How to Value Old Currency
The value of old currency varies from a few dollars more than the face value to as much as six figures. You must know the worth of your currency to be able to get a strong price for it. It is generally assumed that the older the date on the note, the higher the value, but that is a misconception. The worth of a note depends primarily on its condition and circulation.
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Instructions
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Determine the condition of the notes. It's not necessary for an old note to be in a terrible condition. The currency's condition bears significance. Rarity is determined by the number of notes printed and by survival rates, not just age. Clean notes without folds and perfect color are called gem notes and fetch high prices. Counting marks, smudges, folds and bends all matter when determining value. Refer to Bank Note Society's Grading Centre for grading currency and knowing its value.
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Check the notes to ascertain which bank issued them. The bank of issue helps you determine the rarity of your note and thus set a suitable price. The most common are the notes issued by Chicago and New York, and therefore they are worth not as much. Less-populated states in the 19th and 20th century had fewer banks, and therefore they had printed fewer notes. For example, currency from Wyoming is likely to have a higher value to that of Pennsylvania. Similarly, currency from Southern and Western states is likely to be valued more, as these states were less developed and released relatively less money into the market.
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Consider the denomination to determine the currency value. Because $50 and $100 was a large sum 100 years ago, these will be rare and worth more. Ask a good price for these notes if they are in your possession. To determine the year in which the bill was printed visit RonsCurrency.com.
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Have a good dealer appraise your currency. Refer to the American Numismatic to find a list of dealers by state, or try the Professional Numismatic Guild's Dealer Directory.
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Use the "Standard Catalog of United States Paper Money" by Chester L. Krause and Robert F. Lemke; "Paper Money of the United States" by Robert Friedberg; or "A Guide Book of United States Coins" by Eric Newman to help you determine the true value of your currency.
Some websites also can help you value your currency (see Resources section).
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Describe the note in technical language to fetch a good price when selling. Any note that is readable is collectible, but that doesn't guarantee a high value. Saying that the note is in good shape or has normal wear and tear isn't enough. Describe the condition of the note accurately instead of emphasizing the history of the note.
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References
Resources
- Photo Credit Foreign Currency image by Stephanie Mueller from Fotolia.com
