Blasphemous as this may sound to some, the technological worm has turned. Or, at least, is in the process of doing so. Not long ago, tech was absolute. If a new “advanced” innovation came along, techies would quickly shun the old methods. These days, they aren’t quite so smug.
Case in point, compact discs. When CDs debuted, audiophiles hastily abandoned vinyl recordings. They said “they were so 1990.” (For us Neanderthals, that means outdated.) Vinyl records were relegated to forgotten bins at resell-it shops. Smart collectors scoured those bins to find rare records worth a small fortune.
But, wait. After a few decades, those same technoid naysayers realized CD technology didn’t offer the same vivid audio quality as vinyl. So too for streaming music. It was missing vinyl’s aural dynamic. Soon, records and turntables with needles began to make a comeback. Today, serious music lovers are gravitating back to records in droves....
Another example – wristwatches. I once wrote how techies once called them antiquated. Because smart phones had a watch and calendar on them, why waste a wrist with a watch? Wait, again. With the advent of the iWatch and its endless capabilities, geeks everywhere once more adopted the Neanderthal practice of wearing watches. Today, it’s hard to find anyone who doesn’t sport one. And, yes. The collecting of valuable vintage watches is also robust.
The hat trick in this recurring scenario is, maybe, the least likely of all – cash. Talk about yesteryear. Around the turn of the millennium, Gen X, Y & Z’ers, as well as Millennials and even some Baby Boomers, dismissed the need for cash.
Plastic credit cards in the 1970s fostered widespread disinterest in coins and paper money. No need to carry bulky wads of cash or purses filled with coins. Credit cards were preferable. That is, until merchants began back-charging customers for fees they are charged by the credit card companies. They call them “convenience” or “administrative” fees. Whatever the term, patrons are rebelling and again trading paper dollars instead of plastic for services, food and merchandise.
Some say, “No Problem. I’ll just use Venmo, PayPal, Square or other online/digital pay options.” Not so fast. Those also charge merchants for their use. It’s just a matter of time before they too result in a back charge. Cash is again becoming king.
An ancillary benefit to customers use of paper money and coins is the increased awareness of what is and what used to be on them. Time was, everyone was fascinated by the images and messages on currency. This month, an updated reference book offers a profitable look back.
The eighth edition of A Guidebook of United States Paper Currency by experts Arthur and Ira Friedberg has just been released. For collectors, or anyone interested in exceptional artwork, it’s an eye-opening journey through the evolution of US paper currency. The compelling stories and prices included reflect how the lore and value of vintage US bills has soared to historic levels.
Beginning with notes issued near the time of the Civil War, the Friedberg book offers full-color images and pricing. Most of us would be well familiar with modern-day $1; $2; $5; $10; $20; $50 and $100 bills. The fact is, today’s notes are all too similar and of the same size. It wasn’t always such.
Not long ago, we enjoyed a variety of colorful circulating bills in varying sizes with detailed engravings and even educational themes. Some had values of $1,000, $5,000 or even $10,000. Most all from the late-1800s required large billfolds due to their considerable size. That size also allowed artists more room for creativity.
During the Civil War, the public hoarded coins for their metal content. In response to merchants needing a solution to the lack of available change, the government issued small-sized fractional currency in amounts of three-, five-, 10-, 25- and 50-cents. Those small notes today can be worth hundreds or even thousands of dollars.
That’s chump change compared to the current value of other vintage bills. Of course, as with all collectibles, condition is key. It’s telling to see how a tiny crease in a banknote can mean the difference of tens of thousands of dollars. In that respect, the section detailing the “Top 100 Paper Money Prices Realized at Auction” is particularly eye-opening and will make one dream “what if?”
The 420-page softcover A Guide Book of United States Paper Money is $24.95 online at www.Whitman.com, on Amazon.com or at coin or hobby stores.
For more collecting information and advice, log on to: http://prexford.com/.