Going rate for...

[mintcollector]

Hello all,

 

I made what I call a very 'fair offer' on a 1917 $1 PCGS 65 PPQ note (FR 39). The seller actually, to my surprise, declined the offer. I was just wondering, to make sure, I am not in a world where demand for this note has skyrocketed, what is the going rate for a note like this?

 

Am I missing something here? Even a PMG graded 65 EPQ sold last for $480 via Heritage (in May 2010) if I am not mistaken. By those means, I would be paying well over $100 more than this price...

 

If someone has accurate pricing date, please let me know...

 

 

[jonruns-migration]

I am a newbie to currency and have been confused sometimes by asking prices.

 

Maybe some of the veterans can shed more light on this.

 

But from what I can tell, Heritage auction prices are more like dealer bid than dealer ask.

 

Also, the price of the note depends to some extent on what the dealer paid for it; he doesn't want to lose money on his inventory.

 

That said FR-39 is a relatively common note and it looks to me like it should go for $500 to $600.

 

FWIW there is a guy on Ebay now selling two consecutive for $1200.

 

Hope this is somewhat helpful.

 

- Jon

 

 

[mintcollector]

Actually one just sold for $425 on teletrade, I believe...

 

This note seems to be a common note and not worth much even in high grade. I can get a 64 EPQ for around $375 at present time and a GEM is not worth almost 40% more...

 

I thank you for the help though, but luckily I was able to research this more and more...

[GW]

Good job mintcollector, I’m still learning but know to pay what its worth, and

hold out for a good price, unless you really need it.

 

Most of the eBay Buy-Now are more than auction current market prices.

From my experience, some sellers will accept 10% more than what they paid for the note.

But there are some out there looking for a sucker.

Don’t be one, do exactly what you are doing - research, patience, etc.

 

Heritage and Track and Price are some good sources for what are fair current market prices.

 

[Weg]

Funny, I had a well known dealer tell me the price difference from a 64 to a 65 is about 50% when we were talking about trading my 64 plus some cash for his 65. I should have asked if he thought it was 50% increments between all uncirculated grades.

[mintcollector]

I can tell you that I would not do business with that dealer. It doesn't always work like that. Actually, for the note in particular (Fr 39), one just sold on teletrade in PMG 65 EPQ for $425. It is sometimes best to wait and be cautious as to what is said. Right now I am learning the market is way down. If dealers want to move stock, they had better adjust to changing conditions, or just hold their inventory until prices improve...

 

I am always amazed at what certain notes are selling for on eBay, Heritage, and the like. Soon, I may personally have to stop buying from dealers altogether, as most bid on the same exact item you can bid on, then just resell it.

 

A plus about dealers is though, that many offer 90 day layaway...

 

Still, I do and gladly will continue to do business with a few trusted dealers I regularly use on a continued basis...

[Weg]

I believe Heritage has something like a 90 day plan; I'm not sure how it works.

 

It's sounds like you found a dealer that is willing to spend some time with you; I thought you said something about him teaching you a lot. If I could find one that is helpful like that I'd be willing to pay a little more for a note once in a while as compensation for his time. So far I've contacted two of the larger dealers via email with a short want list and asked if they would call me to discuss the collection and how they work with clients. Neither one bothered calling although one did send an email saying he had a line on a note I wanted. That was the 50% difference guy.

 

At the last Dearborn, MI show I met another dealer I've seen around and had the chance to talk for quite a while. He's a smaller dealer but I'm going to call him and see if we can work together. I'm hoping this will work out otherwise I'll just give up on finding a dealer to give a want list to and continue finding the notes I want myself.

[mintcollector]

I believe Heritage has something like a 90 day plan; I'm not sure how it works.

 

It's sounds like you found a dealer that is willing to spend some time with you; I thought you said something about him teaching you a lot. If I could find one that is helpful like that I'd be willing to pay a little more for a note once in a while as compensation for his time. So far I've contacted two of the larger dealers via email with a short want list and asked if they would call me to discuss the collection and how they work with clients. Neither one bothered calling although one did send an email saying he had a line on a note I wanted. That was the 50% difference guy.

 

At the last Dearborn, MI show I met another dealer I've seen around and had the chance to talk for quite a while. He's a smaller dealer but I'm going to call him and see if we can work together. I'm hoping this will work out otherwise I'll just give up on finding a dealer to give a want list to and continue finding the notes I want myself.

 

Weg, most dealers will NOT help you. It is up to you to do the research on your own. Also, I do NOT use Heritage's payment plan, as they charge interest. Find a dealer like Sergio Sanchez or Treasured Stocks who offers a 90 day layaway plan with no interest. I suggest before you spend any real money though, you really analyze the market and what you want to pay and buy. When I bought my 1891 $1 Treasury Note in PMG 64 with EPQ; I had a price in the back of my mind. I overpaid a little, but really wanted the item.

 

My advice is to read as much as you can, join more than one forum for paper money collecting, attend shows (which I have yet to do), and read all the books you can.

 

Good luck!

 

PS: Check out Treasured Stocks website. His prices can be higher than average, but Jim Smith, will help out a beginning collector like yourself.