Please learn me! I need banknote collecting advice.

SiriusBlack

I recently picked up another batch of banknotes I submitted to PCGS. I’m having a great time and really enjoying all the fun designs I’m discovering. I’m up to around 35 or so graded notes now. They’re mostly 1960 or newer, so essentially modern. USSR, Poland from the 1970’s and 80’s, Dominican Republic notes with the Mirabal sisters on them. Basically almost everything I have are notes you could all go online, buy an uncirculated one and none of them are worth the cost of grading. I’m ok with that, I’m having fun and that’s what counts!

However…. I am becoming really interested in US notes from the 19th century too. I really like the different sizes, the designs, all of these things. I got myself the red book I think it is of banknotes so that I could see photos and little descriptions of their history, but I’m overwhelmed. I don’t know what I want or where to start. I can give you a couple points though, I don’t want to start right in with the kinds of value I spend on vintage cameras. I’m not comfortable paying $400, $500, $1000 on a banknote yet. I don’t know where my collecting will take me and I don’t know what I’m really doing so I don’t want to spend a lot on something I end up not being interested in later if I become more focused.

Steve_in_Tampa

Buy what you like but only buy it once. Too many times I see new collectors buying a problem note at a discounted price thinking that down the road they’ll upgrade their example.

Finding your main interest or focus with bank notes can be a challenge. There’s so many directions you could go. I would suggest reading several paper money guides and also reading past threads on paper money forums to try and narrow it down.

tomtomtomtom

You should take a look at fractional currency. These are little gems from the 1860s...still legal tender and collecting them will not break the bank! Rob Kravitz's complete book on the history and collecting of fractionals is a must.

hfjacinto

I'll agree with @tomtomtomtom fractionals are cool.

SiriusBlack

Fractional Currency seems interesting. Am I correct in assuming these were a Civil War thing because coinage was scarce from the war effort and hoarding so they issued these instead?

Mike59

@SiriusBlack said:
Fractional Currency seems interesting. Am I correct in assuming these were a Civil War thing because coinage was scarce from the war effort and hoarding so they issued these instead?

Yes you are correct they were needed for commerce. There was a need for small coins and they just disappeared. First they used postage stamps. Then postage stamp currency and finally fractional Currency. Great History,
Mike

SiriusBlack

@Steve_in_Tampa I know exactly what you mean. I can't tell you the amount of low grade coins I have that I am embarrassed to say I own. Although at the time, they were all I could afford so I shouldn't beat myself up to much. Still that is exactly what I am trying to avoid this time. I'd rather keep learning and watching and spend more for a high grade when I find a note I like. These fractional notes look interesting to me and aren't terribly expensive for nice examples.

tomtomtomtom

@SiriusBlack said:
These fractional notes look interesting to me and aren't terribly expensive for nice examples.

...for the common varieties but the scarcer ones get quite pricey...just look at the $$ from the HA sale this week

asheland

Fractionals! 100%
I love them, and like they said above, many are VERY reasonably priced!

The 5th issue is very affordable even in gem 65 grade.

A couple of my examples:

SiriusBlack

@asheland What are the differences in the various issues? I've seen that mentioned online and in several auctions but haven't found an explanation. Probably mentioned in a book somewhere, I just don't have one yet

asheland

They're kind of like different series, the first look like stamps. The second is where they started using the metallic ink? The third changed from there... The fourth and fifth, also the most commonly found are, in my opinion, the prettiest. Lots of colors, blue fibers, etc.

asheland

Some from my collection:

1st issue:

2nd:

asheland

3rd issue:

asheland

4th issue:

asheland

5th:

asheland

@tomtomtomtom said:
You should take a look at fractional currency. These are little gems from the 1860s...still legal tender and collecting them will not break the bank! Rob Kravitz's complete book on the history and collecting of fractionals is a must.

Man! I love that perforated note!!!

Steve_in_Tampa

Fractionals are the closet thing to “crack” that paper money collectors have. You absolutely love the example you just received, but can’t wait to get the next one. I recently sold the majority of my collection. I kept the few Fractionals I owned.

vyprgt2

@asheland said:

@tomtomtomtom said:
You should take a look at fractional currency. These are little gems from the 1860s...still legal tender and collecting them will not break the bank! Rob Kravitz's complete book on the history and collecting of fractionals is a must.

Man! I love that perforated note!!!

High grade 64, 65 perforated fractionals are scarce and cool!

asheland

I haven’t yet found a perforated note that I like enough. One day though.

tomtomtomtom

@asheland said:
I haven’t yet found a perforated note that I like enough. One day though.

asheland

@tomtomtomtom said:

@asheland said:
I haven’t yet found a perforated note that I like enough. One day though.

Absolutely superb! 👍

ChangeInHistory

Fractionals are a great way to go...

Obsolete bank notes can be a blast as well...

Steve_in_Tampa

I like Fractionals as much as the next guy, but solely collecting them would be limited in the grand scheme of things. There’s so much more out there.