Introduction to Collecting Currency (Paper Money) – Numismatics

Posted by: ,
Introduction to Collecting Currency (Paper Money) - Numismatics
1934 $5,000 Federal Reserve Note Chicago

This article will serve as our introduction to collecting currency. Future articles will focus on a number of topics related to currency collecting and eBay.

Many people don’t realize that the United States has had money in higher denominations than the $100. The modern era of US currency started in 1928 when it was produced at physically the same size it is today. At that time, we printed $1 bills to $100 bills as well as $500’s, $1000’s, $5,000’s, and $10,000’s. And a dollar back in 1928 went about 14 times further than it does today. You could hand someone a $10,000 bill to buy a decent house in many parts of the country. And get some change!

$500’s and $1000’s were used heavily by gamblers. Now if you are a high roller you usually use credit because of the anti-money laundering laws in place. In the movies they often show a briefcase of cash and say it is $20,000,000 or something. A standard briefcase fits about $1,000,000 in $100 bills. But if you have $1000’s, you could get $10,000,000 in one piece of carry on luggage. Viva Las Vegas!

Introduction to Collecting Currency (Paper Money) - Numismatics

Introduction to Collecting Currency (Paper Money) - Numismatics

Then Came the 1970s

Then came the ‘70’s. Richard Nixon put a break on all the fun by telling banks to turn in all $500 and higher denominations to the Federal Reserve when they were deposited. Part of the War On Drugs. Damn Hippies and their drugs!

Today there are about 20,000 $500 bills outstanding, 15,000 $1,000 bills outstanding. And a few hundred $5,000’s and $10,000’s. If someone brings a $1,000 into a bank and there is a young teller, they often think it is fake. Older tellers and managers will often buy it and take it to a coin shop or something where they know they can get above face value. You can still get one to show your friends at my website Action Currency or the Action Currency eBay site. You could even get a beat up one for the thrill of putting it on the craps table for a stack of green. But you can’t get one from the bank in 2017.

Some topics we are considering for upcoming articles include, in no particular order :

  • War on cash… €500 euro note going away. $1,000 and $500 Canadians going away. India’s war on cash.
  • eBay: eBay bucks and manufactured spend.
  • What cash used to look like before 1928.
  • Can go through dozens of small pieces with specific types on notes.
  • Zimbabwe and hyperinflation notes.
  • eBay: mistakes in making your listing. Free shipping.
  • eBay: feedback and how it is worthless unless you are selling. Who not to buy from.
  • eBay: auctiva. Why you should use this when selling.
  • eBay: jumping through their hoops and why your product gets ranked higher.

Please feel free to ask questions, and let us know what you would like to read and learn about in the comments below.

The Series Continues :
The Front Lines on the War on Cash | India

Jeff has spent years pursuing his passions that include a multitude of foodie interests, casino adventures, as well as trips that range from outdoor nature hikes to luxury hotel retreats. His foodie interests span the world of wine, sake, luxury spirits, fine dining and unique dining opportunities throughout the United States. When not traveling, you will find Jeff educating and supporting collectors in the banknote world at Action Currency which can be found at http://www.actioncurrency.com