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Paper money collecting: prices, tips and authenticity
Some tips for the beginner on paper money collecting, including
where to obtain it, specialising , values, trading, authenticity
and condition.
Paper money is older than you might think. The practice of
producing paper currency dates back to China in the 13th
century, when it was seen as a way of being able to produce lots
of money at little or no cost, paper being far less costly than
metal. The first banknotes in Europe were issued by France in
the 1600s. Needless to say, if you are lucky enough to own any
of these early notes, they are worth a great deal. By the early
20th century, most countries in the world were issuing and using
paper currency. Today the paper currency collecting market is
thriving - it's a hobby that can easily become a profitable
business as well; a hobby that combines elements of economics,
politics, history and geography.
Where to start if you are interested in pursuing this
fascinating hobby? Old banknotes from most countries are
generally easy to obtain at flea markets or collectors fairs. If
you become more serious about the hobby, and start buying from
dealers, make sure your dealer belongs to the International Bank
Note Society, (ISBN) whose members are bound by strict rules and
ethics. There are many reference books available that give
current prices for paper money from the United States as well as
other countries. Many collectors consider banknotes to be almost
miniature works of art, and a lot of people collect them purely
for their visual appeal. Many banknotes feature intricate
designs and have been produced by eminent artists or engravers.
Most serious collectors of paper money specialize in a
particular theme - you can specialize by continent, by country,
by issue date, or even by theme. Many banknotes feature a
portrait of the country's then president or head of state, or an
image that instantly evokes that country. Collectors can
concentrate on notes from a particular era, for example World
War II. Also highly sought after by collectors are banknotes
from the Civil War period, which are more like postage stamps,
although much larger. The date on a banknote can be confusing -
unlike coins, the date on notes is not changed each year; the
date on the note is the date the design was first used or
issued. In addition to banknotes themselves, some collector's
branch out into old shares, certificates of deposit, etc. Many
of these also have elaborate and decorative designs and are of
interest historically.
Generally speaking, investing in paper currency is still a good
investment and prices in recent years have held steady or
increased. Extremely collectible and valuable are notes from
countries which no longer exist or have changed their name, such
as Eastern European countries. The paper currency of many
European countries was suddenly worth more to collectors, when
the Euro became the common currency in a dozen European
countries in 2002. Similarly, the Hong Kong dollar bills are
worth a lot more since the territory was handed back over to
China. The opposite can also apply; if a country or government
that issued paper money is suddenly overthrown, its currency can
be instantly worthless. A good example is German banknotes from
the early 1920s, which were almost worthless as soon as they
were printed due to the rampant inflation. In the US, national
bank notes are still very collectible. These were issued during
the period from 1863 to 1929 by more than 14000 individual
banks; the practice ended because of the financial slump of 1929.
Like rare books or stamps, the value of banknotes depends
largely on their condition. Paper currency uses a standard
grading system for condition, ranging from 'uncirculated' which
is basically money that is as new, to 'good'. The term 'good'
usually describes a note that has been in circulation for some
time and has the expected amount of wear and tear. Many serious
collectors will deal only in uncirculated notes. Things that can
lower the value of a collectible banknote include tears, holes
and faded colors, creases and missing corners.
Banknotes have always been obvious targets for forgers and
counterfeiters. Nowadays, banks and governments strive to keep
their currency forgery-proof, using combinations of intricate
designs, watermarks, and serial numbers. Most surviving
counterfeit notes are from the end of the 19th century, when
technology did not really exist to make the notes safe from
being copied. In the United States, millions of dollars are
spent every year in fighting forgeries and trying to make
banknotes ever more difficult to copy. As far as collecting old
banknotes, as with stamps, sometimes the forgery or the note
with the error can be worth more than the original.
And what of the future? Australia has used plastic notes for
several years and many other countries are experimenting with
this concept. Somehow it's just not the same as a crinkly new
banknote.
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