What Makes a Note More Valuable?

Can some explain the factors that bring a note to being highly sought-after?

The age, the grade, the serial number in a certain sequence, the remaining number of copies in the world, commemorating of a notable event is what I already know about. Are there othere factors? And how would you arrange them in order?

How impassioned you are to have the note in your collection. Your emotional response. Sometimes this is the number one factor.

How wealthy you are and what you are willing to pay for a note. I have personal limits and only take a specific amount of cash to a show. When it is gone I will not spend any more. Ultimately this is the number one factor. What a person is willing to pay determines what the value will be.

When I decide to buy a note I look up the current value of the note. Then I look for the note at that value or lower if I can. I will buy notes without doing this if I have confidence  and experience with the dealer as being an honest dealer with fair prices.

Replacement notes are not one of my considerations because my feeling is they are overpriced for what they are. There are fewer of them so they are harder to find but the original is the same but for how it was put into a block of notes and circulation.

I understand that value of something what someone is willing to pay for it, the question was, what are the factors you look for in a note?

For me, the most important factor is the UNC grade, if you have a highly valuable rare note which is in a touch-me-not condition then it's more of a liability. Since there are thousands upon thousands of notes which one can't possibly even think to collect, why not collect whatever you can in the best possible condition?

I have an UNC 10000 Iranian Rial which is no more than a US quarter dollar in value but I would rather have it than a high-value worn out note.

But that's just me, I was inquiring about the international standards of collectors. I'm sure there must be some order of the checklist, that's what I want to know about.

Good condition, numbers printed, specialties like serial numbers, year also help make the note valuable. The most important part about this is supply and demand imo. You could have a note where only like 10 000 of them are made but they won't go so far up with value if most people aren't interested in them.

Can some explain the factors that bring a note to being highly sought-after?

This is why I created my Notaphilyc Culture website (to explore what collectors collect). I try to update it weekly with a Collector's corner page that has recent trends, collector traps, observations about the hobby, etc.   I couldn't really get into all the crap I've written on it in the past 5 years but if you scroll down on that page I've made a couple videos that also cover the topic (especially video #3 “Collecting banknotes with a sense of scope & focus”)

By the Numbers “BtN” means that sometimes we have to think of the hobby in terms of demographics. The paper money hobby is relatively new but for the past 50 years or so, it has mostly been dominated by US collectors.  The # of US collectors is much higher than the # of CDN collectors.   Thus, the book value (BV) of Bank of Canada notes is more a factor of US collector demand rather than CDN collector demand. That's one of the reasons the BV is so high for our 1954 Devil's Face (its world demand driving the prices).   Often the most popular series are short & since the Devil Face series lasted only 2 years (then modified) it has been a hit world wide.  Something else to consider is the # of banknotes KEPT by collectors.  Canadian hoarded the “1867-1967” Centennial $1.00 more than they kept the regular serial number type released in 1967 so the regular serial # type is much tougher to acquire in higher condition. As soon as hoards are discovered, that particular series may take a hit in the Book Value (BV). 

For different countries, the demographics may be different (ie: there's been a huge increase in Asian & East Indian collectors).  I've seen these markets go ballistic in the past 10 years.  Also very popular are notes from former colonies (eg: British West Africa, Straits Settlements) which are likely popular on the coin front too.  Some collectors seek notes from country names that are no longer in use, from countries whose currency was ended (Ecuador, El Salvador, etc), small island nations or notes with certain motifs (animals, music, science themes). 

Most collectors seek notes in the highest grades from their home country first.  They also want a note with a perfectly centred design (equal borders on the older series) & this translates into “eye appeal.”  In some of the tougher series, a circulated note may be all one can afford. That should mean that the collector will go after a brighter note without issues (tears/graffiti, etc). 

Most collectors transition from coins to paper money or continue to collect both simultaneously.  For the coin collector 1st (type of collector) he/she keeps a small portion of their collection paper & doesn't really care about serials, prefixes & condition.  Some of the statements I have  made earlier (about popular series, signatures, serial numbers) won't be such a priority for these type of collectors.  Theres also your globe trotter collector who just likes to keep an example of a note he/she's travelled to & these types generally put little money into their collections.  

The more serious paper enthusiasts will likely get a catalogue & consider the note's signatures & serial numbers (its a package deal!) Series that have short lived signature combinations are always sought after far more than the common garden variety.  However, I have also noticed that world paper money collectors tend to care much less about special # than collectors who focus on their home country's first.  This trend may be changing but I have noticed a lot of special numbers that sell for bargain basement prices & I think North Americans are much more prone to dig deep for special serials.  One thing to keep in mind, when discussing serial numbers is that collectors also pay attention to the prefix. Some prefer A/A (first prefixes), others want short (change-over prefixes) & still others seek last prefixes (especially if they're a short run).  

Hope that “Reader's Digest” version sums up your question! 

Serial_Number_8

 

They also want a note with a perfectly centred design (equal borders on the older series) & this translates into “eye appeal.” 

Very well written. 

However, I do have a qualm with the above. Isn't such note maybe considered as a bit of an error note 🤣. Luckily, most of the banknotes printed today do not have those white border bands features, except those Cuban notes. It's a pity.  
 

Most collectors are a bunch of weird people (me included).

ahkai

Serial_Number_8

 

They also want a note with a perfectly centred design (equal borders on the older series) & this translates into “eye appeal.” 

Very well written. 

 

However, I do have a qualm with the above. Isn't such note maybe considered as a bit of an error note 🤣. Luckily, most of the banknotes printed today do not have those white border bands features, except those Cuban notes. It's a pity.  
 

Most collectors are a bunch of weird people (me included).

-Thanks!

Many South American nations also kept those traditional designs, with those pesky borders, right up until recently. Can't get enough of those classic deigns from Brazil, Uruguay, Ecuador & Colombia. Weird rocks!

Serial_Number_
 

-Thanks!

 

Many South American nations also kept those traditional designs, with those pesky borders, right up until recently. Can't get enough of those classic deigns from Brazil, Uruguay, Ecuador & Colombia. Weird rocks!

I like these kinds of notes. You can tell if there are any foxing on the white borders by looking at them. The last Ulster Bank paper notes are my favorites. I have been buying them since the 2006 issue. Now everything is plastic.

Re What Makes a Note More Valuable

Like RobertTGM said earlier, Supply & Demand, but you can also create your own, but this will depend on your luck too.

Thank you akhai and specially serial_number_8, you are a true notaphilst.

Cheers!

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Like RobertTGM said earlier, Supply & Demand, but you can also create your own, but this will depend on your luck too.

-Create your own demand?  Like what Banknote World did with the common $100,000,000,000,000 note from Zimbabwe? (Has anyone noticed the NRI)? The note's high value certainly isn't due to supply! 🤪 Good point ahkai.

Thank you akhai and specially serial_number_8, you are a true notaphilst.

You're welcome!  The best thing you can do for yourself if you want to acquire truly tough notes (not pay a fortune for them) & understand the good stuff from the common chaff is just to be on top of the hobby. This simply means tuning into Numista, CCF, the PMF, akhai's blog or my Collector's Corner page weekly so you can pick up what some collectors seek (&/or tricks of the trade) & avoid costly mistakes/diversions.  I always encourage collectors to participate in forums so they will be aware of any upcoming changes in the issues affecting their country (or another region's currency, if one has access to it).  Once a collector tunes into a favourite forum regularly, & after he/she has taken stock in what he/she has, it's so easy to develop some basic collector goals to the fill the gaps (instead of buying “this or that” with no real direction).

Thanks for sharing this thread i am also looking for this and i found the answer here.

You're welcome! Remember there's plenty of useful info out there but there's also a lot of misdirection/fallacy as well (be wary of those who claim a poorly centred note is an "error" or of those who recommend to grade every & anything).  Try searching your own currency as BlueHawk & other do (& why not take a crack at grading)?  The more you actually practice grading various notes (in various stages of circulation) the better you will get at it. Just eyeballing & never committing yourself to a grade will lead nowhere. Same holds true with coins!

You can search your own currency to find/buy Radars or Repeaters which will always increase in value in the better grades.  Remember to network with fellow coin/paper currency collectors so you can swap & trade in your community.  That's how I started & I still have many radars & cool UNC notes from those days in 2002 when I got back into the hobby as a dabbler.  It took about 7-10 years before I started to actually want to participate more than a couple times per week & become a bit more serious.

When I said create your own, this is what I meant

You do not have to go for those old notes that are now selling so expensive, if you can find them. You can particularly create your own list if you are a keen collector, plus a bit of spare cash. Below are few modern notes that I managed to get at a fair price and how they are selling at a ridiculous price: -

China - 100 yuan 2000 polymer. Back in early 2000, I exchanged a few of these notes with a Shanghai collector at face value against my AUD.

China - 100 yuan 2000 polymer 2-in-one uncut sheet. I only paid US$55 for this note. The last time I heard, the asking price was around $2,000

Poland - 20 zlotych 2015 P188 commemorative (30k sets issued). I paid a reasonable price (A$35) when it was first issued. Recently, a Polish collector asked if I was willing to exchange with him. This note is selling between $4-$500 a piece now
 

Poland - 20 zlotych 2016 P188A commemorative (35k sets issued). Similar asking price ($I paid A$45). Now the selling price is few hundred dollars.
 

Czech Republic - 100 koruna P28 overprint 200,000 pieces issued. A collector sold this note to me at face value back in May 2019, when I bought the P29 commemorative note from him. Recently, I saw someone selling on eBay for over $100+.

Malaysia 600 ringgit - This note was sold via public application. Only 6000 sets issued at 1,700 ringgit each (world largest banknote in size). I am not sure if this note was fully subscribed, but I believe many did not turn up and collect them, so it went for a second round, and they are all sold now. Just look at the ridiculous asking price now. A collector friend in Hong Kong sold one last year via auction, for US$6,000. I have 3 pieces and only paid RM1700 each.
 

Of course, I have few misses too; -
 

China - 10 yuan 2008 Olympic games commemorative (6 million pieces printed). On the same day, it was listed on eBay for US$99. Would you pay $99 for a note worth $2? I later managed to get one for around $200+ at a local shop here.
 

Ukraine - 50 hriven 2011 commemorative (only 1000 sets released. I also saw this item listed for $99 on ebay. I was not aware of the quantity issues then, so of course I did not buy. A collector in Ukraine not long ago offered me one but wanted 3 sets of Australia's current series of $185 in value in UNC condition. So the value of my notes would be just $555 against his. I believe, to him, his note is worth that much (catalogue value), but my AUD in UNC condition is only worth at face value. 
 

See, I have few misses too, but this is how I created my special collection. Oh yes, I bought the Zimbabwe 100 trillion x 4 set with one ZA prefix, including a radar note for the 20 trillion note. I paid peanuts for them back in January 2010, now, it's worth $100+ each.

ahkai - that is a high level of anticipation and holding profitable notes. You do have a good eye for things. Street smart👌

if you are a keen collector, plus a bit of spare cash. Below are few modern notes that I managed to get at a fair price and how they are selling at a ridiculous price: -

This is remarkable akai, thanks for sharing!  I never paid attention to world limited collector sets (just completely below my radar).  BluHawk calls it “street smart.”  I would call it developing a nose for what will become valuable/collectible (speculation based on past experiences), setting goals (putting money/planing to buy) & following through.   It is good collector instinct & what I encourage all collectors to do (& your examples are pretty obvious b/c the banks made these sets for collectors).  I completely “missed the boat” on the 8 notes you've mentioned. 

In the examples I used, I meant to find notes in circulation (in UNC or high grade) OR swapping/buying special numbers from collector friends near you (through clubs or meeting at shows, etc).  It's anything but “easy” but it can be done.  Special # aren't the only collectible note to keep an eye out for.  There are also prefix, series or date change-overs (when governors/signatures change).  

Sometimes there are minor design changes or security upgrades (& you will want examples of the earlier design/less secure note). 

The other thing is to be aware when your bank is approaching a major Series transition. As a collector, be prepared: go to your bank to see if you can get some UNC examples of the older series that will be phased out/new series coming in.  A lot of World collectors seek first/last prefixes & there can be shortened prefixes from the last ones issued (some prefixes may even be recalled).    This has happened in Canada.

Some collectors collect based on banknote designs (commemorative, animals, technology, scientists, artists, etc).  I have created a WORLD MOTIF page  which covers some of the types of notes World collectors seek.  The Zimbabwe 100T note that akai "bought for peanuts" is a highly sought after hyperinflation note (& yes I missed out on this one too).  

Serial_Number_8

Like RobertTGM said earlier, Supply & Demand, but you can also create your own, but this will depend on your luck too.

-Create your own demand?  Like what Banknote World did with the common $100,000,000,000,000 note from Zimbabwe? (Has anyone noticed the NRI)? The note's high value certainly isn't due to supply! 🤪 Good point ahkai.

 

Thank you akhai and specially serial_number_8, you are a true notaphilst.

You're welcome!  The best thing you can do for yourself if you want to acquire truly tough notes (not pay a fortune for them) & understand the good stuff from the common chaff is just to be on top of the hobby. This simply means tuning into Numista, CCF, the PMF, akhai's blog or my Collector's Corner page weekly so you can pick up what some collectors seek (&/or tricks of the trade) & avoid costly mistakes/diversions.  I always encourage collectors to participate in forums so they will be aware of any upcoming changes in the issues affecting their country (or another region's currency, if one has access to it).  Once a collector tunes into a favourite forum regularly, & after he/she has taken stock in what he/she has, it's so easy to develop some basic collector goals to the fill the gaps (instead of buying “this or that” with no real direction).

 

Thanks for sharing this thread i am also looking for this and i found the answer here.

You're welcome! Remember there's plenty of useful info out there but there's also a lot of misdirection/fallacy as well (be wary of those who claim a poorly centred note is an "error" or of those who recommend to grade every & anything).  Try searching your own currency as BlueHawk & other do (& why not take a crack at grading)?  The more you actually practice grading various notes (in various stages of circulation) the better you will get at it. Just eyeballing & never committing yourself to a grade will lead nowhere. Same holds true with coins!

 

You can search your own currency to find/buy Radars or Repeaters

As per the heading, and like a few of Poland's commemorative notes, this Romania 2018 commemorative note is now a good investment. A seller from Romania is selling one and is asking for US$590. I am not saying that this note is worth that much or it will sell at this price as time will tell. Only 10,000 issued at 140 Leu + VAT. I only got one and I paid about US$80 for mine. If you have one and paid a reasonable price for yours, you should be happy with this.

That's interesting ahkai (thanks for sharing).  

Nations that have either transformed, or stopped issuing currency, seem very popular & tough to find: pre-Euro, Ecuador, El Salvador, colonial Africa/Asia, etc.  There are many out there & even some Yugoslavian paper seems a bit more elusive. Prices have taken a dramatic jump for most of these.

I hope it's true, guys. The following coin is only minted 10000 and it's a commemorative coins, and I have a few of them. Hopefully, one day, the world will go crazy for it. 🙃

N#196335

I'm sure this has been stated already, but the value comes in what it means to you. Yes, there are investment opportunities, but for most of us, the value comes with the satisfaction owning a note gives you. I have a few notes in my collection that are “valuable”, but more importantly, they bring me joy by the way they look, their subject matter, their age, etc. For instance, I have a 1942 Fiji 2 shilling short snorter from World War II that I purchased when I lived in Japan. The note has very little monetary value to it, but to me, it has so much history behind it, and the fact that it survived and found its way into my collection, to me makes it one of my most valuable notes. I would never get rid of it. I will overpay for a note that brings me joy many more times over than I would for one that is just an investment yet lacks any visual stimulation. At the end of the day, the choice is yours, and I encourage you to not worry about ever making any money, and just collect! I read somewhere once that you will spend so much more collecting things you like than you will ever get back in return monetarily, so just enjoy the hobby!

I'm sure this has been stated already, but the value comes in what it means to you. Yes, there are investment opportunities, but for most of us, the value comes with the satisfaction owning a note gives you. I have a few notes in my collection that are “valuable”, but more importantly, they bring me joy by the way they look, their subject matter, their age, etc.

Absolutely! (and well put with perfect example).  I really do not wish to propagate the notion that collecting paper money is related to any “investment opportunities.” 

But the question asked was, “what makes a note more valuable?”  Most replies have focussed on some ways in which a note may increase in popularity (or characteristics of a note to look out for, like special serial #, or uncommon signature variation, etc).  I find it a bit unfortunate that popularity influences prices so much but “it is what it is.”

One of the things I also wanted to point out was that most of these numismatic items are not “rare” & I get tired of seeing this term abused over & over on fairly common items. It reminds me of the “consecutive = UNC = higher premium” fallacy which is also untrue (in fact-- in most modern cases- consecutive notes should translate into a decent discount).  There are only a few exceptions to consecutive being tough & more collectible. I encourage collectors to think of certain series (variations) as “tough” (to obtain) & leave it at that. 

bakerd13

I'm sure this has been stated already, but the value comes in what it means to you. Yes, there are investment opportunities, but for most of us, the value comes with the satisfaction owning a note gives you. I have a few notes in my collection that are “valuable”, but more importantly, they bring me joy by the way they look, their subject matter, their age, etc. For instance, I have a 1942 Fiji 2 shilling short snorter from World War II that I purchased when I lived in Japan. The note has very little monetary value to it, but to me, it has so much history behind it, and the fact that it survived and found its way into my collection, to me makes it one of my most valuable notes. I would never get rid of it. I will overpay for a note that brings me joy many more times over than I would for one that is just an investment yet lacks any visual stimulation. At the end of the day, the choice is yours, and I encourage you to not worry about ever making any money, and just collect! I read somewhere once that you will spend so much more collecting things you like than you will ever get back in return monetarily, so just enjoy the hobby!

I totally agree with you when it comes to collecting. Like many collectors here, I do not envisage myself selling them. I enjoy this hobby so much that I spend a lot of my spare time searching for new notes I like and I spend a lot of considerable time updating my website (albeit many spelling and grammar errors). I am still working full time, and on weekends, I sit in front of my PC and check out what I have and what I am missing. 

However, then there is a time that you might say that I had enough and I would like to let it go (for whatever reasons you might have). When that day comes, would you let it go for what you have originally paid for, or will you try to get the best out of it? This is what I have termed the word 'Investment' in my last post. Like many, I do collect (for the sake of collecting) as a hobby, it gives me the satisfaction of knowing that the notes I paid for two/three years ago are now worth 5 or 6 times the value I have paid for. Most people believe that only old notes can fetch good returns, but some modern notes can do the same too and you have to take the risk to get them when they are issued, even if you feel that it was a bit over priced at that time.

Just my 2 cents worth!

I'm just bumping this thread because it was fun to participate in. After I re-read it, a couple things came to mind:

I'm sure this has been stated already, but the value comes in what it means to you.

I still have a few early acquisitions which mean a lot to me: a Devil Face $20 with an ink dot on Queen Elizabeth's face which I did not notice when I bought it (age 16).  Currently, I can't part with it as it was my first purchase & it makes me laugh when I see it (& think how I could have missed the ink spot!) 😅

The more serious paper enthusiasts will likely get a catalogue & consider the note's signatures & serial numbers (its a package deal!) Series that have short lived signature combinations are always sought after far more than the common garden variety.

Since the Philippines has transitioned to polymer, I have had my collector radar seeking some of their last lower denominations. I picked up a few cheap UNC examples:

Single-letter prefix & last year (2023) issued:

Last Marcos & Remolona Jr. signature (2024 issued):

And some oddities:

2022 variety: with the new Marcos & Medella signature (low # & single letter prefix) PLUS MARKS for the blind: 

2022 variety: without MARKS for the blind:

2023 variety: with 7 digit serial # AA6046310.  Normally notes had a 6 digit limit:

 There was also replacements with the + symbol plus 2-letter prefix (never seen before) which I was about to get but they fell off my radar. 

Thank you for including some more valuable information as you always do.

thegamesbond

 

Thank you for including some more valuable information as you always do.

-No problem. You know, I don't normally purchase modern day series - but I couldn't help myself on these (& they're the Philippines- a nation I enjoy collecting & not expensive).  The beginning of a polymer series signifies the end of a paper series (& time to buy).  Right now, with the current threats/reality of trade wars (a stock market bouncing up & down) signals a good time to buy (if you can afford it). Collectors shouldn't mind economic uncertainty (but they usually do).

Normally, these low denominations have low NRI # (similar to the 100 Trillion from Zimbabwe, like 16) but the above 2022 50 Pesos (without the tactile marks) has a NRI of 65! Not rare by any means, but tough enough for a modern day variety! So far, I've only seen the FM prefix (but there may be more).