Did you know that old money can make you money? At William Youngerman Inc, we buy and sell various forms of currency. Understanding what types of currency are most valuable can help you learn about profiting and trading. A perfect example of currency we look to purchase and sell includes various forms of rare paper currency.
The value of rare paper currency is great and there are multiple types that fall under the category, such as National Bank Notes and Obsolete Notes.
One type of rare paper currency that is popular to both purchase and sell are National Bank Notes. For those who aren’t familiar with this form of rare paper currency, National Bank Notes were distributed by National banks as a form of currency.
Dates When Issued
This currency was first given out in 1863 and the last of the National Bank Notes were issued in 1935. By the end of this time frame, a total of over 12,000 National Banks distributed the currency. There were a series of time frames for when certain National Bank Notes were created. The first was from the original time the notes were created in 1863 until 1882. These types of National Bank Notes were mainly made in the Norther part of the country. From 1882 to 1901, a majority of places around the country were providing them. The last National Bank Notes circulated from 1902 to 1929. There were three subcategories issued during this time as Red Seal Bank Notes, Blue Seal Bank Notes, and 1929 Small Size National Bank Notes, which measure up in size to today’s present bills.
Reason for National Bank Notes
National bank Notes were issued as a way to control debt. The federal government permitted certain National banks to place bonds in the United States Treasury, which allowed these banks to give out the National Bank Notes for no more than 90 percent of what the bonds were worth.
Increments of National Bank Notes
The most rare of National Bank Notes includes $500 and $1,000 bill prints because there were not as many of these made when they were being issued. Other amounts of this rare paper currency include $1, $5, $10, $20, $50 and $100.
Current Face Value
By law, these National Bank Notes are still valid as legal currency at their face value. However, this rare paper currency can potentially be more valuable today, especially to collectors.
An even earlier form of currency is referred to as Obsolete Notes, or Obsolete Money. From 1782 to 1866, state banks provided this rare paper currency. The banks shut down, so any of these bank notes that can be found are remainders. Obsolete notes mention the state of origin, which were the only state they were valid in when circulating. Each state had state banks be responsible for issuing, so the value was never supported by the government. This is why when the bank closed, this money was instantly worthless.
Obsolete Money holds value to collectors and historians. The condition of the rare paper currency and the denomination listed can help determine its worth. Some denominations are more rare than others.
At William Youngerman Inc, we are prepared to make an offer and buy any rare paper currency you may have! We also have a wide selection of National Bank Notes and Obsolete Money to choose from if you are looking to purchase.