If you think that collecting paper money is the same as collecting coins, think again. Paper money is a different world, as far as collecting is concerned. While values and basics stay the same, issues like counterfeiting and inspecting change.

There are certain things that you must look for when thinking about making any type of paper currency purchase. These four tips on inspecting paper money will help you to make the right decision, as far as a purchase is concerned.

Be Cautious and Careful

The first important thing to note is that paper money is going to be more fragile than coins. You need to be cautious and careful as you work to inspect the piece. Some paper currency pieces will be kept in cases. Others will require you to wear gloves, at the request of the owner. This is normal, as the paper is simply more fragile and more susceptible to damage from the human touch.

Check for Rips and Tears

It is normal for paper currency pieces to have small hairline tears, as the paper money simply becomes old. It is not normal for paper money to have large rips and tears. Take note of the paper money and look at all of the rips and tears on the piece. The more rips and tears that you find, the lower the value of the paper money.

Check For Counterfeits

Counterfeiting is an issue both during the time of circulation for the paper money and the time of high collecting for the paper money. People are simply trying to make money by creating fakes – which can cause problems for serious collectors.

You need to research the different known counterfeits of the paper currency that you are trying to collect. Research the simple visual signs and signals that will alert you to take money. If you fail to do so, you may wind up paying top dollar for a worthless piece of paper.

Check Year and Mint

The year and mint marks of paper currency can and will completely change the value of the piece. While some pieces are of high value no matter the mint location or the year, others change drastically based on this information. You need to find the listed year and mint but also inspect the piece to make sure that the listed year and mint is correct. If you fail to do so, you may wind up paying a lot of money for a piece of old currency that is simply not worth a dime.

Take the time to research the paper money that you are interested in before you actually go out into shops to try to purchase them. Research the counterfeits that are usual for the paper money that you want and understand the meaning behind the year mark and mint mark. The more information that you have on the piece of paper money that you are trying to add to your collection, the safer and more calculated your final purchase will be.

Photo Credits: kevindooley

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Categories:

Buying and Selling Coins, Paper Currency, Paper Money

Tags:

circulation, collecting coins, fakes, mint marks, money, paper currency, paper money, piece of paper, top dollar