Expert: Ronald Fern - 2/12/2010

Question
QUESTION: I have  a 2003 one dollar bill. The front looks normal but the back looks like a miscut and is upside down. It cant be a miscut because the front is correct. Any idea of the value.

ANSWER: Hi Jackie:

Thanks for your question.

When asking a question, especially with errors, always provide as much information about your piece as possible. This helps to pinpoint what you may have. Attaching a photo would also help. I'll answer your question as best I can. If you want to ask a follow up question by providing more information, I'll revise my answer or add to it as required.

Condition would be the prime factor in determining the value of your piece. Based on your description, you have an error that likely happened on the second printing operation. Bills are printed in sheets of 32 notes and in three phases. Obverse print, reverse print, and serial numbers with seals print. It is likely the entire sheet was mis-aligned during the back printing. Your sheet, with the face printing out of alignment, went through the back printing. The obverse printing was aligned again with the other sheets. This made the reverse printing side out of alignment. The sheet went on to the final printing where the serial numbers and seals were applied, along with all the other correct sheets.  When the bills were cut, your error note happened.  There are likely others in your group that may have been printed with a similar error.

Without a photo, and knowing how much the reverse is out of alignment, this is only a guess, but, generally speaking, an individual bill in crisp Uncirculated condition like yours would have a value of approximately several thousand dollars to an interested error collector. Bills in circulated condition would be worth less, and highly circulated notes would likely be worth only a few hundred dollars.

Here is a link for an item listed on EBay that may be similar to yours. The asking price is over $13,000, and he has seven available. Yours could be worth as much as this one to an interested collector. See:
http://cgi.ebay.com/2001-1FRN-WITH-DOUBLE-UPSIDE-DOWN-ERROR-TYPE-2-BOSTON_W0QQit

Here's a link for currency grading: http://www.cganotes.com/

Here's a link with information on FRN's: http://en.wikipedia.org/wiki/Federal_Reserve_Note
Here's a link for $10 bills: http://en.wikipedia.org/wiki/United_States_ten-dollar_bill

Here's link for you to view different types of error currency and their values.
Link: http://www.coinsite.com/html/uscurrencyerrors.asp

You may want to check US currency listings under errors on eBay from time to time to see what this type of error brings.

If you live near a coin shop, I'd suggest you let them look at the note. Most dealers will offer an opinion as to the authenticity and value at no charge.

If you should decide to sell your bill 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

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.

---------- FOLLOW-UP ----------

QUESTION: I have it listed on ebay under seller name wickedjoejr with pictures. The bill is vg condition. I dont think fundspoint will get anywhere near what he is asking. Any opinion on it.

Answer
Hi Again Jackie:

Thanks for your follow-up question.

Don't forget to rate my original answer to you. You'll be surprised at how many people ask questions and then don't even read them. I spend at least fifteen to twenty minutes a question doing research and developing a response. Some questions take over an hour. Thanks, I appreciate your rating me on the replies.

I looked at your note. It appears much better than what you say is very good. From your photos, I'd say your bill appears to be almost uncirculated or better. Don't underestimate the value of this bill. I'd bet you'll see bids in the high hundreds or low one thousands before it ends. I'd personally have had this bill graded and put in a major auction.

I agree with you on the other note I suggested you look at. He will not likely get a bid on the note at the level he is asking.

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 again, and continued Good Luck in your collecting.