Where do dealers get all of their UNC notes?

Of course dealers can buy from collectors, estate sales, etc.

But specifically, where do dealers get all of their UNC notes? When somebody has 10 or 40 sets of Ecuador notes from 1 to whatever, how do they get them in the first place?

Or something like the beautiful Suriname notes or Faroe Islands notes that have a limited run and then become rare?

Or stacks of notes from far-flung places like Sierra Leone or Congo, where most people might not want to vacation?

My first thought was that, like gem dealers, people travel all over the globe and buy stacks of UNC notes from the banks. But I wonder if there's not an easier way, especially with customs limiting how much money can come through, and perhaps the danger of carrying boxes full of cash.

Do they order them from the banks internationally?

Obviously, the only way for an individual collector to get one set of something is through a dealer. But what if somebody wanted to become a dealer? How would that somebody procure 30 or 50 or 100 sets of multiple UNC currencies?

I haven't found any answers to this, so I figured the best way is to ask. Thanks.

Why, they just print them themselves 😉

In some cases, they have contacts at local bank(s), or international contacts who have contacts at local banks.

When a new note is released, they ask at the counter and get them directly as they're released and just withdraw them as cash.

I've done it myself to get new notes (only for my personal collection, so it's like 1 but I'm sure I could withdraw (functionally) unlimited so far as my funds allow & their supply exists.)

“Collector” notes can usually be bought direct from the issuer, and unless they set a limit on ordering, well, just order away.

Some national banks may also offer this service for new issue general circulation notes, though I'm not aware of any myself.

I asked five different banks here in London for uncirculated bundles of notes and not one could help me. They have bundles of notes but they are all circulated.

I was lucky on two occasions that amongst a wad of circulated £50s was a single £50 note uncirculated.

But what I would really like is a brand new bundle of notes with the paper band still on it. Even the Bank of England refused me. The only notes they will give you is to replace any damaged ones you bring them.

I would also like to know what the source is, maybe it is jealously-guarded contacts at the bank. And as it is a money-maker, the sources are not revealed!

I got excited because a colleague at work has a partner involved in the provision of gambling machines for casinos and similar arcades. They get uncirculated notes from the bank for testing.

I enquired about getting those and was told the bank takes the notes back and fines the company if any have been exchanged or lost. So that's a dead end.

I know that some of the UNC notes being sold have come out of an ATM. If I check the note and I don't see any marks, all is good. I still regard it as UNC for my purposes. I think with ATM notes you will be luckier with paper bills because the polymer ones are much more prone to get marks from the feed wheels in the ATM.

Sorry I don't know how to quote posts on this forum. It isn't intuitive…

Self-printing is probably not the route I'd want to go : )

If they have international contacts at their local banks, then when those contacts purchase the notes, it must still involve the mail. If you bought them in person, in bulk, it would involve either mail or bringing it throiugh customs on your person.

This is deduction, and I have very little to go on right now. There's no handbook.

---

As for jealously guarded secrets, I'm sure there are plenty. I work in the gold buying industry, and that ios a trade where we don't share sources, maths, or any other tips openly. Something often handed down from parent to kid.

I could get fresh US currency from my local bank, no problem. That's weird to me that a London bank won't offer it. I would've just assumed that any bank anywhere would have fresh notes from their own country.

odd job

I asked five different banks here in London for uncirculated bundles of notes and not one could help me. They have bundles of notes but they are all circulated.

I was lucky on two occasions that amongst a wad of circulated £50s was a single £50 note uncirculated.

 

But what I would really like is a brand new bundle of notes with the paper band still on it. Even the Bank of England refused me. The only notes they will give you is to replace any damaged ones you bring them.

 

I would also like to know what the source is, maybe it is jealously-guarded contacts at the bank. And as it is a money-maker, the sources are not revealed!

 

I got excited because a colleague at work has a partner involved in the provision of gambling machines for casinos and similar arcades. They get uncirculated notes from the bank for testing.

I enquired about getting those and was told the bank takes the notes back and fines the company if any have been exchanged or lost. So that's a dead end.

 

I know that some of the UNC notes being sold have come out of an ATM. If I check the note and I don't see any marks, all is good. I still regard it as UNC for my purposes. I think with ATM notes you will be luckier with paper bills because the polymer ones are much more prone to get marks from the feed wheels in the ATM.

I've never been to the Bank of England, but they also exchange all withdrawn banknotes, don't they? In that case, you could probably try to swap or buy 500 pounds worth of recently withdrawn banknotes (I know it's quite a lot of money), bring them there and ask for a bundle of 5 pound notes in exchange. I know it sounds a bit awkward to say the least, but I can't think of any easier way 😄. 

It's interesting that polymer notes have stronger marks from your  experience, I sometimes find really strong marks on otherwise UNC paper banknotes and would have expected the contrary in the case of polymer.

For the original topic of this thread, I guess it's the mixture of international contacts and buying in huge lots (a common collector probably would't have enough money and space to buy hundreds of banknotes at a time, not speaking of the patience to sell the surpluses). And dealers sometimes buy the large collections, which could also contain whole series of UNC notes accumulated over a long time. At the same time, dealers do this for a living and have plenty of time to go to the banks, auctions and to establish contacts abroad (unlike someone who goes to work and only collects in his/her free time).

@Notable  If you want to quote a post, you just choose the " symbol in the upper right corner of the selected post. 

It's interesting that polymer notes have stronger marks from your  experience, I sometimes find really strong marks on otherwise UNC paper banknotes and would have expected the contrary in the case of polymer.

The part that is easily marked is the clear section of a polymer window. When you get notes out of an ATM have a look at the polymer window with a magnifying glass, it frequently has a thin line from the feed rollers of the machine.

Regarding the banks I tried, this is what they told me:

1. All the small denominations (5, 10 and 20) end up being circulated and even the prepared bundles of 100 that they have are all circulated. What are they are telling me is that these small bills end up being brought into the bank by customers making deposits. They get counted, stacked and bundled and handed out to the next one who makes a withdrawal at the counter.

2. The 50s are a special case. According to my bank, these 50s are often withdrawn at the counter and taken abroad. They therefore have a constant requirement for these 50s and occasionally they will have to get more 50s from whatever central location provides them. But even then, they are often previously circulated. It isn't a case that they can expect a bundle of UNC 50s on a certain day and keep that for me. It is just by luck if I make a counter withdrawal and amongst that lot is an UNC 50.

I also find this situation bizarre.

I should be able to ask for a bundle of UNC 50s, but so far I have been refused on the basis that they don't have any.

The 5, 10 and 20, I don't know how people are getting those. 

It is mild irritation to me that I don't have any UNC King Charles notes, yet they are for sale at the usual guys I buy from on eBay, in Germany and the US.

odd job

I should be able to ask for a bundle of UNC 50s, but so far I have been refused on the basis that they don't have any.

The 5, 10 and 20, I don't know how people are getting those. 

I have had the same situation with Scottish banks - the only time I have been able to get truly uncirculated notes over the counter has been within the first couple of days of issue. Any other time, if I ask for brand new notes as part of a withdrawal, I'll be given the best quality they have but still obviously circulated.

Deda Lebeda

odd job

I asked five different banks here in London for uncirculated bundles of notes and not one could help me. They have bundles of notes but they are all circulated.

I was lucky on two occasions that amongst a wad of circulated £50s was a single £50 note uncirculated.

 

But what I would really like is a brand new bundle of notes with the paper band still on it. Even the Bank of England refused me. The only notes they will give you is to replace any damaged ones you bring them.

 

I would also like to know what the source is, maybe it is jealously-guarded contacts at the bank. And as it is a money-maker, the sources are not revealed!

 

I got excited because a colleague at work has a partner involved in the provision of gambling machines for casinos and similar arcades. They get uncirculated notes from the bank for testing.

I enquired about getting those and was told the bank takes the notes back and fines the company if any have been exchanged or lost. So that's a dead end.

 

I know that some of the UNC notes being sold have come out of an ATM. If I check the note and I don't see any marks, all is good. I still regard it as UNC for my purposes. I think with ATM notes you will be luckier with paper bills because the polymer ones are much more prone to get marks from the feed wheels in the ATM.

I've never been to the Bank of England, but they also exchange all withdrawn banknotes, don't they? In that case, you could probably try to swap or buy 500 pounds worth of recently withdrawn banknotes (I know it's quite a lot of money), bring them there and ask for a bundle of 5 pound notes in exchange. I know it sounds a bit awkward to say the least, but I can't think of any easier way 😄. 

It's interesting that polymer notes have stronger marks from your  experience, I sometimes find really strong marks on otherwise UNC paper banknotes and would have expected the contrary in the case of polymer.

 

For the original topic of this thread, I guess it's the mixture of international contacts and buying in huge lots (a common collector probably would't have enough money and space to buy hundreds of banknotes at a time, not speaking of the patience to sell the surpluses). And dealers sometimes buy the large collections, which could also contain whole series of UNC notes accumulated over a long time. At the same time, dealers do this for a living and have plenty of time to go to the banks, auctions and to establish contacts abroad (unlike someone who goes to work and only collects in his/her free time).

 

@Notable  If you want to quote a post, you just choose the " symbol in the upper right corner of the selected post. 

Yes, I understand it's a big investment of time for a pro banknote dealer, but that's what I was getting at. Things like this are beyond the average collector, which is why collectors buy from dealers. My main question was, what are the logistics of being a banknote dealer who deals in UNC and graded (unc) notes? 

So I guess we're still left with either traveling and exchanging on one's own time, and bringing back a box of banknotes through customs, or having international contacts do the leg work and mailing them.

Unless it's the Bank of England. Apparently, there's some secret there, and one would probably run into similar and different issues at other sources.

Aqyz

odd job

I should be able to ask for a bundle of UNC 50s, but so far I have been refused on the basis that they don't have any.

The 5, 10 and 20, I don't know how people are getting those. 

I have had the same situation with Scottish banks - the only time I have been able to get truly uncirculated notes over the counter has been within the first couple of days of issue. Any other time, if I ask for brand new notes as part of a withdrawal, I'll be given the best quality they have but still obviously circulated.

Just curious, which denominations can usually be withdrawn from ATMs in Scotland and UK in general? Do most of them offer the whole range of 5–50 pounds (plus 100 pounds in Scotland)? Is it customary to get a mixture of Scottish and English banknotes in Scottish ATMs, or rather only Scottish ones? Thanks for the answer.

In England we get mainly £10 and £20. 

The first time I saw a £50 come out of an ATM here in England was this year. There's one ATM at my Natwest branch that dispenses only £50s, so far no King Charles notes, all QE2.

Deda Lebeda

Just curious, which denominations can usually be withdrawn from ATMs in Scotland and UK in general? Do most of them offer the whole range of 5–50 pounds (plus 100 pounds in Scotland)? Is it customary to get a mixture of Scottish and English banknotes in Scottish ATMs, or rather only Scottish ones? Thanks for the answer.

Certainly in Scotland you will generally only get £10s or £20s from ATMs, regardless of the bank, and they will almost always be a mix of issuers (RBS, HBOS, Clydesdale, BOE). On very rare occasions you will be offered £5s, and I don't think I have ever got a £50 from an ATM.

UK - An ATM will almost exclusively only issue £10 / £20. In some areas, particularly poorer ones, they may offer £5 (usually replacing the £10, though sometimes £20 - seems ATMs only carry two note types?). This seems even rarer recently, possibly because inflation has dragged the value of the £5 so low in real terms, they're not as useful as they once were.

Higher denominations are basically unused in day-to-day transactions, and are often refused in shops owing to such extreme unfamiliarity. As such, no ATM (To my knowledge) offers them since nobody would ever want them as convenient “carry cash” which is what the ATM is designed for. 

Some branches don't even carry high values internally, excepting whereby someone deposited it in the bank. (I.e. They don't receive a supply from their HQ). Even if the branch does carry them, you usually have to specifically ask for them. The cashier default is just a huge wedge of £20s, even for relatively high withdrawals.

Scottish Banks - In theory, each bank is only supposed to issue it's own notes, or if own supply is limited or unavailable BoE, through ATMs provided the ATM is in Scotland. In practice, you can get a mix. My experience is the more rural the place, the greater the odds of a mix. The big city ATMs almost exclusively carry own / BoE notes.

Anywhere else in the UK, Scottish banks have to use BoE notes exclusively for both branches & ATMs; they cannot issue any other notes. (You can ask nicely if they've got any & they often will give you Scottish or NI notes if they have them. Or demonitised notes too)

In Scottish branches, they seem to prioritise own notes, BoE notes, other Scottish notes, NI notes as default - at least in my experience. Again, unless you ask or specify you don't mind a mix. 

Again, only up to £20s unless you state otherwise.

I imagine it's a similar story for NI notes, and other regional pounds (e.g. Gibraltar, St Helena, Falklands) where use own first, BoE second, anyone else third.

Dealers get their UNC banknotes just like you and me.

1. Between dealers themselves. 
2. Commercial banks/Central bank HQs
3. Travelling around the world attending shows and buy from collectors
4. Banknote wholesalers
5. Travelex (currency exchange)

When there are profits to be made, you will find them on offer.

ahkai

Dealers get their UNC banknotes just like you and me.

1. Between dealers themselves. 
2. Commercial banks/Central bank HQs
3. Travelling around the world attending shows and buy from collectors
4. Banknote wholesalers
5. Travelex (currency exchange)

 

When there are profits to be made, you will find them on offer.

+1

I was hoping to find the video I saw years ago in which a dealer stated that 75% of all their transactions occur between themselves & other dealers (so that #1 occupies most of their time). I would consider #4 as other dealers. They belong to a nationwide dealer organization & follow the Green book pricing. The USA dominates paper currency in transactions & number of collectors (though Asia is probably a close 2nd). 

This is one of the reasons that dealers in Local Coin Shops act very cool to buying a collector's notes & I have often been told “not interested” more times than not. Generally speaking, they're only interested in older series if notes are circulated. What you will normally get from a dealer will be much less than what you may get on eBay (though platform fees are negating much of this these days). 

I have never seen a dealer accept current (or one series older) notes unless they're errors, really special numbers (like 2 digit or solid radars, low # etc) at shows (& this is one place where they may be a bit more flexible). They're looking for “Wow” notes & not scarce prefixes or other such varieties of modern series. They're not interested in today's series b/c by & large, the majority of dealers are coin people (first) & they may have a P/T or other paper guy who's not always around (my opinion/experience) at the shop. Many of the polymer notes & today's contemporary series is “a secondary market” that most dealers do not dabble in (they don't go to banks for UNC bundles, etc).

This is a classic one and it happened to me more than once. Dealers will give you the option to pay for your purchases with UNC currency of your own country valued at face value. 🤣

ahkai

Dealers get their UNC banknotes just like you and me.

1. Between dealers themselves. 
2. Commercial banks/Central bank HQs
3. Travelling around the world attending shows and buy from collectors
4. Banknote wholesalers
5. Travelex (currency exchange)

 

When there are profits to be made, you will find them on offer.

2. So, for instance, I bought a set of Chilean currency. It was packaged in a folder, created by the Bank of Chile or something (didn't keep that as I transferred them to pages). Is that what you mean by “Central Bank HQ”? 

3. Traveling around the world sounds like a good retirement gig.

4. Like who?

5. I found them online when looking for cosources. Bookmarked them but hadn't researched them yet. Was wondering if that's a legit option. Thanks for mentioning.

Serial_Number_8

ahkai

Dealers get their UNC banknotes just like you and me.

1. Between dealers themselves. 
2. Commercial banks/Central bank HQs
3. Travelling around the world attending shows and buy from collectors
4. Banknote wholesalers
5. Travelex (currency exchange)

 

When there are profits to be made, you will find them on offer.

+1

I was hoping to find the video I saw years ago in which a dealer stated that 75% of all their transactions occur between themselves & other dealers (so that #1 occupies most of their time). I would consider #4 as other dealers. They belong to a nationwide dealer organization & follow the Green book pricing. The USA dominates paper currency in transactions & number of collectors (though Asia is probably a close 2nd). 

 

This is one of the reasons that dealers in Local Coin Shops act very cool to buying a collector's notes & I have often been told “not interested” more times than not. Generally speaking, they're only interested in older series if notes are circulated. What you will normally get from a dealer will be much less than what you may get on eBay (though platform fees are negating much of this these days). 

 

I have never seen a dealer accept current (or one series older) notes unless they're errors, really special numbers (like 2 digit or solid radars, low # etc) at shows (& this is one place where they may be a bit more flexible). They're looking for “Wow” notes & not scarce prefixes or other such varieties of modern series. They're not interested in today's series b/c by & large, the majority of dealers are coin people (first) & they may have a P/T or other paper guy who's not always around (my opinion/experience) at the shop. Many of the polymer notes & today's contemporary series is “a secondary market” that most dealers do not dabble in (they don't go to banks for UNC bundles, etc).

Interesting fact to cinsider. So if the hobby ever slowed, and dealers decreased, the main source of sales would dry up too.

Deda Lebeda

Aqyz

A Collector

... 

…

…

I'm new here and not familiar with this forum's etiquette. So feel free to tell me if it's different here. But the UK thing is sort of co-opting the thread. Any other ideas or tips about sources for UNC notes or series?

That would depend on how deep your pocket is. The easiest way is eBay or your local dealers. Some dealers are quick in getting new stock.

The other alternative is, if you like to travel and see the world, visit those countries and try their central banks. Importance to note that not all banks provide such service. In countries like Malaysia, Singapore and possibly in Hongkong and Macau, some commercial banks set up extra counters to dispense UNC notes a few weeks prior to Chinese New Year.

I believe they have a counter in the Philippines where the central bank sells them too.

Many years ago, I went to one of those currency exchanges in the UK to get some European currencies for some Italian lira, Austrian shillings etc and they gave me the notes in UNC condition. I was so surprised when I saw that. 

Happy hunting and Good luck

A Collector

UK - An ATM will almost exclusively only issue £10 / £20. In some areas, particularly poorer ones, they may offer £5 (usually replacing the £10, though sometimes £20 - seems ATMs only carry two note types?). This seems even rarer recently, possibly because inflation has dragged the value of the £5 so low in real terms, they're not as useful as they once were.

 

Higher denominations are basically unused in day-to-day transactions, and are often refused in shops owing to such extreme unfamiliarity. As such, no ATM (To my knowledge) offers them since nobody would ever want them as convenient “carry cash” which is what the ATM is designed for. 

 

Some branches don't even carry high values internally, excepting whereby someone deposited it in the bank. (I.e. They don't receive a supply from their HQ). Even if the branch does carry them, you usually have to specifically ask for them. The cashier default is just a huge wedge of £20s, even for relatively high withdrawals.

 

Scottish Banks - In theory, each bank is only supposed to issue it's own notes, or if own supply is limited or unavailable BoE, through ATMs provided the ATM is in Scotland. In practice, you can get a mix. My experience is the more rural the place, the greater the odds of a mix. The big city ATMs almost exclusively carry own / BoE notes.

 

Anywhere else in the UK, Scottish banks have to use BoE notes exclusively for both branches & ATMs; they cannot issue any other notes. (You can ask nicely if they've got any & they often will give you Scottish or NI notes if they have them. Or demonitised notes too)

 

In Scottish branches, they seem to prioritise own notes, BoE notes, other Scottish notes, NI notes as default - at least in my experience. Again, unless you ask or specify you don't mind a mix. 

Again, only up to £20s unless you state otherwise.

 

I imagine it's a similar story for NI notes, and other regional pounds (e.g. Gibraltar, St Helena, Falklands) where use own first, BoE second, anyone else third.

The ATM in my poor area (Thankyou Thatcher) dispenses £5 notes and is often dispensing UNC consecutive number Charles fivers. Charles 20s and 10s have all but disappeared. Had a few weeks when they first came out where you could get UNC ones from the ATM but now it's only possible with the fivers. 

An ATM seems to be the best option to try, because you don't lose any money. If it dispenses notes that you don't want, you can always just deposit them at the bank.

For @A Collector 

I tried that ATM this morning, drew £300 in 6 x £50 notes. That ATM is inside the Natwest bank at Hammersmith.

Four notes were obviously folded. The remaining two notes looked UNC at first but they had very subtle wave distortions, not even a fold but they were AU not UNC. 

That's a pity because the rollers on that unit don't make any marks on the polymer window. That machine is still dispensing QE2 notes.

Well, how about that, a £50 dispenser! You learn something new every day eh?

Guess it really does depend on the area.

P.s. I didn't mean to disrupt the thread at all, was just trying to answer Deda's question. 🙂

ahkai

That would depend on how deep your pocket is. The easiest way is eBay or your local dealers. Some dealers are quick in getting new stock.

 

The other alternative is, if you like to travel and see the world, visit those countries and try their central banks. Importance to note that not all banks provide such service. In countries like Malaysia, Singapore and possibly in Hongkong and Macau, some commercial banks set up extra counters to dispense UNC notes a few weeks prior to Chinese New Year.

 

I believe they have a counter in the Philippines where the central bank sells them too.

 

Many years ago, I went to one of those currency exchanges in the UK to get some European currencies for some Italian lira, Austrian shillings etc and they gave me the notes in UNC condition. I was so surprised when I saw that. 

 

Happy hunting and Good luck

How does one go about finding central banks in their respective countries? We don't have this here in the US, if I'm not mistaken. So it's a new concept to me.

Ring up your Fed Reserve and ask them how you can get them. If they cannot help you, ask them which commercial banks may have ordered them recently and you can try that bank.

Mostly likely you will have to get them from your local banks. Ask your bank to order them in. Mostly you will have to get them by the bundles - $1 x 100, $2 x 100 etc. Tell them you need them in UNC condition. Some banks may charge a small fee for the service. Also try Travelex too as they sometimes get them in UNC condition too. 

In NY Chinatown branches, you may find them a few weeks before the New Year. I would assume the same for SF Chinatown branches too etc.

In general, banks here do not order banknotes as these are supplied by customer's deposits. The only time they need to get extra notes is in December for Christmas bonuses for customer's employees. 

If a new series is issued for the first time, find out which bank(s) is distributing them and you can get them by the bundles, except for high value notes.

In general, there are many ways in getting them. 

ahkai

Ring up your Fed Reserve and ask them how you can get them. If they cannot help you, ask them which commercial banks may have ordered them recently and you can try that bank.

 

Mostly likely you will have to get them from your local banks. Ask your bank to order them in. Mostly you will have to get them by the bundles - $1 x 100, $2 x 100 etc. Tell them you need them in UNC condition. Some banks may charge a small fee for the service. Also try Travelex too as they sometimes get them in UNC condition too. 

 

In NY Chinatown branches, you may find them a few weeks before the New Year. I would assume the same for SF Chinatown branches too etc.

 

In general, banks here do not order banknotes as these are supplied by customer's deposits. The only time they need to get extra notes is in December for Christmas bonuses for customer's employees. 

 

If a new series is issued for the first time, find out which bank(s) is distributing them and you can get them by the bundles, except for high value notes.

 

In general, there are many ways in getting them. 

Thanks, but I meant in other countries. I see that some banks hhere allow one to order foreign currency. But going to those countries as another option, does each central bank just have one location, or multipple, in each country?

A Collector

Well, how about that, a £50 dispenser! You learn something new every day eh?

Guess it really does depend on the area.

 

P.s. I didn't mean to disrupt the thread at all, was just trying to answer Deda's question. 🙂

Thanks for all the answers, I didn't want to disrupt it either. As my question was about the availability of different banknotes in the ATMs, I hope it wasn't entirely off topic. 😊

Notable

ahkai

Ring up your Fed Reserve and ask them how you can get them. If they cannot help you, ask them which commercial banks may have ordered them recently and you can try that bank.

 

Mostly likely you will have to get them from your local banks. Ask your bank to order them in. Mostly you will have to get them by the bundles - $1 x 100, $2 x 100 etc. Tell them you need them in UNC condition. Some banks may charge a small fee for the service. Also try Travelex too as they sometimes get them in UNC condition too. 

 

In NY Chinatown branches, you may find them a few weeks before the New Year. I would assume the same for SF Chinatown branches too etc.

 

In general, banks here do not order banknotes as these are supplied by customer's deposits. The only time they need to get extra notes is in December for Christmas bonuses for customer's employees. 

 

If a new series is issued for the first time, find out which bank(s) is distributing them and you can get them by the bundles, except for high value notes.

 

In general, there are many ways in getting them. 

Thanks, but I meant in other countries. I see that some banks hhere allow one to order foreign currency. But going to those countries as another option, does each central bank just have one location, or multipple, in each country?

The number and location of central bank branches really depends on the country, there's no rule. You just need to google the respective central bank for each country and find the branches and their opening hours on their websites. In Europe, there's generally at least one branch in every country, while countries like Germany have one or more offices in every region. Sometimes you can get UNC notes and coins there, sometimes only circulated ones. Then again, countries like Denmark and Sweden currently don't have any national bank office open to public.

There's a useful thread about exchanging cash in different national banks within the EU.

https://en.numista.com/forum/topic147140.html

Notable

Thanks, but I meant in other countries. I see that some banks hhere allow one to order foreign currency. But going to those countries as another option, does each central bank just have one location, or multipple, in each country?

Like Deda Lebeda already mentioned, depends on the county. In Belgium we used to have over a dozen offices of the National Bank, but with reduced cash needs (and to reduce costs), only have the one in Brussels left … 

Thanks for the info everybody.

I have a few propositions on how dealers might acquire UNC notes.

1. For common hyperinflation “dealer stock" notes from Africa, Latin America etc, the hyperinflation would have made most notes worthless to the point that individuals (dealers or their contacts) could buy several unused UNC straps for little monetary cost which I assume the country might purposely do to aquire strong western currencies.

2. When a banknote or currency is being withdrawn. This can be due to a regime change/ new currency or redenomination.  For example, like with hyperinflation notes there are plenty of UNC last series pre-Euro notes, Soviet rubles that dealers might have acquired shortly before they were demonetised. 

3. Through contacts with other dealers, banks or Bureau de Change companies as mentioned by other members. Such cases can be when a new currency or notes are introduced; this applies to newly released coins too.

4. For UNC older, more valuable notes are likely from old collections amassed over a long period. 

5. Similar to 3. for limited run commemorative banknotes, dealers might purchase them from local contacts for FV or small premium or prior to its launch, get many local contacts to acquire them on their behalf, both out of convenience and to bypass any limits for each buyer. 

odd job

It's interesting that polymer notes have stronger marks from your  experience, I sometimes find really strong marks on otherwise UNC paper banknotes and would have expected the contrary in the case of polymer.

 

The part that is easily marked is the clear section of a polymer window. When you get notes out of an ATM have a look at the polymer window with a magnifying glass, it frequently has a thin line from the feed rollers of the machine.

 

Regarding the banks I tried, this is what they told me:

 

1. All the small denominations (5, 10 and 20) end up being circulated and even the prepared bundles of 100 that they have are all circulated. What are they are telling me is that these small bills end up being brought into the bank by customers making deposits. They get counted, stacked and bundled and handed out to the next one who makes a withdrawal at the counter.

 

2. The 50s are a special case. According to my bank, these 50s are often withdrawn at the counter and taken abroad. They therefore have a constant requirement for these 50s and occasionally they will have to get more 50s from whatever central location provides them. But even then, they are often previously circulated. It isn't a case that they can expect a bundle of UNC 50s on a certain day and keep that for me. It is just by luck if I make a counter withdrawal and amongst that lot is an UNC 50.

 

I also find this situation bizarre.

I should be able to ask for a bundle of UNC 50s, but so far I have been refused on the basis that they don't have any.

The 5, 10 and 20, I don't know how people are getting those. 

 

It is mild irritation to me that I don't have any UNC King Charles notes, yet they are for sale at the usual guys I buy from on eBay, in Germany and the US.

For me so far I've managed to get the vast majority of my UNC Bank of England notes was on launch day for the Polymer QEII £20 & £50 while the other QEII notes I just had to aquire them from circulation. Luckly for me I did receive two UNC QEII £5 notes in a bank withdrawal a while back. While for the KCIII notes I aquired them in June/July 2024 when the Bank of England offered an exchange service through the post (max £300) for UK residents to exchange their banknotes for the new ones. As far as I know they did have this service in place at their office in London but for less than a week.

I bet most of the new notes went to foreign exchange offices abroad. 

https://www.bankofengland.co.uk/news/2024/june/king-charles-banknotes-enter-circulation-on-5-june-2024

I got one King Charles £50 out of the ATM, unfortunately it had one small bend at a corner, otherwise it was perfect. 

The next week I drew another 12 notes out of that ATM and by some stroke of luck, all 12 were QE2 notes and all were perfect. Eight of those notes were in a sequence. Not a mark on them!

Today when I went back for more, I drew another 12 fifties. They looked good at first, but each one had four parallel gouges on one edge. Those went back for deposit.

You're right to raise this question! I've corresponded with most dealers, trying to sell them banknote albums containing genuine banknotes that I've been collecting for 30 years. What was their invariable response to my inquiries?
They replied, "We're not interested!"
But if you look more closely at what's being sold at auction, everything becomes clear!
A set of Russian banknotes with rare numbers (0000000, 1111111, 2222222...) sold for 300,000 American...!
It's impossible to collect something like that! Such a set could be made from copies!
In that case, you don't need original banknotes! The main thing is that these copies bear the "PMG" stamp!
Attempts to offer your banknotes to collectors are stopped!
"You have no right to sell your banknotes!"
To sell, you need a permit, for which you have to pay!
If dealers don't want my rare banknote albums, what can we say about other cases?
At best, they'll take your genuine coins and banknotes for next to nothing!
They might even give you something!
If you buy something and want to sell it, you won't even get what you paid for it!
 

[edit vp: forbiden sale]

If you want to sell a collection, send it to an auction house or split it up and put it on ebay. Numista forum is not for finding buyers or your “work of art”.

odd job

But what I would really like is a brand new bundle of notes with the paper band still on it. Even the Bank of England refused me. The only notes they will give you is to replace any damaged ones you bring them.

 

I would also like to know what the source is, maybe it is jealously-guarded contacts at the bank. And as it is a money-maker, the sources are not revealed!

Twice, I got an unopened block of Irish £5 notes, 1000 notes, wrapped and sealed.

The first was back in the mid-1990s before the Euro. I had to order an ‘ATM block’ of notes from my bank.

The block duly arrived - I was trawling for replacement notes in those days, and I didn't get any :( 

Getting rid of 1000 fivers then became an issue in its own right!

The second time, shortly before the Euro was introduced, I kept the notes - it was the only way to get UNC fivers.

Do you want to know where auctions get their perfect banknotes?

This was a mystery to me too until recently!

Imagine you came across some modern banknotes in perfect condition. You took them and put them aside! You took them out of circulation, thereby damaging your finances! This is called lost profit! Then 30 years pass!

You go to a dealer and bring your banknotes, telling them, "No one else has such banknotes in perfect condition! These are genuine banknotes!" And the dealer tells you, "They're worthless! I don't need them!"

You knowingly harmed yourself financially and incurred losses to keep this banknote in perfect condition! And they tell you there are plenty of such banknotes and they're cheap! It's all about inflation and all that nonsense!

This is complete nonsense! Most people used these banknotes for their intended purpose, and therefore no one could have kept them in perfect condition, especially in large quantities!

It's all explained simply! There are companies that produce these banknotes in large quantities for auction! They place them in containers and sell them as originals!

I was very surprised when I saw an ad for such a company! The gist of the ad was: "We produce high-quality replicas of modern banknotes!" This quality is so high that even money-counting machines will accept them as originals! You can even pay with such banknotes at a bar or casino!

I was so surprised! How can counterfeiting be legalized?

So competing with counterfeiters is pointless!

What's the point of collecting if even modern banknotes are counterfeited and sold as originals? And this company issued banknotes not only for the US but for other countries as well!

So guess which banknote these auctions placed in the container?

Of course, they also get real banknotes from banks!

But is it possible to obtain banknotes with the numbers 00000000, 1111111, 22222222, …

I can easily imagine that Goznak of Russia could produce such banknotes?

But these aren't the banknotes that were in circulation!

What are the odds of finding such a banknote, and how much should it be worth?

It's easier to buy a cheap copy and sell it for the real price!

I was able to save rare Russian banknotes and even put them together in a collection of banknote sets! And they tell me, "We don't need them!"

But this isn't the response of collectors, but of swindlers and speculators who sell counterfeits and deceive simpletons!

Real money can't be cheap, for the reasons I mentioned above!

If anyone wants to buy a collection of genuine rare Russian banknotes (if they're wealthy) or help me sell it (for a large commission), they can email me at proekt_tm@mail.ru. I'm convinced there are no banknote collectors or banknote dealers!

There's only a well-oiled system of speculation and deception!

I'd like to add to what's already been said! No one will let you sell modern banknotes! They'll shut you up and tell you that "trading in modern banknotes is prohibited" or "banking operations are prohibited." Even if these banknotes were issued 30 years ago!
And what about selling modern banknotes at auction?
So they're selling high-quality counterfeits there!
And collectors think they're buying genuine banknotes at auction!
A banknote in a container isn't a guarantee of authenticity, but rather a license to trade in counterfeits!

Jason186

Do you want to know where auctions get their perfect banknotes?

This was a mystery to me too until recently!

Imagine you came across some modern banknotes in perfect condition. You took them and put them aside! You took them out of circulation, thereby damaging your finances! This is called lost profit! Then 30 years pass!

You go to a dealer and bring your banknotes, telling them, "No one else has such banknotes in perfect condition! These are genuine banknotes!" And the dealer tells you, "They're worthless! I don't need them!"

You knowingly harmed yourself financially and incurred losses to keep this banknote in perfect condition! And they tell you there are plenty of such banknotes and they're cheap! It's all about inflation and all that nonsense!

This is complete nonsense! Most people used these banknotes for their intended purpose, and therefore no one could have kept them in perfect condition, especially in large quantities!

It's all explained simply! There are companies that produce these banknotes in large quantities for auction! They place them in containers and sell them as originals!

I was very surprised when I saw an ad for such a company! The gist of the ad was: "We produce high-quality replicas of modern banknotes!" This quality is so high that even money-counting machines will accept them as originals! You can even pay with such banknotes at a bar or casino!

I was so surprised! How can counterfeiting be legalized?

So competing with counterfeiters is pointless!

What's the point of collecting if even modern banknotes are counterfeited and sold as originals? And this company issued banknotes not only for the US but for other countries as well!

So guess which banknote these auctions placed in the container?

Of course, they also get real banknotes from banks!

But is it possible to obtain banknotes with the numbers 00000000, 1111111, 22222222, …

I can easily imagine that Goznak of Russia could produce such banknotes?

But these aren't the banknotes that were in circulation!

What are the odds of finding such a banknote, and how much should it be worth?

It's easier to buy a cheap copy and sell it for the real price!

I was able to save rare Russian banknotes and even put them together in a collection of banknote sets! And they tell me, "We don't need them!"

But this isn't the response of collectors, but of swindlers and speculators who sell counterfeits and deceive simpletons!

Real money can't be cheap, for the reasons I mentioned above!

If anyone wants to buy a collection of genuine rare Russian banknotes (if they're wealthy) or help me sell it (for a large commission), they can email me at proekt_tm@mail.ru. I'm convinced there are no banknote collectors or banknote dealers!

There's only a well-oiled system of speculation and deception!

Well this is way off topic….Also no selling here you've been told that before.