Value of Greensheet

Absolute newbie in banknotes (after 50 years on and off in coins), so don't laugh too much as I learn this new world. I've read that one of the first things to do is buy a copy (18$) of the Greensheet.  And this is to see what wholesale prices are for dealers. 

So I want to see if I have this right:

I'm interested in notes from Costa Rica. So, I'm looking around all the usual places. And then, out of the blue, everyone has Unc 1917 Costa Rica P# S121r for sale. 100 year old note, just sitting around, and then tons of them in the market. Prices are scattered, but all for around $8-35 ungraded. Seems like someone had stacks of these and decided to sell. They set a price for dealers (wholesale), and that price would have been listed in the Greensheet. Me, as end consumer, could have looked in Greensheet and seen that dealers were getting these notes for, say, $6 a piece. 

With that knowledge, I could approach a seller with a specific offer that left enough profit for them and a decent price for me.  

This is probably like entry-level table stakes to even think about collecting notes, so I get it if you all think “dumb**s.”  But, so far, notes has seemed quite more complex than coins, so I want to ask even the most simple of questions.  Thanks!   (Bonus newbie question: if you were collecting Czechoslovakia, would you consider the set complete *without* Bohemia and Moravia?)

You will get many opinions on this. I think the first thing you want to decide is are you collecting banknotes as an investment or are you doing it for enjoyment. If you are doing it for investment then by all means, get Greensheet. The more knowledgeable you are on the marketplace the better the decisions you make. 
 

You bring up an interesting point. There are a lot of UNC notes out there that have overinflated prices. You have to be careful about buying “rare” UNC notes. If you are patient and doing this for investment, spend time looking at prices of notes wherever you might find that information.

For me, collecting is for fun. A good VF note can make an interesting find that is not necessarily in bad condition and is usually more reasonably valued. There are lots of collectors out there that feel the same way. You needn’t worry about losing your investment or not being able to sell. 

The bottom line is; Learn all you can about the hobby and decide what aspect of the hobby you want to pursue. Have fun with the hobby!!

I'm not an expert on Costa Rican banknotes, but “r” in the number could mean it's a replica (like restrike coin).

As for banknotes of Czechoslovakia, first define the concept of the collection. Then it will be clear which banknotes are suitable for it and which are not.  For example, if the theme of the collection is banknotes that were in circulation in the territories of modern Czech Republic and Slovakia, then banknotes from Bohemia and Moravia are suitable.

blue-m

You will get many opinions on this. I think the first thing you want to decide is are you collecting banknotes as an investment or are you doing it for enjoyment. If you are doing it for investment then by all means, get Greensheet. The more knowledgeable you are on the marketplace the better the decisions you make. 
 

You bring up an interesting point. There are a lot of UNC notes out there that have overinflated prices. You have to be careful about buying “rare” UNC notes. If you are patient and doing this for investment, spend time looking at prices of notes wherever you might find that information.

 

For me, collecting is for fun. A good VF note can make an interesting find that is not necessarily in bad condition and is usually more reasonably valued. There are lots of collectors out there that feel the same way. You needn’t worry about losing your investment or not being able to sell. 

 

The bottom line is; Learn all you can about the hobby and decide what aspect of the hobby you want to pursue. Have fun with the hobby!!

Thank you for this. This is definitely for hobby and enjoyment. Of course, if you end up buying low and selling high to help fund the hobby along the way, that's nice too…but not my main goal.  Like you, I'm collecting for fun. As part of that, I don't have to have everything be in a certain condition. Indeed, the rise of the certification industry in the 90s is why I left coins; half the fun was having my red book open and carefully studying, say, my Liberty Walking halves to make an accurate grade.  When that art was tossed aside in favor of the service companies, some of the interest waned. 

Full circle, you've answered my question, and it seems a study of Greensheet isn't needed. Thank you! 

Welcome to Numista jhw!

Not sure where you're coming from but I can honestly tell you (from my neck of the woods) if I were to walk into my LCS with my greensheet & started to haggle with the owner based on my greensheet tables, I am pretty certain he would tell me to open up my own shop first & then get back to him to haggle.  

I actually bought a Standard Catalogue of World Paper Money (or SCWPM), the thick tome which sells for around $99 (with 30% discount) & have rarely use it. Found it to be pretty dated & used it mostly as a reference point.  Most of the approximate BV's were very generous (market prices weren't as high as the SCWPM tables) which was odd. I have found eBay & other online sources equally or more accurate as a source of info but perhaps that was my personal experience when I started & the market was somewhat depressed (around 2015). It just takes time to familiarize yourself with the asking prices (just like it takes time to accurately grade).  Pricing World notes is definitely a challenge these days & I'm sure its a big turn off for many who might be curious about the hobby (there's no current catalogue other than the greensheet, if you can get your hands on a copy). 

Ten (or 15) years ago it wouldn't even be an issue (to study greensheet) because most banknotes you bought on eBay (or most online stores/outlets) were wholesale (or nearly WS) priced.  Everything was quite cheap online.  Today, it has gotten a little more expensive but if you're buying from a reputable seller (ebay) then you will always end up doing a little better then had you walked into a brick & mortar shop (esp on an auction listing).  

@blue-m sums it up for me: do your homework & you will find the hobby rich & rewarding (but maybe not be as $ rewarding as you'd like). I don't look at the hobby as a means to invest.  If you wish to invest, there's far better places to park your money.  

I tend to look for PowerSellers (they can sell most reasonably) & sellers who list Auction style unless the BIN (Buy It Now) is indeed flat-out the lowest I've seen. But I always inspect the note well (many sellers don't count foxing, spots & counting folds when assigning UNC as a blanket grade).  I try for UNC or upper grades unless its something pretty tough (than I'll settle for VF35 or better).  Some collectors turn to Track & Price but I am a bit gun-shy on a monthly subscription & just try my luck on auctions with some of the few more pricey notes I go for.

I'm not an expert on Costa Rican banknotes, but “r” in the number could mean it's a replica (like restrike coin).

“R” stands for replacement - in most paper catalogues but in terms of that PS121 1 Colone remainder, Numista actually explains how the American Banknote Co auctioned off 61,000 examples in 1996. They're pretty common & were never issued. If you like banknotes that never circulated, then you'd be better off going after specimens.  

Remainders are left-over banknotes typically unsigned & without serial numbers (or other overprints). 

Feklisov

I'm not an expert on Costa Rican banknotes, but “r” in the number could mean it's a replica (like restrike coin).

 

As for banknotes of Czechoslovakia, first define the concept of the collection. Then it will be clear which banknotes are suitable for it and which are not.  For example, if the theme of the collection is banknotes that were in circulation in the territories of modern Czech Republic and Slovakia, then banknotes from Bohemia and Moravia are suitable.

Ah, that would make sense. The notion of stacks of ‘Remainders’ sitting around for 100 years didn't make sense to me. I'll look into this more. As for Czechoslovakia, my boundaries are banknotes in circulation in the defined country from 1918 to dissolution, and does not continue into the Czech Republic and Slovakia. 

Serial_Number_8 - thank you!!