Quote:
Originally Posted by Johnny Hughes
What happened to five hundred and a thousand dollar bills? Did the government recall them? I remember when the new hundreds came out. Some old gamblers paniced that their cash hoard would be made obsolete or they'd have to trade it in. They brought old bills and left with new bills as often as they could from the poker.
Unlike $10,000 notes, they are still "monetized". In other words, they are still legal tender and you could take one to a bank and get 500 or 1000 singles for them.
$10,000 notes have been demonetized and are no longer legal tender. They are worth $60,000+ on the secondary market but technically, a bank could refuse to "change" them to 10,000 singles for you.
Many banks have a policy where employees can purchase, at face value, any coins or cash brought in by a customer. This often happens if someone deposits with silver certificates or silver bearing coins.
A smart teller at such a bank, would be well served to buy any $500 or $1000 notes they come across at face value and resell them to the collecting community.
A friend of mine wanted one to keep in his wallet as a conversation piece and for bragging purposes. Knowing I attend many coin/currency auctions and shows, he told me to keep an eye out for him.
Since he was going to be folding it into a wallet, he did not want an uncirculated note (they sell for a good premium).
I finally was able to procure a ratty $500 note at auction. There was a 10% buyer's fee tacked onto the hammer price. Since the note was in poor shape, the final price was just $500 plus the $50 buyer's fee.
Every time I see him, I ask to see the note. He says he's gotten way more than $50 worth of fun out of it and never misses a chance to show it off.
ps: If you find bills with unique serial numbers, they are also worth a premium. "Radar" notes that read the same backwards and forwards (58322385), "Ladders" (12345678), "Solids" (55555555), "Repeaters" (24532453), etc.
Last edited by patstap; 09-01-2008 at 10:00 AM.