Expert: Ronald Fern - 5/19/2010

Question
QUESTION: What is the value of a 1977 $1.00 bill that has part of the serial number on the back as well as part of the Fereral Reserve logo. It looks like it was printed at different times as you would have to fold it 2 ways to get the misprints to match up. This bill has never been used as I received it in a new back of ones from a bank in 1977. Thanks for your time, Ron

ANSWER: Hi Ron:

Thanks for giving me the opportunity to answer your question.

From the description, your bill sounds like one of the more "scarcer" error notes. If you want to send a follow-up question, with a photo, I'll revise my answer, if required.  A lot depends on the condition as well as the amount of "over print" on the back of the note and it's strength. Bills are printed in sheets of 36 notes and in three phases. Obverse print, reverse print, and serial numbers with seals print. It is likely only one sheet was printed with the "over print" from the serial numbers and seals during the final phase of printing. The sheet was folded, causing the serial numbers and seals to print partially the reverse of your sheet when the obverse was being printed. Your sheet, with the error(s), went unnoticed during the cutting and final inspection phase. There may have been several others with a similar, but different amount of folding, with an error like yours.

A bill in crisp Uncirculated condition like yours would have a value of approximately $300 to $500 to an interested error collector. Circulated notes would likely bring about $100 to $150 retail.

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

Here's link for you to view different types of error currency and their values.

Link: http://www.coinsite.com/html/uscurrencyerrors.asp

Here's a link with information on FRN's: http://en.wikipedia.org/wiki/Federal_Reserve_Note

Here's a link for history of the $1 bills: http://en.wikipedia.org/wiki/United_States_one-dollar_bill

You may want to check US currency listings under error notes on ebay from time to time to see if your error is listed what this type of error note brings.

Always try and get at least two opinions and try and deal with PNG dealers if possible. If you should decide to sell your bills to a dealer, remember they will offer about 50% to 60% of the retail value. Here's a link to find one in your area: http://www.pngdealers.com/dealersearch.php

Please remember to go to the experts site to rate this answer. 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: Here is a picture of the bill.

ANSWER: Hey Ron:

Thanks for the photo. Your bill is "unique". I've never seen anything like this in my many years of collecting. Is the serial number and seal similar to the one on the front?

If you choose to sell the note, I'm betting it would get the best price in a major auction like the LB Coin and Stamp show(s), FUN show, or ANA convention. See: http://www.coinlink.com/Shows/category/ana/

If you choose to sell to a dealer, I'd recommend Fred Weinberg, a personal friend and specialist in the error field. See: http://coins.about.com/od/errorcoinsdievarieties/qt/fred_weinberg.htm  He may be contacted at: http://www.fredweinberg.com/contactus.php

Let me know about the SN and seal on the front of your note so I can evaluate my estimate on the approximate value.

Please remember to go to the experts site to rate this answer. Check the nomination box on the rating page below any comments you may have. Getting rated is the only way I know if my efforts make a difference. To rate an answer, go to the "Thank/rate the expert" button and click. You are allowed to rate four areas of the reply, and please notice the question about a "Nomination" for Expert of the Month. I would really appreciate your "Yes", which I hope you believe that I deserve. If you have any more questions, I'll try and accommodate you. Please recommend me to your friends that collect coins.

Thanks again for the opportunity to help you with your questions, and continued Good Luck in your collecting.

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

QUESTION: here is the front of the bill. it looks as if the bill was folded twice during the 3 stages of print. i am interested in possibly selling.
Thanks again

Answer
Hey Ron:

Yep, I agree. Your note could go for more than $500. Check with Fred. He'll be fair with you. He puts out catalogs, and may work with you on consignment. His fee would likely be about 25% of the sell price.

Thanks again for the opportunity to help you with your questions, and continued Good Luck in your collecting.