Every few years, governments around the world change the design of their currency and take specific bills out of circulation. If you currently own a bill, note or other types of old currency that’s no longer being used, you may be wondering what it’s worth today. Here are some steps you can take to discover the value of your old money:
Identifying Old Money
The first step that you will need to take is to identify the type of money that you currently possess. Currencies from different decades come in a variety of categories. Here are just a few of the common types that you may currently be holding:
– Old banknotes
– Old American bills
– Old American colonial currency
– Old Canadian currency
– Old money that has been printed in error
– Federal Reserve notes or bills
– Currencies from other countries
Determine Value And Year Of Print
After you’ve identified the type of old money that you have, you will need to identify the face value and date that the money was printed. You should be able to locate this information on the currency. It will either be located on the front or back of the paper. You also want to evaluate the condition of the bill. If it’s been graded by a paper money grading company such as PCGS, it will have a grade that reflects its condition. The value of your old money will also be determined by its status of circulation. If you have an uncirculated note, it may look brand-new — highly circulated notes may have considerable wear and tear.
Search For Old Currency Dealers
After you determine the denomination and other identifying factors for your currency, search the internet for dealers who have expertise with old money. Some dealers have a database where you can enter the description for your old money and receive a current day value. Some of these valuation services are offered for free. However, you may have to register before being allowed to use the service.
Using Government Services
Another way to discover the value of your old money is by utilizing the online services provided by some governments. If you search on the internet, you will find a few countries that will allow you access to calculators that will help determine the value of your old money. If your specimen of old money is from Europe, you can visit http://www.nationalarchives.gov.uk/currency-converter to calculate its purchasing power. To use the old money calculator, enter the year, face value and printing date of the note.
Auction Websites
Auction sites like eBay have changed the way that collectors can value their old money. You can use previous data from the site to determine the value of similar old money that has already been sold. In the search bar, enter the country, denomination and year of your bill, this will bring up any current auctions for old currency similar to yours. In the search options section, change the current auctions to reflect sold listings. Search through the sold listings and try to find a bill that has the same characteristics as your old money — condition, errors, etc. Use the sold value of similar items to assess the value of your old note or bill.
These steps provide the quickest way for you to determine the value of your old money. However, if you have something that’s really rare, you may need to contact a dealer and send them a few photos. Be sure to get the opinion of more than one dealer if you are going to sell old money that has significant value.
Jim Treebold is a North Carolina based writer. He lives by the mantra of “Learn 1 new thing each day”! Jim loves to write, read, pedal around on his electric bike and dream of big things. Drop him a line if you like his writing, he loves hearing from his readers!