Expert: PAPAJACK - 8/4/2008

Question
I got a 1934 series C ten dollar bill for a tip at work. I just like to know if it is worth anything. It has got a fold in middle, but is in ok condition has no tears a little dirty.serial # G16292086 D

Answer
Hello Jessica,                        

What does it say across the top (above the portrait) United States Note, Federal Reserve Note?
The $10.00 note is not uncommon. Depending on things like stains and folds its price will change drastically.

Paper money is hard to grade without experience. Coins have the same problem if you haven’t been grading long.

Here is a general guideline for paper money below is a little long but a good read.

When grading paper money it is essential to first determine if the note may be safely removed from its holder without causing any damage due to brittleness, unseen tears, glue remnants etc. Then, carefully remove the note and holding it lightly, consider the general appearance, amount of wear, the hue and intensity of the color of both the face and back.
Determine a preliminary grade. If the note is Fine or better it should be held obliquely in line with a good light source. Move it around at various angles, such that the light will reflect off the note highlighting any ripples, counting creases, heavy creases, pressed out creases, tears, pinholes cancellations, repairs or fading. Mastery of this technique is mandatory in successfully grading paper money. When these aspects have been carefully considered, decide if these are "normal" for the preliminary grade which was determined.
If not, hen the grade may have to be reduced depending on the number and severity of the defects, or the defects will have to be listed in addition to the overall grade, followed by any unusual defect, than to downgrade the note. Careful inspection to determine the correct grade will lead to greater trust and confidence between buyers and sellers of notes.

UNCIRCULATED - UNC: A perfect note. Crisp and clean as issued and without any folds, creases, blemishes or discoloration. Colors have original hue and brightness. Some issues may have ripples [as made]. Mention must be made if the design is not perfectly centered with usual width of margins.

ABOUT UNCIRCULATED - AU: Similar to Uncirculated but with the allowance of a light fold [usually a vertical center fold] or two or three very light counting folds, but not both. Counting creases resulting in broken paper fibbers, or any other creases, reduce the grade depending on their number and severity. The practice of using "almost" and "about" to designate a slightly lower or a plus in the case of lower grades to designate in-between grades is common, e.g. "almost AU" or "EF plus". Notes not perfectly centered with width of margins must be so described.

EXTREMELY FINE - EF: Similar to Almost Uncirculated but the center fold, vertical or horizontal, may be a crease, i.e. paper fibbers are broken, or there may be up to three heavy counting folds [not creases] or two light creases, but no combination of the above. The centering and margins if not perfect must be noted.

VERY FINE - VF: A fairly crisp and clean note. It may have several major and minor creases and folds, and some evidence of wear especially along the edges or at the corners. There may be some slight decrease in hue and intensity of the colors. The design in the creases should not be worn off.

FINE - F: A note with considerable evidence of circulation. Numerous creases and folds, but a small degree of firmness remaining. Usually fairy soiled and the hue and intensity of the color are slightly reduced. There may be a slight amount of the design worn off along the major creases. Creases should not be worn off.

VERY GOOD - VG: A heavily circulated note but with all the major design still visible. Usually limp with no crispness or firmness, quite soiled, hue and intensity of the color will be faded or altered. A moderate amount of the design may be worn off along the major creases or in the "counting creases" areas. Numerous other defects may apply [see list below]

GOOD - G: Soft and very limp, often with tears and small pieces missing. Usually some of the major design is worn off. Note may be quite dark in appearance. Manuscript signatures, dates and sheet numbers may be worn off or entirely faded out. Often have numerous tears and other defects.

FAIR - F: Similar to GOOD, but larger pieces missing. Manuscript signatures, dates and sheet numbers may be worn off or entirely faded out. Often have numerous tears and other defects.

POOR - P: As a fair note, but with a major portion of the note torn off or the design obliterated. Often numerous tape repairs. Generally collectable only because of rarity.

Only after the grade is determined can you use a price guide, or can it be properly appraised.

The main Grades are VERYFINE, EXTREMELY FINE and CRISP UNCIRCULATED.

For a Chicago Federal Reserve note of 1934C estimates are $12 in Very Fine condition, $15 in Extremely Fine grade and, $37 in Crisp Uncirculated condition.
For a Silver Certificate note of 1934C estimates ran $22 in Very Fine condition, $35 in Extremely Fine grade and $100 in Crisp Uncirculated condition.

Currency is graded according to the state of preservation.
To my knowledge this usually sells for only $5 to $30 dollars over the face value in lower circulated grades. It may be worth more in the future.

Thank You and Good Luck

PapaJack