Expert: Ronald Fern - 7/21/2011

Question
QUESTION: I have a 1977 error note that I would like to sell. What is my best avenue for doing this, and should I get it graded first? I think it is very unique and am wondering what it should be worth? The front is double printed (with different plate numbers), the back is normal.

ANSWER: Hi Robert:

Thanks for the opportunity to answer your question.

This is a rare error. Your 1977 $1 FRN would likely have an approximate retail value of between $3,000 to $5,000 in UNC condition to an interested collector. The best avenue for sale is either to a specialized error dealer or an auction. Getting it graded could potentially increase the value by as much as 50% in my opinion.

Bills are printed in sheets of 32 notes and in three phases. The back is printed first and taken to a drying room. Next the front is printed and then allowed to dry. Last, the serial numbers and Treasury shield are printed in an overprint press. They then are cut and put into bundles of 100. Though errors are unusual, quality control at the Bureau of Engraving stops most errors from reaching the public. With billions of notes printed each year, inevitably errors are missed and find their way to the numismatic market and ultimately to collectors.

For more information, see: http://www.madehow.com/Volume-3/Paper-Currency.html

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

I found a link where a circulated note like yours is offered. See: http://www.certifiedcity.net/1currency.htm

Your bills should be looked at by an error expert. My recommendations on who to sell to:
http://www.fredweinberg.com/ (a personal long time friend)
http://www.executivecurrency.com/

You may want to check US coins and currency listings on eBay from time to time to see if your notes are listed what these type of items may bring.

If you live close to a local shop, they should offer an opinion as to the value and if it is authentic at no charge. Remember, should you choose to sell your notes, get at least two estimates from professional coin dealers (PNG). I've listed a link for you to find them in your area. Link: http://www.pngdealers.com/dealersearch.php

Dealers normally pay between 50% to 60% of retail for items they want. In an auction, you can set the price, and potentially get more.

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: What Avenue would one take in putting this bill up for auction, is E-bay the right way to go? Or get involved with an auction house like heritage auctions?

Answer
Hi Again Robert:

Thanks for your rating and the follow-up question.

While ebay may be okay, you'd likely fair better where the note is placed in a nice auction catalog and promoted. Here are several firms handling currency auctions.

Heritage: http://www.ha.com

Stacks: http://stacks.com/

Lyn Knight: http://new.lynknight.com/LK/

Please remember to go to the experts site to rate this answer. I hope you feel I should be nominated for top expert of the month. Only about half of the people asking questions even bother to read my replies. Half of them rate me. I do not get paid for this. It is my attempt to pay back the hobby for the wonderful education I've received through coin collecting. Check the nomination box on the rating page below any comments you may have.

Thank You Again and Continued Good Luck in your collecting.