Release: MONDAY AUGUST 28, 2020
The phrase, “Cash is King” has long been the metaphorical gold standard in retail. Thanks to the COVID pandemic it now may be different. Due to reduced production at Mint facilities the amount of circulating coins has been cut – a lot. That has created something of a coin shortage for retailers.
The result has been customers being asked to pay with as much change as they have or to round up their purchases so extra change isn’t required. A few merchants have posted signs stating they will only take payment via charge or debit card. That’s very curious. Why a retailer would opt to pay the 3 percent charge card fee rather than accept cash is a mystery.
The truth is, we don't look at currency as our ancestors did. When we pull coins or bills from our pockets, it’s merely a medium of exchange. Especially with paper money it is understandable given how similar our bills appear. They’re all green and the same size.
It didn’t use to be that way. US currency used to be spectacular works of art. The engravings on each were crafted by hand – no computer imaging. Every detail was carefully created and scrutinized not just for their beauty but to thwart counterfeiters. Those are all reasons currency collectors adore and eagerly seek out those vintage notes....
The designs on the compelling older bills vary widely. A particularly popular one is a $10 bill from 1901. Instead of featuring a portrait of a politician it showcases a mighty buffalo in the center. On either side are smaller images of explorers Meriwether Lewis and William Clark. It’s reminiscent of the classic buffalo/Indian nickel of the era. In crisp uncirculated condition it currently trades for between $8,000 and $18,000.
A few years earlier, in 1896, the US government released one-, two- and five-dollar notes known as the “Educational Series.” Each of these pictured a different allegorical scene. The five-dollar note included “nude angels presenting electricity to the world.” (In 1901, electricity was still an anomaly.) The intensely detailed nubile image was enough to arouse the interest of young boys. Conversely, they caused bankers frustration due to the hard-to-read dark numbers. Today, nice examples of those sell for between $6,000 and $30,000 each.
The grand-daddy of all US paper money is the $1,000 bill from 1890. It’s called the “Grand Watermelon” note due to the ornate oval containing the number “1000” on the front. Plus, the three zeros in the $1,000 denomination on the reverse also have the appearance of three large watermelons. To the left on the front is an image of General George Meade, the winning commander of the Battle of Gettysburg.
Of the 12,000 huge denomination “Grand Watermelon” notes printed, only a scant seven are known today. That means there are some still waiting to be found. It’s definitely worth the search considering that one in “Gem Uncirculated” condition recently sold for two million dollars. Even in circulated shape one would easily bring upwards of $100,000.
Paper money from over a century ago was substantially larger than today’s bills. That’s why in olden days men would carry a billfold carried in their coat pocket. Some bills were kept flat but most ended up being folded when carried. That is a killer for value. Collectors eagerly seek out flat, crisp bills with no creases or folds.
Some years ago, I ran across an envelope mailed to a student at a boarding school back in 1920. The envelop contained a letter and five one-dollar bills from the Series of 1917 with consecutive serial numbers. They had clearly been acquired crisp at a bank. To fit in the envelope, each bill had been folded. Each is now worth about $125. Had they not been folded their value would be over $1,000 apiece.
In any condition, it’s amazing how many of the older notes are just waiting to be found tucked in drawers, safe deposit boxes or stashed between the pages of a forgotten book (or bible). Discovery in the latter happens more often than you might think. It’s a smart hiding place. After all, how many burglars break in to steal a bible? At book fairs or at home it’s worth a closer look.
For more collecting advice, visit www.peterexford.blogspot.com