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Coin and Paper Money Collecting/$10 bill July 18 th 1902 and $20 bill Mar 28 1922
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Question
My great uncle recently sold me two older US bills. He was unsure of the value, so I am not sure if he gave me a fair price. One is a $10 bill from July 18 h 1902 and has Eau Claire National Bank. It has a picture of William McKinley. The other is a $20 dated March 28 1922 from Stillwater MN. I've attached an image containing both bills. Could you approximate a value based on the image?
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Hi Rob:
I'm not an expert on Large US bills (especially Nationals), but I'll try and give you some information I gleaned from the Internet. There are also some links you can check to get added information.
I was able to check the online guide on "Paper Money Values", and will give you a range for the values quoted there. Condition, of course is important in determining the final value along with the issuing bank, seal color and denomination. These are full retail values, so should you decide to sell your bills to a dealer, remember they will offer about 50% to 60% of the retail value. You should always get two or more estimates, and try and deal with PNG (Professional Numismatists Guild) dealers when possible. I'll list the link for you to check dealers near you.
To find a PNG dealer, see Link: http://www.pngdealers.com/dealersearch.php
Your notes are from "third charter period". The 1902 "third charter period" notes can be broken down into 3 type designs, red seals, date backs, and plain backs. Red seals were the earliest printed and are the most valuable. The date backs were printed second and are usually worth the same as the plain backs, which were the last in the series printed. All of the notes basically look the same, however the differences they have are fairly obvious. Red seals have a red overprint and seal. Date backs possess the years 1902 - 1908 printed on the top center of the reverse, where as the plain backs don't have the date on the back. Both date backs and plain backs have a blue seal and overprint.
The 1902 $10 and $20 bills were printed from March of 1902 to August 1929, even though every note says series of 1902, they were not necessarily printed that year. 1902 bills also feature a full date, this date is when the bank got its national charter. 1902 ten dollar bills have the portrait of William McKinley on the front left. 1902 twenty dollar bills have the portrait of Hugh McColloch on the front left. 1902 bills will either have a blue seal or a red seal. Typically, the blue seal 1902 notes will be more common and worth less than the red seal 1902 notes. The value of a 1902 $10 and $20 bill is not set in stone, the value depends on the bank which issued the notes.
Your notes appear to be in very good to fine condition. The $10 note in VG condition has a range of $120 to $600 (No. 629 - $325, No. 638 - $600, rest $120- $135). In F the value goes up to $140 to $725 (No. 629 - $375, No. 638 - $725, rest $140- $160). For the $20 note a note in VG condition has a range of $120 to $400 (No. 662 - $375, No. 663 - $400, rest $120- $180). In F the value of the $20 note goes up to $140 to $475 (No. 662 - $425, No. 663 - $475, rest $140- $215). They are listed by Friedberg Number, but I do not have a reference, and so the range in value.
Explanation of U.S. Currency Grades:
Rag - A note that in addition to being well worn may also have a considerable amount of damage such as tears, frayed edges, and possibly missing pieces from the note.
Good - A note that just falls short of being graded Very Good.
Very Good - A note that will be fairly well-soiled, may be significantly worn; might have roughness around the edges with only minute problems.
Fine - Well-circulated with little crispness remaining; edges may be rough.
Very Fine - Some circulation; may show several folds and will have lost some of its crispness and color.
Extremely Fine - Circulated; may have some folds; still have crispness.
AU - (Almost Uncirculated) - Notes in this condition will be much the same as a "new" Note except for a fold or two in the note and possibly one or more corner folds.
CU 60 (Crisp Uncirculated) - No trace of circulation. Can have centering problems, pin holes, counting smudges, wrinkles, close margins, or a corner tip fold that is not into the design.
CH CU 63 (Choice Crisp Uncirculated-63) - A nice new Note but not quite Gem. Centering may be a little off. May show some aging or light counting smudges or wrinkles.
VCH CU 64 (Very Choice Crisp Uncirculated-64) - A bright Note that's slightly below Gem quality. Margins and color are above average. A Note that may have slight centering problems.
GEM CU 65 (Gem Crisp Uncirculated-65) - An almost perfect Note. Better than average margins. No aging or fading.
SUP CU 67 (Superb Crisp Uncirculated-67) - A nearly flawless Note with perfect centering. Full wide margins all around. Colors are totally bright, crisp and vibrant. The quality of a note in this condition is outstanding.
For further evaluation of your notes, see Link: http://www.oldcurrencyvalues.com/nationals.html
You may want to check eBay listings in the US currency category from time to time to se if notes similar to yours are offered for sale.
Please remember to go to the experts site to rate this answer. And check the nomination box on the rating page below any comments you may have.
Thank You and Good Luck in your collecting.
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you for the fast response! With the information provided I have determined that my price was a fair value. | ||
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Answers by Expert:
Ronald Fern
Expertise
I can answer most all questions relating to US coins, tokens, and currency. I'm not strong on world coins or ancients. Primary field of expertise is errors and varieties. Over 55 years experience in coin collecting. Part time dealer since 1976. Employed by McDonnell Douglas/Boeing for over 34 years as an Industrial Engineer/Technical Specialist before retiring in 2002.
Experience
Worked weekends for "Lonesome" John in the late 1960's to mid 1970's processing error coins, packaging, and preparing orders. Worked with John Devine and Fred Weinberg on several California Error A Rama's in the early 1970's. Served as display judge at annual Error-A-Rama coin shows. Opened and operated mail order coin business DBA "CAL ERRORS" in 1976. Contributer to Alan Herbert's "Official Price Guide To Mint Errors" and Fivaz/Stanton "Cherrypickers' Guide". Worked Saturdays at Huntington Beach Coin Exchange 1980-1999. Had table and sold coins at a number of coin and gun shows in So CA, AZ and NV. Sell coins, tokens and currency currently at my space in the Pomona Antique Center. Past "Errorscope" Editor. Presently CONECA Examiner.
Organizations
ANA, CONECA, CWTS, NLG
Publications
Errorscope, Numismatic News, Civil War Token Journal, Error and Variety News
Education/Credentials
AA Degree LBCC pre Engineering, 1964
BS Degree CSULB Ind Technology, 1968
Awards and Honors
1st Place EAR Trophy for Civil War Token Errors, NLG Author of Year Award for best monthly coin column "Error News and Views" in small Numismatic paper, owned and published by Ray Anthony.
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