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Getting Started w/ Currency


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Hello everyone

 

I am looking to venture a little bit into currency collecting. I am wondering first off if there is a price guide for paper currency similar to the NGC guide online? Also I am looking for some recommendations... I have already acquired a Zimbawbwe 100 million dollar bill but that was just for the joke value of it. I am looking primarily for a good foreign bill that could be had for under $10 that's at least 100 years old. Any suggestions? Thanks.

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The Standard Catalog of World Paper Money by Krause Publication is standard. There are three volumes. - Modern Issues, General Issues, and Special. The Modern issue only covers up to 1961 if you are looking for something that is 100 years you may want to look at the General issue which covers the older stuff.

 

As for a suggestion, look for something that complements your Coin collection. But remember, just like coins, always buy below the catalog value, that includes shipping, because of the 60% rule.

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If you are just starting, I've seen sets for 50 or 100 world banknotes. Most are modern (past 30-40 years) but that's a good place to start. For older notes most German inflation notes of 1922-23 are cheap.

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As for a suggestion, look for something that complements your Coin collection. But remember, just like coins, always buy below the catalog value, that includes shipping, because of the 60% rule.

 

What is the 60% rule?

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Profit margin. It varies, but a good seller (no matter what the item) will try to sell an item for a 60% profit. It is a good target that leaves room for negotiations, "friendly deals", etc. As a collector your goal is to break even. So buy below the catalog value that includes shipping.

 

Unless you like them, don't buy penny notes, the common notes, they will just waste money. Before you buy your first note, decide what you want to collect and buy as near to UNC you can. Most of the time, it is better to buy one 100 dollar banknote, than 100 "one dollar" notes. When you go to sell the 100 "one dollar" notes you may be hard pressed to find a dealer who will give you 50 bucks for the lot. And very few of these will increase in value. Where as the 100 dollar note you may come closer to selling it for 100.

 

It is the same rule for pretty much everything. Buy low, sell high.

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I went ahead and bought an old edition of the Krause currency book off a secondhand book website (not Amazon). Got it for about $3-4... not looking to get exact prices but really just to get an idea of what is what. My experience with price guides is that it does not always correlate to how much you could buy or sell an item for anyways.

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I went ahead and bought an old edition of the Krause currency book off a secondhand book website (not Amazon). Got it for about $3-4... not looking to get exact prices but really just to get an idea of what is what. My experience with price guides is that it does not always correlate to how much you could buy or sell an item for anyways.

That is true. Sometimes things can be overpriced or even just an error. Dealers will try to pay you less for notes than the value in the book. To respond again to your original question, it is difficult to find over 100 years old notes very cheap (except in bad condition), but you can find good condition notes of the 1920s, 1930s for cheap. German, Hungarian inflation, the Mexican revolution and Russians.

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  • 3 weeks later...

Hello everyone

 

I am looking to venture a little bit into currency collecting. I am wondering first off if there is a price guide for paper currency similar to the NGC guide online? Also I am looking for some recommendations... I have already acquired a Zimbawbwe 100 million dollar bill but that was just for the joke value of it. I am looking primarily for a good foreign bill that could be had for under $10 that's at least 100 years old. Any suggestions? Thanks.

 

If you want foreign bills that are 100 years old or more for under $10, I highly highly recommend Imperial Russian banknotes. The 1898-1915 period saw such a ridiculous rise in inflation that many of the 1, 3, 5, 10, 25, 100, and 500 Rouble notes can be had for very little (compared to other notes, and as I mentioned in another post the prices on these are starting to increase). These notes are absolutely beautiful, too, considered cutting edge printing in its time.

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