Selling Old Paper Money – An Official Guide

‘Selling Old Paper Money’ Posted by: American Coins & Gold | March 6th, 2018

 

 

Whether you just inherited a collection of old currency or you are a long time collector, you can gain some valuable information by reviewing our official guide to selling old paper money. There is a lot of different methods and options when it comes to selling paper money and the more knowledge you have the more likely you will have a positive experience. When we use the term “Old Paper Money” we are referring to US National Currency, Gold Certificates, Silver Certificates and Legal Tenders. The buying & selling of old paper money is actually very lucrative industry. Believe it or not, certain pieces of paper currency have sold for over a quarter million dollars!

Top 3 Methods Of Selling Old Paper Money

Each option below has its own list of pros and cons associated with it.

1)  Auctions – Physical & Online

With paper money auctions you are subjecting yourself to the highest risk out of each of the methods listed in this guide. The reason there is such high risk is for multiple reasons. The first, is that auctions force you to commit to selling your old paper money before you know what you will receive for it. Even though you can set a minimum starting price you are still at the mercy of the competitiveness of the auction. With that being said, in some cases there can be high rewards in auctions if there are multiple collectors interested in the same item. This can cause a bidding war which could sky rocket the final selling price.

2)  Private Online Buyers & Companies

Your next option lies in sending your paper money to private buyers and companies that you find online. This is likely what you will see online when you begin your journey of selling old paper money. This option can get you paid a fair amount for your currency IF you are dealing with the right person / company. While the majority of businesses are legit, unfortunately, there are still people looking to extort and make money unethically. Before you send your valuable paper currency to people you do not know we highly suggest considering the next method below.

3) Local Paper Money Buyers

The last but certainly not least method for selling your old paper money is to consult your local paper money buyers. This is not only the most secure option, but also your most profitable choice as well. It is the most secure and safe because you are dealing in a professional environment and not sending anything through the mail. As we all know, the mail is not 100% and loses packages all the time. By bringing your valuable currency into a professional your items never leave your possession. The reason this is your most profitable choice is because you have nothing to lose! All top notch Paper Money Buyers will offer a no obligation appraisal offer which you can take for cash on the spot or leave and think about it.

Factors That Impact Value Of Old Paper Money

 Now that we have explored all of the different methods you can use to sell your currency, lets focus on the factors that impact the value AKA the selling price.

a)  Type / Rarity

The first and most obvious factor that influences selling price is what you money actually is. Every legal tender was circulated in different volumes which make smaller batches and older currency much more rare. The rarity for an antique legal tender can be much higher than an old but widely circulated currency. You can do some research online to see which type of paper money you have and how much similar items have sold for, but your best bet is to have it evaluated by a trained professional. To the untrained eye an extremely rare piece of paper money currency might be missed.

b)  Condition

The condition of the actual bill is another highly impactful factor that effects the ultimate selling price. In all cases, the better the condition of the bill the higher your payout will be. Even though an old piece of paper currency might be damaged it doesn’t mean that it is worthless. When you go to get your paper money collection appraised be sure to bring every single bill you have. Sometimes the most damaged item might actually be the rarest and most valuable! You never know until a professional has the chance to appraise it for you.

c) Demand / Collectibility

Lastly, the demand and collectibility of your specific paper currency can also have a direct impact on its value. For example, if you come across a certain paper buyer or collector that is highly interested in your collection you might get an even higher payout than you originally expected. This why you should always have your old paper money appraised before you go to sell to ensure the highest cash payout possible.

Get Your Free Paper Money Appraisal Today!