Current State Large Notes/Market

How true.

I agree, TPG notes in EF or better, especially with PQ paper, always seem pretty strong to me. When you get to Fines and mid VFs, though, the popular Chiefs, Windoms and Portholes are so plentiful that you won't have to wait long before a less expensive one comes along. Bisons always seem steady with few deals available.

It's difficult to generalize. Tell us more - what grade range do you like to collect in?

Your situation is almost too complex to offer any simple guidelines. It is somewhat easier for me because I only collect EF or better large notes by type, and so the options quickly come down to choosing something I don't own at the best price! My personal goal is a top grade example (EF-45 PQ or better) of all major designs from 1869-1928 in denominations from $1 to $20, which of course incudes the dreaded Pokerchip. I am very conscious of price, but do not view the whole spectrum of large notes from a profit potential standpoint - which I think is your question.

Story of my life.

If I was 18, I would only focus on high-grade material - nothing less than 45PQ with scattered exceptions, and nothing less than 65PQ for popular notes like the Black Eagle, the Woodchopper, the Sawbuck and even the $10 Hillegas. Once you own a 65 or 66PQ note you'll find it difficult to enjoy one in Fine condition unless it's very rare. Try not to buy a note twice - say a Black Eagle in 63 the first time and then upgrading to 65PQ later. You've got lots of time so take it slowly and deliberately.

All of the general rules and wisdom of paper money collecting has been steadfast over the last decade. Buy the note, not the holder and unless rare, stay away from problem notes. Large size notes with original paper qualities (*PQ) are trending higher especially in XF and AU condition. Mr.Frogs advice concerning not buying the same note twice rings true and requires diligent research, and endless patience but pays off in the end. I currently am a member of five PM forums and search the BST threads for possible deals from fellow collectors selling notes during hard times and duplicates. If you are unable to examine a note in person or lack confidence in your grading skills, then buy graded notes. Most new large size collectors coming into the hobby are attracted to the iconic designs, so Bisons Chiefs Battleships and Black Eagles are always in demand and readily available across all grade levels. We are all temporary stewards of these beautiful, historic and fragile reminders of our nations colorful vehicles of commerce., with unique vignettes and interesting engravings. Buy what you like with patience and research. With the advent of the internet and endless venues to search, today couldn’t be a better time to be a PM collector.

Well said, indeed.