I am happy to say I "finally" sent my first batch of notes in for Grading to PMG. I recalled this video, and did a quick refresher. Thank you for teaching us how.
Very interesting. I have never sent anything out for grading and probably never will but if I do I will use this video as a reference. Have a great Day. Great video.
Talk about insider trading your the best. Omg, all of us newbies need a a guy like you. On the surface one would say no problem. Then the reality sets in, the bottom line which is the total. It’s amazing how you make submissions to a grading company a educational coarse that must be attended. As we all know if I’m not assuming that the grader is subjected versus another graders point of view. Your channel is outstanding , you have a tremendous amount of experience. Sharing your inner thoughts on how you select a banknote to be submitted or not. I have tried to watch all your videos. Just to let you know? Your videos stress knowledge , understanding . I have watched many videos, some do mention that submitting a coin/banknote may or may note give one want one wants. Your video has real credibility showing how you write your form, showing the banknote and most important in my eyes is your thought process having why. I’m new and I am subjective to how much money I can put in hip national bank. Hopefully some of your newbie subscribers will read my long reply and take your channel as one would say knowledge is a key for success. Bob
Thank you so much Bob! You get it. You understand why I do these videos. Currency is such a small part of the coin collecting world. Yes, it’s fun to show off some neat notes but it’s so much more important that anyone even slightly interested be given a little knowledge. It’s hard to believe no one on RU-vid has dove in prior to me. I still consider myself new. I have less than 10 years in this. It’s just so important to share what I learn and to be realistic. There are silver channels and coin channels that give the impression that everything is worth a fortune. I would rather someone be pleasantly surprised than disappointed and disheartened. Thanks again for the kind words!
I agree with you about pmg vs pcgs for currency. Pcgs banknote seems like a sub category of a coin company and pmg seems like a banknote company. That being said I only get pcgs graded coins and not ngc (which owns pmg) so it is mostly up to personal preference. I’ll be excited to see how they come back!
@@randykatterson2660 if you get them cheap enough it makes sense. Also for preservation. 2 identical notes (1 graded and 1 raw) the graded one will sell for more.
This is good information. I have 3 notes that I would consider grading, but also know that the cost of grading is greater than their value, so definitely holding off.
It's so easy for all of us to look at a single note and ask "why don't you get that graded?". This video is the answer to that question! It also shows the importance of a good relationship with your LCS because they may allow you to add your notes to their submissions for a mutual cost/speed benefit. Shipping is more spread out and notes can be sent in sooner!
What is a "LCS"? I am surprised they do not have you list the serial number on the form. I did not see it on those two sheets you showed at the end. And once again, thanks for the info!
I bought a 1934 1000 federal reserve note chicago at an government auction…. it was my first time ever buying a bill but I couldn’t resist. it came in a display case saying “the last 1000 bill”. There is a company that puts this package together… in any case. I just went to a PCGS show and submitted the bill and paid the grading premium. They charged 95 dollars. I just picked it up 2 days later. I didn’t get ripped off luckily for the first foray. I basically got a 10 percent discount from what appears on the market. Since it’s my first time. I don’t know the currency market. How liquid is the currency market when you go to sell? Do you sell to brokers or primarily to auction sites
@@Stuplubakcurrency Thanks for your reply. I see i didn’t even put the grade. With their 2 day service they graded at VF25… no special notations… it had no tears , Clean and some folds. Paid 3400 plus the 95 … but I have a wood display case. So overall I guess I did the best I could with photos. And with the govt I knew I wasn’t getting a counterfeit LOL. As always you hope to get a higher grade however I’ve learned now to have lower expectations.
LCS is Local Coin Shop. You really want 10-20 notes to send in for grading to make it worth it. The shipping and insurance adds up fast when it’s just one note. I learned that the hard way. My first note was sent alone and cost almost $100. When I sent in 20, it cost $900, but that’s only $45 per note. I don’t know what notes you want to send but be aware that paying to grade notes really eats into your profits. You can go on PMGs web site and see exactly how to do it.
inspired by your inputs, I am also want to submit my notes for grading. So did you go through an authorized dealer or you submitted them as a PMG member, thanks for your help !
Nope and nope. Just make sure you don’t price yourself out. If you paid $100 for a note and it costs $50 to grade it and it’s only worth $125, you now lost money. It’s better to just buy graded notes unless you are sure it’s a great deal,
thanks, this is such a helpful video ! 1966 red seal 100, would that belong to economy or modern ? it seems any note after 1957 which is less than 1000$ can fit into the modern category ?
I agree with you about PCGS.I think everyone believes that PMG is owned by NGC,but PMG and NGC are owned by the Certified Collectibles Group.But the others you are referring to would be Legacy,who is owned by Jason Bradford,who left PCGS in 2019.The other, which many may not know is CGA(currency grading authentication), which was formed in 1998,and the first company to grade banknotes.Im not sure about their insurance and shipping,but they have an economy for $20/note.So, like you said,if you don't send in multiple notes,or got a raw note very cheap,the fees are gonna get ya.Great job on this video, breaking everything down.👍👍
I get so many questions about this. I knew at some point that I would be sending notes for grading. This was the perfect time to show the entire process.
I use BCW deluxe currency regular bill holders. They do contain PVC but if you don’t leave them in direct sunlight or high temperatures they are fine. I get them on eBay.
I’m guessing because the cases would be heavy, bulky, and more likely to shatter. They are easier to store this way and considering that notes are flexible, it seems kind of appropriate.
I don’t think so. A true binary, maybe. But you are talking about $45 best case and even more if you don’t have many to grade so it doesn’t justify the price. I’m sending in 24 notes that I have close to $6k so invested in and it’s going to cost me $1000 . But this should increase the value of the notes to about $8-$10K. So spending the $1000 is worth it.
I'm trying to send 3 notes off for grading to PMG. I'm little confused about the shipping. The cost of $26 for shipping. Is that just for them to send it back to me? If so, I just pay an additional fee to ship the notes to them?
Correct. That’s why you shouldn’t send so few notes. The shipping cost eats all your profits. I sent 1 note and it cost me over $80. When I sent 20, it was about $40 per note.
@@Stuplubakcurrency I got this 1934a 1000 bill from a coin shop for 2700 and its in great shape, I'm thinking it has to at least a 35 grade. I'm also just throwing in a 1914 $100 and 1917 $2. I feel like it worth getting the 1000 and 100 graded.
@@Stuplubakcurrency I understand that, I do prefer my notes to be graded though. I just never sent anything in before. I've been collecting for 1 year now. Just wanted to let you know your videos have help me alot and love the hobby.
How can graders justify increasing grading fees by the value of the note? What? The process is the same.... please explain to your public, just how this occurs! It's "grading" and their "death grip" they have on the industry that made me lose interest. The grading companies control the industry completely!!!
I agree completely. If I am to play devils advocate, I would say the higher value notes are rare. Therefore there is more research and authentication involved. At least I’m sure that is their defense. But I’m with you.
I have 1 note from PCGS and it has an RF code. My phone picks it up all the time. I just scanned it and it looks like they have an app you can download. I use PMG and look it up on their website.
Wow! I downloaded the app and it gave me the run around about them selling and reaquiring the bank note division and says they can’t verify their own notes. Waist a waste of technology.
@@Stuplubakcurrency Yes, looks like PMG is king in my opinion when it comes to paper currency. Found your channel today and I’m hooked bin watching all your videos lol.
@@RDCards thanks! My regular upload schedule is $1000 strap hunt and note highlight on Thursday. Top 10 on Sunday. Weekly Free community strap search on Tuesday. I’m pretty good at answering questions. For the strap hunts, be sure to put a # with the note number like #32 so the comment picker can find it. Good luck and thanks for watching!
I came here to actually physically see how you prepare the bills for grading. That you didn't show. You actually glossed over it, saying you would have someone else do that. They would "put all the notes together, put stiff cardboard around them, front and back, tape that together, put that in an envelope..." Well, that's not a good visual. For sending PCGS coins, you place the raw coin in a particular holder and label them a certain way using a paper label, package them in a particular manner, etc. For trading cards, you are to also place them in a particular penny sleeve then in a top loader, then place them in a particular manner and using cardboard cut a particular way. These may seem "obvious" to you but SEEING that being done visually is why RU-vid is such a great primer. Unfortunately, this wasn't shown here about prepping/sending notes for grading. And I'll be going somewhere else for that. The other info you provided was helpful, but I came to your site to see "How to physically prepare your raw bank notes for grading."
