot more than face value? I see some of them are almost in similar condition to mine but then again the ones I have are pretty bad. |
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Bedrock of the Community
Australia
21788 Posts |
A classic case where high face value does not lead to a high premium due the scarcity.
That explains why lower denomination notes are more popular to the collector.
Test the market before you decide to cash it back into the bank.
Get a few opinions from dealers before doing this. They are the guys that would be thinking how to make a profit on a re sale.
The same thing can happen with some gold coins.
In fact, some gold coins had a much higher value than their gold value, and yet were still legal tender at their face value. That is why the Mints sold them to collectors in the first place.
That was one method in which a Mint could make a profit.
In these sorts of cases, until the gold value rose above the melt value, they were often cashed back into the bank for their face value, and then re melted. The collector usually lost money in these sorts of situations.
As for the banknote collector, money is lost when re cashed back into the bank, in an attempt to cut losses due to inflation.
When they become very rare, the value can rise.
Your judgement - cash back or not to cash back?
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With an average inflation rate of 3% over the last 30 years, this note has a value of $411.99 in 1988 dollar values.
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Pillar of the Community
Canada
5246 Posts |
@SourPatchKid, are those the asking prices or selling prices on ebay? People can ask any price for anything on ebay. It is notorious for inflated asking prices. Anyone who sells a $1000 note on ebay has to sell for at least enough over face value to cover the ebay fees, otherwise they may as well just deposit it into the bank. It has been correctly observed that the appreciation of that note has not kept pace with inflation since 1988. I seriously doubt that it will change. $1000 bills (1954 series) sell as low as $1350 in UNC. If you think that there are merits in having some cash (and there are), convert the $1000 into crisp bills of small denominations and keep those. In an emergency, it would be very hard to spend the $1000 note. Do you think a gas station attendant will give you change for a $1000 bill? |
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Moderator
 United States
188770 Posts |
 to the Community! |
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Bedrock of the Community
Canada
24885 Posts |
To the Forum. |
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Replies: 11 / Views: 9,694 |
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Posted 11/05/2017 9:23 pm
