Best and Worst Currency Purchases
Since there are similar threads in the coin forum I thought I would start the same here.
I have a few stories but I will start with a bad buying/selling experience.
I bought each of these notes individually. I was at the time trying to collect the two sets (Educational and Black Eagle set) of large size notes I wanted for my collection. I have since changed my collecting focus a lot (thus why I later resold them). I decided to collect the educational set in mid grade since higher grade was way to expensive for me. I bought the $1 note first and I believe I paid about $450 for it. The $2 note I paid $525 and that one was raw but graded a Choice Fine 15 in my opinion. The $5 was the challenge. I knew they were tougher to find and I wanted a problem free mid grade note, probably a VF 20 since the VF 25 seemed a lot more expensive. I was at a fairly large show and was in the mindset to buy the 1896 $5 Educational note. A dealer had probably 5-6 of them, all raw, and all with issues. Just out of curiosity I asked what they wanted for each and all of them were over $2500 which was over my budget. I was sad thinking I would never find a mid grade $5 Educational for $2500 or under since I couldn’t even find a low grade raw one for less than that. As I was walking around I saw in a coin dealer’s case their only piece of currency. It was a $5 Educational note graded VF 20. I asked them how much they wanted for it and they said $2700. I was surprised it wasn’t way more but still it was more than I wanted to spend. I told the dealer I was interested in it but that I only had $2500 to spend. He thought about it and tried to get me to spend $2600 but I was going to walk away so he reluctantly said I could have it for $2500. He counted my money and double checked then said it was a beautiful note and that I would enjoy it since he enjoyed having it. He said he didn’t collect currency but since that note was so beautiful he wanted that one piece in his collection. He was selling it now since he either upgraded or decided he didn’t want any currency in his collection, I can’t remember which.
A year or two later I decided to change my collecting focus to world currency and ancient coins so I decided to sell most of my US currency so I could buy world currency and coins (ancients).
I believe I took a $25 loss on the $1 educational note and made $75 on the $2 educational note. However when I sold the $5 educational note I had a very hard time finding someone to even buy it. The lower grade turned away the high end dealers but the high cost turned away the low end dealers so it was a tough sell. I then asked the show runner who would be the right person for the note. He knew just the guy. I showed him this note and some other notes I also had. I believe I got $2000 in the end for this note, taking a $500 loss.