I have a note that is not in 'the census'.

[ghostman67-migration]

I have a note that Heritage Auction Company says has only 2 examples in ‘their census’. Should I have it graded before I send it to auction? Thanks for any advice.

[GW]

 

As a new collector/bidder, I prefer graded currency. I can't tell the difference between a pmg-66 and pmg-67. but the price $$$ sure does. I’ve almost completely stopped buying non-graded currency. and only buy PMG.

 

About the census, just because they didn't have many of them to auction, doesn't say it’s rare or wanted by collectors.

 

I would get it graded, but it could be a loss if the grade comes back lower than expected. You may have already thought of this, so hope my comments were of some help. and if you get it graded and encapsulated you can drink a cup of coffee and not worry when holding/looking at it.

 

[gpnyc]

Like GW says, if its a post 1928 Federal Reserve note, its quite likely very few have been sold through Hertiage simply because they are not worth the time and cost, not because they are rare.

 

A little more information would be useful in giving you a better answer. What note are we talking about here?

[ghostman67-migration]

GPNYC:

This note is rare or at least scarce. It is a ‘small size’ National Bank note and Heritage lists a ‘census’ of 4 large ones and 2 small ones. Including this one, which would make 7 total (3 small ones & 4 large ones, of a different design) and it is in better condition than either of the ‘small ones’ they list.

 

It’s not worth a $million, but none of the 7 have been professionally graded, and I don’t understand this ‘census’ idea (other than as ‘known examples’) or if Heritage’s ‘census’ means anything significant. Is ‘census’ something standardized?

 

I am going to place it at auction and it seemed to me that having it professionally graded would be a benefit to everyone involved. But I am uncomfortable with having the ‘fee charged for service based on the value of the note’ and obviously not experienced with currency.

 

My basic question is: Though I completely understand via an Internet auction that an encapsulated note gives a buyer a ‘certain amount’ of confidence in what they are buying, does it limit a prospective purchaser from (other than not being able to touch it) in any way? I am experienced in other types of antique items, and for them things like ‘black lights’ become very important in spotting ‘in-painting’ for art, or repairs to pottery.

 

I am curious that since the Heritage auction prices range from $800-$2000 on this note and none have been sold in 7 years, why none of them have been professionally graded.

 

Thanks so much for your time and help.

 

[BRIAN339]

GPNYC:

This note is rare or at least scarce. It is a ‘small size’ National Bank note and Heritage lists a ‘census’ of 4 large ones and 2 small ones. Including this one, which would make 7 total (3 small ones & 4 large ones, of a different design) and it is in better condition than either of the ‘small ones’ they list.

 

It’s not worth a $million, but none of the 7 have been professionally graded, and I don’t understand this ‘census’ idea (other than as ‘known examples’) or if Heritage’s ‘census’ means anything significant. Is ‘census’ something standardized?

 

I am going to place it at auction and it seemed to me that having it professionally graded would be a benefit to everyone involved. But I am uncomfortable with having the ‘fee charged for service based on the value of the note’ and obviously not experienced with currency.

 

My basic question is: Though I completely understand via an Internet auction that an encapsulated note gives a buyer a ‘certain amount’ of confidence in what they are buying, does it limit a prospective purchaser from (other than not being able to touch it) in any way? I am experienced in other types of antique items, and for them things like ‘black lights’ become very important in spotting ‘in-painting’ for art, or repairs to pottery.

 

I am curious that since the Heritage auction prices range from $800-$2000 on this note and none have been sold in 7 years, why none of them have been professionally graded.

 

Thanks so much for your time and help.

 

You actually have two questions. I will try to answer both of them.

For your basic question I can see no downside to having your note graded by PMG.

As for your question as to why Heritage sold this note raw it could be for several reasons. I can give you a couple of them. It may not have been graded because its a national and it never really has been necessary to buy or sell a national that is graded unless it very high graded. Another may be that the present grading companies are still in there infancy. CGA was the main grading company at the timeline you mentioned. Most of the graded notes we have always seen are type notes.

Finally if you are going to sell it with Heritage they will have it slabbed for you and deduct the fee when you settle with them,

 

It would serve you better to show us your note so we can offer you a fair and honest opinion. If you choose not to than I would suggest its only your loss. A $2000 value is very minor in this hobby and a $800-$2000 spread is a pretty wide gap.

 

 

[IdahoNationals-migration]

What is the note? Heritage can get it graded for you easier and cheaper than you get on your own.

[denoms-migration]

The only reason to have it graded is that Heritage now requires all notes to be graded to be included in their signature sales.