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Easy Spotting Rare Bills?

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Reedbeard08's Avatar
United States
143 Posts
 Posted 01/30/2021  4:49 pm Show Profile   Bookmark this topic Add Reedbeard08 to your friends list Get a Link to this Message Number of Subscribers
Coin person here - maybe you all are the same part time ;)

It seems like there are easy rules of thumb for spotting more valuable US coinage: collect most 1970 and earlier, but especially pre-64 quarters/war nickels/wheat pennies. Any telltale characteristics or rules of thumb to spotting and pulling out some of the nice bills? It looks like low serial number and earlier date help...any others? Thanks, billagers
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SteveInTampa's Avatar
United States
4637 Posts
 Posted 01/30/2021  5:55 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
If you plan on putting something together from circulation, fancy serial numbers may be your best bet. Unlike coins, paper money doesn't circulate that long, relatively speaking. It's constantly being replaced with new currency, and the worn out examples are pulled and destroyed. Unless you see or handle a lot of paper money, it's difficult to complete any kind of meaningful or complete sets. Some of us collect replacement (star) notes, but once again, finding uncirculated star notes in circulation is tough.
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Coinfrog's Avatar
United States
94367 Posts
 Posted 01/30/2021  6:14 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Well said.



to the CCF!
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sel_69l's Avatar
Australia
21786 Posts
 Posted 01/30/2021  6:41 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Pick the older types with scarcer signature combinations from circulation, in as near to CFU** condition as possible.
It can become rather expensive to collect high denomination bills, and that is the reason why collection lower denominations is more within budget for the average Bill collector.

Be careful when it comes to collecting Bills. The ravages of inflation can result in the collector actually losing money against face value over the long term. You need to have a good statistic history of past inflation rates.
For Australia, that information for past year by year inflation rates can be found on the Australian Bureau of Statistics website.
I guess that the equivalent can be found on a U.S. Government website.

** CFU = Crisp Flat Uncirculated - the equivalent of MS-60 or better for coins.
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walk2dwater's Avatar
Canada
2571 Posts
 Posted 01/30/2021  8:44 pm  Show Profile   Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply
As "Steve.." points out, try to get special serial numbers in high grade (UNC) would be your "best bet" for finding something "collectible." But it will be quite challenging to try & attain collectible banknotes from circulation. Usually, one has to turn to online sales at some point (& if I do I may buy multiples to keep costs down).

Another rule of thumb I would go by is to keep your ear close to the ground in order to discover what might be a short run or popular. Keep abreast of what blocks (prefixes & suffixes) are less common than others. Educate yourself. I'm just learning about US currency myself so I have regularly checked out this & other forums to learn what is sought after (popular) in comparison to other series/denominations.

Buy less & put the money towards UNC even as you go for older series (go for quality over quantity). If you buy TPG than make sure you get EPQ or PPQ. Consecutive serial numbers is usually a gimmick (for most modern stuff).

While I'm learning there's still a few "no-no's" I abide:
a) I won't listen to or follow what the "experts" from SM (youtube, Reddit, FB Groups) recommend (most of these guys are "armchair" collectors)- stick to forums where guys will disagree with you (SM can be great to learn about a nation's designs/central banks- general info, but that's about it)
b) I won't buy circulated banknotes from SM or sellers I don't know (who don't have high feedback ratings) or a decent reputation
c) won't buy uncut sheets, specimens or banknotes in presentation folders (buy the note /not the folder)
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Reedbeard08's Avatar
United States
143 Posts
 Posted 01/30/2021  11:25 pm  Show Profile   Bookmark this reply Add Reedbeard08 to your friends list Get a Link to this Reply
Thanks for the succinct reasons for potential difficulty @steveintampa. Wild that bills can actually lose money against the inflation rate - ouch. Social media definitely looks like a scourge for serious...anything, collectors or otherwise. Glad to get some ideas about where to start
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captaincoffee's Avatar
United States
600 Posts
 Posted 01/31/2021  3:26 pm  Show Profile   Bookmark this reply Add captaincoffee to your friends list Get a Link to this Reply
Whether coins or banknotes, collecting from circulation is almost always about "interesting" and not "valuable." I've personally never gotten a BU Morgan dollar in change at a restaurant, so you've got to keep those same expectations in check with banknotes. If however, you wanted to collect a modern notes from every district, then that's certainly something you could work on, especially if you aren't fixated on getting uncirculated notes.
Also, while I know some people don't mind spending hundreds of hours looking through boxes of cents to find a handful worth a few dollars, I'm not sure how many people get $10,000 in 1-dollar bills to go through on a regular basis. If you find fancy serial numbers or star notes from limited runs, definitely pull them out. Personally, the closest thing I've found to "valuable" in circulation was a 1957 $1 silver certificate--worth approximately $2.
I do pull out uncirculated notes occasionally to have an example, but not expecting they will ever increase in value. Inflation obviously lowers the value in real terms over time. Of course, the same can be said for banknotes pulled out of circulation a hundred years ago. Those notes didn't start off being worth more than face value.
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