Although the vast majority of coins and bills in circulation are only worth their face value, some coins can be sold for thousands of dollars to collectors. Such is the case with certain $2 bills, which, thanks to particular characteristics, could be worth up to $20,000. Find out how to tell if you have one.
According to MarketWatch, some uncirculated $2 bills can be worth as much as $20,000. Their being valued in thousands of dollars depends on a few factors, such as serial numbers, when the bills were printed, and their condition.
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These $2 bills could be worth $20,000
Serial number
The serial number, which is printed on the left and right sides of the front of the note, usually with a letter on the front, is one of the main factors that can raise the price of a note.
“A serial number ‘1′ for a 1976 $2 bill would be worth $20,000 or more,” Dustin Johnston, vice president of Heritage Auctions, told MarketWatch.
Other high-value serial numbers include so-called “ladder” or “solid” numbers. Solid serial numbers are codes that have the same digit, such as 88888888888. On the other hand, a ladder number features digits listed in ascending order, such as 12345678910.
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Antiquity
Johnston also told the financial portal that much of a bill’s value is in its age. For example, those that were printed before the 1920s and are more than 100 years old are often worth much more than their face value.
However, it is not just about the year of printing, as the number of banknotes printed in a given year, as well as the number of banknotes still in circulation can also affect their rarity.
Condition
Another important factor to consider is the condition of the bill. Trying to sell a wrinkled bill to a collector is not the same as trying to sell one that is well cared for or even classified as a collector’s item and encapsulated for preservation.
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Other aspects that are taken into account to determine the value of a bill or coin
According to the US First Exchange site, there are four types of value:
- Catalog value
- Purchase price
- Public or retail value
- Wholesale value
List value is the average price that most people would sell a coin or note for. Purchase price is what a dealer would be willing to pay. Retail value is the price that a specific dealer would be willing to sell you a coin or note for. Wholesale value is the price that dealers use when trading with each other.
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According to the portal, the value of a coin or banknote is essentially determining the catalog value based on three main factors: rarity, the condition/grade of the coin or banknote and market conditions, i.e. demand. The combination of these three factors determines whether a coin or banknote is worth more or less money.
