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Is there any premium on cancelled note due to serial number error

jt88jt88 Posts: 3,002 ✭✭✭✭✭
edited February 3, 2023 1:15PM in U.S. & World Currency Forum

Is there any premium on cancelled note due to serial number error? one is the front and back serial number not matched, another one is missing serial number so both cancelled by the bank. I am pretty sure there should be premium but just how big is the premium.



Comments

  • Steve_in_TampaSteve_in_Tampa Posts: 1,956 ✭✭✭✭✭

    I don’t know about Chinese banknotes, but there’s always a premium on U.S. banknotes notes with mismatched serial numbers.

  • Serial_no_8Serial_no_8 Posts: 455 ✭✭✭

    Yes, there's a premium but it is difficult to say how much. The reason is that I have never seen world errors sell for the same kind of premium as Bank of Canada errors. Our notes have 7 digit serial numbers (not 6 digit) so that further complicates matters. BEP (US) notes have 8 digits & a far larger collector fan base so errors on FRN & Large size notes go for a much higher premium. Added to this, your premium realized would depend on what venue you choose to sell your note (big auction house, eBay, privately?) The larger your audience (& the higher the % of collectors of Chinese paper) the better your results.

    My Charlton guide has a few tables at the back reserved for Special Serial Numbers & Errors. They preface the pricing tables with the warning that the tables are a guide only. (This means prices should be flexible). The mismatched serial numbers on Canadian $1.00 notes are about 40X what a regular UNC note is priced at while the premium for the missing serial numbers is approximately 45X the price of a regular UNC note. I have bought 6 digit solid radars from the Philippines for about 1/100th of the price of a 7 digit solid CDN radar. I'm not suggesting your note would be that inexpensive (deduction that great) but I would at least half the 40 factor to about 15-20X the price of an UNC regular P-159g & P-159f. The reason is that the lower the # of digits the less wow factor. I have seen a few world errors & like special numbers, they've always been considerably less expensive than either CDN or US notes.
    Also, some collectors are okay with the cancelled bank stamps while others don't like them & might give them a pass.

    Hope that helps!

    **https://sites.google.com/view/notaphilycculture/collecting-banknotes **

  • jt88jt88 Posts: 3,002 ✭✭✭✭✭

    Thanks for your insight. Very nice.

  • sellitstoresellitstore Posts: 2,869 ✭✭✭✭✭

    Finding the right buyer(s) is key and that often happens through an auction. I was recently told of a CSA note with an inverted back that sold in the low five figure range. Tiny market for CSA errors as there are few and it's a minor subset of CSA collectors, but two with money wanted this possibly unique item. Small size U.S notes with inverted backs are rare but generally sell in the hundreds, not $16,000. So I'd guess that these Chinese errors are safely worth in the low hundreds and maybe a lot more, if you find the right buyers.
    What does the PMG pop report look like for Chinese errors?

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • Serial_no_8Serial_no_8 Posts: 455 ✭✭✭

    @sellitstore said:
    Finding the right buyer(s) is key and that often happens through an auction. I was recently told of a CSA note with an inverted back that sold in the low five figure range. Tiny market for CSA errors as there are few and it's a minor subset of CSA collectors, but two with money wanted this possibly unique item. Small size U.S notes with inverted backs are rare but generally sell in the hundreds, not $16,000. So I'd guess that these Chinese errors are safely worth in the low hundreds and maybe a lot more, if you find the right buyers.
    What does the PMG pop report look like for Chinese errors?

    +1
    This is so true but I don't think that many collectors put that much stock in the PMG pop report. I have found many excellent deals b/c collectors still seem to be tuned out of that tool (yet how helpful it really is remains to be seen).

    Plus, how many similar errors are being offered on the same auction? Are there any other types of errors (like missing print on front or back?) The missing print (& others) are far more dramatic (wow factor) than serial # errors & can suck away some of the fans of the serial errors. In Canada, we have a couple of errors that generally do far better than any other error I have seen, including the missing print error. They are the ghost & double denomination errors. The ghost error occurred mostly on the FIVES where something for the printing of PM Laurier goes amiss & he appears as a ghost (blurry). The double-denomination errors occur with 2 prefixes of the upgraded Journey $10 (had $20 paper, watermark, security strip). Both can sell for several thousand in less than UNC which is a bit of a surprise since the error for the double denom is actually quite subtle but it a unique error for that series. I suspect that both errors attract a much larger audience (like solid radars, Devil's Face) than strictly currency collectors.

    **https://sites.google.com/view/notaphilycculture/collecting-banknotes **

  • jt88jt88 Posts: 3,002 ✭✭✭✭✭

    Chinese notes are very hot in the past couple years. many notes went up couple times in price, however, error note is not sought after by collectors like what the US notes does. Same with error Chinese coins. US error notes and coins are always sell lot higher in premium than Chinese error notes and coins. It will take time for Chinese collectors to develope that tast for error coins and notes.

  • vonlettowvonlettow Posts: 33 ✭✭

    Serial number errors on this particular note are well-known and are relatively easy to find. Graded errors are running $50-60.00 on Ebay. I don't see any discernible pattern as to whether the missing number gets more or less than the mismatched number.

  • sellitstoresellitstore Posts: 2,869 ✭✭✭✭✭
    edited February 12, 2023 5:23AM

    Well, it appears that I have speculated incorrectly and thank jt88 and vonlettow for correcting the record. Perhaps a good time to acquire a few of these for the long term, if you are young and you can find them at little premium. Many times, once a group is dispersed, they become harder and harder to find over time, and prices go up.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • jt88jt88 Posts: 3,002 ✭✭✭✭✭

    I don't believe that error note you can find on ebay for $60. The grade will cost more than that.

  • vonlettowvonlettow Posts: 33 ✭✭

    @jt88 said:
    I don't believe that error note you can find on ebay for $60. The grade will cost more than that.

    Then you have not looked on Ebay.

    Here are three that closed in that price range since November.

    185711080201
    185672938506
    185655720069

    There are plenty that are for sale for more than that but look at the sold listings.

  • vonlettowvonlettow Posts: 33 ✭✭

    Most recent sale on Heritage for two of them at $79.00 in 2019.

    https://currency.ha.com/itm/world-paper-money/china-bank-of-communications-10-yuan-1941-pick-159c-159e-two-varieties-choice-crisp-uncirculated/a/281903-88077.s?ic4=GalleryView-Thumbnail-071515

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