MONEY MARKET

Welcome:

In the early days of Notaphilyc Culture, I wrote about how I thought things were shaping up for the average banknote buyer who shopped online auctions (BIN & TAsL).  I checked out some of the online auction platforms & read what others observed about the collectible market. Most of my opinions were aired on my Collector's Corner page.  I started by mixing tips, collector anecdotes (links to other sites) plus market observations.  One year later, I separated my market observations & transferred them to this "Money Market" page.  Later still, I added sections such as "Bang for your Buck: Tips on Buying" & "Selling Banknotes"  below.   So scroll down to the bottom & keep reading!  

Supply & Demand: S & D

All markets are driven by Supply & Demand.   The collectible banknote market also follows this trend. It may heat up after S (or Supply of coins/banknotes) falls short of D (or Demand of same). This hobby goes through cycles like any other.  It has experienced significant growth particularly for certain nations (like the USA) in recent years.  Young people (of both genders) are seeking coins & banknotes in any condition. Social Media (FB, IG & Reddit) users often encourage other collectors to acquire "banknotes" & post images on their platforms.   Older, more experienced, collectors will return to their old coin/banknote hobby with more disposable money to purchase more eclectic items.   Typically, the market for each nation continues to grow unevenly.  The "top performers" such as the 5 colonies I have listed below continue to be "frothy" as do the US Large size market.  Supply for rare/collectible notes had increased as inventory was released due to Covid fatalities.  BIN (Buy it Now) sales far outnumber True Auction style Listings (TAsL) on eBay. But BIN hardly reflects true FMV (Fair Market Value). Only TAsL can give an accurate picture of today's market.  TAsL are becoming harder to find on eBay but there are other auction platforms to turn to.  I just added Great Collections. This has made it extra challenging for me to assess the current state of the banknote hobby (but I continue to try).   I will often gauge the chatter & posts on forums, Social Media sites plus other indicators to form an opinion on what is hot & what is not on Monthly reports. 

For the more expensive items collectors have turned to Heritage, Spinks, Lyn Knight, Geoffery Bell, TCNC and records continue to be broken for tough obscure banks & high scarce denominations.

Check out my ARCHIVED Money Market Observations below "My take on the World Currency Market."

SELECTiON OF SELLERS:

Scroll down for a list of sellers ,or auction platforms, which sell collectible currency.  Some, such as Green Apple, are exclusively focussed on World banknotes.  Others, like private dealer Pam West, focus exclusively on UK banknotes.  eBay (& others) offer up all sorts of merchandise (which I'm sure you know).  I do not endorse any particular seller nor any 1 auction platform.  I have simply provided their links here for your easy reference.  I have also added 2 wholesale suppliers but beware that these sellers have specific conditions (minimum lot purchases) & sell a lot of common recent dealer stock. 

If you choose to use any or all of the sites suggested - then good luck! 

Last Updated on:

Apr 20th 2024

2024 Collectors' Market

January 2024:

I believe January has been typically slower than December for collector activity, auction sales & market buzz. I watched some weak hammer prices for some very collectible notes at World Banknote Auction's 54th auction (01/24/24).  If you won this Bahamas P-13d Four Shillings (GEM UNC 65 EPQ) for $218.50 (including Buyer's premium) I think you made off like a bandit! These were selling for twice that during the pandemic. Other hammer prices show similar sluggish numbers with only a few scarcer items hammering in a higher range. Of course the offerings were not that spectacular but you will see many items were passed & this super gem Commemorative Saudi Arabia 20 Rials (P-27) sell for a mere $40 (including BP) on WBA Select Sale (2nd tier notes) the following day.  I have to say that I have seen a lot less interesting notes being offered this month as well (a sign that collectors may be hesitant to consign their banknotes).

February 2024:

February has fared a similar fate to that observed in January. I suspect that consistent inflation, the ongoing war in Ukraine & the Gaza conflict, have all played havoc on the collectibles market.  During WBA's 02/15/24 55th auction, bidding remained tepid at best.  Two consecutive super gem $1.00 notes (P-18b) with the uncommon 3 signatures (often called Smiley Butler notes) from Bahamas ended at $207.00! That is $100 south of lower end of the $300-$500 estimate. One would be very lucky to find one ungraded note at that price on eBay! And many other examples can be seen on that particular WBA sale (along with their 2nd tier "Select Sale").  I think it is very safe to assume that the frothy market we saw during and post pandemic is now over and done with. If you have any extra cash kicking about, now would be definitely the time to buy! (IMO*)

*Please take my advice with a grain of salt. I will not be held accountable for person's following my advice! 

March 2024:

I doubled-down & took my own advice from February's observations & went on a spending spree. During March, I bid my heart out on what turned out to be World Banknote Auction's (WBA) last sale event.  I'm very glad I followed through (& won the notes I won) since on April 1st it was announced on the PMF that WBA was acquired by Stacks, Bowers Galleries (SBG). I was hoping it was a bad April Fool's joke.  This take-over is very unfortunate, a huge loss for the average collector, since WBA had 15% Buyer's & 0% Seller's premiums. The platform was extremely democratic & aimed at the average Joe getting into the hobby. Please refer to the PMF link above if you'd like to read more. 

I have no doubt that part of SBG's acquisition of the much smaller WBA is due to the sudden downturn in the market.  Sellers will definitely shy away from consigning their items if the hammer prices are well below their expectations. This could make it terribly challenging to keep the platform running. I'm sure the other part of the equation is the owner's decision to pursue greater opportunities (challenges) at the much larger auction house.  I wish Dennis Hengeveld all the best in his future! 

I would consider the month of March to be very slow for many World banknotes.  I believe that even the US collectible banknote sales have softened a little. It will be interesting to see if this general lack of activity continues into April. 

April 2024:

April has continued much like March, with a steady slow plodding, along release of many graded notes we don't need. This is the problem with a World banknote market that levels off (or declines): sellers don't want to risk a loss on a tough note so only common notes tend to be offered at this time.  Even the US small sized market has slowed considerably. 

May 2024:

May has limped along much like the preceding 2 months and we tend to see more high graded common Modern World notes up for auction.  I would consider this month (& the next) a good time to buy since things seem to be so tepid, provided you can find something worth bidding on!  It almost seems like summer has arrived early.  Many collectors have informed me that they are taking a break (not buying).  Again, my recommendation would be to pick up a few notes b/c I see this time as a Buyer's Market (particularly if you have established a good relationship with your LCS dealer!).  Also keep your head up for the summer auctions (there may be some good notes to bid on)!

June 2024:

Stay tuned in July for my observations of the slower summer months!

top 5 MISTakes to avoid:

Stay clear of the obvious: fantasy/reproduction banknotes; bulk buys, stamped notes, collector series or niche markets*

I have discussed "what NOT to collect" extensively in my videos.  Please review the one linked (& the others) if you'd like to get a better sense of what notes you should focus on. In addition, I have been inspired by Susan Headley's page at the spruceCrafts page on "The 5 Worst Coin Investments."  Stay tuned for another write up on what collector habits you should avoid.

1) Private printing houses:

Private (premium) mints (like Franklin) are exactly like the rip-off artists who are making millions off their Disney Dollars or Zero Euros.  Please folks! It doesn't matter if only 10,000 of these were made or if some zealous fan is pushing a Mickey Mouse buck! These novelty items have limited future potential so put your money into an issued "toughie." There are also several worthless banknotes called private issued specimens or "test notes." Again, forget the names/steer clear of these "one offs!"  Specimens should be pursued ONLY if you know a lot about that central bank's specific series and you think you must have an example.  [Sometimes specimens are the only thing available!] If you can afford such rarer/older issues, knock yourself out! Otherwise stick to regular issues since the whole concept of grade (UNC to VG) is for ISSUED notes slated for circulation! 

Also, only stick to Central (Government) bank test notes if you must love experimental or central bank's TEST notes!

2) Reproductions:

Legal reproductions MUST have "reproduction" or "Copy" clearly labelled on the note. The other option is that they must be a much larger FORMAT than the "real deal."  I wish I did not have to write this paragraph as it should be painfully obvious why you should avoid worthless reproductions- they're fake & as prop money, they're worthless (simply a novelty). BTW: in case you haven't figured this out yet- they also can be a scourge to those hobbyist who enjoy collecting real currency since their very presence kills new collectors' confidence in buying legitimately issued notes. They're similar to FAKE ART!  Most world currency is inexpensive so you shouldn't acquire these (use your money wisely)

3) Bulk buys:

It is actually hard to buy a bulk buy or large lot of different world banknotes but sometimes you still see "100 mixed lot" of World banknotes.  While I see no real problem with buying an UNC lot just remember that it is very unlikely that you will get your money's worth. Typically these sellers will send you a number of the SAME notes (duplicates) that are more AU (Almost Uncirculated rather than UNC) because these sellers know that bulk lots typically attract coin collectors (or newbies) just getting started. Parents buy these for their youngsters & there may be a few interesting older notes seen in their images (but are rarely delivered). Dabblers aren't typically grading experts so expect AU! Dealers know this & look at these collectors as a way to dump dealer stock.  This means that your MIXED LOT is from full runs of unpopular nations & series. If you wish to buy World banknotes than at least focus on popular nations, lower denominations and limited series (commemoratives, etc) which are in demand.  This way, should you change your focus down the road, the notes you bought won't be so difficult to unload (swap or sell). 

4) Stamped banknotes: 

There are a FEW legitimate banknotes which had stamps affixed to them. I do not mean these older European banknotes.  What I mean are banknotes which either have an USA (or other national) postage stamp glued onto the note.  Another "no-no" are banknotes with rubber stamps (a symbol such as polar bear for the CDN $2 or Maple Leaf for the 1867-1967 Centennial Series).  These are gimmicks!  Unsavoury sellers stamped these notes & sold them for large mark ups (like private mints do for gold plated coins). The poor sods who bought these defaced notes will likely want to pass them onto other unsuspecting newbies! Collectors remember that it is always "Buyer beware!"

5) Banknotes in folders:

These are actually legitimate banknotes issued by Central Banks & you must trust me when I tell you that these are terrible notes to buy. Why?  Well, to be blunt, it is a lot like paying a "stupidity tax" for having zero discretion of what NOT to buy.   Now for the first two official reasons: first, they're marketed for "armchair collectors" (people who want easy access) so there's a premium. Once bought, there's tepid interest by bona fide currency collectors (just like all those mint products that the uninitiated buy at their post office).  Second, they're often poorly stored (exposed to light) in display counters.  Plus, the catalogues often document which notes were released this way.  Since they weren't released into circulation they MUST BE GEM UNC to retain any value whatsoever (but most ARE NOT).  And the final nail in the coffin for these notes is their presentation folders! Most collectors don't want a banknote that has been displayed (or exposed to light) so this dark cloud of suspicion (that the note was mounted & mistreated) kills collector value. DO NOT PAY A PREMIUM FOR THESE (but better still - just avoid them altogether- like everyone else)!

6) Circulated full-run series (bonus tip):

If you are buying circulated full-run banknotes than I am urging you to STOP!  Typically, central banks issue tens of millions of full runs.  Some, like BEP notes, are printed in the billions.  People hoard their circulated (travel) money all the time. There is nothing collectible about 99% of these circulated notes because they're common.  Even larger denominations with smaller print runs are often hoarded in people's SDB (Safe Deposit Boxes).  I've seen countless VF Euros posted on SM as "EF" (or better) condition. They're spenders folks! 

Even if the banknote is tough, its circulated version is a much tougher sell. WHY? Because once you've been at this for a while, you will want to have a tough note with nice eye appeal (& most circulated banknotes LACK eye appeal).  Also, most collectors want higher grade banknotes so very few will be willing to shell out coin for something that is limp, has tears, graffiti or has been soiled due to circulation.  If the banknote is VF or less than it must be VERY UNCOMMON for it to have any collector value (premium above FV). Most collectors want a "Q" (which stands for Quality) or "Original" designation (in some parts of the world) if the note is certified.  

So please think long & hard about spending your hard earned money on regular circulated cash since it won't attract any collector interest.  If you're just socking away local ratty currency then I urge you to think twice & buy yourself something nice or just bank it.   

next:

What habits to avoid as a collector.  Believe me folks: I have learned a LOT from my mistakes! 

2023 Collectors' market

January 2023:

January has been slower than December but not by much.  It has been a month that has really surprised me since I really expected a much more pronounced slowdown (yet did not really see it).  From what I can tell (& from most of the chatter I've witnessed on the various forums I frequent) a lot of collectors were still buying notes, especially in high grades.  The US market has still been humming & I have seen strong bidding at the last Canadian Numismatic Company auction. I have personally bid on a number of items in January and really didn't get that much of a bargain since bidding remained hot on most world currency too.  I have also noticed that collectors' appetite for lower TPG, such as PMG UNC64 (or UNC 65) &/or for non "Q" notes has dropped a bit so bargains can be had for these (especially if you're looking for that tough note where few Q's exist!)  BIN stock on eBay seems to have dropped & if we do see BIN stock of rarer TPG notes, they're typically priced 2X what I've paid for as much as a year ago (appears as if sellers are "flipping" notes they've won at auction). 

February 2023:

Expect February's observations later in March (thanks for your patience!)

SCROLL down for previous "Collectors' Market Observations."  Remember that a lot can be gleaned by studying the trends of the collectors' market over time. 

April 2023

I have keenly observed & participated in World Banknote Auctions April offerings.  As usual, the auction site had some very nice offerings, including some higher denominations from Belize, Costa Rica, Fiji & Trinidad. I found a few of the notes we often see and these went for a very reasonable price (not being particularly tough). Overall, I would suggest that the world market has softened a little but not for the tough to scarce notes.  Most of the popular items that are much harder to come by all went for respectable hammer prices. World Banknote Auctions also offered US/BEP large/small size notes and seems to have had good results.

May 2023

May carried over where April had left off and I did not feel that the market cooled off much until the last week.  Many great collections (sets, etc) continued to be auctioned off.  However, I do feel that post pandemic steady inflation has finally eroded most collectors' appetites to bid away on new purchases.  I have also seen a decline in chatter about world notes (purchases & otherwise) on several of the forums (with the exception of the Paper Money Forum -PMF). It shall be interesting to see what the summer holds for the hobby, but I expect to see an overall decline in hobby purchases.  Considering the "shot in the arm" that the pandemic gave numismatics (with people being forced indoors) it should come as no big surprise. The one exception remains for the U.S. Large/Small size notes (which still seems quite frothy). 

June 2023

I have seen a decrease in forum traffic for June.  People are going outside and trying to enjoy the outdoors (despite the smoke-filled skies).  This suggests a slight market slowdown which is typically due to collectors' vacation time, people returning to pre-pandemic work (norms) & the pressure of high inflation (or all of check any of the above reasons).  One thing seems clear, that less auction style notes are being offered on eBay in the summer & stock of collectible banknotes seems to be dwindling.  I also think that the market isn't simply just slowing down but also contracting a little (less market activity).  

The market for U.S. small & large size notes is still robust. Exercise caution when buying.

July 2023

The World currency market has cooled down somewhat as is typical of the summer months.  I am fairly confident in stating that if you are looking to buy World or Bank of Canada banknotes, now is a good time (as any) to buy.  Why?  Because there is a lot of chatter on television about lost jobs, a global economic recession & inflation has hit everyone post pandemic.  Now is a great time to buy on your auction house tough (rare) banknotes because these are considered luxury items so the typical number of bidders will shrink.  I believe this will be the case for the fall and into the new year.  

However, I cannot state the same for those who focus on U.S. small size (BEP) banknotes.  The market for these still seems quite heated to those who provide me input.  I would suggest stepping back from purchasing notes unless you are offered a price you cannot refuse.  

August 2023

I believe that this past August has been more robust than many other summer months. It has been a fairly steady (hot) market for US currency and World banknotes still see new (& collectible) items being auctioned off.  I believe the eBay platform has slowed down for World (less stock) but not so much for US material.  Time will tell, but I believe this fall should be interesting to see what happens. I don't expect the market to continue to be as frothy but my expectations have been repeatedly thrown out the window. I still believe that this fall will be a good time to buy but you may wish to coast come the winter months.  I also expect that harder (scarce) notes will shrink from the marketplace but I may be surprised to find otherwise.

September 2023

I believe that the money market has settled down on both the US & World currency front. This, I gatther from chatter on the 5 forums I tune into (comments by US collectors on how could this _______ rare note go for ___?). Replies to these questions suggested the notes were sold for hundreds (to even $1000) less. I made a massive purchase on 11 (lower valued) World notes for the lowest I have paid in the past 3 years.  Before this, I also won higher (scarcer) World notes for approximately $100 - $150 less than I would have expected during the pandemic. I will definitely make further attempts to buy during what I feel is a slower more depressed collector currency market.

October 2023

October has been, more or less, similar to September. Sales have slowed down (from previous pandemic highs) but rarities can still demand respectable premiums.  It appears as if consumers have shifted their priorities towards necessities.  Many collections have appeared on the market.   I wouldn't say the market is saturated but it appears things are headed in that direction for World currency.  US currency, particularly larger/older series, still remain active & less impacted.  Small series rarities have cooled down.

November 2023 

I believe this month picked up a little more steam than October.  Better notes were offered and I believe this has generated some interest & greater activity, though not as significant as during the later part of the pandemic. It will be interesting to see how December will unfold. 

December 2023

The last month of 2023 seemed to keep steady from November.  I think many collectors came back to collecting: whether this was Christmas shopping for themselves (family members, etc.) is anyone's guess.  

Scroll below "My Take on the World Currency Market" for 2022 & previous NC Collector's Market observations!

six habits to avoid:

Some big no-no's (& what you should do instead)

1) Have a goal:

A lot of collectors have no idea WHAT type of NOTE to keep.  Sometimes they inherit some notes or keep some from their trips.  Several collectors think "where can I buy/or obtain large quantities of banknotes?" rather than how & why they need to acquire a specific series.  If you are new to collecting currency, then I suggest you look at what you have or do some research to discover which denomination(s) you wish to keep.* Remember there should be an approach to collecting (& collecting isn't just HOARDING). Always start out small and work towards larger (more ambitious) goals.  Be clear in terms of condition, which series, replacements or change-overs & other factors that may pique your interest.  Remember that you are CRAFTING/shaping a collection (not a grab-bag) so proceed with the aim to keep only the best "collectible" examples (& not simply just any note).  One very helpful step is to buy a binder, currency pages & sleeves to store the notes in.  Once you organize & take stock of what you have, you will likely get a better idea of what you need next. Also: don't be afraid to be flexible with your goal.  You may want a specific denomination from a certain series: don't be afraid to choose another denomination if a good deal has been offered.

*While it is great to have notes that family has left you (or you have acquired from travel & friends) if you wish to advance your collection than you may want to start thinking along the lines of downsizing or focussing on certain nations for a reason.  Duplicates are nice but why not keep the best and sell the rest?  Remember, too, that most full runs (prefixes) of most series are not that collectible unless the series had a short run of a particular signature (or revised design).  There are recent series that have security upgrades (or become more ACCESSIBLE for people with vision issues). Discover whether you have first signature sets or a short prefix, etc.  Original series are often sought after more than updated/improved editions.  Turn to your forums & online sources to get better informed. 

2) Research:

Stop worrying about getting notes for Face Value or cheaply!  Stop hoarding just so you have a bunch of notes! More advanced collectors do the leg-work in order to know what makes a note collectible.  Make sure you start learning about the central bank that issued the note, under what conditions (context) and which prefixes (blocks) were tough (less common) and which were more prevalent (regular runs). The more you research the more you will develop a focus and passion for this hobby. While ONEN (One Note from Each nation) is an admirable milestone, it may be a huge impediment (in terms of limited resources/time).  Choose a goal that is realistic: like certain continents, or motifs, a denomination or series. Just to give you an example, I looked up Rwanda-Burundi  & discovered the country only existed for 2 short years! This made me eager to acquire a note from this short-lived nation. (A very cool goal would be to acquire a note from each country that no longer exists!)  There are too many examples of nations I have explored to divulge here.  Take a look at the following two examples:

Here is EXAMPLE ONE of a thread I started on collecting QEII Notes. I typically only collect banknotes after I have studied their issuance on the Bank Note Museum, the Banknote Index, or some other site like Numista.  I also may chase down a line on notes after reading a promising thread posted by another collector. 

Here is EXAMPLE TWO of a thread I started on Eastern Caribbean States issues. I visited & lived in St. Lucia in the years 1995 & 1996 & heard about the failures of the 1993 issue (See this P-27 $10 example).  In 1995, I lived for 6 months near Castries, & may have seen one or two notes from this 2-3 year old issue so my curiosity was firmly piqued after I learned it was revised in 1994. 

3) Storing your collection:

Don't just dump your binder in a dark basement cupboard. It is paramount that you store your banknotes (& coins) in a safe DRY place.  Water (or humidity) can literally destroy your collection.  Also, as much as you may like the look of your notes be aware that mounting (or displaying) your notes is also risky since light can damage the note (unless you have museum like resources to keep it dry and dark most times). Be advised that storing your notes safely (in a Safe Deposit Box SDB) or in a safe, is essential if you are collecting more valuable items. Remember that if you do chose a SDB that the bank may have fluctuating temperatures and this could cause condensation in your box.  Use a desiccant & seal notes so they will stay dry. 

4) Banknote binders & holders: 

Stop storing your notes in a big manilla envelope!  A nice collection of banknotes should be kept in a decent binder, folder or TPG display portfolio.  All collectible banknotes must be stored in PVC-free mylar currency sleeves. You'd be surprised at how many collectors store their notes in a binder without the sleeves. This exposes their notes to moisture which is in direct violation of Point 3. If you don't keep your notes in a SDB then you should at least keep your folder in a secret place at home. 

5) Be discreet:

Don't brag about your notes!  Although you may be very proud of your collection & want to show the world, be careful about who sees what unless you live in a maximum security mansion and have body guards at your disposal.  Even if you did have security staff, do you really want to be worried about thieves intent on parting you from your cherished collection?  Some collectors keep their notes in a SDB & this should be known only by you & your partner.

6) Conservative grading:

Don't fool yourself into believing your note is VF when its just VG!  Perhaps this should be tip #1 but I have found that it takes time (& VIEWING A LOT of banknotes) to improve one's grading skills.   If you really want to acquire decent, collectible banknotes then it will serve you well to learn how to grade.  DON'T rely on Third Party Graders grades (TPG #'s) nor their opinions but learn for yourself since some TPG "experts" get it wrong!  The longer you are in this hobby the sooner this will become apparent.   

Remember:

Social Media gurus are only out to drum up LIKES & FOLLOWERS! They don't care about the accuracy of their messages (content) & a bit of hyperbole is good for creating larger audiences.  Most "You-tubers" don't/won't back up their claims with proof (or evidence).  Be careful not to get sucked into this seductive vortex.  

Collecting coins or paper money is a HOBBY (& not an investment).  When done with care & due diligence you stand to lose less & may come out ahead provided you've been extra careful & eclectic about what you've chosen to keep.  There is no magic formula other than a conservative & cautious approach. Arm yourself with knowledge first.  And remember that (at the end of the day) you must sell to make back your money: which involves costs.  If you want to buy errors than you should really know what constitutes a legitimate error & be wary of manufactured fakes (cut sheets) & the like that are sheets cut out to look like errors.  It would be best to start out with TPG/certified errors at least until you know what to look out for.   Provenance (knowing where your note comes from) can provide you with peace of mind once you start acquiring scarcer banknotes.  

Top FIVE colonies: 

Although I have listed these "Top 5" there is no preference (ie: Rhodesia is likely just as popular as the Straits Settlements).  British West African examples can be as hot as East African currency.  It is very difficult to prioritize one over the other.  Also, I'm sure I could make a list of the top 20 colonies by now as there's just too many to list here. French colonial & Italian East Africa can be just as popular & tough as any of the African colonies listed below.  

Were Antigua, Jamaica, St. Lucia & Barbados colonies? I think so & it would be just as easy to put these islands (that once used the British West Indies Dollar) on another list & so on.  The fact is, many world collectors seek banknotes of former colonial regimes. Why? They're generally scarce in higher grades (there's no fuss re: inside knowledge, eg: distinguishing replacements, signatures, series) & they're extremely popular.  They are also easy to sell down the road. For this reason I am working on a WORLD notes SOUHGT  page which will track some of the most popular colonial & early notes sought.

#1 Straits settlements

Any note featuring King George V is popular & any note from the Straits Settlements will put you back a pretty penny! Another uncommon colony is Sarawak!

#2 MALAYA & BRITISH BORNEO

The above Malaya & British Borneo, plus North Borneo & Sarawak all are scarce.  Worn examples of QEII are also tough & highly sought after. 

#3 Belgian congo:

Most French colonies of Africa are highly sought after.  Keep an eye out for any of these! 

#4 british WEST Africa:

BWA notes are listed in Good, Fine & XF grades only. They (& former Portuguese) colonies remain tough & popular.

#5 Southern Rhodesia

Rhodesia, Southern Rhodesia & Rhodesia & Nyasaland (featuring QEII) are all very popular.

Proven Strategies:

friends of notaphilyc Culture:

This is a new addition.  I have had great interactions with the following collectors (who also have extra notes to part with):

archangel514

Check out Michael's site.  He may have what you're looking for!

selected Sellers:

Coinzip coin shows:

US Listing of STATE coin shows & auctions

wholesale:

(While these stores sell inexpensive lots of 10 or more banknotes be aware that much of their stock is considered "dealer's stock" and will appreciate only slightly over time)

Silver stacker: interview

My take on the WORLD CURRENCY MARKET:

This is a bit of a misnomer because at first glance you'd think of circulating world currency or trading currency like the FX.  So, I think it's really important to begin with the idea that all currency is NOT created equal (at least not from a collector's perspective).  I will refer mostly to collectible World banknotes.  For me, I consider collectible banknotes as issued notes from a retired series* or a current series that is UNC & was a first signature.  Something collectible should have a special feature (an error perhaps) which separates it from the majority of banknotes. I will be more selective (at times) than your average dealer.  I thus regard well preserved (or UNC) special numbers, limited signature variations, limited (change-over/short) prefixes, replacements, test notes, or design variations as very "collectible."  I have other restraining parameters (which I won't get into) as other discerning collectors often do.  This could be a year threshold (older than____), collector demand versus limited supply or a first polymer, Commemorative or other feature (grade rarity) which keeps a note desirable.  It is important, as any savvy collector knows, to develop a narrow scope & focus only on what one is willing to acquire using selected parameters (be choosy). 

For me, 99% of uncirculated banknotes issued by banks today are NOT collectible.  That's because 99% of what we see are regular serial numbers, common prefixes & just too easy to acquire.* Two decades should past (at least) before any regular prefix becomes vaguely interesting & in that time 99% of these notes should be used/spent (not remain in a circulation) unless the note is a verified signature/prefix change-over.  In Canada 1 in 1000 banknotes are 3-4 digit radars. Now that so many collectors have caught the special serial number bug, even these UNC radars don't command the kind of premium/attention they held a decade ago.  Your chances of finding a signature/prefix change-over are much higher.  So while I do endorse checking out your local bank, or exchange outlets, I don't recommend your sole source for collectible notes come from Face Valued notes!  If you do choose to use a bank branch (currency exchange outlet) be prepared to take thousands of dollars out and recycle 99.9% of that cash back in.  If you do this over and over:  you will need to be super patient in order to find that 1 collectible (out of a 1000) banknote after several trips.  Ideally, you will educate yourself about what is collectible and then acquire banknotes from the sources listed below. Some eBay sellers* sell banknotes for great prices (at, or below, Book Value [BV]) but theres also a lot (99% of the newer notes) that are not collectible & gross exaggeration is rampant. It is imperative to sort through the chaff!  Remember that the terms "rare" & "scarce" are carelessly attributed on far too many listings which don't even approach "uncommon."  *See 2020 Collectors' Market Observation below for detailed feedback on some great (& not so great) sellers I patronized in that year. 

All the most successful banknote collectors I have ever known practiced patience (skepticism & prudence) when purchasing any particular banknote that they sought.  To me, the best collectors continue to be very choosy and conservative. In their books, they would say, "less is more."

If I had been more careful (& had been more patient/skeptical) I think I would have saved myself a good deal of money (from not buying over graded raw pressed notes)!  I feel I have learned from my mistakes & it is one of the reasons I created this NC site.  So, the bottom line is, DO NOT RUSH into buying any note (unless you know what you're getting)!  If in doubt, ask for other collectors' opinions (post on your favourite forum) but do not abuse this privilege either (once an opinion has been offered, accept/decline it &/or reciprocate if you learned something). Nobody's going to be "your big daddy" but there! However, I have seen many collectors who offer great advice.  Just be sure to demonstrate some appreciation!

Basic rules of thumb:

The most basic rule of thumb I would suggest is that you should try to strive for QUALITY over QUANTITY.  If you're buying Very Fine (VF) or less, then the note should be very tough to scarce (& you know demand is high). Buy a desirable banknote with loads of eye-appeal & with the intent to sell.  Be selective (pay a little more) rather than frugal & "settling for cheaper." If you ask yourself "can I sell this note down the road?" and the answer is a resounding "YES!" then you have bought a collectible banknote.  I have broken this rule too many times to ponder. I have ignored the above rules of thumb because I wanted to build a complete set, saw a few extra cheap notes (bought a collection) & figured I could swap or sell the extras down the road. 

Be patient.  Try not to get carried away with buying from one seller, Buy it Now (BIN) & try swapping. Network with other collectors & try saving some UNC notes from your nation which may be collectible (a short prefix, commemorative, replacement, etc) so you have something to offer.  

BUY a CATALOGUE! Sure online resources are great but they're nothing compared to what you'll find in a catalogue (if you're serious about the hobby). BTW: I've been at this hobby for a long time & I've met some pretty serious collectors who continue to claim, "I just dabble!" Get hold of a used copy if you've told your wife you're not going to spend a cent on your collection! Or go to your local library & check some of the history behind the series which interests you. I think you will be surprise how informative these catalogues are. My Charlton catalogue has great introductions to each series & was essential for me to form a few worthy collector goals.  Catalogues are as critical as storing your notes in proper currency sleeves in a dry place.

*There are always exceptions to the rule -since the central bank printers may inadvertently release a series that may have design flaws & the knowledge that one has (or doesn't have) a short prefix (or other anomalies) may happen.  However, 9 out 10 times this is not the case. The one time I saw this happen when Canadian collectors realized the 2003 Journey BER $10 prefix wasn't showing up. Millions should have been released but they were not- perhaps due to the new security stripped 2006 Journey $10.  But this was during a time of transition (a series being revised) and it is during such times that interesting things happen (collectors know this!)

Another example of idiosyncratic market niches can be found in the recent trend of Zimbabwe 100 Trillion Dollar notes. These notes were first offered in bricks for cents/note & later rose to dollars/note.  It is shocking to see these notes sell for over $100 USD for TPG Gem examples!   A few collectors have told me to put my list of notes available here!

Bank of Canada Duplicates

World duplicates

Return to "Collector's Corner."   

Below are ARCHIVED Collectors' MARKET Observations. I launched Notaphilyc Culture in August of 2019 but the Collector's Corner page & Monthly Market Observations were not a feature until 2020.

2022 collectors' market

January 2022:

This month, like one year ago, still shows signs of a healthy market place for coins & paper money.  The US market in particular has remained very active & a lot of highly collectible items have come up to be auctioned.  Collectors remain interested despite a long 2 year battle with the Covid-19 pandemic.  It it too early to predict the future but scientists believe that this awful Omicron wave may be the last. 

February 2022:

This month remained steady, like January until the last week (24th) when Putin sent his troops into Ukraine.  Up until that day, the market was fairly good.  The last week of February was unsettled and I believe it will remain that way for a little while. However, the last two years of hot market activity, plus the passing away of many senior collectors brought out a lot of collectibles to the market. There will be good items still coming to market.  Many collectors, myself included, take a few months to sort what they wish to sell, and these items can be slotted to auction. So look out for spring auctions (later March, April & May).  There may be deals to be had folks.  

March 2022:

I believe the Canadian banknote market has slowed down. I also feel the world market isn't what it was one year ago, before the Russian invasion of Ukraine.  It has been over a month since Putin initiated the invasion and put the world on the edge of a third world war.  This naturally rocked the world markets but things did settle down a little about 3-4 weeks later.  Much of what I see on eBay is BIN (Buy It Now) and the majority of the True Auction Style Listings (TASL) for UNC notes do quite well. However, having said that, I would definitely say that the paper money market has cooled off somewhat. I don't think this applies to US large sized notes which remains pretty frothy.  A lot of the older typically highly sought rare world notes remain popular.

April 2022:

While late February & early March were pretty rocky with the Russian-Ukraine invasion unfolding, I believe the currency markets have bounced back and remain steady.  However, I believe that many dealers don't anticipate the strong US market to continue.  I have heard chatter that some feel it is unsustainable so will (must) cool off eventually.  What I have observed is that we are seeing some pretty rare world notes come to market.  But they range from excellent (a variety of UNC) to poor (G or VG with comments). There is no doubt that Covid-19 has flushed a lot of this inventory on the market.  Also there are many people who have inherited collections which arrive on market too.  Either way, there seems to be an abundance of rare/collectible notes.  Usually this spells trouble for the common "garden-variety" (large issue) note & notes in less than ideal condition.

May 2022:

With record levels of inflation, particularly on the world energy sector (oil & gas) most collectors have slowed down their acquisitions.  But the stock doesn't change that fast so that good notes are still being offered and the bidding for these collectible notes remain strong. I think it is clear that you will get a fair price if you bid on anything during May & this especially holds true for more common notes (when bidders back off).  People want things to remain "status quo" but the reality is far from it.  Expect to see good items still up for the hammer but bidding to become weak, heading into June.  I believe it will be a good time to buy so long as the notes are worthy of collecting. I also imagine, by the summer, the good stock will thin out (if not vanish). Collectors know that increasing inflation will take a heavy bite out of the previous bubbly market. 

June 2022:

The summer often shows a typical slow down in collector interest.  This summer is no exception & with most citizens of the planet being under one form of lockdown (or another) from the past 2 years, travel is on everybody's mind.  Airports have struggled to provide staff and jets to transport the demand.  Long line ups and chaos in the airports have been reported on North American news outlets.  Draughts, global warming & record temperatures have caused wildfires in the usual places like California & the less usual -Europe. However, having said that, there still seems to be an unquenchable desire to pick up certain notes. Perhaps it is the specialist trying not to get hit by inflation!

The online market such as eBay seems to be mostly high priced BIN with few auctions. US special numbers, errors & high denominations are still being readily snapped up compared to other nations.  Stacks Bowers, Heritage & World Banknote Auctions seem to be buzzing.  Oddly enough they either offer exceptionally scarce & desirable or completely low-grade items most would take a pass on.

July 2022:

I watched banknotes be snapped up in June (much to my surprise) & perhaps that is why I dove in head first this month.  From a personal perspective, July was busier than I expected.  I bought 11 notes on World Banknote Auctions, most of them ones that were not on my radar prior to the auction.  I must confess, that I tried something new for me: I bid on a lot of the less collectible notes I encourage others to avoid.  These were the more common varieties or the cheaper cousins to the tough stuff. Why, you may be asking?  Well, I did bid on the rare items (like everybody) & saw them bid beyond what I was prepared to pay.  I don't have the confidence of the competitive bidders that the market will stay robust.  So, I figured, after I won 2 notes that were on my radar, that I'd try low-ball bids for some high grade notes (& which I felt were in high enough demand to be resold for a minor profit).  I believe I did well because the majority of what I won were well below prices I have seen in the past (for the same notes).

How would I sum up the month of July?  Actually, I would say that if I were to compare it to any other July of the past 3 years, I would still have to say it must have seemed above average to most sellers (particularly auction houses).   I saw many things that were unexpected, including a current PMG UNC70* BC-71a CANADIAN $20 polymer sell for $2875 USD (which was ten times the estimate) on the same auction site.  For me, this stuff is what dreams are made of (for the seller/not the buyer!) Uncharacteristically, I got on the grade-rarity bandwagon & shot a few bids for a couple of UNC69's but lost (& not by much!) And I won three UNC68's including a 100 Kronur from Faroe Islands for $46 (including buyer's premium).  I do realize that there are many of these & they're fairly new but I also know the price of grading (which I can skip) & felt this was pretty fair priced. I expect August to continue the trend of very collectible selling high & less collectible selling for more reasonable prices (then what we've seen in the past 2 years). The bubble market is definitely cooling down but what makes it hard to resist is the fact that some of the bigger players (like World Banknote Auctions) are listing tough notes. 

August 2022:

I believe August has cooled down.  I participated in the PMF auction & saw some nice items sell for less than I would have expected.  A lot of people (including myself) were on vacation & away from their favourite auction platforms.  Many news outlets reported high inflation (with no improvement on salaries) so a lot of collectors took notice & kept their wallets shut. Some, needless to say, went against this trend, but overall the month was probably the first cool-down period since the pandemic hit in early 2020.

September 2022:

If this past August has cooled, September has been downright chilly.  This has not been the case for higher end US (large size/Emergency Issued) banknotes. And tougher banknotes with QEII portraits (older Australian, Canadian & New Zealand plus islands such as the Bahamas, Bermuda or Fiji) continued to sell well due to her passing. Generally, however, more common banknotes from the rest of the globe went up in price and sales seemed idle.  Auctions were still doing a fair trade as collectors shifted their focus there.  Many of the great items we saw in past auctions haven't been seen quite so frequently.

October 2022:

This month has further cooled, yet demand for US, special numbers, errors & the typical notes seasoned collectors seek, has remained steady.  I know because I was still searching such items myself.  

November 2022: 

This month has remained similar to October and there has been chatter on the high hammer prices double 2013 star replacements reached (as well as other large format US notes).  If you look at TPG notes on some of the major auction houses, the top notes are still reaching respectable prices & tough notes are beating records, but nothing like a year ago.  North America (& most of the globe) has experienced steep inflation so many collectors have stashed their collections in their closets & closed up their pocket books.  

December 2022

I believe this month was pretty good & an improvement from November.  I saw a lot of forum chatter & new collectors showcase recent purchases.  Perhaps it was from the death of QEII or just the continued heated US paper market.   Typically coin collector shows happen during the cold months of the year (for North Americans) & collectibles still remain hot after the pandemic.  Many have braced themselves for high inflation and a likely 2023 recession but have also kept their eye on various collectibles which they've wanted for a long time. Good collectible items have still reached the major auction houses & there has been some crazy bidding on notes that just seemed rather run of the mill to a lot of advanced collectors.   

2021 collectors' market observations:

January 2021:

The beginning of the new year started with a fairly positive note.  There would be a new president running the show in Washington, several COVID-19 vaccines were rolling out & the price of gold was going back down.  All this pointed to some return to normalcy.   And then some strange phenomenon started when Reddit investors took notice of Gamestop stock.  A few wise observers thought that investors have been itching to put their money somewhere & Gamestop became the lucky recipient of a very unstable trend.  Let's see how that pans out.

February 2021:

Next, Apple & Tesla opened the doors for Bitcoin to fly through the roof.  So, February has been an interesting "day at the races."  Gold continues to decline & the stock markets have all seen red lately. 

As far as the market for paper money?  It has held steady but it has also provided opportunities for inexpensive TPG common stock. The scarce notes continue to do well but the items we all see over and over again can be had for a bargain.  I encourage collectors to try find something in between (uncommon amongst the common).  This could include special numbers, overlooked errors & labelling errors- but you must know your stuff! Do the research to find out what isn't in the popular trend but tough to find, nevertheless.  There are boundless opportunities in the paper money market- you just have to find them. 

IMO (& anything I write on these pages is IMO of course) is that the people with money (deep pockets) are turning to Heritage for rare & scarce items (as usual) & still shoring up on this but their minds are collectively on Bitcoin & the larger markets.  Large volumes of cash are being sucked into those giants.  So, if you're like me, with a limited source of money, than you must find the odd treasure elsewhere (& select smaller less obvious markets). 

March 2021

It is interesting to see several UK sellers open up on eBay offering topnotch tough notes using True Auction style Listings (TAsL).   The only problem with these sellers is that the majority of their stock is raw and in circulated condition. Some of them are over grading or using hyperbolic terms such as "extremely rare & scarce" for tough notes (but hardly that rare or scarce). But it is encouraging to see notes back on the market in true auction style & I have noted healthy hammer prices on other sellers who offer TAsL listings.  It is good to see more sellers on the market offering better/tougher banknotes to purchase and less Buy It Now (BIN) listings.

April 2021

I have just finished my last auction for a while. I feel that every banknote I bid on was a bit dear & I watched several common notes go for 5 to 6X their current BV on SCWPM. Now I understand that the SCWPM is just a guide & must be taken with a grain of salt but I have to say "Wait a MINUTE!" for those of you thinking of buying world currency.  If you can buy for what you think is a good price- then go right ahead.  But what I've discovered (with the exception of the few BIN sellers I listed below in my 2020 Observations) that world currency seems hot.  I cannot understand why (other than people may be entering the hobby due to idle time/ or received government subsidies & have channeled that $ into this hobby). For whatever reasons, I cannot claim to know, but I would exercise extreme caution going forward.  Some notes are just not worth buying (least of all buying at a premium) and I saw a lot of that in my last auction experience.  I was frustrated by my experience. I bid on 2 notes I wanted to win & I must have experienced a glitch (or bid at the exact same time). Not sure what happened as I got a brief message that stated winning bid but then it was crossed out. I thought I won but later found out that the site hadn't even registered my bid (so something wasn't right) and I took my frustrations out on winning 3 notes that I really wasn't too keen about (but will live with it).  All my wins were pretty high (with the premiums/postage) but not punishingly so.  

May 2021

Real Estate across most of Canada has been on a tear.  People who put up their homes for sale typically expect to get more than what they were asking. I suspect that everyone is bracing themselves for more inflation as news comes out of the United States of hot economy. So, with that in mind, people seem to be going on a continuous shopping spree.  Do not forget the stimulus cheques which many feel "have to be spent."  Most economists reported that employed Canadians have become wealthier from increased savings incurred by lack of commuting (either gas savings or $ saved on transit tickets) and cancelled vacations.  Many consumers had decreased expenses & their saved earnings had to go somewhere. It appears as if this has trickled down to hobbies as well.  Most UNC banknotes seemed to be selling quite well & sold at higher than usual (& higher BIN) prices. I would  encourage collectors to hold off until things have cooled down a little bit.  As I have noted on other parts of this site, there is a younger generation keen to acquire currency too. We see a general uptick in the IG posts and most of the notes displayed have been fairly commonplace.  It is still encouraging to see new people getting involved. What's not so encouraging, is to see POSTS like "get it graded" for recent common-as-grass issues.  It will be interesting to see whether the hot weather of June/July will cool down people's appetites for buying world currency.

June 2021

What a month! It has been exhausting trying to keep up with my day job & abreast of the things going on with the paper money hobby. "Fun times" as many would say.  

Things (banknote & coin sales) have not slowed down since May. I suspected that people may just pull back and wait till the market cools down a little. That has not happened. In fact, I also went on a shopping spree myself even though I advised others to take caution.  It has been difficult to exercise caution more collectible banknotes hit the hot market. People aren't stupid: they hear the news.  They know that on average most North Americans have more savings as a result of less travel (savings from lack of vacations) & are pouring this new found wealth into collectibles, gold, real estate, what-have-you. The frothy market presents a dilemma for most of us: as the higher grade/scarcer notes come to market. Can we turn a blind eye to some of these jewels? Likely not. I know I'm sitting on the fence for July. (Or at least I hope to!) I had vowed to cool it but then saw some great TAsL notes I had to bid on. Already, I have vowed to back off on a few auctions & cursed myself as I saw some very collectible notes sell for excellent prices. My advice to you is to stick with True Auction style Listings (TAsL) & skip the Buy It Now (unless you just know this note is too good to pass up on). Seek the auction houses (some of which are listed on this page below) & zero in on which notes you cannot pass up on. Don't be afraid to seek the advice of others & become further educated. Remember that it is okay to back away. Don't get into a bidding wars with "noobs".  That special note will always come to auction once again. 

July 2021

Every summer (that I can remember) things tend to cool down.  Things may have cooled down but not by much.  It seemed like eBay lost many of its TAsL sellers & BIN sellers took up the majority of sales.  Personally, I slowed down yet found one 196110 Shillings note from Fiji that was TAsL and had to pull the trigger on that one.  It was listed in UNC & looks to be so, but was poorly packaged (holder not large enough) when it arrived. It is one of many that I have reserved for PMG.  I'm not prone to purchase notes so expensive raw (prefer to suck it up & pay for it graded) but I will tend to risk it on a few.  Doing so is not for the faint of heart as it is very difficult to go through the returns process & so many sellers take inadequate photos, then choose to ship with poor packaging etc.  

Overall, I would say that July was brisker than this month is on average but there was a definite cool down from the month of June.

August 2021

I believe that the market has softened this past month.  However, from observing the forums, I am continued to be impressed by the level of uninterrupted collector interest/activity.  Was it the long cycle of hyperactivity brought on by the pandemic that made August such an interesting month? Or was it the ANA (American Numismatic Association) World's Fair of Money hosted in Chicago which ran August 10-14?  Despite (or because of?) the pandemic it seemed as if this World fair of Money was well attended.  Please check out my Social Media links page to see a Youtube video on the fair. 

September 2021

This fall appears to have become somewhat frothy again.  I have been watching HA and have been observing posts on many of the forums I list on my SITES page.  Most of the chatter continues to indicate a very hot market for BEP and US notes.  All of the colonies I have mentioned above are selling 2-10X the SCWPM BV's I see so I can honestly say that collectors' interest for colonial notes has not ebbed. Perhaps the newer issues from most countries remain soft but just going back a few decades and everything appears to be gaining momentum.  I have been trying to curb my appetite as I know I'm in to paying top dollar & I cannot predict how long this hot cycle will last.  Like most long term collectors, I believe it is a phase which will not last.  This hot phase of a heated cycle was brought on by the pandemic, the federal tax breaks, the lack of travel & return to old hobbies. There are many nations who are still struggling with the Delta variant of COVID, but overall, it only remains to be a few more months before things should return to normal (or get worse!).  If new variants continue to plague first nations' and the economy becomes rattled by this, then it is doubtful that the zeal towards hobby investments will remain.  If things improve dramatically and people return to travel and their pre-pandemic new "normal" things could be steady but I still doubt that the market can continue to grow and be hot as it has been in the past year (or more). It is unlikely that there'll be any more government stimulus cheques and inflation is taking a big bight out of everyone's budget. Groceries and gas will surely become more of an essential purchase than hobby acquisitions.  This conjecture may well be why many are buying now while several good items are coming up for auction.  Once the market settles (cools) down we are apt to see far fewer rare banknotes put to hammer. And of course, we have many of the bitcoin pundits (& SM millionaires) harping on about the next big crash.  These "doom & gloomers" have been singing the same song for a few years now (they usually also speculate that the BC will go up to $100G to $500G per coin).  I'm not very open to such wild speculation.  I do believe, however, that a lot of the BC investors who have profited nicely by its boom have turned to real tangible banknotes (& coins, bullion) amongst other goodies.  They are reaping the awards of their BC investment (OLO motto very healthy right now) and this could also be part of the pressure we're seeing on the steady hot coin/currency market this past year. 

October 2021

This month has convinced me that young bitcoin investors have been transitioning to bullion, coins & paper money as an investment.  The more I read about famous American collectors (Colonel Green et al) and the unquenchable desire for US BEP products, Nationals, Silver Certificates (especially the 'horse blankets' like Black Eagles, Chiefs, Woodchoppers & the like), the more I believe money is being transferred from one place into these. The US & World currency market continues to simmer and enjoy growth for high grade and scarce issues. I have been surprised to see non Q notes go for good prices too (another indicator that new collectors are getting involved).

November 2021

Not much has changed as October ends and this month shows continued interest.  I have read that many dealers are low in stock & always seeking more collectible notes to sell.  No surprise there. 

This is what I wrote on Coin Talk:

I like small Commonwealth island QEII notes & find these to be large variations in terms of pricing, availability & expense. The most to least expensive of the bunch:

And current (or former) British territories:


Others:

December 2021

This month is looking fairly consistent with the year in general. The coin & paper currency market has remained surprisingly hot.  Most upper grade, tougher items still receive brisk attention.  It has been a tough time to buy on eBay & smaller platforms as many sellers post higher Buy it Now (BIN) offerings rather than True Auction style Listings (TAsL).  And, to make matters worse (for the budget minded), TAsL on eBay are so limited that items listed this way often sell for much higher than in previous years. This is great for the sellers & dealers but not so hot for collectors on a budget. 

HAPPY NEW YEAR FOLKS!

2020 collectors' market observations:

May to December 2020:

"asianbanknotes" sent me the wrong P-# on 2 sets of notes. The numbers listed were $5-$10 more expensive than the run of cheap Yugoslavian notes I received. The notes came from Mississauga (here in Canada) which was a real surprise but when I contacted him to return them he gave me a return address to China (in Chinese letters). The cost of shipping (& aggravation of printing a shipping label) wasn't going to make it worth my while (more expensive than the notes listed) which THEY KNOW. Some of my purchased notes were excellent (GEM UNC banknotes) however.

I had a similar experience with "Parmezat" from Turkey. I've also attempted to correct him on his mislabelled listings to no avail. Several sellers of these bulk world notes often list that you will get different prefixes than the ones seen so its a crapshoot at best with many. Buyer beware. Noteshobby is much better as I've corrected his mislabelled auctions & he responded positively. I would buy from him again.

From the US, I really like "Yuri111" & "1234note" who may be a bit more expensive but usually its WYSIWYG & great communication (which is huge in my books).

From Brazil, "laurynumismatica" proved reliable shipping & undamaged packaging. Got a great set from him.

From Norway, "Finota" had some great notes & priced right.

From Italy, "Emiro50" had some nice collectible banknotes at fair prices & post did not take as long as I expected.

From Singapore, I've had excellent runs of low # and solids in individual holders from "goodluck4u888" but you'll only find notes from the Philippines, Singapore & sometimes Malaysia & BIN. Some of his TPG notes are expensive."

I also found Numiscondor (from Spain?) quite good but you have to wade through a lot of circulated banknotes.

As far as buying goes & observations of the eBay market, I can say that I have seen many more common banknotes (such as seen in image for August 2020) hit ridiculous highs & I have backed off on several items which started off slow (TAsL).  My recommendation would be to be cautious since there will be a global recession soon enough.  It is unlikely that the market can continue to be hot on common banknotes.    

My second stage was my "Enthusiastic Enlightenment" stage. This 2nd "EE stage" started after I discovered a Charlton catalogue at my local branch at the library.  I started devouring the information I found in these books (starting my education in earnest).   This stage continued right up to adulthood when I helped my mother with a garage sale and saw hundreds of CDN Journey banknotes pass through my hands. I remember looking over those banknotes closely and realizing that most were in terrible shape.  I began thinking quietly to myself that I needed to source a few Uncirculated examples quick.  That's when I finally bought my first Charlton guide & finally got onto eBay & worried over the most minor inexpensive purchase!  While I started to learn the basic codes used by Charlton, I did not fully appreciate why some banknotes sold for X dollars while other sold for less (or vice versa).  Remember that it is always beneficial to learn why banknotes have a code system (& what makes any particular note more collectible). While this 2nd stage is still tough it far more rewarding because you quickly realize that your hard lessons are paying off.

2018 SCWPM BV =$10 UNC64

World Banknote Auctions 08/2020 with 5 days remaining:

Bang 4 your buck

Tips on Buying:

where to buy*

This can be one of the best venues to buy a wide range of banknotes. However, there are several pitfalls: most notably that it is often NOT WYSIWYG (What You See Is What You Get) because a SCAN cannot show a banknote's condition (photos are much better) and many sellers OVER grade their stock! While I am sure 95% of the sellers are "straight-shooters" clearly listing their items with as much accuracy as possible, I have also seen that other 5% who willingly deceive buyers! So the bottom line is: BUYER BEWARE.  In addition to this pitfall, while many sellers offer "free returns" most will expect you to pay the postage when sending a note back! (which often makes it NOT worth your while).   Sometimes, the postage can be more than what the note is worth (& the seller will NOT send you a return label / or give it to you in Chinese/Cyrillic script!). 

Only recently, I bought a consecutive run of banknotes described as Choice Uncirculated from a seller who advertised "Free Returns."  Three of the 5 notes had yellow toning so I contacted this well-established seller (over 10,000 sales with 100% positive feedback rating).  I requested a return and he suggested to give me "Free shipping" on my next purchase instead (because "he was having trouble with PayPal").  Unfortunately, I agreed to his suggestion, since my item wasn't expensive and it made sense at the time.  HOWEVER, after I won another item from him a month later he would not honour his offer of free shipping.  So, once again IT'S BUYER BEWARE!  

If there's one rule you should always keep in mind- it is this: it's always easier to buy than to sell (so be careful & SELECTIVE of what you're purchasing).  Always ask the seller questions if unsure.  For example- I was about to buy 4 radars from a world seller located in South America. It turned out that he did NOT combine shipping so I reduced the # of radars by 2. I should have contacted him beforehand & asked him if he combines his shipping fee (which I always do now).  Always err on the side of caution & back off if you see any 'red flags.'

How to buy on eBay?

If you have a list of a few established (trustworthy) sellers then you can acquire lovely UNC world notes at a fraction of current SCWPM suggested BV (Book Value) or at least at competitive pricing. How? Buy in bulk & combine shipping (keep extra costs low).  Most sellers will sell runs of 5-10 banknotes for a substantial discount. Typically these lots are Buy it Now (BIN) but on occasion, they're offered as a True Auction style Listing too (TAsL). TAsL are always my preferred means to acquire tough banknotes though I am warming up to BIN LOTS of some selected modern replacements (radars, Low #) which could be slabbed by TPG at a later date. The challenge with such purchases is to resell the extras & cover your costs. Remember: it is always easier to buy so only buy what you're pretty certain will sell in the near future!  For TPG (& rarer) banknotes, I suggest you stick mostly to TAsL.  I only break this rule of thumb if I see an older TPG banknote (30 years +) for 50-65% BV & with other inexpensive BIN lots are tough to find (higher BV) notes in UNC.  

Auctions:

(SEE "SELLING" below for a links to popular auction sites)

I had to experience a Heritage Auction (HA) myself so I could describe my experience after winning 2 world banknotes below:  

The 2 notes were neither rare, nor scarce, but listed in the 3rd session (which is typically reserved for older more common banknotes).   At the time I bid, I only found 2 examples (1 original/ 1 non EPQ) listed above, or around $450 each on eBay.  My bid was well below combined BV and only one person placed a bid against me- so I won at:

LIVE AUCTIONS:

The advantage of live auctions is that you get to inspect the banknote you wish to bid on personally. IF you got a thing against TPG (or how deceptive scanned notes can be) then live auctions will be ideal for you.  Also, you will likely see much rarer (& thus prized) trophy notes at such venues. However, on the down side, you won't be alone: auctions attract the most serious collectors (& some with deep pockets) AND you must factor in both the TAX and BUYER'S PREMIUM or BP when you place a bid (the BP can vary from 10 to 20% on top of the final bid!)  Also: I would like to mention that there are many auction houses who are now offering LIVE ONLINE auctions so that means a massive audience (unlike any time in history).  The bidding (& buyer's premiums + $20 private shipping fees) all ADD UP & make using this venue a little daunting.  Some auction houses will triple that (see my discussion on Heritage).  Keep in mind that you have not inspected the note and it is easy to click a mouse to commit yourself to thousands of dollars worth of your hard earned money for one banknote that may be over graded! Therefore you may want to STICK TO TPG notes (& a strict budget) if you are fond of remotely bidding from the comfort of your home during live online auctions!

Conventions/shows can be a great place to get information, meet fellow collectors and buy a decent rarity but set a budget (or have a goal) before you go.  You have the advantage of inspecting the specific note you are hunting down personally while getting to know some of the key people in the hobby/business.  I also like to pick up banknote collecting supplies (currency sleeves, publications, dry-aid) at these functions.  Coin shows are great if you're learning about the hobby or simply don't know which series to focus on (build some collector goals).  Nothing compares to seeing what's out there & that's what these shows allow us to do. 

The LCS tend to be a similar nice place to haunt but since it is a lot of money to run/staff a shop (factored into your purchases) these places have become something of a rarity in themselves!  I have not purchased a banknote from a LCS for decades! If you go to an LCS, I advise you to go there like a gambler going to a casino.  Take only X amount of dollars (cash) and set yourself a limit on what you will spend. Better yet, go there with the idea that you want X banknote (coin) and then if the dealer doesn't have what you want, only settle on an alternative, if the dealer proposes a price you cannot refuse. But remember, if you go there to buy a 1928 VF $1.00 note with loads of eye appeal, don't come back with an enveloped stuffed full of notgeld.   Try to meet the dealer in the middle somewhere in terms of what you collect!

I have bought banknote collections from acquaintances who told me that they inherited some notes.  On the up side, I have bought a few collectible notes for far less than I would have paid at either a show or at an auction.  On the down side, I've ended up buying far more common banknotes than I truly wanted/needed (these transactions are often a "package deal" thus, my Notes Available links!)  Usually friends (& acquaintances) DON'T have a clue of what is collectible and know nothing about a note's condition- so keep that in mind when talking about your final offer & don't feel obligated to buy!  You don't have to be as ruthless as a dealer but you should not feel obligated to pay BV (Book Value)! Explain to your friend that you must account for future selling fees or how little they'd actually get from a dealer & come to a mutually beneficial compromise.  I make it a "Win-Win" transaction where both of us felt we benefited!

In the past, I have bought (sold & traded) many Canadian radars, signature change overs & tough prefixes with a few of the members from the online forums listed on NOTAPHILYC SITES. These have all been mutually beneficial commercial exchanges & I highly recommend that you try to establish connections with likeminded collector friends who can help you buy/sell banknotes. Of course, without the listing fees, this is the best way to buy (& sell) banknotes but it also can be the least likely way (just tough to always buy exactly what you want/or sell what you want). Remember that a lot of collectors expect you to sell your banknotes at a "garage-sale" (hugely reduced) price. Please take a look at my new WORLD LIST of notes available!

dealers (or Local coin shops):

I am not partial to LCS (dealers set up in brick & mortar shops) for two reasons.  The first is that they often have unsatisfactory stock which tends to be over graded (thus overpriced).  Once you are there, many assume you will buy. I have bought a few notes from a few dealers but this was usually at a show & I haggled for a lower price.  One of my favourite dealers (Don Olmstead) was from the east coast and recently passed away.  He always taught me things and we usually reached satisfactory transactions.  I don't want to think he was the exception to the rule since many dealers have been friendly and helpful.  The second reason I was not keen on LCS is that these folks followed our strict tax rules & there was little wiggle room for them.  Since today's sellers have so many expenses (which are factored into their prices) & must expect their buyers to pay taxes, buying higher priced notes can become a challenge!  

I do want to mention that if you prefer your LCS & have established an excellent rapport with him (her) then great (way-to-go!).  One thing Don taught me was that most dealers wish to educate & support collectors (& the hobby).  They don't want to shoot themselves in the foot with poor unsavoury practices (I've seen them nearly give away items to newbies)!

Allen's of Ohio:

Generally, I avoid buying from online LCS but a collector friend (hfjacinto) recommended Allen's to me.  I bought from Allens on two separate occassions & had the lot of notes shipped to me ($30 USD) well packed. Each package took approximately 2-3 weeks to arrive to my CDN address.  Each note came in a separate LARGE sized mylar currency sleeve. Some were $2 to $10 less than the same note offered on eBay & 95% of them were accurately described.  By ordering a large quantity, I kept their high shipping cost down. I had one 5 Rupee from Ceylon which was described as "Fine" but was actually "Fine with stains" which I'm sure I would have passed on had I seen the stain. This points to Allen's biggest drawback & that is, while they link most notes to an image, their images are for reference only (so you're buying like the eBay sellers I don't recommend- sight unseen). On the plus side, I bought a few tougher notes (including radars) which were described as UNC & which received GEM grades from PMG.

selling banknotes:

Competition gets tougher & tougher!  That is why you will want to buy mostly collectible high grade banknotes before selling.  This will make selling so much easier down the road.

potential buyers (stores/auction houses):

Where (or how) to sell

eBay (& other online sites):

Be sure to list the banknote as accurately as possible (use the correct catalog codes).  List it at a good time in the day to attract as many buyers as possible.  Do not have the listing end in the middle of the night (unless you're selling Chinese banknotes & Asia is your primary market!)  As I have encouraged in my videos, sell/list your notes on: Friday, Saturday or Sunday.  I have avoided Monday - Thursday because I have noticed that most of the top sellers avoid these days too (& if they don't, they sell very common dealer's stock to the "bottom-feeders" who really don't care what they collect so long as its cheap.

Provide clear, well lit images (or scans). Your photos (scans) should show off a banknote's design to its full advantage. Remember that all online sites charge fees and if you're selling large numbers of notes the government may consider your enterprise a business & you will need to collect taxes. You may also add a requirement that you only sell to buyers with a minimum number of transactions (eg: 20) to avoid deadbeat bidders who don't pay up. I have been using eBay to sell and have found two pitfalls: the first is that no matter whether they charge you listing fees, they will charge you Final Value fees (plus Paypal gets a cut).  So far my fees have been 20-25% of my final sale- so it has been quite expensive & my profit margin has been minimal or I've taken a loss. [I took a loss when my first sale wasn't listed correctly by eBay & my listings reached few viewers. My second sale ended after Russia invaded Ukraine in 02/2022 & I took a loss on some & made a few dollars on others. Overall, I try to look at the experience like I broke even but I took a hit on a lot of notes.

Volume & consistency counts!

The most successful sellers (who seem to sell well week-after-week) are the ones who offer about 25- 75 items per week.  Many of these top sellers also sell mostly TPG (Third Party Graded) banknotes (so sellers know EXACTLY what grade they're getting. These successful sellers are consistent & build up a following. As a collector, I was staunchly pro-RAW (non graded banknotes) then remained "on the fence" regarding TPG banknotes.  Since branching into world currency, I cannot see any downside to TPG (other than the higher price compared to RAW).  From a seller's perspective, they're much, much, much more easy (hassle-free) to sell than RAW because most collectors won't argue about another (third) party's assessment of the note's grade.  TPG is like "insurance" that the note is indeed X GRADE and provides a huge degree of peace of mind. However, remember to grade the note (& don't assume the note is indeed the stated grade!) I have seen far too many notes by PMG (& others) over graded & got burned once (by not paying attention to the actual note- assuming the grade was accurate)!

NOTE:

Be sure to state "No Returns" or "All Sales are Final." I have done this simply due to the Final Value fees (which add up on a monthly bases) & it is important to avoid buyers who don't really know what they want.  These guys (who often have buyer's remorse) are what drive sellers to drink.  They will try to extort you by giving you negative feedback if you don't return the note.   You will be charged every time your buyers use PayPal to buy your note.  And that is almost exclusively what people use these days.  You will also be charged 15% by eBay so if a buyer is dissatisfied (or doesn't pay you) you will still be charged by eBay and then you are stuck fighting them for the 15% they've charged.  I had this experience and was never reimbursed. If the seller returns your item (in lower condition than what you sent it) then good luck trying to resell that note again and you will need even horseshoes and 4-leaf clovers to get your money back from eBay (forget Paypal!) So bottom line is: save yourself the aggravation!  

UPDATE:  I got an offer on a rare Canadian banknote (with no returns) which I graded as aEF (or VF+).  I listed the note with explicit pictures/descriptions and at about $10 below BV and got an offer $20 below BV. I accepted this offer & sent out the banknote immediately.  Once the buyer received it, he wrote to me and stated that the note wasn't EF & what was I going to do about it.  I replied that the note wasn't graded as EF (aEF is almost EF) so it was properly assessed & that he still paid $20 less than BV for VF. He kept messaging me about his dissatisfaction. [The banknote's folds were actually very minor and not severe enough to break the paper fibres warranting an EF grade but I wasn't about to quibble with this man who had zero knowledge of grading] Even though I pointed out that it was a NO RETURN final sale- he didn't care & threatened negative feedback. He gave ridiculous inarticulate feedback about my scans.  So, even though you can state "No Returns" you can still get pigheaded buyers who channel their vindictive nature into feedback extortion. It has made me reconsider other platforms such as eBid or FB groups. This way I won't be paying excessive fees and dealing with lunatics who cannot be bothered to read the terms of sale, nor have any idea/basic knowledge how a note is graded. 

Don't forget that there are other online auction platforms out there.  

Have you tried ebid ; Green Apple or Delcampe ?


Private sales via Forums:

This is my preferred route but the one disadvantage is that you typically don't reach very many collectors so its usually a "buyer's market."  Also, I have tended to buy large lots and have many notes which are much more difficult to sell (than the ones I was after) since private sales are often sold as "lots."   (IE: I break my collector's goal to focus on ____ all the time!)

The best bet is to post the details of your note (with picture if allowed) on ONE of the forums (listed on my NOTAPHILYC SITES to attract the largest audience possible. This method does away with the typical listing fees (+ final value fee, PayPal, & additional fees) associated with commercial online sites. Note that on many sites you may have to participate before you can list an item.  Check the rules for each forum BEFORE you list a coin or banknote! Here are 3 I have used in the past:

Canadian Paper Money Forum:

Coin Community Forum (CCF):

Paper Money Forum:

If you choose this method than be ready (with good photos/scans) as as much detail as possible! KNOW what your lowest price is OR ballpark figure & offer as Best Offer. Be flexible-but remember to read the rules of the forum before you post anything (don't burn your chance here)!

For forums that allow SALE of notes be aware that it is usually ONE ITEM at a TIME. You typically need to have been active (X number of posts) on that forum & have a proven track record (of past sales) for this to work for you. Always read the restrictions before listing on these sites.  Also, let me know if you've discovered a helpful site!

Another avenue may be:


FaceBook Groups & Social Media:

This is completely new to me- but I continue to monitor how it works.  So far I have no experience of selling a note this way & should I put a note up for sale- I will report it here asap!  You must register with the online platform (naturally) and abide by the rules set out by each.   You will want to develop a positive reputation so I suggest you start out small and then start selling the notes that are tough (collectible) once you've established your credibility.  Remember to try to err on the side of caution when stating a note's condition (or preferably not committing yourself but letting the seller decide).  The social media avenues to sell could be REDDIT (or Discord?).  

Drop me a line if you have had a positive experience with one of these SM outlets! 


Auction houses:

Heritage Auction, Spinks & Geoffery Bell all take collectible (highly desirable) notes and will sell them to their wide audience of collectors & repeat clients.  Auction houses typically charge steep (15-20%) buyer's premiums so buyers usually factor this in when they place their bids.  If your banknotes are raw & common expect low returns. If your banknotes are tough/uncommon TPG originals (designated either PPQ or EPQ) than expect strong returns.  It's that simple and many auction houses only take TPG notes (or submit the clients' notes for certification).  They will charge for this extra service.  Remember, that all markets fluctuate according to world events: if Wall Street trading is suspended or there's some major financial crises, you may want to put off putting any of those prized possessions up for auction.  


Dealers (LCS & online):

You can also sell your notes to dealers of coins & paper money.  However, don't be surprised if you get far less than BV since these people buy hundreds of notes & can't possibly afford to give you FMV. The only time I have sold excess banknotes to dealers was when I was about to buy a note from the said buyer myself.  For transactions, a dealer will often give you a substantial discount on the note you're interested in- so in this case, it may be well worth it to sell (& cut your losses) but you're not usually downsizing.  Many heirs to a family collection unload the relative's collection this way & typically this produces the lowest return (benefit) except time (its expedient & the heirs all get their cut).