NOTES ABOUT NOTES
Third Party Certification - Greensheet Part 2
I want to thank Jason Bradford of PCGS for his reply to our comments thru the Collectors Universe Forum. He makes some strong points that must be known and considered.
Here are our comments to Part 2 of the Greensheet Article that appears in the March issue.
Point 4 - Expansion of the Market I do agree that this has and will continue to expand the market for currency, which is good for all dealers. Expansion seems to be aimed at "Investors", not the collector!
Point 5 - More structured grading system. I am not sure that this is so important to the collector who wishes to buy a group of notes that look nice and match up well eye appeal wise. The comments made seem aimed more at selling "Investment Grade", higher end notes to investors. The thought that higher end notes can just be purchased without worrying about the grade just does not ring true! As in coins, you buy the note/coin, not the slab!! Having just seen a slabbed Gem 65 Porthole with tiny but well balanced margins - a Fr#40 with virtually no top margin in a Gem 65 holder - tells me that I must look these notes over carefully as these ARE NOT 65s!! To think that currency can be bought based soley on a grade is not correct at all! Turning it into a mere commodity is just not right!!
Point 6 - Ease of liquidity Just one question to pose here - at what level are these notes repurchased by the dealers selling them? For those owning some slabbed, high end notes, offer them back sight unseen and see what you are offered! Will the dealer buy them back or only offer to sell them for you?
I guess that my major concern is how these slabbed notes are being promoted. The thought of an MS 67 1928 $1 Silver cert at $250+ is just nuts! Or an MS 66 $1 Hawaii for $250!! It is the hype that is used to sell these notes that are really nothing special. It may be true that slabbing is here but there are still some things to watch for. Not all slabs are equal - you MUST check out the note , regardless of the assigned grade, and have enough knowledge to make an informed decision on what to buy. SLABS OFFER AN ALTERNATIVE and they must be evaluated like any other note, perhaps more so as they are in plastic and tougher to evaluate.
These are my comments - how do you feel? Thank you - TIM