“Better a diamond with a flaw, than a pebble without.”
-- Confucius/Chinese Proverb
Some years ago, I went into a local post office to buy some stamps. In the display case were also several souvenir cards. Those measure roughly six- by eight-inches and are issued by the USPS to commemorate an upcoming major stamp or coin show. On the cards are highly detailed images of classic stamps, coins, or currency. The meticulous designs made them particularly collectible.
I liked several cards and chose a few that were especially attractive. As the clerk was putting them on the counter he and I both noticed one with a flagrant flaw. Two stamp designs were supposed to be imprinted onto the card yet one stamp image was missing. Evidently, on the second pass through the press, one card had stuck to another and not received the printed image.
The clerk said I probably didn’t want “that one” because it was a mistake. I disagreed and happily bought the one with the flaw for two dollars. Realizing collectors love errors, a while later, I sold the card at auction in Boston. It was hammered down for just over $1,100.
As much as everyone appreciates the detailed engravings and designs often found on our stamps, currency and coins, collectors enjoy those with flaws even more. Minor errors are interesting and often valuable. Major ones can be worth a small fortune.
Just how profound and valuable some errors can be on currency has been chronicled in the recently updated version of the book, United States Paper Money Errors by the father and daughter team of Dr. Frederick and Bianca Bart. Both are experienced numismatists who concentrate on the anomalies that might be found on US printed currency.
As anyone who has run a printing press or even just watched one print off dozens, hundreds or thousands of sheets of paper knows, errors often pop up. Maybe the ink isn’t distributed evenly. Or, the paper binds and slightly folds as it goes through the rollers. Perhaps the operator lifts a sheet to inspect the quality. Then, accidentally puts it back on the press upside-down making the back inverted from the front. Or, when cutting a printed sheet, it isn’t trimmed properly.
Any and all of those are mistakes collectors happily pay a premium for. Sometimes, significantly so.
United States Paper Money Errors is a no-nonsense guide to every type of fault to be found on US currency. Moreover, it offers a clear idea as to their value in various levels of condition.
Up front in the book, the Barts offer an overview as to how paper money is printed. They then outline the various grades collectors prefer and the increasing value attached to higher ones. Finally, they illustrate differences in the severity of an error followed by seemingly endless examples.
“Illustrate” is an appropriate word given the more than 550 color photos throughout. For subtle mistakes, that’s especially helpful. Often, one must look quite closely to spot an error. Other times, the mistake on the bill is glaringly obvious. The severity of the glitch is classified as “minor,” “moderate,” or “major.”
Some simple mistakes, such as a small cutting error in the corner of a bill might only have a value of $150. However, a similar looking bill with printing on the front but not on the reverse can be worth over $8,000.
Now, consider this. A few bills have escaped the Bureau of Engraving and Printing (BEP) with mixed denominations such as a $10 image printed on the front and $5 on the reverse. So, is such a note just a weird curiosity or might the combined front and back denominations add up to $15? The answer is neither. To a collector, the value of such a note is between $50,000 and $75,000 depending on its condition – easily enough to pay for an extremely nice new car.
In fairness, in the everyday world, who ever really looks closely at the paper money in their wallet? Clearly, some smart folks do. And, they profit nicely when they spot an error. The key is, of course, knowing what to look for.
United States Paper Money Errors retails for $29.95 and can be found in select bookstores and coin dealers or directly from Whitman Publishing online at www.Whitman.com.
Of course, if using cash to buy the book (or anything for that matter), it’s wise to always look closely at the bills before handing them over.
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