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New Collector's Tips

What to collect
It can often be difficult to know exactly where to begin when collecting banknotes but in time, you will probably find a strong attraction to certain countries or periods.

Or maybe an interest in ornithology or nature generally will guide you; perhaps history or musical instruments would catch your eye. Some suggestions of topics are: birds, animals, famous people and/or famous buildings and places, issues created by a particular printer or unusual notes with an interesting history attached. You may decide to collect a selection of notes from your birth-year.
(If you are nearly as old as my father, that could very expensive, though!) Some people collect certain serial numbers and, really, the list is nigh endless. The most important thing is that your collection has some meaning to you.

Most collectors have more than one area of interest which is wise; often, when you have collected all the easy-to-find banknotes, you will find you need to play a ‘waiting game’ for your elusive ‘desirables’ and then your secondary area can keep you occupied whilst you wait.

Starter Sets
Many new collectors like to ‘kick off’ their collection with a starter pack of mixed world banknotes. This sometimes helps one decide on the area or type of notes they wish to focus on. Do not be tempted to buy too many of these sets, though.

If you are interested in purchasing a starter set please click on the following link: www.katespapermoney.co.uk/category.asp?ID=331

Reference Books
Do try to have access to a good Pick catalogue. If you have access to the Internet then you can buy an older version more cheaply and use dealers’ lists to update. Also, with a second-hand copy you might feel freer to add your own footnotes which will increase the value of the catalogue to you. If you can afford the most up-to-date versions, fair enough, but still write in it (or on copy paper, inserted by the appropriate page) for knowledge will be one of your greatest assets. Keep accurate records of your purchases but away from the notes.

For more information on World Paper Money Catalog’s (Pick Catalogues) please click on the following link: www.katespapermoney.co.uk/page.asp?ID=12

Another great reference guide is ‘The Banknote Book’. This catalogue is always being updated and revised. I like it because it is presents in-depth detailed information, listing all the issue dates of a note and it has excellent quality colour images. The valuations of notes are realistic too.
It is published by Owen W. Linzmayer and is available in print format and PDF files sold by subscription or individually by chapter.
Click here for more information.

www.banknotenews.com/banknote_book/banknote_book.php

Storage
Good storage is VITAL! Otherwise your collection's condition will suffer at a loss to you and also the collectors who follow and bid for your notes at auction, et cetera.
It is imperative that you don’t leave your album on open display or the sunlight will slowly bleach the colour; this is irreversible : believe me and do not bother to test the theory with anything but normal circulating currency.

Prices!
New collectors can find pricing puzzling: “but it’s dearer than the catalogue” or “why it is so cheap- is it a forgery?” . The problem for cataloguers is that prices are like butterflies and, once you 'put a pin in them and fix them down!'they ARE DEAD and of historical interest only.

Real prices are alive and will vary with supply, opinion, long or short experience and prejudice. Sometimes fairly common notes can be withdrawn by the bank issuer suddenly and the prices shoot up in response. Another issuer dumps a load of obsolete notes on the banknote market, to clear its vaults for a new series and then suddenly dealers appear to be Father Christmas with prices that are an "absolute steal".

Societies
At some stage you should consider joining at least one Society and the IBNS, which was the brain-child of Colin Narbeth, is the best general one to join in the UK. The SPMC which has a member-base centered in the USA is very good if you collect US notes while LANSA is another good society which is focussed on collecting Latin American banknotes (roughly meaning Central and South America, Spain and Portugal and their ex-colonies). There are few others which will come to your attention one day, no doubt, but they are more localised.

All these societies are run by volunteers who often “work their socks off” so take this into account and be appreciative; if you can do better at the same rate of negative pay, I am sure they would be pleased to hear from you. That is one of the treasures of paper money collecting – the kindness and generosity of so many collectors. This makes it more enjoyable for everyone – if we are mad to collect old paper money, then at least we’re all mad together and happy doing it……….

For more information about the International Bank Note Society (IBNS) or Latin American Paper Money Society (LANSA) please click on the following link: www.katespapermoney.co.uk/folder.asp?ID=13

Finally..
Do encourage others to collect too! tell them it’s educational, exciting and great fun - it is a good way to learn simple economics too.
Collectors learn about degrees of DESIRABILITY and QUALITY as well as the knowledge they pick up about the world in general.

And some food for thought:

Within thirty years time, will they start refusing cash because the high, high costs of delivery and banking? I hope not!

Last updated 13/03/2014

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