How to Get Old Money Appraised: Value Guide for Antique Currency
Learn how to get your old currency professionally appraised and discover what factors determine the value of antique money, banknotes, and rare bills.
By Appraisily TeamLast updated June 12, 2023
Have you discovered old paper money tucked away in an attic, inherited from a relative, or found in a forgotten wallet? That weathered currency might be worth significantly more than its face value. Understanding how to properly appraise old money can be the difference between spending a rare bill at face value and discovering a valuable collector’s item.
This comprehensive guide will walk you through everything you need to know about old money appraisal – from identifying potentially valuable currency to finding reputable appraisers and understanding the factors that determine a bill’s worth in today’s collector’s market.
<h2 class="section-header__title">
<span>Understanding the Value of Old Currency</span>
</h2>
<div class="section-header__body">Before seeking an appraisal, it’s helpful to understand that old paper money can have several different types of “value” that may exceed its face amount.</div>
There are four primary types of value when it comes to old currency:
Face Value - The printed denomination on the bill (what you could spend it for)
Book Value - The average dealer retail price for that particular note
Wholesale Value - The price dealers might pay to acquire the note (typically 60-80% of book value)
Auction Value - The price the note might bring at auction, which can vary widely based on bidding interest
Just because a bill is old doesn’t automatically make it valuable. However, certain factors can significantly increase a note’s worth to collectors and investors.
Key Factors Affecting Old Money Value
<h3 class="section-header__title">
<span>Factors That Make Old Currency Valuable</span>
</h3>
<div class="section-header__body">Understanding what makes old money valuable can help you identify potentially significant items in your collection.</div>
Rarity
The scarcity of a particular note is perhaps the most crucial factor in determining its worth. Limited print runs, discontinued series, or bills that were mostly destroyed or recalled are typically more valuable.
Condition
The physical state of your currency dramatically impacts its value. Professional graders use a detailed scale ranging from “Poor” (heavily damaged) to “Gem Uncirculated” (pristine condition with no signs of wear).
Historical Significance
Currency from significant historical periods or with unique historical connections often commands premium prices. This includes Confederate currency, notes from the banking crises, or special wartime issues.
Errors & Varieties
Bills with printing errors or special characteristics can be extremely valuable. These include:
Misaligned printing
Missing serial numbers
Ink errors
Wrong paper use
Cutting errors
Serial Numbers
Certain serial numbers can significantly enhance value:
Solid numbers (e.g., 88888888)
Ladders (e.g., 12345678)
Low numbers (e.g., 00000001)
Binary numbers (only 0s and 1s)
Radar/palindrome numbers (same forward and backward)
<h2 class="section-header__title">
<span>Types of Collectible Currency</span>
</h2>
<div class="section-header__body">Various types of currency attract different levels of collector interest and can have vastly different values.</div>
Large Size Notes (Pre-1929)
Often called “horseblankets” for their larger size, these notes were standard currency until 1929. They include:
Silver Certificates
Gold Certificates
Treasury Notes
Federal Reserve Notes
National Bank Notes
Small Size Notes (1929-Present)
The familiar size of modern currency, these notes include several collectible categories:
Silver Certificates
Gold Certificates
Red Seal United States Notes
Brown Seal Federal Reserve Notes
Star Notes (replacement notes with a star in the serial number)
National Bank Notes
From 1863 to 1935, thousands of national banks issued their own currency backed by U.S. bonds. These notes, which bear the issuing bank’s name, are highly collectible—especially from small towns or banks that issued limited quantities.
Confederate & Obsolete Currency
Notes issued by the Confederate States during the Civil War and obsolete currency issued by states, cities, and private banks before federal regulation can be quite valuable to collectors of historical paper money.
Value Ranges for Common Currency Types
Market values vary widely based on condition and rarity
Category
Price
Notes
Large Size Silver Certificates
$50-$1,000+
Common dates in average condition to rare dates in high grade
Small Size Silver Certificates
$2-$200+
Common issues to rare star notes
National Bank Notes
$100-$10,000+
Common banks to rare issuers
Star Replacement Notes
$2-$1,000+
Depends on denomination, series, and condition
Confederate Currency
$20-$5,000+
Common notes in poor condition to rare high-grade examples
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<h2 class="section-header__title">
<span>How to Get Your Old Money Appraised</span>
</h2>
<div class="section-header__body">Finding a reputable appraisal for your old currency is essential to determine its true market value.</div>
Professional Currency Dealers
Established currency dealers have the expertise to accurately assess your old money. Look for dealers who:
Are members of professional organizations like the Professional Currency Dealers Association (PCDA)
Have a physical location or regular presence at coin shows
Have been in business for many years
Can provide references if requested
Auction Houses
Major auction houses like Heritage Auctions or Stack’s Bowers specialize in numismatic items and offer free appraisals for items they might auction:
These services charge fees based on the value and type of note
Currency Shows and Conventions
Numismatic shows bring together dealers, collectors, and experts:
You can get multiple informal appraisals in one location
Compare offers if you’re looking to sell
Learn more about your specific notes from specialists
Local Coin Shops
Many coin shops also deal in paper money and can provide basic appraisals:
Convenient for quick assessments
May not specialize in rare or high-value currency
Consider getting a second opinion for potentially valuable items
Preparation Checklist for Currency Appraisal
Before getting your old money appraised, make sure you:
Handle notes carefully, preferably with cotton gloves
Store notes in acid-free holders or albums
Photograph both sides of each note
Record any known history or provenance
Research basic information about the currency type
Never clean, press, or repair notes yourself
Organize notes by type and denomination
<h3 class="section-header__title">
<span>Online Appraisal Options</span>
</h3>
<div class="section-header__body">In today’s digital age, several online options can help you get a preliminary assessment of your old currency’s value.</div>
Online Appraisal Services
Several professional numismatic companies offer online appraisal services:
Submit photos and information through their websites
Receive expert evaluations, often within a few days
Members often help identify unusual notes and provide rough value estimates
<h2 class="section-header__title">
<span>Understanding Currency Grading</span>
</h2>
<div class="section-header__body">Professional currency grading is a standardized way to assess a note’s condition, which significantly impacts its value.</div>
The Sheldon Scale for Currency
Most professional graders use a 70-point scale adapted from coin grading:
Poor (P-1): Extremely worn, may have pieces missing
Fair (FR-2): Heavy circulation, may have tears or stains
About Good (AG-3): Very heavy circulation, intact but worn
Good (G-4 to G-6): Heavy circulation but all features visible
Very Good (VG-8 to VG-10): Well circulated but cleaner appearance
Fine (F-12 to F-15): Moderate circulation, some creasing
Very Fine (VF-20 to VF-35): Light to moderate circulation
Extremely Fine (EF/XF-40 to EF/XF-45): Light circulation, minimal creasing
About Uncirculated (AU-50 to AU-58): Minimal signs of handling
Uncirculated (MS/CU-60 to MS/CU-70): No circulation, ranging from obvious flaws to perfect condition
A difference of just a few grade points can sometimes double or triple a note’s value, especially in the higher grades.
Evolution of U.S. Currency
1861
Demand Notes
The first paper money issued by the U.S. federal government, created to finance the Civil War.
1863
National Bank Notes
Authorized by the National Banking Act, allowing thousands of national banks to issue their own currency backed by government bonds.
1913
Federal Reserve Notes
Introduction of Federal Reserve Notes, which remain the standard form of U.S. paper currency today.
1929
Size Reduction
U.S. currency size reduced by approximately 30%, creating the small-size notes used today.
1957
In God We Trust
The motto “In God We Trust” begins appearing on all U.S. paper currency.
1996
Modern Security Features
Major redesign introducing enlarged portraits, color-shifting ink, and other security features.
<h2 class="section-header__title">
<span>What to Expect During a Professional Appraisal</span>
</h2>
<div class="section-header__body">Understanding the appraisal process will help you get the most accurate valuation for your old money.</div>
The Appraisal Process
A thorough currency appraisal typically includes:
Authentication - Verifying the note is genuine, not counterfeit or altered
Identification - Determining the exact type, series, and variety of the note
Grading - Assessing the condition using standardized criteria
Market Research - Comparing to recent sales of similar items
Valuation - Providing an estimated value based on all factors
Appraisal Fees
Be aware of how appraisal services typically charge:
Percentage-based fees: Some appraisers charge a percentage (typically 1-3%) of the total value
Hourly rates: Professional appraisers may charge $100-$300 per hour
Flat fees: Some offer set rates for specific services or collection sizes
Free appraisals: Dealers and auction houses often provide free appraisals with the hope of earning your business for selling
Documentation
A professional appraisal should include:
Detailed description of each note
Assigned grade and condition notes
Current market value estimate
Authentication statement
Appraiser’s credentials and contact information
Date of the appraisal
Recent Notable Currency Auction Results
These recent sales highlight the premium values achieved by rare and high-quality notes
Item
Price
Date
Auction House
1891 $1,000 Silver Certificate
$2.6 million
January 2023
Stack's Bowers
1890 $1,000 "Grand Watermelon" Treasury Note
$3.3 million
April 2022
Heritage Auctions
Series 1934 $10,000 Federal Reserve Note
$384,000
September 2023
Heritage Auctions
1869 $500 "Rainbow" Legal Tender Note
$528,000
March 2023
Stack's Bowers
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<h3 class="section-header__title">
<span>Red Flags to Watch For</span>
</h3>
<div class="section-header__body">Protect yourself from unscrupulous dealers and inaccurate appraisals by watching for these warning signs.</div>
Immediate offers to buy without thoroughly examining the item
Pressure tactics urging quick decisions
Vague or overly broad statements about value
No references or verifiable credentials
Unusually high appraisal values followed by low purchase offers
Reluctance to put appraisals in writing
No explanation of how values were determined
Refusal to consider getting a second opinion
<h2 class="section-header__title">
<span>Do-It-Yourself Value Research</span>
</h2>
<div class="section-header__body">Before seeking professional appraisal, you can conduct some preliminary research yourself.</div>
Reference Materials
Several excellent resources can help you research your currency:
Standard Catalog of United States Paper Money by Krause Publications
Paper Money of the United States by Arthur and Ira Friedberg
The Comprehensive Catalog of U.S. Paper Money by Gene Hessler
Online Price Archives
Review recent auction results to gauge current market values:
<div class="section-header__body">Proper storage and handling are essential to preserve the value of collectible currency.</div>
Storage Solutions
Use appropriate archival-quality products:
Currency sleeves - Use non-PVC, acid-free plastic sleeves
Album pages - Currency-specific pages with pockets properly sized for bills
Portfolio binders - Acid-free binders to hold album pages
Currency holders - Semi-rigid holders for added protection
Handling Guidelines
Follow these best practices:
Clean, dry hands - Always wash and dry hands before handling, or use cotton gloves
Work surface - Use a clean, soft surface free from food, drinks, or other contaminants
Support the note - Always support the entire note when handling
Minimal touching - Hold notes by the edges whenever possible
No repairs - Never use tape, glue, or other materials to repair tears
Environmental Factors
Control these conditions to prevent deterioration:
Temperature - Keep between 65-72°F (18-22°C)
Humidity - Maintain 40-50% relative humidity
Light exposure - Minimize exposure to UV and bright light
Air quality - Avoid smoke, cooking fumes, and industrial pollutants
What to Avoid
These common mistakes can permanently damage collectible currency:
Folding or creasing notes
Writing on currency (even in pencil)
Using paperclips or staples
Laminating notes (ruins collectible value)
Cleaning with chemicals or erasers
Storing in attics, basements, or garages
Common Questions About Old Money Appraisal
How do I get old money appraised?
You have several options for getting old currency appraised:
Professional currency dealers who specialize in paper money
Auction houses like Heritage Auctions that offer free appraisals for potential auction items
Grading services such as PMG (Paper Money Guaranty)
Currency shows where multiple dealers can examine your items
Online appraisal services where you submit photos
For the most accurate appraisal, seek out a dealer who belongs to professional organizations like the American Numismatic Association or the Professional Currency Dealers Association.
What makes old paper money valuable?
Several factors determine the value of old paper money:
Rarity: How many examples still exist
Condition: The physical state of preservation
Historical significance: Connection to important events or periods
Type and denomination: Some types and higher denominations are inherently more valuable
Errors and varieties: Notes with printing mistakes or special characteristics
Serial numbers: Special patterns like solid numbers or low numbers
Demand from collectors: Popularity among collectors for certain issues
Some common bills may be worth only face value despite their age, while others can be worth thousands due to these factors.
How can I tell if my old money has value?
To identify potentially valuable old money:
Check the date and type (Silver Certificate, Gold Certificate, National Bank Note, etc.)
Look for star symbols in the serial number (indicates a replacement note)
Note any unusual serial number patterns (low numbers, repeated digits, etc.)
Check for printing errors or oddities
Research the condition compared to grading standards
Look up similar notes in price guides or recent auction results
Examine for bank names on National Bank Notes, which can be valuable if from small towns
Remember that most modern notes (post-1960s) are usually only worth face value unless they have special characteristics.
Where can I find a reputable currency appraiser near me?
To find a reputable currency appraiser in your area:
Check the Professional Currency Dealers Association membership list
Contact major auction houses like Heritage Auctions or Stack’s Bowers for recommendations
Visit established coin shops that also deal in paper money
Attend local coin and currency shows to meet dealers
Ask for recommendations in collector forums or groups
Always check credentials, request references, and consider getting multiple opinions for valuable items.
How much does a professional currency appraisal cost?
Appraisal costs vary depending on the service and scope:
Free appraisals: Many dealers offer free verbal appraisals, especially if you’re considering selling to them
Auction house appraisals: Often free for items they might auction
Written appraisals: Typically $50-$200 for basic documentation
Insurance or estate appraisals: Usually $75-$250 per hour
Professional grading services: $15-$100+ per note depending on value and service level
For valuable collections, formal written appraisals may cost several hundred dollars but provide detailed documentation useful for insurance or estate purposes.
Can I appraise old money online?
Yes, several online options exist for appraising old money:
Submit photos to online appraisal services like Heritage Auctions’ free appraisal service
Post clear images on collector forums like Paper Money Forum or Reddit’s r/papermoney
Use online price guides like the PMG Price Guide to research similar notes
Check completed auction listings on sites like Heritage or eBay for comparable sales
Use specialized apps designed for currency identification and preliminary valuation
Online appraisals provide good starting estimates, but for high-value items, an in-person evaluation by an expert is still recommended.
Will cleaning old paper money increase its value?
No, cleaning old paper money will almost always decrease its value, sometimes dramatically. Professional collectors and dealers prefer original condition, even with some dirt or age toning.
Cleaning can:
Remove the original “patina” that collectors expect
Damage the paper fibers
Create an unnatural appearance
Be detected by experienced dealers and graders
Result in significantly lower grades from professional services
If you have dirty currency, leave it as is and let a professional appraise it in its current condition. The only exception might be very gentle removal of loose surface dirt by a conservation professional for extremely valuable notes.
What are star notes and why are they valuable?
Star notes are replacement notes printed by the Bureau of Engraving and Printing to replace notes with printing errors detected during production. They have a star symbol (★) at the end or beginning of the serial number.
They’re valuable because:
Fewer star notes are printed than regular notes
They represent a small percentage of total currency
Older star notes are particularly scarce
Condition plays a major role in their value
Some series have extremely limited star note production
Star notes from the 1920s-1950s can be worth significant premiums, while modern star notes might sell for 1.5 to 5 times face value depending on condition and rarity.
<h2 class="section-header__title">
<span>Conclusion: Making the Most of Your Old Currency</span>
</h2>
<div class="section-header__body">Whether you’ve inherited old money or are actively collecting paper currency, understanding its value is essential.</div>
Old money appraisal is a blend of art and science, requiring careful assessment of multiple factors including rarity, condition, historical significance, and current market demand. While some old bills might be worth only their face value, others could be treasures worth hundreds or thousands of dollars to the right collector.
For the most accurate appraisal:
Do preliminary research to understand what you have
Document your notes with clear photographs
Seek multiple professional opinions for valuable items
Consider professional grading for significant pieces
Store your currency properly to preserve its condition
Stay updated on market trends if you plan to sell
Whether you’re curious about a single old bill or managing an extensive collection, taking the time to properly appraise your old money ensures you understand its true value in today’s collector market. Remember that reputable dealers and professional appraisers are your best resources for accurate valuations that can help you make informed decisions about your currency collection.
With proper knowledge and care, your old money might be worth much more than you think—perhaps even a small fortune hiding in plain sight.
