What to do with my mother's collection?

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New to the forum. And, probably new to the whole world of numismatics.

My mother passed away some 20 years ago. She had a small personal collection of money collected through her years as a bank teller (a complete list is at the bottom of this post). This collection has been stored in the family safe for at least 44 years so the bills are all well preserved from the moment they came into my family’s possession.
 
The most interesting, I think, are four 1925 Bank of Commerce $20 bills. They are in very, very good condition. Not uncirculated but I do not think any of them were ever folded. The four bills are almost consecutive serial numbers (there are three consecutive, then a gap of one, and then the fourth).

Two questions:

(1)   What should I do to properly preserve and value the collection?
(2)   What might these $20s be worth?

There are also Canadian silver dollars for many, many years.

Here is a complete list with my untrained assessment of quality:

The Canadian Bank of Commerce $20
105237   1935 (very good)

The Canadian Bank of Commerce $20
105238   1935 (very good)

The Canadian Bank of Commerce $20
105239   1935 (very good)

The Canadian Bank of Commerce $20
105241   1935 (very good)

Dominion of Canada $0.25
1900 (poor)

Dominion of Canada $0.25
656690 (1923) (poor)

Bank of Montreal $10
356000 (1935) (poor)

The Royal Bank of Canada $10
1549604 (1935) (poor)

Bank of Canada $20 (Princess Elizabeth)
A017459 (1935) (good)

Bank of Canada $20 (Princess Elizabeth)
A119422 (1935) (good)

Bank of Canada $20 (Princess Elizabeth)
A043568 (1935) (good)

Bank of Canada $20 (Princess Elizabeth)
A193105 (1935) (good)

Bank of Canada $20 (Princess Elizabeth)
A200944 (1935) (good)

Bank of Canada $20 (Princess Elizabeth)
A218177 (1935) (good)

Bank of Canada $20 (Princess Elizabeth)
A119228 (1935) (good)

The Canadian Bank of Commerce $5
431475 (1917) (poor)

Bank of Canada $1
G/P 2264255 (1967) (Very good)

Bank of Canada $1
D/M 4078589 (1937) (good)

Bank of Canada $1
D/M 2276221 (1937) (good)

Bank of Canada $1
E/N 5597176 (1937) (good)

Bank of Canada $1
Y/M 4669551 (1937) (good)

Bank of Canada $1
J/L 8933219 (1937) (good)

Bank of Canada $2
T/B 9230102 (1937) (good)

Bank of Canada $20
C/E 3170953 (1937) (good)

In order to protect your notes, and at the same time determine a market grade for these same notes, I would recommend that you have them 3rd party graded by BCS.

See:    http://www.banknotecertification.com/

I would also be wary of opportunistic purchase inquiries/offers you may get as a result of this posting, before you know the true value of your notes.

Once the notes are graded you can determine their catalogue value with the respective Charlton catalogue.

See:   http://www.charltonpress.com/Numismatics2.asp

Please keep in mind that catalogue value does not always equate to market value.

From first glance you have some very nice notes in your collection.

Best of luck.

...Arthur

Arthur,

Thank you for this very good advice. I do not intend to sell any of them. I much prefer them as collector items and as a family tribute to my mother.

I was investigating BCS but I am very leary about mailing these items as some, I'm sure, have some value. Is there something I should know about packaging for mailing? Is there a standard in numasmatics or is it just, "Pack them so they do NOT bend or get shaken around."

I assume that there is not risk of anything dissappearing when dealing with a business like Bank Note Certification?

Dave

Talk directly to BCS.  E-mail or telephone them.  I'm sure they have advice on submitting items and can tell you the best way to ship and how to protect against loss of items.

I'm going to tell you up-front that some of your notes are quite valuable.  That depends on grade, of course, but those Bank of Canada 1935 $20 notes are worth several hundred dollars apiece even in low grade.  Like Arthur said, try to avoid the temptation of private offers until you have some idea of what the notes are worth.

BCS is in Kitchener so if your not too far away, you would likely be better off to drop them off in person if at all possible. Steve Bell is very accomodating, so I'm sure you could always arrange a suitable time for both of you.  Sending anything through the mail is risky and you take your chances.
FRIEDSQUID

Hi Dave,

Welcome to the forum & hobby

If you are going to keep the notes for yourself, I would recommend not getting them certified, as you do not need to incur this expense.

If are you interested in getting a rough idea of the grade, there are a few options;
1) Attend a local coin club meeting and chat with the paper money expert
2) Attend a local coin show, talk to some dealers and collectors that specialize in bank notes.
3) Take some photos of the notes and send them to a forum member or post them on the forum
4) If you live close to a forum member, they would most likely be happy to meet and tell you what you have, and then talk for hours on how great the hobby is

For storing your notes, it would be recommended that you get some Mylar currency holders to store them in. Do not try to improve the grade of the notes, (eg. erasing pencil, pressing out creases, etc.) as this will hurt the value.

If you are going to keep the notes for yourself, I would recommend not getting them certified, as you do not need to incur this expense.

I must disagree in your situation.  The cost of having the notes professionally graded is negligible in comparison to the "market" value of many of the notes you have listed.

It takes years of experience to learn to grade bank notes and you may be confused by the disparity in grades you may receive from dealers and collectors alike.  BCS is very conservative in their grading so you can feel assured of the grade assigned and I am sure Steve Bell would be able to provide you some guidance on which notes are worth having graded, and which are not.

Over time you will find more flexibility in liquidating notes from your collection, if you choose to do so, if they are professionally graded by a reputable and conservative grader like BCS.  If you choose to hold onto them indefinitely then the graded holders will protect the notes and provide pertinent details to anyone who views them.

Hi Dave,

As "Elwoodbluesca" suggests- I would start by getting some mylar sleeves to use to store your notes.  Be careful how you handle them (I used to use gloves but from the condition of your notes- maybe just clean hands will be fine).  I would also (as canada-banknotes suggests) get my hands on a Charlton guide asap.  You could find a copy at your local library and then buy one at Chapters once you get familiar with what you're dealing with (libraries tend to have dated copies and these books are like a collector's "bible" & keep improving- they're worth the price as they contain a wealth of info!)

Here's a compromise to the 2 conflicting opinions below (to 3rd party grade or not to grade?) First I would not go to the expense of grading a note you've described as "poor" nor would I put the money out on the regular $1.00 notes (unless, perhaps, I thought they were close to "UNC" and wanted to get an idea of how I am assessing against a more critical 3rd party).  Third party grading is great to a point but its expensive and fairly inconsistent amongst the graders at this point in time (there's a big difference between a PMG and BCS graded note).   Third party grading is a big subject so I won't bog you down in it now.

If I were you I would probably want to know what some of the 1935 $20 notes (& perhaps some of the Commerce notes) would be graded as from 3rd party to help me understand how notes are graded.

I would probably think about getting a couple of the "middle of the road" or poorer (less eye appeal) of the 1935 notes graded.  I think I would prefer to walk into a dealers or go to show (the bourse) and ask around about the Chartered bank notes- but that's me.  I would definitely want to network with fellow collectors and get a lay of the land (the Cdn collector scene) as it can be interesting. Charlton has a good section which describes what each grade is about so it would be wise for you to learn yourself and get practised at judging notes for yourself (develop your critical acumen).

If I were thinking of getting in the hobby (& keeping a few for myself) then I would want the best notes for myself and sell the less attractive notes.  These Princess Elizabeth notes all have high book value and could help you buy other notes you may be interested in collecting (notes that are in better condition &/or are from different series).     

After going through the Charlton I would have a good idea what SERIES (eg 1935? /1937? /1954?) I would want to focus on.  You've already got a good start on the 35's so if it were me- I would probably want to get a $1.00, $2.00, $5.00 and $10.00 note in as nice shape as I could afford (with the proceeds from my sales).  I would be trying to get notes with nice eye appeal.  That means the note shows well, doesn't have too much wear or too many serious folds/wrinkles, dirt, tears or other distractions (usually VF-EF) is fine with me. That's how I collect- so you may want to think about how you wish to approach the hobby.  It always helps to have a method.  Everyone who will contribute to this site - will all have different collecting styles and preferences- so its completely up to you (just keep what you have or should you diversify?)

Ah... like all passionate interests, one can always count on members of the fraternity to be gracious with their time. Much thanks. Lots of good advice here.

I have them in sleeves now. The slip in kind, not the sealed kind. I got them from Universal Coin in Ottawa where I am. Any of you in Ottawa? Perhaps I could get some in person advice.

I have been in contact with Steve at BCS. I will be having many, if not all, certified and sealed. It does seem to be the best idea for protection if nothing else.

As it seems there may be more value here than I thought, I am leaning heavily away from mailing them, even with insurance, etc. I would never forgive myself if something were to happen to them.

I thought that conescutive serial number Commerce notes would have been worth more than the PRincess Elizabeth notes. No?

Gracious, yeah.   I think the level of response is directly correlated to the value of the notes being discussed.

The Commerce $20 notes should be worth more than they are, but the market for that particular institution has grown very soft.  But the fact that your notes are consecutive might make them extremely appealing.  So there are opposing forces at work in establishing what they could realize at sale.  The reasons why consecutive older are desirable are varied, but I can't deny that they would probably do better being offered together rather than separately.

The Bank of Canada 1935 $20 notes are not rare but very popular and are collected by a much larger number of people than the chartered notes of the same era.

I'm in Ottawa but I don't do free assessments.

The BCS holders will protect the notes against physical damage.  As for the long-term, nobody can confirm that BCS holders are perfectly safe.  You should probably wait to get the notes graded until you're ready to sell them.  Even then, there's no benefit to having them slabbed by BCS.  Not circulated notes, anyhow.  Paradoxically, BCS uses conservative grading standards, but buyers treat slabbed circulated notes as overgraded, especially if they lack the "original" designation which is given only to mid- to high-grade notes.  You might be better off paying a dealer to do the assessments of your notes, but dealers are scarce in Ottawa these days...

Bought the new Charlton Canadian Government Paper Money catalogue.

Reviewing my original post, I have eight "Princess Elizabeth" notes (not seven). All are English. Three of the larger seal. Neat stuff this hobby.

I am attracted to walktothewater's suggestion of selling some notes to finance a start to this hobby.

Once I have these graded I will get back with the results.

That's the best thing that could have happened - a new recruit to the hobby. Welcome aboard!

Reviewing my original post, I have eight "Princess Elizabeth" notes (not seven). All are English. Three of the larger seal. Neat stuff this hobby.

I am attracted to walktothewater's suggestion of selling some notes to finance a start to this hobby.

That's terrific Dave!

Now I would also suggest that when buying you may wish to stick to graded notes (look for "Original" since this is new for you) and especially if you decide to purchase through eBay or eBid online auctions (or at least know who you're buying from).  I have always been satisfied with certain dealers I've gotten to know over the years and they often offer top-notch non-graded (less expensive notes) at more then fair prices. As suggested earlier- it helps to get to know some of the people in the business who will be happy to give you a good deal in order to secure your loyalty to them.  Just be careful of the classic "Deal" since what sounds "too good to be true" is often not what it appears to be- only too often you are getting a nice looking note but it has likely been washed or processed to make it appear higher grade (which means it looks great now- but if you want to sell it later- good luck!)  A processed note also lacks most of the qualities that appeals to your average seasoned collector who will inspect your note with scrutiny (such as embossing, crispness to the note, bright colours, sharp corners, etc).

It is the typical evolution of a collector to collect generally (like your mother) and then specify with a series, grade, or denomination, etc.  Most collectors I've polled seem to collect in terms of a series or pre-____specified series and earlier (eg pre-69-75 or 1954 & earlier).  Some stick with Charter Banks (like your Bank of Commerce $20) while others stick with Bank  Of Canada (1935 & up).  A few will collect both.  A number of collectors I have met only collect special numbers, low #, 1000,000 and esp radars, and a very few collect only Errors (but this is usually for seasoned collectors who know their bank notes!) etc (see the back of your Charlton).  A few I know only collect Replacement or Test notes.   I have also met those who collect only by denomination (typically lower like $1.00/$2.00) and some of these (more hardcore) collectors will collect every single prefix in the series (which has always amazed me!) 

There is a section on this forum entitled "POLLS" and that may give you an idea of what collectors like to collect. 

Some "generalist" I know will collect just about everything & i'm a little guilty for this- and yet I  have narrowed my focus- and I believe a more focussed collection is the better collection (since you can be more demanding about the grades of note you purchase, etc, and a focussed collection is just very impressive to view).  It demands a little discipline but in a hobby that can get expensive- there's nothing wrong with a little focus and discipline!

Good luck!