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I was offered a banknote...


akdrv
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I received the following offer through BNB. I'm not planning to buy it, I'm just curious if the price is reasonable.

 

*Message submitted from BanknoteBank contact Page*

==============================================================

From Name: ...

From Address: ....

==============================================================

Message:

 

I offer banknote-EL BANCO DE ESPANA

MIL PESETAS-1965

(the first one-000000000)

price-10000 euro

==============================================================

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SpainP151-1000Pesetas-1965(1971)-donated_f.jpg

 

p-151 1000 ptas, catalog value $60.00

 

if he means by "first one" 000000000 he has serial number 0000000001, then he can put any price he wants on it. :ninja:

 

seems awfully strange to offer such a high value, extremely rare note through a banknotebank pm, instead of say....sotheby's or spinks.

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Worth 10K Euros? Well, maybe, but probably not...

 

With all zeros for a serial number, it sounds like a specimen note. Many central [government] banks produce specimens for limited distribution to other financial institutions as examples of their notes. Therefore, there are not very many of 'em.

 

As new issues come out, new specimens are distributed. The old specimens are often held by the recipients until the old notes are no longer legal tender. Then, the recipient financial institution may return it to the issueing bank, destroy it or otherwise dispose of it. Since paper money collecting has attained such popularity, these notes are often sold into the marketplace for '...whatever the market will bear...'

 

Further, many issueing banks realize the popularity of 'specimens' and produce them for collectors.

 

I have no specific knowledge of the value of a Spanish 1000 peseta note from 1965 or its value as a specimen; however, I'd guess it's 'value' is more in the 200 to 500 Euro range and very possibly a whole lot less. There have been auctions of US Federal Reserve Bank small-sized specimens within the last 6 months or so [Heritage, maybe?]. I do not recall what they were hammered down for. My best guess is in the $5K to $10K range. US notes are far more popular than Spanish notes; so, IMHO, US notes would tend to go for higher prices.

 

More knowledgable collectors/dealers will have to be consulted...

 

[Too bad neither of us are in Memphis this weekend, we'd have the answer in a flash!]

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my post is only valid if he meant he literally had the "first one" and forgot to add the #1 and the end of all his zeroes. (i gave him the benefit of a doubt, since a specimen note of that type would be a lot harder to forget...it would be full of holes and would have a dark red "muestra" overprint).

 

either way, he's either lying about having the very first note, or he's grossly overcharging for a specimen.

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