Should I get my old bills appraised?
When an Appraisal Is Worth It
Not all old bills are valuable. Common notes from the 1950s and later are often worth only face value or a small premium. But if you have large-denomination notes ($500, $1,000, $5,000, $10,000), Gold Certificates, Silver Certificates, or notes from before 1900, an appraisal is a good idea.
Condition matters enormously. A note in uncirculated condition can be worth hundreds or thousands, while a folded, stained note might be worth a fraction. Errors like mismatched serial numbers or printing mistakes also add value.
If you're unsure, a free verbal appraisal from a local dealer is a low-risk start. For a formal written appraisal (needed for insurance or estate purposes), expect to pay $50 to $150 per hour or a flat fee.
- Large-denomination notes ($500 and up) are always worth checking.
- Notes with fancy serial numbers (e.g., 12345678) can be valuable.
- Star notes (replacement notes) may carry a premium.
- Confederate and obsolete banknotes have a niche market.
What to Expect from an Appraisal
A reputable appraiser will examine the note's condition, rarity, and market demand. They may use grading standards from Paper Money Guaranty (PMG) or PCGS Banknote. The appraisal should include a description, grade, and estimated value.
For insurance, you'll need a written appraisal on letterhead. For selling, a verbal estimate is often enough. Always get a second opinion if the value seems surprisingly high or low.
Remember that appraised value is not the same as what you'll get when selling. Dealers buy at wholesale, which is typically 50-70% of retail value.
Common mistakes
- Assuming all old bills are rare—most are common.
- Cleaning or ironing bills to improve appearance, which destroys value.
- Paying for an appraisal on a note that is clearly common and low-value.
