Expert: PAPAJACK - 9/5/2009

Question
I wrote before on the Hawaii bill when I pulled it from the folder I saw it was a ten dollar not a 20 dollar. Does this make the value half of what was stated to me for the $20?

Answer
Hello Daniel,                 

The value is not reduced by half.

These notes are valued by grade. Here is a highlight of the grading for paper 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.

In fact the $10 1934-A series with a star “*” sells higher in all grades. It is listed at
Very Fine Condition for $1500,  Extra Fine Condition for $2500 and in Crisp Uncirculated Grade for $6000.

If it does not have a star in the serial number it is much more common and only cataloged at
Very Fine Condition for $75,  Extra Fine Condition for $125 and in Crisp Uncirculated Grade for $800.
These are catalog values for insuring the notes the actual amount you may get for selling them depends on the buyer and is usually less.

Thank you for getting back to me with the information.  

Good Luck,

PapaJack