Group Share Admin:A001 This is Good Article,Numis Collector Please read through all content & understand carefully. Collecting Banknotes .. A Reference for Beginners The WHAT , WHY & HOW of Banknote Collecting Collecting Banknotes , or for that matter , coins is looked upon differently by different people . There are some who collect for pleasure , while some for pride of possession . Few collect for knowledge and few for investment . Whatever be the reason , a person starting a collection of Notes / Coins needs to be aware of certain facts without which , he would and up spending cash on crap ! Let me try and highlight a few points for the beginners .. ( Not that I am an ace collector myself , but then , atleast I have descent idea of what I am going to talk about ) As far as Notes/coins are concerned , their value depends only on one factor .. their condition ! Let me clarify that I intend to talk only about Banknotes . I am myself a Bank Note Collector and my collection Includes anything connected with INDIA. Banknotes are Graded depending on the condition . The Grades include UNC , AUNC , XF , VF , Fine , VG , Good , Fair , Poor etc etc . I will not go into details of what these Letters mean , as a search on any of the popular search engines would give you a detailed idea of all these grades and help you understand what I am talking about. Just for an Idea , UNC means Uncirculated and is that highest grade in which a note is availble , while Poor is as bad as currency can get . A VF Note of British India ( 1920s ) may cost apporx 50~70$ , but the same note in UNC would go as high as 200~250$ ! So , as you see , all that matters is the grade . Also , Many Collectors collect Modern World Notes or Modern Notes with Fancy Numbers . Such notes should preferable be purchased in the highest possible grade only ie UNC. I will come back to details about that a little later .. Now , Coming to the point ... What should you as a collector know , before you start buying notes for buliding your own collection ??? 1. Try to collect the Notes in the highest grade possible , that you can afford. Remember , the Higher the grade , the more its price , the more its value and the better it looks in your album :) 2. Find out the approx. value of that note ( in that grade ) . A Banknote Catalog would be helpful , however , its not totally reliable , as the market value fluctuates. 3. Use the advanced search option of ebay , its a phenomenally powerful tool . You can search ebay for similar items sold in the past , which would give you the idea of the approx value of the note you are buying. Ofcourse ,Very Very Rare notes may not have been sold on ebay in the recent past , hence , you would have to rely on approx value from catalog. 4. Always Buy Items from a reputable seller with a descent feedback, who accepts Paypal ( Its very safe to pay by paypal , and very very easy too ). Return policy is a necessity , incase you dont enjoy your puchase . Remember , your satisfaction is a must . 5. Always ask for scans of both sides of the note , preferably high reslution scans . No scanner can depict a note perfectly , hence , the words of the seller have to be relied upon , however , a large scan does give an idea of what you are biddin on . If a seller Has not indicated the grade of the note , excercise caution . Phrases such as Item as per Scan or Judge condition by picture maybe misleading . 6. Request Shipping by registered Airmail . You dont want to loose a 200$ note in mail , just because you didnt want to spend 2$ extra on registered post. If insurance is available , request for that ! I have personally lost over 400$ due to pilfered items in mail . I have learnt the hard way , atleast , you dont make the same mistake. 7. Lastly , be choosy in what you buy . Just because a rare note is offered in a high grade, dont bid ridiculously and end up paying double the price . Another Note of the same grade will be offered , sooner or later . Patience is a virtue ! Coming to our next topic of discussion .. what to collect and how ? Well , collect what ever you like !! As long as its gives you happiness , just go ahead ! Many collectors collect Old Rare Notes , which cost a fortune and may dig a hole in your pocket worth Thousands of dollars ! Others collect Modern World Notes , which are not expensive and are available for a fraction above the face value . The choice is entirely yours ! Many collectors Enjoy fancy serial Number Notes like Solid Serial ( 111111 , 222222 etc ) or Ascedning numbers like 123456 and so on . These notes are more expensive , but never as highy priced as the Old Rarer Notes in a High Grade . Few collectors enjoy the pride of possessing ERROR Notes . These notes are blunders of the security press which prints these Notes , and form amazing topics of discussion . Sometimes , the errors are so unique , that these notes end up costing a fortune !! Nevertheless , they probably would be the most intersting to collect since many notes of the same error are seldom seen , also , different type of errors can be obtained to grow the collection. Personally , I dont enjoy Fancy Numbers and World Notes .For that matter , I also avoid venturing into the vast field of Errors . I only concentrate on Rare Indian Notes of British Era ( In High Grade Naturally) . I also collect Bimetallic Coins . This is just to give you an example as to what you may choose. My Choice is mine , your choice is entirely yours ! Guiding you as to what you should collect would be ridiculous , after all , at least choose for yourself :) As you can see , the choice is unlimited , but it is very important to draw your boundaries and not over step . Afterall , You cant own verything in the world ! Remember , maintaining your collection is as important as building your collection . Invest in High Quality Albums for your banknotes , which are specifically designed to hold Currency .They may be a little epensive , but trust me , they are worth it ! Some of the high end acrylic holders prevent atmospheric damage to currency and prevent effects like paling or fading . Store your albums in a cool dark place , away from heat and sunlight. However , cold dark storage areas may be damp and may nest insects and bugs , which can be a menace to your collection. Red Ants and Silverfish can EAT though your entire collection withing weeks ! SO BEWARE ! If your collection is worth a furtune , it would be wise to invest in a metallic safe . Use Dehumidifying Agents like SILICA GEL Bags and Insect Repelling Pellets like Phenophthalene . This will ensure that that your priced possesions are kept protected from Moisture and Bugs ! I guess I have spoken enough . All you need to do is research before you buy , and your collection will become a great one to ponder over , if you keep your eyes/ears open , and play safe . Remember , Get the higest Grade note that you can afford . Many Collectors buy poor garde notes as Fillers to fill in gaps in their collection . I consider that a waste of Time and Money . You might as well wait a little longer and you will get that piece you were looking for , in the grade of your choice ! Good luck and Happy Collecting .. and ... Happy Bidding !
Posted on: Sat, 22 Nov 2014 20:02:55 +0000
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