Expert: Ronald Fern - 8/4/2011

Question
The bill is from the Fed Resv Bank of NY.  Its seal to the left of Washington's portrait reads "FEDERAL RESERVE" in the top of the outer ring and "      OF" in the top half of the inner ring.  Thus, the word "BANK" is missing from the inner ring.  Does this bill have extra value?  Thanks!

Answer
Hi Eric:

Thanks for the opportunity to answer your question.

It's hard to say without knowing the condition of the note and seeing a photo of the error in question, but I'll answer as best as possible. If you want to ask a follow up question with the added information, and a photo of the error, I'll revise the answer, if required.

It sounds like you may have a partial obstruction error, a board break, or a possible under inked plate. It also could be an altered bill, where someone used an eraser to eliminate the wording. Altered notes would have no added value.

From your description, your 2006 $1 FRN seems to be a minor type error. It would likely have an approximate retail value (if real) of between $15 to $50 depending on condition, and type, 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

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.

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/

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.