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What Notes Will You Absolutely Not Buy?
Choppy
Posts: 48 ✭✭
I've been buying some type set notes lately. Most of the notes are not population rarities but more condition rarities. So I usually have lots of buying options. The trick is finding a really nice note for a good price. As I go further and further back in time, however, it's harder to find nice notes in affordable grades that don't have issues. "Notes", "Details", "Net Grades", and so forth.
I really dislike notes with "Design Redrawn" comments, and I probably would not buy one even if the grade and price were an excellent value otherwise.
So what condition issues are show-stoppers for you? Design Redrawn? Restorations? Repairs? Splits? Rust?
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While there are scenarios where I would take an extremely rare note in any condition if the price was right, they are almost certainly only hypothetical ones that would never present themselves in real life.
In the real world, I would never choose to grab a note that was severed and reattached.
Ideally I would avoid any note with any issues, and wait for one that had exceptional paper quality and great eye appeal. You'll end up with fewer notes, but they will be significantly nicer to look at.
For type, most of these notes can be had if you are patient, but, that really depends on how you define the word 'affordable'?
I have been in "boat" described above by @humanssuck (for the past decade). I realize that with some US Nationals & older large size rarities that (budget wise) such criteria are unrealistic. If I were to pursue these, I would have to relax my criteria significantly. I suppose it would come down to eye appeal but I would definitely avoid washed (not pressed b/c there's just too many). I would hope to get lightly pressed without rust, tears or any major distraction in the fields.
**https://sites.google.com/view/notaphilycculture/collecting-banknotes **
I'm watching an auction right now for a $10 1901 US Note "Bison", FR 122, graded VF 20 by PCGS Banknote. It has a note on the back: "Design Redrawn, Edge and Internal Restorations". Eight bidders have brought the price so far to $900.
Like I said, I would not bid on a "Design Redrawn" note like this, even though it appears to be a very nice specimen, but apparently lots of other people would. Now, if it were just noted "Pinholes" or "Small Tear", then I think I'd be all over it.
Im constantly amazed at the prices some of the details notes and coins hit.
For some it works
HA always seems to have an a aggressive estimate of the value of details notes in their auctions.
I absolutely refuse to buy a colonial note from the Boyd/Ford collection that has since been played with. Disgusting how someone ruined the integrity of those notes in order to make a buck by doing repairs such as removing stains, trimming, redrawing, etc. Many of those notes were put away over 100 years ago.
I think the sad part is the ignorance coulda been fixed by asking first before doing 😕
Collectors of obsolete currency have a wide range of requirements as far as grade goes. Many collect based on aesthetic beauty and they will tend to demand higher grades and less problems. Others, like myself, prize rarity so I will buy some pretty ugly notes. If they are close enough to my home and I need them, "identifiable" is good enough. Even if they're not, but rare, I'll buy them. And I've bought quite a few hoards of more common stuff over the years but it's hard to get excited about Canal Bank sheets anymore.