| Dealer Verbal Appraisal |
Free - $25 |
Quick assessment, often free if considering selling |
| Online Expert Appraisal |
$10 - $75 |
Digital evaluation based on photos |
| Written Appraisal for Insurance |
$75 - $300 |
Detailed documentation of value and authenticity |
| Professional Grading Service |
$25 - $150 per note |
Authentication, grading, and encapsulation |
| Estate Collection Appraisal |
$200 - $1,000+ |
Comprehensive valuation of multiple items |
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When seeking an online appraisal, be sure to provide clear, high-resolution photographs of both sides of each note, along with any distinguishing features like serial numbers or signatures.
Professional currency grading uses standardized scales to objectively assess a note’s condition. The Paper Money Guaranty (PMG) is one of the leading third-party grading services that provides impartial assessments backed by a comprehensive guarantee.
The PMG Grading Scale
PMG uses a numerical scale from 1 to 70, with higher numbers indicating better condition:
- Poor (1) - Extremely worn, may have tears or pieces missing
- Fair (2) - Heavily worn with possible tears, stains, or repairs
- Very Good (10-15) - Well-circulated with moderate wear
- Fine (20-35) - Signs of circulation but still reasonably attractive
- Very Fine (30-35) - Light circulation with some minor creases
- Extremely Fine (40-45) - Minimal circulation evidence, good color
- About Uncirculated (50-58) - Very slight signs of handling
- Uncirculated/Mint State (60-70) - No evidence of circulation
A difference of just a few points on the grading scale can significantly impact a note’s value. For example, a rare $20 Gold Certificate might be worth $500 in Fine condition but could fetch $2,000 or more in Uncirculated condition.
Third-Party Grading Services
Having your currency professionally graded by a respected third-party service adds credibility and can increase marketability. The most respected grading services include:
- Paper Money Guaranty (PMG) - Widely recognized for paper currency
- Professional Currency Graders (PCG) - Specializes in U.S. paper money
- PCGS Currency - Division of the Professional Coin Grading Service
- Legacy Currency Grading - Known for thorough evaluations
These services typically:
- Authenticate the note as genuine
- Assign a numerical grade
- Encapsulate the note in a protective holder
- Provide documentation of the assessment
While third-party grading does involve a fee (typically $25-$100 per note), the investment can be worthwhile for rare or valuable items as it often increases both salability and final selling price.
Currency Condition Self-Assessment
Check applicable items to get a general idea of your currency's condition
Note that this self-assessment is just a preliminary guide - professional grading requires expert evaluation under proper lighting and magnification.
Although condition is often the most significant value determinant, several other factors play important roles in determining what your old currency might be worth:
Rarity
The scarcity of a note dramatically affects its value. Factors that influence rarity include:
- Limited mintage - How many were originally produced
- Survival rate - How many have survived to present day
- Geographic rarity - Notes from certain banks or regions can command premiums
- Historical context - Notes connected to significant events often have higher values
Special Features
Certain characteristics can make otherwise common notes considerably more valuable:
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Serial numbers - Low numbers (under 100), fancy patterns (repeaters, ladders, solids), or special numbers (e.g., 777777)
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Star notes - Replacement notes indicated by a star symbol in the serial number
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Error notes - Bills with printing errors like ink smears, misaligned printing, or wrong denominations
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Signatures - Some signature combinations are rarer than others
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Seal types and colors - Different seal colors (red, blue, brown, yellow, green) indicate different types of notes
Historical Significance
Currency that represents important moments in financial history often carries premium value:
- First/last series of a particular design
- Notes from significant economic periods (Depression era, wartime)
- Experimental or transitional issues
- Notes associated with famous historical figures
Market Demand
Ultimately, a note is only worth what a collector is willing to pay. Current collecting trends influence which types of currency are most sought after. According to the Heritage Auctions Currency Value Guide, market demand can fluctuate based on:
- Current collecting trends
- Recent auction results
- Media attention to certain types of currency
- New research revealing previously unknown rarities
Evolution of U.S. Currency Types and Their Collector Value
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Pre-1860s
Obsolete Bank Notes
Before federal regulation, thousands of banks issued their own currency. These colorful, ornate notes now range from $20-$5,000 depending on rarity and condition.
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1861-1865
Confederate Currency
Issued during the Civil War, Confederate notes vary widely in value ($50-$15,000+) based on denomination, date, and rarity.
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1863-1929
National Bank Notes
Notes issued by thousands of nationally chartered banks. Small-town banks and rare states can command significant premiums ($100-$50,000+).
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1878-1923
Silver Certificates
Once redeemable for silver, these notes feature distinctive blue seals. Common examples start at $20-$50, while rare types can exceed $10,000.
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1863-1935
Gold Certificates
These yellow-sealed notes originally promised payment in gold. Values range from $150 for common types to $25,000+ for rarities.
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1914-Present
Federal Reserve Notes
Our modern currency type. Pre-1950 notes often trade at modest premiums, while rare early series can be worth thousands.
Whether you’re getting an online or in-person appraisal, proper preparation is essential:
Safe Handling Practices
Improper handling can permanently damage valuable currency:
- Clean, dry hands - Always handle currency with clean, dry hands or wear cotton gloves
- Flat surface - Examine notes on a clean, flat surface
- No chemicals or cleaning - Never attempt to clean, press, or repair old currency
- Avoid folding - Don’t fold or refold notes
- Proper tools - Use flat-tipped tongs if necessary, never fingers
Documentation
Before seeking an appraisal, document what you have:
- Inventory list - Create a detailed inventory including denominations, years, and types
- Photographs - Take clear images of both sides of each note
- Origin information - Note any provenance (where it came from, family history)
- Previous appraisals - Gather any existing documentation
Storage Recommendations
While awaiting appraisal, store your currency properly:
- Acid-free holders - Use archival-quality currency sleeves or holders
- No PVC products - Avoid plastic that contains PVC, which can damage notes
- Climate control - Store in a cool, dry environment away from direct sunlight
- Flat storage - Keep notes flat, not folded
- Security - Consider a fireproof safe for valuable items
Proper preparation not only protects your currency but also facilitates a more accurate appraisal by allowing experts to clearly see the condition and details of each note.
After getting your currency appraised, you’ll need to decide what to do next. Here are the main options to consider:
Selling Your Currency
If you decide to sell, there are multiple avenues to explore:
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Currency dealers - Offer quick sales but typically at wholesale prices (60-80% of retail value)
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Auction houses - May achieve higher prices for rare items but charge seller’s fees (typically 10-20%)
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Online marketplaces - Platforms like eBay can reach many collectors but require more work on your part
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Private sales - Selling directly to collectors can maximize profits but requires networking
According to responses in Quora discussions about selling old currency, online platforms like eBay and specialized marketplaces are among the most trusted options for selling old currency.
Building a Collection
If your appraisal reveals interesting or valuable items, you might consider:
- Expanding your collection with strategic purchases
- Joining numismatic organizations to build knowledge
- Attending currency shows to connect with other collectors
- Subscribing to publications that track market trends
Insurance and Secure Storage
For valuable currency you decide to keep:
- Insurance - Consider specialized collectibles insurance
- Banking options - Safe deposit boxes offer security
- Home storage - Invest in a quality safe for items kept at home
- Display considerations - If displaying, use UV-protected frames and avoid direct sunlight
Authentication and Grading
If your appraisal was informal, you might want to:
- Submit valuable items to third-party grading services
- Get written appraisals for insurance purposes
- Consider authentication for questionable items
Remember that currency values fluctuate over time, so periodic reappraisals of valuable collections are recommended every 3-5 years.
Trusted Old Currency Appraisal Resources
Frequently Asked Questions About Old Currency Appraisal
How do I get old money appraised?
You have several options for getting old currency appraised:
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In-person options: Visit a reputable currency dealer, numismatic shop, or bring your items to a coin and currency show where experts are available.
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Online options: Submit photos to online appraisal services like Heritage Auctions’ free appraisal service or use specialized platforms like Value My Stuff.
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Professional organizations: The American Society of Appraisers and International Society of Appraisers maintain directories of certified appraisers specializing in numismatics.
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Auction houses: Major auction houses that deal in currency can provide evaluations, especially for potentially valuable items.
For the most accurate results, consider getting multiple opinions, particularly for potentially rare or valuable notes.
What makes old currency valuable?
Several key factors determine the value of old currency:
- Rarity: How many were printed and how many have survived
- Condition: The physical state, with uncirculated notes worth significantly more
- Historical significance: Notes from important eras or with unique histories
- Type: Certain types (like Gold Certificates) are more collectible than others
- Serial numbers: Low, unique, or fancy serial numbers can add value
- Errors: Misprints and production errors often command premiums
- Age: Generally, older notes tend to be more valuable, but this isn’t always true
- Demand: Collector interest in particular series or types
Even common notes in uncirculated condition can be worth several times their face value, while truly rare specimens can be worth thousands.
How much does a currency appraisal cost?
Currency appraisal costs vary depending on the type of service:
- Verbal assessments: Often free at currency dealers, especially if you’re considering selling
- Basic online appraisals: $10-$50 depending on the service
- Written appraisals for insurance or estate purposes: $75-$300
- Professional third-party grading services: $25-$100 per note plus shipping and insurance
Many dealers offer free evaluations hoping you’ll sell to them, while more formal written appraisals for insurance or estate purposes typically involve fees based on the time involved and the appraiser’s expertise.
Where can I sell my old currency for the best price?
To maximize your return when selling old currency, consider these options:
- Auction houses: For rare or valuable items, specialized currency auctions often achieve the highest prices (Heritage Auctions, Stack’s Bowers)
- Direct to collectors: Selling through numismatic organizations or at currency shows can eliminate middleman fees
- Online marketplaces: eBay and specialized collector sites reach wide audiences
- Currency dealers: Offer convenience but typically pay wholesale prices (60-80% of retail)
- Consignment: Some shops will sell your items for a percentage fee
For the best results, get multiple offers, understand market values before selling, and consider having valuable items professionally graded first.
Can I get foreign or old colonial currency appraised?
Yes, foreign and colonial currency can absolutely be appraised, though it may require more specialized expertise:
- Many currency dealers who handle U.S. notes also have knowledge of foreign currency
- Specialist dealers focus exclusively on world paper money
- Auction houses like Heritage Auctions and Spink & Son have dedicated world currency departments
- Online services like PMG can authenticate and grade world banknotes
Colonial and foreign currency can sometimes be more valuable than U.S. issues, particularly rare notes from countries with strong collector bases or notes from defunct countries and colonies. PGS Gold & Coin specifically mentions offering expert currency appraisals for both US and foreign currency from any country in the world.
How can I tell if my old currency is authentic?
Determining authenticity requires examining several key elements:
- Paper quality: Genuine notes have distinctive paper with embedded security features
- Printing details: Look for crisp, detailed printing, particularly in portraits and fine lines
- Serial numbers: Verify appropriate font and spacing for the era
- Security features: Depending on the era, look for appropriate watermarks, security threads, color-shifting ink
- Size and dimensions: Measure the note as sizes changed over time
For valuable notes, professional authentication through services like PMG is the most reliable method. They have specialized equipment and expertise to detect sophisticated counterfeits. Be especially cautious with rare high-denomination notes, which are frequently counterfeited.
Does cleaning or pressing old currency increase its value?
No, cleaning or pressing old currency almost always DECREASES its value, sometimes dramatically. Professional collectors and dealers can easily spot cleaned or pressed notes, and such alterations are considered damage.
- Never use any chemical cleaners on paper currency
- Avoid attempting to remove stains or markings
- Don’t try to flatten or press folded notes
- Never tape tears or repairs
Professional conservation for severely damaged rare notes should only be done by experts. The best approach is to handle notes carefully and store them properly in archival-quality holders to prevent further deterioration.
Are there mobile apps for old currency appraisal?
Yes, several mobile apps can help with preliminary currency identification and valuation:
- Coinoscope: Primarily for coins but has some currency features
- Numista: Comprehensive database with a mobile interface
- PCGS CoinFacts: Includes some currency information
- Banknote World: Specialized for world paper money
However, these apps should be considered starting points rather than definitive appraisal tools. They can help identify what you have, but for accurate valuation of potentially valuable items, professional expertise is still recommended. Most apps provide ballpark estimates based on average specimens, not considering the specific condition and characteristics of your particular note.
Conclusion: Maximizing Your Old Currency’s Potential
Understanding the true value of your old currency requires professional expertise, but being informed about the appraisal process empowers you to make the best decisions. Whether your old notes are worth their face value or thousands of dollars more, proper evaluation ensures you don’t inadvertently undervalue or damage potentially precious items.
Remember these key takeaways:
- Professional appraisal is crucial for accurate valuation of potentially rare or valuable currency
- Condition dramatically impacts value, with uncirculated notes worth significantly more
- Multiple factors beyond age determine worth, including rarity, special features, and market demand
- Proper handling and storage are essential to preserve value
- Third-party grading can increase marketability and credibility for valuable notes
- Various selling options offer different tradeoffs between convenience and maximum return
Whether you’re liquidating an inheritance, considering starting a collection, or simply curious about that odd old bill in your drawer, taking the time to pursue a proper appraisal is the essential first step in unlocking the hidden value of your old currency.
For the most valuable pieces, consider professional grading and authentication services like PMG, which provide documented proof of authenticity and condition—often increasing both marketability and final selling price. And remember that currency values can change over time, so periodic reappraisal of valuable collections is always recommended.
By following the guidance in this article and utilizing the resources provided, you’ll be well-equipped to navigate the fascinating world of old currency appraisal with confidence.
