Old Paper Money: Where to Begin
Maybe you found a stack of big old bills in a family Bible, a grandparent saved a few silver certificates in an envelope, or an estate turned up an album of notes nobody has looked at in years. Old paper money is easy to overlook and easy to damage, and its value can range from a little over face to many times face, depending on the type of note, its serial number and, above all, its condition. Knowing how to sell paper currency the right way helps you avoid the buyers who count on sellers not knowing what they have.
Founded in 1990, American Rarities has purchased more than $350 million in rare coins, paper currency and collectibles. This guide walks through the five steps we recommend before you sell old currency: identifying what you have, checking serial numbers and errors, protecting condition, understanding grading and spotting counterfeits and replicas. At the end, you will find how to get a free appraisal. If you have coins too, our guides on how to sell gold coins, how to sell silver dollars and how to sell inherited coins complete the series.
Step 1: Know What Kind of Paper Money You Have
The first question is simply what type of note you are holding. Each type has its own collector market, and some are worth far more than others.
Large-size notes. Before 1929, U.S. paper money was noticeably larger than today’s bills, roughly 7.4 by 3.1 inches. Collectors often call them “horse blankets.” Designs like the 1901 $10 “Bison” note shown here, the 1896 Educational series and the 1899 Black Eagle silver certificate are among the most popular notes in American collecting.
National Bank Notes. From 1863 to 1935, thousands of local banks issued their own notes, each printed with the bank’s name, town and charter number, like this 1882 $10 from the First National Bank of Honolulu. Notes from small towns, rare states and territories and early series can be in strong demand. Our comprehensive guide to National Currency notes explains more, and you can sell National Currency notes to us directly.
Gold certificates. Notes with a gold seal or bright orange-gold back, once redeemable in gold coin, are legal to own and collect today. The 1905 $20 shown here is nicknamed the “Technicolor” note for its gold tint and red seal.
Silver certificates. Large-size issues, like the 1886 $1 with Martha Washington shown here, and small-size notes with blue seals. Most common small-size notes from the 1930s through the 1950s trade close to face value unless they are crisp uncirculated, star notes or unusual varieties.
Fractional currency. Small notes worth 3 to 50 cents, issued from 1862 to 1876 when coins were hoarded during and after the Civil War. The Fourth Issue 50-cent note with Abraham Lincoln shown here is one of the best-known designs.
Confederate and obsolete notes. Notes issued by the Confederate States, by individual states and by private banks before 1866, like the 1864 Confederate $1 and the Unadilla Bank of New York $1 shown here. Genuine notes are collected widely, but replicas are common, as Step 5 explains.
For a broader overview, see our U.S. paper currency information page and our article on collecting paper currency.
Step 2: Check Serial Numbers, Seals, Signatures and Errors
Two notes of the same type and series can be worth very different amounts because of small details printed on their faces. Before you sell, look closely at:
Star notes. A star printed before or after the serial number marks a replacement note, printed to replace a sheet damaged during production. Star notes were made in much smaller numbers, and older ones can bring a premium. The 1957 $1 silver certificate shown here has a star before its serial number.
Fancy serial numbers. Very low numbers like 00000001, solids such as 77777777, ladders such as 12345678, radars that read the same in both directions and repeaters can all attract collector interest. The 1928 $1 silver certificate shown here carries serial number A00000001A, the very first note of its run.
Seal colors and signatures. Blue, red, gold, brown and green seals identify different kinds of notes, and the Treasury signature combination helps pin down the exact variety. Some combinations are far scarcer than others.
Printing errors. Inverted backs, misaligned or missing printing, mismatched serial numbers, extra paper folded into the print and cutting errors are all collectible. Like error coins, genuine printing errors should be examined by a professional. Errors go back a long way: this 1861 Confederate $10 was printed with the year 1862 in its date by mistake.
National Bank details. The bank’s town, state and charter number can matter more than the denomination.
Notes that stay together can matter too. Consecutive serial numbers, original packs and uncut sheets are often worth more kept intact, so do not break them up before an appraisal.
Step 3: Protect the Condition: No Cleaning, Pressing or Taping
Condition drives the value of paper money more than almost anything else. A crisp note with original paper and sharp corners can be worth many times more than the same note with folds, stains or repairs. The most common mistakes are made with good intentions:
- Do not clean or wash notes. Erasing, washing or bleaching removes the original surface and leaves damage that experienced buyers and graders spot right away.
- Do not press, iron or flatten. Pressing a note to hide folds is a well-known form of alteration. It removes the natural texture, called embossing, and graders treat it as a problem.
- Do not tape or glue tears. Tape and glue stain the paper over time and are difficult to remove. Leave tears and missing pieces as they are.
- Do not trim the edges or write on the note. Even pencil marks can be a problem.
Handle notes by the edges with clean, dry hands, and store them flat in archival-safe currency sleeves, away from heat, moisture and sunlight. Leave notes in albums or holders they are already in, and keep any envelopes, wrappers or family notes that came with them. Our article on mistakes to avoid when selling rare coins covers many of the same pitfalls.
Step 4: Understand Grading With PMG and PCGS Banknote
Paper money is graded on a 70-point scale, from heavily worn notes at the low end to Gem Uncirculated notes at 65 and above. The two leading third-party services for U.S. currency are PMG (Paper Money Guaranty) and PCGS Banknote. They authenticate the note, assign a grade and seal it in a protective holder with a label. The 1928 $10 gold certificate shown here was graded About Uncirculated 55 EPQ by PMG.
Labels also flag notes with original, undoctored paper. PMG uses the EPQ designation, for Exceptional Paper Quality, and PCGS Banknote uses PPQ, for Premium Paper Quality. Notes that have been pressed, repaired or otherwise altered are noted on the label, which is one more reason never to try to improve a note at home.
Is Grading Worth It?
Grading costs money and takes time, so it makes sense only for notes where the grade has a real effect on value, such as better large-size notes, scarce National Bank Notes, high-grade star notes and major errors. Most circulated small-size notes are not worth grading. If your notes are already graded, leave them in their holders. Our page on rare coin and paper currency grading explains more, and we can tell you during a free appraisal which notes, if any, are worth submitting.
Step 5: Watch for Counterfeits and Replicas
Replica notes are everywhere. Souvenir copies of Confederate notes and early U.S. currency have been sold in gift shops and inserted in books and magazines for decades, and many end up in family collections. Contemporary counterfeits made when the notes circulated also exist and are collected in their own right, but they are valued very differently from genuine notes.
Signs that a note may be a replica include:
- The word “copy” or “facsimile” printed on the front or back, sometimes very small
- Stiff, glossy or brown “parchment” paper, or paper that looks artificially aged
- Blurry, flat printing without the fine, raised detail of an engraved note
- A size that does not match genuine notes of the same type
- A blank back on a note that should have a printed back
Confederate notes are especially tricky because some genuine issues, like the 1864 $10 shown here, are fairly common while others are scarce, and replicas of both are widespread. If you are unsure, do not guess. Send us photos, and we will tell you what you have. Our page on counterfeit and altered coins explains how we authenticate, and our Pinterest board of fake U.S. rare coins shows how convincing copies can look.
Any $100,000 Bill You Find Is a Replica
The largest note the United States ever printed is the Series 1934 $100,000 gold certificate with Woodrow Wilson, shown at the top of this picture from the Smithsonian’s National Numismatic Collection. These notes were used only for transfers between the Federal Reserve Banks and the Treasury. They were never released to the public, and private collectors cannot legally own one. Any $100,000 note found in a collection or offered for sale is a replica, like the porcelain copy at the bottom, with its wrong colors and a serial number of A00000000A.
Ready to Sell Your Paper Currency?
Whether you have a single silver certificate or a lifetime collection of large-size and National Bank Notes, the steps are the same: identify what you have, check the details, protect the condition, understand grading, rule out replicas and work with a buyer who pays for everything your notes are worth. We have bought paper money from collectors, families and estates since 1990, and we would be glad to help you. Collectors building a collection can also visit our paper money collector page.
How to Get a Free Appraisal
- Take photos or make a list. Photograph the front and back of each note flat, in good light, with the whole note in the frame and the serial numbers readable. For a large group, an inventory list with a few sample photos is enough to start. Our tips on what photos to take can help.
- Send them to us. Text a photo or a list to 720-600-4740, email staff@americanrarities.com or use the form further down this page.
- Get your written offer. We will send you a free, no-obligation written offer, and appraisals are usually done within 24 hours.
- Ship your notes or meet in person. Pack your notes flat in sleeves between stiff cardboard and ship them to us fully insured at our expense, or for larger collections we can meet you at your bank.
- Get paid. When you accept our offer, we pay you immediately by cash, check, ACH or wire, whichever you prefer. If you decline, we return your items fully insured, and there is never a fee for our appraisal.
American Rarities holds a 4.7-star Google rating and an A+ rating with the BBB, we are ANA Life Members, and we are an authorized PCGS, NGC and ANACS dealer. Learn more on our page to sell paper currency.
You can also call 800-622-5680. Calls go to our answering service, so leave a message and we will call you back. Or visit our contact a rare coin buyer page.
How to Sell Paper Currency: Frequently Asked Questions
Is my old paper money worth more than face value?
Often, yes. Large-size notes from before 1929, National Bank Notes, gold certificates, Fractional currency, star notes and notes with fancy serial numbers or printing errors are frequently worth well above face value. Common small-size notes in circulated condition usually trade close to face. Every note should be looked at individually.
Where is the best place to sell paper money?
An experienced currency buyer who prices each note separately and pays right away is usually the simplest and safest choice. Pawn shops and general buyers often make one low offer for everything, while online marketplaces and auctions add fees, shipping risk and waiting.
Should I clean, flatten or repair old bills before selling?
No. Washing, pressing, ironing, taping or trimming a note lowers its value, and graders mark altered notes on the label. Leave notes exactly as they are and store them flat in currency sleeves.
What is a star note?
A star note is a replacement note, printed to replace a sheet damaged during production. It has a star before or after the serial number. Star notes were made in smaller numbers, and older ones can bring a premium.
Should I get my notes graded by PMG or PCGS Banknote?
Only if the grade makes a real difference in value, such as better large-size notes, scarce National Bank Notes, high-grade star notes and major errors. Most circulated small-size notes are not worth the cost. We can tell you during a free appraisal which notes, if any, are worth grading.
Are Confederate notes worth anything?
Genuine Confederate notes are collected widely, and some are scarce, but many common issues trade at modest prices, and replicas are everywhere. Look for words like “copy” or “facsimile” and send us photos if you are unsure.
How do I send photos for a paper money appraisal?
Photograph the front and back of each note flat, in good light, with the whole note in the frame and the serial numbers readable. Text them to 720-600-4740, email them to staff@americanrarities.com or use the form below.
How do you pay when I sell my paper currency?
When you accept our offer, we pay you immediately by cash, check, ACH or wire, whichever you prefer. If you decline, we return your items fully insured.
Free Paper Currency Appraisal and Offer
Email, Text, or Use This Form To Send Us Your Inventory List or Pictures
Email: staff@americanrarities.com | Text: 720-600-4740
