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Start Collecting US Banknotes

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Slerk's Avatar
Russian Federation
1557 Posts
 Posted 04/14/2020  05:54 am Show Profile   Bookmark this topic Add Slerk to your friends list Get a Link to this Message Number of Subscribers
Hello everyone.

I am new to banknote collecting and have never seriously done this before, but I'm considering starting to do it. Give advice to a beginner with which US banknotes I should start
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kanga's Avatar
United States
5825 Posts
 Posted 04/14/2020  09:20 am  Show Profile   Bookmark this reply Add kanga to your friends list Get a Link to this Reply
1. Start with ones that catch your eye.
2. Buy the best that you can afford.

Buy the "Standard Catalog of United States Paper Money" and wander through it until you find something that matches 1 and 2.
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Slerk's Avatar
Russian Federation
1557 Posts
 Posted 04/14/2020  09:28 am  Show Profile   Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
What year publication should I buy?
Bedrock of the Community
Coinfrog's Avatar
United States
94367 Posts
 Posted 04/14/2020  11:35 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Get the most recent printing, available on Amazon.
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CitationSquirrel's Avatar
United States
1026 Posts
 Posted 04/14/2020  11:49 am  Show Profile   Bookmark this reply Add CitationSquirrel to your friends list Get a Link to this Reply
Welcome to the wonderful world of currency collecting.

I've also found some good videos of seminars from coin shows about some various aspects of currency collecting on the Newman Numismatic Portal.
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mtuma3's Avatar
United States
744 Posts
 Posted 04/14/2020  11:53 am  Show Profile   Bookmark this reply Add mtuma3 to your friends list Get a Link to this Reply

Quote:
1. Start with ones that catch your eye.
2. Buy the best that you can afford.

Buy the "Standard Catalog of United States Paper Money" and wander through it until you find something that matches 1 and 2


Excellent advice...

I kinda migrate towards $2 bills, don't really know why, maybe because you don't see a lot of them in circulation... but that's my "like"
Mark
ANA Member

My7070
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cashhound's Avatar
United States
800 Posts
 Posted 04/14/2020  1:16 pm  Show Profile   Bookmark this reply Add cashhound to your friends list Get a Link to this Reply

Quote:
Fun find, keep if you like it.

Just a point I would like to make:

I saved notes like yours when I first started collecting (about 5 years ago). I just recently had the time to "thin the herd" (no pun intended). I found that I have way too many uncollectible notes. I'm just letting you know this so that you don't fall in the same trap! Be somewhat selective.
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jbuck's Avatar
United States
188440 Posts
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SteveInTampa's Avatar
United States
4637 Posts
 Posted 04/14/2020  1:35 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
What to collect, that's a good question. Before you actually start I have some advice.
If you're not already, become a member at Heritage so you can access their archives. The guides will get you into the ballpark for pricing, but recently sold prices give you a better picture of current pricing trends, and it's free. Stay away from bargain priced problem notes. Learn how to grade. Develop relationships with other collectors and dealers. Only buy the note once if possible. Don't buy a note thinking you're going to upgrade it to a better example later. Go to shows if possible. Research before you buy and don't chase numbers on a plastic holder. Sometimes an AU58 makes more sense (price wise) than a GEM65. Buy the note, not the holder.

Two dollar notes are also one of my favorites...you'll have fun with deuces. Good luck and happy hunting.
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Slerk's Avatar
Russian Federation
1557 Posts
 Posted 04/15/2020  02:34 am  Show Profile   Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
http://www.numismedia.com/coinprice...itage2.shtml
Did you mean this membership?
I don't think that I should do it now. I still can't buy myself a RedBook because delivery is too expensive, and buying a $ 1 subscription for 1 month is too expensive now.
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SteveInTampa's Avatar
United States
4637 Posts
 Posted 04/15/2020  03:09 am  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply

Quote:
Did you mean this membership?

No. I recommended Heritage, https://currency.ha.com/us-currency/
Just click on the link.
Valued Member
crok's Avatar
Australia
73 Posts
 Posted 04/20/2020  11:25 am  Show Profile   Bookmark this reply Add crok to your friends list Get a Link to this Reply
if your new to united states banknotes you must understand something important ! ! ! there are many stronger monies out there in the wide world but then you have the US dollar.

Frankly it is super / mega boring ! ! !

Think about it ! The FED must produce millions of notes every year for the economy, every banknote must be traceable and authentic.

Your asking anyone to make a duplicate real banknote that is not counterfeit ?

Thus USa banknotes are super boring and mega predictable.

Unless your interest is to collect signatures USA currency simply s**Kz !

USA banknotes are trying to defeat mega counterfeiters ! ! !

If someone said to me """" you can only collect one """type """ of US banknote, it is a no-contest """

The 1900+ educational series , if your only interested in one american money and willing to disregard the hundreds of interesting world banknotes then you only have to choices !!!!!!!!!!!

the private ripoff banknotes around the civil war era, or the educational notes.

But over one hundred countries have produced fr more beautiful notes than the usa simply because the us as never interested in currency ! ! !

The United States was always trying to produce a paper cotton money that could not be counterfeited !!!!!!!!!!!!

But Truly ; the educational and 1800+ banknotes ere / are simply gorgeous , only one problem ! your going to hve to rob bank to afford them ! ! ! :)

regards ;)
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SteveInTampa's Avatar
United States
4637 Posts
 Posted 04/20/2020  12:31 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
Please let me know if you need help getting down from your soapbox @crok...
Edited by SteveInTampa
04/20/2020 12:32 pm
Valued Member
crok's Avatar
Australia
73 Posts
 Posted 04/20/2020  12:39 pm  Show Profile   Bookmark this reply Add crok to your friends list Get a Link to this Reply
Ah so ; your denying the fact that regional banks set up in remote locations to prevent people from cashing in their currencies ?

The american banknote has one sole purpose , to try and reduce counterfeits ! ! !

I am not on any kind of soapbox , but no one can say american money is distinctive except for its signatures ! ! !

American politicians did that themselves lol !

Why collect a lot of dull boring notes ?

The answer is simple, because its convenient !
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techwriter's Avatar
United States
1285 Posts
 Posted 04/25/2020  6:37 pm  Show Profile   Bookmark this reply Add techwriter to your friends list Get a Link to this Reply
The first thing you need to do is order:
Collector's Guide to Modern Federal Reserve Notes

from First City Currency:
http://www.fstctycurr.com/

Prior to Federal Reserve Note references:
a. Whitman's A Guide Book of United States Paper Money from Whitman Publishing at
https://whitman.com/whitman-books/currency-books/

b. You might also consider joining the SPMC (Society of Paper Money Collectors) at: www.spmc.org

Good luck.
Edited by techwriter
04/25/2020 6:40 pm
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walk2dwater's Avatar
Canada
2577 Posts
 Posted 04/25/2020  8:18 pm  Show Profile   Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply

Quote:
Give advice to a beginner with which US banknotes I should start


-Great question! I wish I was half as curious as you when I started collecting paper money 42 years ago. Lots of great advice offered here too (just wish I had access to forums like CCF "back in the day").

- I think the best thing you can do is educate yourself which you're obviously open to. You're in a great era to collect since there's so much darn info out there (on the web). If I had to start all over again, I would be seeking veteran collector's opinions (a mentor) on some of the notes I had in mind.

One of my biggest blunders was just wanting to get a rare note (no matter what condition). "SteveinTampa" suggested you learn to grade (yeS, yES &. more YES!) And I would suggest you try to get as high a grade as you can afford paying attention to $20 and lower denominations. If you're into TPG (Third Party Graded) banknotes, buy the note (not the holder- as "Steve.." also suggests...)

I think "cashhound" made a good point in how he's thinning out his collection now because it's so-o-o easy just to buy with no direction/nor focus (& just buy a bunch of notes because they hit your denomination gaps).

Think, instead, about buying only "collectible" banknotes. Many FB collectors (& other amateurs) believe in the myth that if the note is ultra Uncirculated (like PMG UNC68EPQ*) it is collectible. Well, maybe to the armchair collectors (who really careless about how tough a note is to source) they're collectible. Thats what many of us World Banknote collectors do too. But just try to sell that PMG66EPQ banknote that has another 1000+ notes graded higher on PMG's population report! One easy way to avoid this pitfall is to buy special serial numbers like radars, repeaters, low serial numbers, etc & tougher short-runs like web pressed, mules, errors & replacements (star notes).

So once you've done a little research, checked out some of the resources suggested here (and online) then start to check out what a specific Series note will cost you. Search ebay (develop relationships with fellow collectors who may sell what you're after) & relentlessly go after those elusive notes you've developed an affinity for. And even with all that in mind, don't be in any rush to buy (PATIENCE!)
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