Cashing in old bills

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socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Cashing in old bills

Post by socrispy » Sun Dec 29, 2019 8:21 pm

I have lots of old bills I've determined are common and worth at best face value. I've had no offers for them. Does a bank destroy them according to some policy or do they first check if they have any collectable value? A teller at my bank already eyed my collection last time I removed them from the safety deposit box! Said he dabbled in collecting old coins and bills. I'd rather deface them rendering them worthless as collectable before cashing them in just in case one is worth something and gets spotted before being destroyed. ... Thanks! :)

GBELEC
Posts: 108
Joined: Tue Jun 25, 2019 8:01 pm

Re: Cashing in old bills

Post by GBELEC » Sun Dec 29, 2019 10:08 pm

Socrispy , this website can give you a pretty good idea of what you have that may be of any value. Or find a coin show or sale that is near you and take your stuff there talk to a few different coin dealers. Sorry to hear that you are willing to distroy the currency rather then have someone find some value in it.

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: Cashing in old bills

Post by socrispy » Sun Dec 29, 2019 11:50 pm

These are all very common old bills, maybe worth $1 above face value. Not worth finding a buyer. I tried selling lots of my old coins and was offered way less than melt! One was a 1/2oz 1976 Olympic gold coin. I got many offers at around $400, what a joke! They tried giving me some BS about shipping rate, eBay and PayPal fees. LOL! ... There's no one collecting anymore, it's all about reselling online now. I'm just going to cash these bills in at my bank.

GBELEC
Posts: 108
Joined: Tue Jun 25, 2019 8:01 pm

Re: Cashing in old bills

Post by GBELEC » Mon Dec 30, 2019 8:37 am

Ya some times it’s not worth the effort but still maybe you would be starting a new collector if you found a youngster that would buy them from you at face to start a collection. If all you get is face at the bank anyway.
Happy New Year to you and everyone out there that’s part of the collecting clan.

troubadour
Posts: 222
Joined: Thu Nov 24, 2016 3:46 pm

Re: Cashing in old bills

Post by troubadour » Mon Dec 30, 2019 9:26 am

you can always leave your old coins or banknotes as tips in a restaurant or someplace else. it can help the hobby and create new collectors. Steve Wozniak used to do that with $2 bills and i think it's a great idea. he did that as a joke but it surely helped the hobby at some point

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: Cashing in old bills

Post by socrispy » Mon Dec 30, 2019 6:03 pm

$406 would be quite the tip! This was my uncles collection. Apart from a few hundred dollars worth of Dominions, uncirculated bills, a few devil face's and some uncommon serial numbers the rest don't really have much collectable value, at least not to me. Turns out 1954 isn't really that old when it comes to collecting! I don't think stores take old money. Maybe I should try buying a coffee with a 1954 $100 bill or a few 1973 sequential $1 bills. I'm sure the manager would be accusing me of trying to pass fake money. If you think about it, these bills don't have any security features and would be easy to counterfeit with today's printers. Maybe my bank won't even take them!

GBELEC
Posts: 108
Joined: Tue Jun 25, 2019 8:01 pm

Re: Cashing in old bills

Post by GBELEC » Mon Dec 30, 2019 8:20 pm

Socrispy , sorry if the info provided has not been what you would like to hear. I’m sure that what was offered was meant to help, they are yours now and you alone can decide what you would like to do with them.
Your uncle was obviously a collector and it sounds like he collected some stuff that he cared about. What ever you do I truly hope you take that into consideration . All the best to you , good luck.

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: Cashing in old bills

Post by socrispy » Tue Dec 31, 2019 1:09 am

Not really a collector. My uncle was a store cashier for years. He'd keep an eye out for bills he thought had value. Most likely friends told him what to look for. He'd see known collectible dates like 1954 and switch them out. I doubt he did any research on his collection. This is why most have no collectible value. He was also into RCM coins and stamps. I'm still holding onto the bills with value. Happy New Year!

bidderdown
Posts: 55
Joined: Sat Aug 12, 2017 9:52 pm

Re: Cashing in old bills

Post by bidderdown » Tue Feb 04, 2020 4:44 pm

what do u have with pictures lots of folds tears wrinkles corners bent folded over detract from value take pics and post in buy and sell

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: Cashing in old bills

Post by socrispy » Wed Feb 05, 2020 5:28 pm

Nothing of real value over face. I had them on buy and sell sites along with collectible 1923's, 1935's, devil's faces etc. and I got nothing but lowball garbage offers. Nobody's collecting, everyone is looking to make a fast buck off of suckers. And once their graded nobody wants them. One "collector" told me his offers are fair and honest because he said he visits senior homes and educates them on the true value of their collections ... yeah right!

What surprised me is how easy it is to counterfeit these old banknotes! There's little to no security features on them. Using my cheap-o all-in-one printer and plain paper I easily fooled all my friends. I'm sure it wouldn't pass a trained eye but I'd bet it fool an amateur collector. When I cashed in the $406 worth my bank didn't even examine them. That's scary! Makes me wonder what's real or fake on buy and sell sites. At least coins have metal value and are harder to counterfeit, I hope. lol

papermoneyguy
Posts: 55
Joined: Mon Oct 29, 2012 1:39 pm

Re: Cashing in old bills

Post by papermoneyguy » Wed Feb 05, 2020 10:08 pm

At least coins have metal value and are harder to counterfeit
Unless silver ... metal value on a coin is basically nil
As for counterfeiting coins you would be surprised that you can pretty well get most coins from China for pennies
The rarer coins are made in large quantities said to be sold as fillers but only
An idiot would believe that
Loonies Tooonies Silver maples all can be bought for pennies
Even silver and gold bars can look very good
If there’s a way to make money counterfeits will try ...
As for your collection it is up to you to do
As you please but I have always found it
Amazing how some new young collectors
Eyes light up to see a new note in their collection even if it is just a common note
For most of the younger generation they have never seen a one or two dollar bill
Sad to see these notes get destroyed
I have many times given or traded for face value both banknotes and coins at various events
The last event I exchanged 50 cent jubilee
Pieces as well as 1999 and 2000 25 cent pieces to anyone who wanted some
I went through a box of halves and over 60
rolls of millennium quarters
If you can get new individuals into the hobby it only makes it more enjoyable

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: Cashing in old bills

Post by socrispy » Thu Feb 06, 2020 5:36 am

Counterfeit coins! Okay that I didn't know. I did find many sites offering to make counterfeit banknotes.

The Bank of Canada has an interesting article entitled, Upcoming changes to legal tender status for older bank notes

In it they say...
Every bank note issued by the Bank of Canada since we opened our doors in 1935 is still redeemable at its face value. Technically, you can use a 1935 $25 bank note when you go shopping or pay a bill. The cashier might refuse it because it looks unfamiliar, but it is still worth $25. In fact, some bank notes, especially the rare ones, are worth more than the number on their face to collectors.

... removing legal tender status means that some older bank notes will no longer have the official status of being approved for payments of debt. Essentially, that means you will no longer be able to spend that 1935 $25 bank note to buy items at a store. But these bank notes will not lose their face value. If you have any of them, you will still be able to take them to your financial institution or send them to the Bank of Canada to redeem their value.
So I asked the Bank of Canada what would happen if I mailed in a genuine banknote but the serial number had already been destroyed, meaning they accepted a fake banknote. Do I get it back? Oddly enough they never replied! lol

I look at it this way, me destroying $406 worth of common old banknotes just made everyone's collection worth a little more! ... that is, if someone at the bank didn't pocket them!

papermoneyguy
Posts: 55
Joined: Mon Oct 29, 2012 1:39 pm

Re: Cashing in old bills

Post by papermoneyguy » Mon Feb 10, 2020 9:05 am

I look at it this way, me destroying $406 worth of common old banknotes just made everyone's collection worth a little more! ... that is, if someone at the bank didn't pocket them!
First of all, I doubt by returning the notes it made any difference to anyone’s collection value however, it may have meant the difference of another individual
Becoming interested in the hobby.
As for handing notes to a bank, although tellers are not suppose to give out these notes as they are meant for destruction some do and some of these are dealers that will make a few bucks over face if possible by selling to new collectors
It is what it is but I strongly recommend that anyone on this site give it a second thought before returning notes or coins to a bank... you may make someone’s day...
And if you do decide to go the bank route why mention it... just do it....😥

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: Cashing in old bills

Post by socrispy » Mon Feb 10, 2020 9:38 pm

papermoneyguy wrote:
Mon Feb 10, 2020 9:05 am
First of all, I doubt by returning the notes it made any difference to anyone’s collection value however, it may have meant the difference of another individual ... Becoming interested in the hobby.

And if you do decide to go the bank route why mention it... just do it....😥
Removing an item from circulation increases the value of the item(s) left in circulation. e.g. 1934 "S" US Peace Silver Dollar.

These were just common old bills, maybe worth 10 cents max above face. Why save them??? I saved the Dominions and others with any value. Lots of them were 1973 $1 and 1986 $2 bills -- no not AUH! lol

I've got sheets and sheets of stamps. None are worth anything. Should I keep them???

The only difference between a hoarder and a collector is a collector collects something of value. Sentimental value is worthless! :)

papermoneyguy
Posts: 55
Joined: Mon Oct 29, 2012 1:39 pm

Re: Cashing in old bills

Post by papermoneyguy » Tue Feb 11, 2020 4:35 pm

Removing an item from circulation increases the value of the item(s) left in circulation. e.g. 1934 "S" US Peace Silver Dollar.
I cannot speak for your US coin but your comment is far from reality
Just because something is removed from circulation does not make others more valuable
If an item is not in demand regardless of how many are removed the price will not increase There needs to be a demand that outweighs the supply or a scarcity
As for your stamps use them for postage
I've got sheets and sheets of stamps. None are worth anything. Should I keep them???

The only difference between a hoarder and a collector is a collector collects something of value. Sentimental value is worthless!
Again you are incorrect!
Collectors do not always collect something of (monetary) value they collect what appeals to them for numerous reasons
What is collectible to them may not be collectible to you
And you contradict yourself
I assume you have sheets and sheets of stamps because you collected them and didn’t just find them on the post office floor
If they have no value why do you collect them and still have them?
Bottom line your stamps are still worth their printed value

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