What Is this bill worth 1902-1924 National NUMBER 1
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16 posts in this topic

I can't help you with possible value, but this...

 

number 2 why would showing the note around hurt the value of it...

John

 

I think someone is trying to pull the wool over your eyes. The more people that know about it = more potential buyers. The more potential buyers = Higher potential selling price.

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John, showing the note doesn't make the note less rare or valuable necessarily. However, it does kind of take the new car smell off of it. It's not quite as exciting.

 

Some collectors like to largely keep the contents of their collection a secret so that when it comes to market there is a lot of hype and buzz around it.

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Clearly an auction venue is the best place to maximize value for your note. Anyone who tells you otherwise is likely trying to profit off of you.

 

In my opinion, the absolute best place to auction rare national currency, especially a serial # 1 note, is Lyn Knight Currency Auctions. Period. They only have a few auctions a year but they are well attended and the offerings are always impressive. They always have a separate session just for national currency. Your note would likely be a highlight. Good luck to you.

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Good question. Take the time to peruse the auction catalogs of both houses and you will see a difference. With Heritage, you have to sift through tons of lots to find the good stuff. Lyn Knight auctions are pretty much only good stuff. Think quantity v. quality.

 

Don't get me wrong, Heritage has lots of great items and I've picked up quite a few notes through them but if you are a seller and you have quality items, like the OP appears to have, then Knight is the way to go.

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I am going to disagree and say that an auction, in this case, would likely not maximize your profits.

 

The market for nationals is highly specialized and there would likely only be a handful of people willing to pay the 20K - 25K your note is worth. By posting here is it very likely the person who wants it the most has already contacted you and made a top offer. If it went to auction that same person would likely also be the winning bidder but someone would have to be an underbidder to get it up in price. Don't forget that an auction house will probably charge close to 20% to the consigner.

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There is typically a buyer's commission as well as a seller's commission. The seller's commission is always negotiable and there's NO WAY you will have to give 20% on a note like this. Trust me on that, I've negotiated sellers commissions down to negative territory for high $ lots, meaning I got more than hammer.

 

A national auction gets your note in front of everyone. Posting it here gets your note in front of 10 people, 5 of which want to buy the note themselves, put it up for auction, and take part of your profit. If someone here has made you an unsolicited offer, you can be sure the note is worth more than the number they put out.

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I personally think if a Board Member asks for help determining the value of a note.....Trying to take advantage by low balling is WRONG. Unless I was in dire straits financially I would not sell them period. They are not just rare but part of his family history and will never be replaced. I approve of this message IMHO .

 

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I am sticking to my original point.

 

And just because 10 people may post here, it is safe to assume that when a note of such magnitude gets posted, that more than 10 people will see/hear about it.

 

As for auction fees, for someone off the street who is not going to have a relationship and consign more material, you are likely looking at 5-15% sellers penalty. Then you can tack the 15% on to that. For such a nice note as the one posted, you are right I doubt there would be a sellers commission but don't assume you will get 108% hammer.

 

And if someone feels my window of 20K-25K is wrong or misleading then that is just a difference of opinion. There is likely someone out there willing to pay 30K for it, but is there another person who also wants to pay 30K? If you think so, then take it to auction and find out. Pay your fees and wait to get paid in June. Otherwise, sell it privately. I've had some nice material before and have never taken it to auction. I have yet to feel like I have been ripped off and I know the notes got to the collector without someone else getting their cut.

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To say that auctioning the note always brings the best price is just incorrect.

 

Basically, when you auction the note... the underbidder decides the price... not the winner.

 

If you know who the likely winner is before hand you set the price of the note. The underbidder might be willing to spend 20k but the guy who needs the note and is wealthy might be willing to spend 50k.

 

 

 

 

 

Edited by IdahoNationals
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