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WHAT IS THIS WORTH?????????????

Started by SWIA-migration,

23 posts in this topic

gpnyc

gpnyc

Posted
Posted

Looks more like an XF to me based on the images. The rounded corners and paper creases preclude anything higher in my opinion.

 

Its what's known as a type 2 note, which is more desirable (charter numbers next to the serial numbers). If I get a chance this evening I will check the census to see what other notes are out there from this bank and their grades. Its possible this may be a known note already.

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gpnyc

gpnyc

Posted
Posted

I looked up this bank in my census CD and all the known small size nationals from this bank are type 1. As far as I can tell your note is unique as the only known type 2. My census CD is from 2004 so things may have changed since then but it looks like you have a real find.

 

If you don't need cash right away, I really would recommend consigning this note to Heritage or Lyn Knight. You will get the most exposure and best value that way. Best of luck.

 

Oh and there are no known small size notes grading better than Fine from this bank so you also have the highest graded.

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gpnyc

gpnyc

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Posted
Well, I suggest consigning with Heritage. My experiences with Lyn Knight is that the guy is a JERK.

 

 

What happened? I've always thought Kyn Knight was a top notch organization and their seller's fees are much lower than Heritage.

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Houston Investor

Houston Investor

Posted
Posted

Assuming it is XF, I would estimate Retail at $2550, but this may be overly conservative. The Kelly Book lists it in fine at $1000, but I would tack on about 35-40% above KV (or KV adjusted for condition) to arrive at a realistic retail based on what the major dealers are selling their inventory for. Considering the notes rarity, this could be much more for a strongly collected state like NJ. There are only 9 small known for this bank. Probably $3000+ is more realistic considering how nice the note is condition wise. NJ collectors have money and will bid strongly so if there are enough of them in the auction room this one could go real high. I used to specialize in NJ Nationals and remember a VF Prospect Park note I used to own. I held on to it until I got my price. I remember bidding on a bunch of NJ Nationals in the early days of Ebay (a Chicago coin dealer was blowing out a currency collection that walked into the shop) and winning them for next to nothing bc the other bidders were too ignorant to know what to bid. I retailed those notes over the next couple of years doing very well. Stand your ground on your asking price on these and don't let some Cheap A talk you down. Remember these are not some 1881-S Dollar they can walk over to the next table and buy at bid lol. One reason I like currency.

 

This is based on my extensive spreadsheet developed from dealer pricelists of nationals along with data from the Kelly book (which I regard as essentially wholesale). In pricing Nationals, I use data from dealer pricelists in BNR in estimating price of like material. Since KV is in fine, I will use the Greensheet in developing a pricing matrix for higher grade material. I then arrive at what I consider wholesale and will multiply that by a percentage to arrive at market retail.

 

If your asking price is $3000, it would be interesting if you put it on the Bay at BIN or make offer and see how long it lasts. I would bump it up a tad over $3k to give myself more room probably push it up to $3900 or more. You might get lucky and the guy will take it at the BIN price! I have had that happen and talk about something that will make your day..... Whatever you do don't start it 99c or let someone quote you greensheet. I think the ones doing it in an all knowing scarstic way are the most hilarious. I will tell the guy quoting me GS to ship some to me if he thinks thats a real price.

 

Summer is a bad time to sell stuff on the Bay - the people who have money are likely to be out on their boat with their bikini clad stripper GF. Try to price the note out yourself using your Kelly Book along with Dealer ads in BNR matching it to notes of similar Kelly Value, condition, rarity. Many of the major dealers have websites with extensive material and this is helpful too.

 

 

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Houston Investor

Houston Investor

Posted
Posted
Well, I suggest consigning with Heritage. My experiences with Lyn Knight is that the guy is a JERK.

 

 

What happened? I've always thought Kyn Knight was a top notch organization and their seller's fees are much lower than Heritage.

 

I have attended and bought many notes at Lyn Knight auctions and was treated very well especially the pre auction dinner they put on. They are a super organization, however one has to do research and look at lots which are bid targets (you have to look at the note and decide what you grade it). Bidding can be very competetive and its easy to get carried away and overpay. I have seen friendships between bidders dissolve bc one was beaten by the other in a bid war. In many instances, better buys can be had off the floor of the show. I remember winning a really nice AU / CU Texas National (try and find one!) in such an auction and one guy was really mad I beat him in the bid war. I eventually retailed it at my table at a show getting my price and recall a lot of them that looked at it would not pay the money. I stood my ground however and my goal was realized.

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JIM F.

JIM F.

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Posted

First impressions are important. I was interested in consigning notes and called to discuss. My phone call was answered rudely and I was told someone would call me back.

 

No call back. I took my business elsewhere.

 

 

 

 

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