Official 2002 Blackbook Price Guide to U. S. Paper Money

MARKET REVIEW We have had another amazing year! Collectors and dealers of fifty years ago would never, in their wildest imaginations, have dreamed of today's marketplace. They would undoubtedly be pleased to see the widespread interest in their hobby. Paper money has become a premier collectible, and prices continue to spiral upward. Paper money shows and Internet sales have been well attended. Collector interest is spreading into areas that in the past have remained relatively quiet. In essence, we have had another banner year! Internet sales are brisk, and the number of notes sold on-line last year probably exceeded one million! E-bay handled over a quarter million by itself. Translated into dollars, that's probably about 80 million dollars in on-line transactions. Paper money auctions held in conjunction with major shows have been well attended and have produced stellar results. At the January CAA (Currency Auctions of America), a new all-time record was set when an 1882 $1,000 (Fr#1218d) bill in About New Condition brought $935,000. Len Glaser of California verified that sales in their three auctions exceeded $10 million during the past year. When asked for his opinion regarding the future, he stated ?We see another banner year ahead with continued growth in the collecting fraternity and increasing activity, as well as prices, in the entire field of collectible currency.'? I agree. The advent of Internet auctions has created a greater exposure to the paper money field than any other single event in the history of our nation. As a collector, the opportunity to find specialized material has radically increased, but so has the competition for that material. Where one could previously find a ?sleeper,? now often results in intense competition for the same note. An example of that was an obsolete note we offered on Sabine Parish, LA. The note had fallen apart, and the pieces were glued on to heavy paper backing. We opened the note at $1 and although rare, we were amazed when the bidding reached $41. You can imagine our surprise when it closed at $481. In years past we would have gladly sold the note locally for $5 due to lack of interest. We found the following activity during the year: Large-Size Type Notes (1861?1923): Large-size notes are, without doubt, the most beautiful and historical remnants of a time in our history that has been long forgotten. Notes such as the 1901 $10 Bison depicting Lewis & Clark, and the 1899 $5 that bears the portrait of Chief Running Antelope, depict 1800s life on the western plains. The Rainbow series of 1869 or the Educational series of 1896 showcase the engraver's art. This has been and continues to be the premier area of paper money collecting. With the two major census's available today, we know with relative security what is and isn't available. The rarer notes (above $3,000) are much sought after regardless of grade. The middle-priced notes (ranging from $600 up) are also heavily sought after, but due to availability, the buyer knows that if the price sounds high, he will soon see another priced closer to his wallet. The lesser notes (below $600) are readily available unless they are of such superb quality that another similar note may not appear for several months. With the current prices on rare-type notes, it requires deep pockets to put together an extensive collection. It is, however, worthy of a rewarding lifetime pursuit. Small-Size Type Notes (1928?present): Major growth continues in this area of collecting. Many of the notes previously thought to be relatively common have been found to be quite scarce. Notes such as $1 1928 and $2 1928B Red Seals are seldom encountered at auction. Although Hawaii overprint notes are always available, this is not true of the $5, $10, or $20 in really nice Gem CU condition. As such, they command a staggering premium when auctioned. Other areas of high interest are low serial numbers and star notes. BotHudgeons, Marc is the author of 'Official 2002 Blackbook Price Guide to U. S. Paper Money' with ISBN 9780676601671 and ISBN 0676601677.