Submitting Raw Bills to PMG

GoldFinger1969

I have a bunch of raw ungraded $1, $2, and $5 bills.....FRNs, SCs, and a few USNs.

Most of them are worn with obvious circulation...probably looking at grades of Good to Fine with numbers of 10-25.

But I have about 2 dozen bills that look like they have sharp/razor-sharp corners....good/excellent paper front-and-back...and no obvious creases/folds/wrinkles (under white light; what an UV would say I don't know ). They look like they could get grades in the 60's...maybe 65 and even higher....anyway, I figure it wouldn't break-the-bank to submit the Top 20/25 bills as I inherited them directly, from a family member's estate, etc. Would be interested in seeing if my grade is anywhere near the actual ones. Plus, they'd be securely protected going forward.

I'm thinking of submitting them to see what the Top Bills would get and test out my grading skills. I have never submitted currency or coins for grading. What would I be looking at if I submitted them directly myself cost-wise ? Or should I submit them through a currency dealer who is reputable ?

goodmoney4badmoney

I've always submitted myself and it's not too difficult, you can set it all up online. At PMG there are some tiers of "modern" (1957+) and "economy" (less than $1000) that are lower cost, and if you can get your material in those tiers, I think it works out to somewhere around $35-$45 per note after fees and shipping etc as I recall. You will need to know the exact Friedberg numbers for each note in your submission to avoid extra fees. Also perhaps consider PCGS Banknote, the tiers and costs I described above are similar. I've used both but prefer PCGS lately, the turnaround times have been much quicker. I haven't submitted anything since late last year though, maybe that has changed.

Serial_no_8

I agree with @goodmoney4badmoney (all great points) & suggest you select a bulk (50 note) submission to keep your costs down (if you decide to go ahead & submit). I also chipped in with my 2 cents on your CT thread (about purchasing UV light to help you decide which go/which don't). I just picked one up & it really helps you inspect more critically. I also got some rechargeable desiccants to keep my other notes dry in the safe/albums (another good investment).

I have been collecting for 50+ years & met a bunch of collectors about 25 year ago. We used to grade notes & argue about our estimates. It was a great exercise which I thought helped me become a better, more observant grader. I did a bulk submission twice & it was a very humbling experience each time. I shared my experiences with several collectors on various forums. Many other collectors (who submitted) felt the same (always a humbling experience) as there will be flaws they'll find & then there will be some you manage to get correct. Anyway, my point is, I've been at it for some time & still make mistakes by missing something they find/flag. I have submitted so many times now & got back several which I thought they over graded so... it once it starts to get that way, one starts to feel a little jaded. But I do like the preservation aspect of a certified note.

synchr

Tough learning method on "what sound like" common, circulated notes.

I'd rather put the same money into buying graded notes as an asset collection and learning experience too

Serial_no_8

@synchr said:
Tough learning method on "what sound like" common, circulated notes.
I'd rather put the same money into buying graded notes as an asset collection and learning experience too

+1
It is a pretty expensive lesson on one's grading skills. Not sure it's worth it.