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SPHansen

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Journal Entries posted by SPHansen

  1. SPHansen

    Flabbergasted!

    By SPHansen,

    ...or how my first submission may be my last.
    Currency Journal for August 3, 2012Okay, I am new to currency, but not new to collecting in general. When I won the free grading from PMG, I didn't want to waste it with just any old note. I decided on a $2 FRN Millennium note in the original BEP packaging. I carefully judged it against the criteria that PMG has listed on their site. This note was sweet... glass smooth with no hint of handling, razor sharp corners, and centering that was nearly perfect; only the top and bottom margins were slightly off. Based on the criteria, I judged it to be 67 or 68. Just learned the results:64 NET - ThinningNow, I'm assuming that NET is the equivalent to Details grading in coins. I don't know what 'thinning' means, so I'll be investigating that. A quick search says something about paper loss, but I'm not sure. What I am sure about is that I am very diasppointed, and very skeptical on how a note that nice can be grade out NET, and 64 at that. Here is the grading scale directly from the PMG web site:68Superb Gem UncMargins or registration are off slightly to the naked eye. No significant handling.67Superb Gem UncGreat color and eye appeal. A well-centered original note. May have very minor handling.66Gem UncirculatedAbove average original note held back from superb quality due to handling and / or margins and registration.65Gem UncirculatedStrictly original note with great color and eye appeal. May have one or two minor distractions. Centering is above average.64 EPQChoice UncirculatedOriginal paper quality, but centering is off on one or two sides.64Choice UncirculatedNote is well-centered and shows signs of alteration (for example, pressing or re-embossing, etc.). No folds in design.I want to know how in the world that note got a 64. Totally unacceptable. I feel cheated... very, very cheated. I had been thinking about sending in more notes that I acquired from the BEP, but now... no way. Its like sending in a proof set, and getting it back in Details grade. WTF? The worst thing is that I'll never know what the graders were thinking, since there is no report, no explanation, nothing to tell me why. I do know one thing... they'll not get a penny of my money until I do know. I'm so angry, I'm thinking of selling every friggin' note and starting over with PCGS. I'll make that decision once I'm calmer, and can think about it with a clear head.Ciao for nowTo see old comments for this Journal entry, click here. New comments can be added below.
  2. SPHansen
    ... or I acquire my first Black Eagle $1 SC
    Currency Journal for July 28, 2012After years of eyeing the Black Eagle notes, I finally grabbed one! I have always watched as these notes brought well over $100 in auctions, regardless of condition. Recently on eBay, I watched as some PMG low grade (4 and 8) examples went for about $90. As tempted as i was, I knew if I was patient, I would find my bargain. I did this week.I was watching an auction on Proxibid Monday Night, and i saw they had some notes that would up on the block. I didn't get excited, because they usually go pretty high. This one, however, had a bid of $11. Not much action, I thought. I examined the note in the photos to see why it might be passed up by bidders. The note was complete, although circulated. It certainly looked better than the 4 and 8 graded examples. There were no tears, and no tape. Okay, I'll join the bidding and see where it goes. It didn't go far. I picked up this note for about $40... less than half what I'd seen at any other time.It arrived today, and I am very happy with my purchase. Along with it, I managed to pick up 12 $1 FRN 1963B series notes. They were in 2 lots, one of 8 sequential serial numbers, and one of 4 sequential serial numbers. They looked good in the photos, and I reasoned that sequential numbers meant these had been pulled from a strap and saved. They are now in hand, and they are all crisp and unc. I was able to purchase these for a total of $14.00, which I consider another excellent buy. The 4 come from Richmond (E) and the 8 come from New York (B). In addition, I was pleased to discover they are all Barr notes (which was not apparent in the photos.)I am attaching an image of the Black Eagle for your perusal... any comments would be appreciated. I'm thinking of sending it for grading, and would enjoy the advice of those more learned than I.Ciao for now!To see old comments for this Journal entry, click here. New comments can be added below.
  3. SPHansen

    Money Mecca

    By SPHansen,

    ... or I go to da place where dey Mecca da Money!
    Currency Journal for July 25, 2012Being an avid coin collector, I have always wanted to tour one of the US Mint facilities. Not being close to any of them has made this a dream yet to be fulfilled. Having recently become a collector of US currency, it dawned on me that I live very close to one of the two BEP printing facilities, the BEP's Western Currency Facility in Fort Worth, Texas. A quick search on the internet told me that tours are conducted pretty much every day, and walk-ups are welcomed. I have free time this week, so I elected to be spontaneous and take the free tour.I set out early this morning, and after an hour-long drive arrived at the BEP Facility. You pull up to a small parking lot reserved for visitors. A recorded voice welcomes you, and reminds you that you cannot bring cameras, phones, backpacks, etc. and to leave them in your car. I did just that and entered the small security building just outside the gates. You go through a scanner, just like at the airport, and then wait for the next shuttle bus to arrive to take inside. The bus arrived less than a minute, and the ten others there and I boarded and we were on our way. It is just a short ride, and I was impressed at how much security there was there. Double fences, cameras and barbed wire surround the entire complex. You are dropped of in front of the Visitor's Center (the pyramid topped building in the photo) and greeted warmly. A receptionist welcomes you and tells you all the different places to go and see. There are two floors, and lots to keep you oohing and aahing. THe first thing that drew my attention was a display with plates that you could touch. It is amazing how tiny the details are, almost imperceptible to the touch. From there I watched a demonstration on how note were printed in the 1800's. An original spider press was there, over 125 years old, and still in working order. Tom (the demonstrator) showed how the plates were inked, cleaned and then set into the press. Placing a sheet of paper on the plate, he spun the wheel and presto, a printed image was made. The image was of an old $10,000 note. The other plates he had there were of the $1000 Watermelon reverse, and the faces of the Educational notes. These were breaktaking, and the sample images were something you wished you could take with you! From there, I toured the galleries, seeing things like the different counterfeit notes made by specific notorious counterfeiters over the past century. They had a special exhibit on the $100 note, with examples of every type ever made in the US. More exhibits included sections on each part of the process used to create our notes today. Some are interactive, and one I enjoyed was trying to spot the errors on a batch of $20 notes. I was able to find three of the four errors rather quickly, but that fourth one eluded me for awhile. Fortune was smiling on me today, as they had a special event there. Only three times a year, they have a day where the actual engravers, printers and other craftsmen there are on the floor to take questions and show you what they do with actual materials. I spent lots of time there having a great conversations with these guys. They are so knowledgeable, and enjoyed talking about their work. I also learned that a new $2 has been printed, and is in the vaults waiting to be released this fall... I'll be watching for this new series eagerly! The deuce is my favorite note, and was the first note ever given to me as a collectible (1976 series). The tour is all automated now, and you take it at your own pace. They give you a map, and a wand that looks like a remote control for your tv. The tour takes place in an enclosed walkway above the floor of the facility. You actually watch the money being printed, checked, cut and bricked. THe first thing that hits you is the staggering amount of cash sitting just below your feet. Billions of dollars are there, and that is just what you can see. More is stored in the vaults, ready for when orders are placed. When you arrive at one of nine stations, you press the number into your wand, and then hold it to your ear like a phone. You are told about what is happening below you at that point. The tour lasts about 45 minutes, and I was surprised at how many people were there; I'd estimate 100+. Despite that, it wasn't crowded or uncomfortable at all. There was plenty of room up there, and comfortably air conditioned.After that, I moved on to the theater, where they has a short 15 minute film about how notes are made. It punctuates the experience nicely.Finally, I made my way to the Gift Shop. Of course, everything you can find on the BEP online store is there, but to my surprise, it is much cheaper! You don't have to pay shipping, etc. I picked up a 2012 $2 Single note for $4.99, and a cool BEP t-shirt with the image of Washington's image from the $1 note. A short shuttle ride back to the car, and I was on my way home. I spent just over 2 hours inside the facility, but it seemed like 2 minutes. I was so engaged, and there was so much to see. A wonderful adventure, especially for a fledgling collector!The image below is of the facility as seen from the parking lot, with an inset of the sign at the entrance. I wish I could have shown you the sites, but as I said before.. no cameras allowed. I hope that everyone of my fellow collectors can experience a tour of the BEP... it is well worth it!Ciao for now!To see old comments for this Journal entry, click here. New comments can be added below.
  4. SPHansen

    Sticker Shock!

    By SPHansen,

    ...or how can a piece of paper cost more than a new car?
    It may be my newness to the hobby, but I'm finding that the prices of some notes are outrageous! I can see a rare note from the 19th or 20th century having a hefty price simply because of supply and demand, but a 1995 dollar note having a high price because it has a 'poker hand' in the serial number? That really isn't that rare, and really has no appeal to me. I don't go for gimmicks, especially weak ones like that. What makes the serial number so important in the pricing of a note? I can understand some key numbers, like 00000001 A, but is it so impressive that it commands a $135,000.00 price tag? Ladders, Radars and Poker Hands are mildly amusing, in my opinion, but will I pay a hefty premium to own one? Not on your nelly.
    Beaw made a comment that I think really hits the nail on the head... it's the beauty of a note's art and design that, to me, makes it worthy of owning. The educational notes he pointed out are stunning. The designs make you want to stare at them for hours. Black Eagles, Woodchoppers, and Indian Chiefs; I can well understand the popularity of these notes. They are absolutely gorgeous! Who notices the serial number? Even today's notes are wonder to look at. It's staggering to think of all the research, design and technology that goes into today's notes. I wonder when the US will follow in the footsteps of Canada with polymer notes? I have yet to see one in hand, but they look interesting. What wonders await us in the future?
    Another thing I've noticed is the small number of graded notes in general. I guess the cost of grading makes it cost prohibitve to do? I'm finding it tough to find notes I want, either because they aren't up for sale at the moment, or have a ridiculous price tag. I'll need to do more research, and look for some additional venues of purchase. The bargains are out there, I know it. Just picked up a $1 2003 FRN PMG 68EPQ for $7.99 on eBay. The listing didn't have an image, but I've gotten a note from this seller already, and spoke to him about the note beforehand. I was the only bidder.
    This weekend I will be attending a small coin and currency show in Grapevine, Texas. I hope to find some deals and add to both my coin and currency collections.
    Here's a bit a fun I've encountered... looking on eBay to find some more notes for my $10 FRN collection, and I discovered a PMG error. Seems that a bunch of $10 2004A series notes have been encapsulated with the wrong Friedberg number. The correct number for the 2004A series is 2039, 2040 for the 2006 series and 2041 for the 2009 series. I have found 2004A notes labelled as FR#2041 and FR#2042. These mislabelled notes (at least the one I have) cannot be added to any registry set. I have messaged PMG to see what can be done to correct this problem. I have yet to receive an answer to my queries.
    I'll leave you this week with an image of the above mentioned note...
    Happy Collecting!

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  5. SPHansen
    ... or I think I know what I'm going to do!
    Journal for the week of 07/08/2012 through 07/15/2012One week into my currency adventure, and I have added two more notes to my collection, both $1 FRNs. I also have some raw notes on the way, which I will have graded... speaking of which...I looked at the grading costs, and was amazed that they are much higher than for coins. My certificate arrived in the mail, and I value it even more now that I know it costs $40 for a single note. Wow! I appreciate the NGC Modern Tier ($14) much more. Can't imagine that more work goes into a note than a coin, so why the huge difference? I had hoped to get several notes done, but I'd rather spend the money on already graded notes. I know I have the the $25 Economy option, but 73 day turn around? I'm too impatient to wait, and too broke to pay for the faster options. Unless I want to add a specific note to my collection, I'll most likely not be using self-grading. I feel much better with my first note purchase ($10 67EPQ) for only $30.Anyway, I decided to start with a few sets. I'll be putting together a general set, with $1 notes from any district, as well as a set with only New York, and another exclusively Dallas. These are the two places I have called home, so have some meaning to me. I'll also see what bargains I can dig up here and there. There is a coin and currency show next week here in Dallas, and there are usually bargains to be had. I've also noticed that this registry is much less active than the coin registry... any particular reason for that? This week's image is the $1 FRN Dallas note.. my second acquisition.To see old comments for this Journal entry, click here. New comments can be added below.
  6. SPHansen

    Grand Entrance!

    By SPHansen,

    Taa Daa!
    Hello all!
    Some of you may know me from the NGC Coin Registry, and I look forward to meeting more great people over here in paper territory
    I've had a 'corner-of-my-eye' interest in notes most of my life. In 1976, I was presented with a crisp new $2 bill, which I still have, (and it's still crisp!) and still cherish. A neighbor and I once saved some money by collecting a letter set of one dollar bills, and then five dollar bills, etc. These bills were very circulated, and the fun was in finding a needed letter. Just by being in contact with coins, I learned a bit about currency. I see notes up for auction, and they are always interesting. Up until now, I have not been a serious paper note collector, but I look forward to learning more.
    So, what pushed me over the edge and made me purchase my first graded note? Well, it was last week's Numismatic Trivia question, and the fact that I won the grading coupon. I dug out my currency folio and started looking through it to see which note I wanted to have graded - still haven't decided . But, I also started to dig around here in the PMG registry, and I felt that collector's urge... a quick trip to eBay to see what was available, and wha-la! My first graded note I'm attaching a pic of it.
    True, it's new, and not ultra rare... but it's my first, and you never forget your first! See y'all around!

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