My First Note - $20 National Currency
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14 posts in this topic

Hey

 

I am just getteing started coin collecting. I just acquired my first note. It is a $20 national note. What do you think about it? Any guesses on what it might grade or its value? Any other info on these notes are welcome. I have found out they were actually printed in 1933 I think and that there were like 18000 different banks that made them.

 

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If it was issued by a Fed branch, I could see $40, but this is a real national with a relatively low serial number, so I could easily see it higher. Keep in mind though I am by no means an expert on nationals!

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I would say it is a Fr 1802-1 , in G/Vg condition so around $50-$75 depending on demand . It is a low number , not a single or double digit , though.

 

Doesn't appear to have any tears or holes , just discolored and full of creases . Looks like a keeper to me , but I do not have any idea of the number from that particular bank that have survived , as like Jeff , I'm not exactly a National Bank Note Guru .

 

Jaime , I'll bet that you looked at the current price figures for the Fed Reserve Bank Notes , under the 'A' district in VG ( Fr 1870-A ) versus the National Bank Notes

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Let me step in here.

 

You have a small size 1929 national bank note. The book value is $300 and there are 14 other small size known on that charter. I would call the condition fine, maybe even 20 in VF.

 

If you are going to be serious about collecting, you need to get Kelly's 6th edition, bottom line.

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I grade the note Fine. Kelly lists 4 large and 12 small known for this bank. Kelly values it at $400 per the 5th edition (in Fine) which according to current market pricing for Nationals gives it an estimated retail of $520 in my view. Based on my excel analysis I have done of National Bank Pricing per National Dealer Ads in publications like Bank Note Reporter Dealers are pricing their Nationals at an average of 130% of what I call Calculated Kelly Value (Fine at 1.0, VF at 1.25 KV, XF at 1.5625 KV) which takes into account grade (the values Kelly gives are only for notes in fine). Consequently, I veiw The Kelly Value as more of a wholesale price in relation to what these notes are actually trading for in the market place.

 

I value this note: $400 Wholesale / $520 Retail

 

This is a very scarce note - imagine how valuable a coin would be if it had these pop stats. Collecting Nationals is fun!

 

If you are going to be a collector of National Banknotes you will need to get the Kelly Book on Nationals plus subscribe to Bank Note Reporter. There you can see the ads of the National Dealers who deal in National Currency. You will need to become astute at how Nationals from your area of collecting interest (state, hometown) are graded and priced. It takes doing a lot of homework and calculations.

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Looks to have a tear on the lower margin. This will discount it about 25% at least. Nationals are hard to determine values even with the Kelly price guide. A Virginia collector might even pay higher than retail value.

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Looks to have a tear on the lower margin. This will discount it about 25% at least. Nationals are hard to determine values even with the Kelly price guide. A Virginia collector might even pay higher than retail value.

 

Bingo! Like I said earlier, if there is demand for a particular title, no price guide will give you an accurate value.

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Hello-

 

What appers to be a tear is only evident from the reverse of the note; could be an extremely soiled crease. I don't see any evidence on the corresponding obverse view. FWIW, I would call the note Ch. Fine "15". I wouldn't go VF 20 on it in any case.

 

It is definitely a "keeper" though. I'm really not a National Bank Note collector, but I do like the 1929 FRBNs. The Brown Seal notes are way cool!

 

Rodger

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