Collecting currency can be just as complex as collecting precious metals, even more so when you consider its fragility. Knowing which pieces of currency to collect and when takes considerable skill and experience, but here are some fundamental skills to acquire.

Choose The Form of Currency To Collect

To begin your currency collection on the right foot you must decide the type of currency you want to collect. There are large bills with lower denominations such as $1 or $5 values, or you can choose to collect currency which has unusually low serial numbers. Another popular form of currency which is collected is “radar notes” which is a piece of currency that has the same serial number both backwards and forwards, such as 56788765.

A star note is a bill that is found to have defects after printing. In such cases a star note will be used to replace it, which for Federal Reserve notes will display a star following the serial number. These notes hold great value among collectors. Other forms of currency which are valued are those which have misprints or errors like double denominations. Knowing what type of currency you wish to collect should be the first step.

Know The Prices Of The Currency

Shady dealers will try to overcharge you for currency; it is your job to prevent this by doing your due diligence. You should have extensive knowledge on any piece of currency you intend to purchase, most notably their price. To know the price you must familiarize yourself with the grading system. The Official Red Book is an important manuscript which provides information on various pieces of currency and their prices.

Select The Currency Dealer Wisely

Armed with this knowledge, you will get the best deal possible when purchasing it. Select your currency dealer with care. Look for those who have been in business for at least 5 years and who are listed in the Better Business Bureau. While it is okay to shop for currency online, buying in a brick and mortar shop allows you to view the currency up close and to receive immediate answers to any questions you might have.

Care For The Currency In Your Collection Properly

Notes range from Gem Uncirculated (which means that are completely flawless) to Good, which means that the note has worn badly. When buying currency it is essential to make sure it isn’t over graded, which is common practice among less reputable dealers. Once you have the currency in your possession, now you must care for it. Correctly maintaining currency is vastly more complex then precious metals, which are much stronger and more durable.

Under no circumstances should you directly touch the currency with your fingers. Whenever contact is necessary, be sure to wear gloves made from cotton. The currency should also never be bent; always keep it as straight as possible. In regards to storage, it is best to place currency inside a sleeve which can be acquired from most currency dealers. This sleeve should then be placed in a location free of moisture.