Irish 500e note

Ficheall

I have recently received a 500e banknote (non-criminal activity), and while at first I thought it was a bit of a pain, while googling how difficult they are to get rid of, I see it's an Irish one with serial number beginning with T, and that these are sometimes sold for significantly more than face value. Am I being overly optimistic?

iirishsham40

I just noticed your thread and thought I'd comment on something I saw at a coin fair a few years ago, when I used to collect coins.

I was a "low rent" kind of collector, the most I would pay would be €5 for a nice specimen, or "6 coins for 5 euro" for normal pieces. That was my maximum budget, and I had lots of fun with the hobby. My favourite coins were Soviet and Easter Bloc coins. I learned loads about geography, history and antiques in general.

Anyway, I got chatting to these two mature Doctors at the fair, one of them had just bought a €500 note, and he was all excited, because it was an "X" serial number. I think he paid €1100 for it. Now the note was in mint condition mind, I don't know what condition your note is in, so don't get your hopes up! You know your note is worth at least €500 anyway

These guys were serious, wealthy collectors. The other guy collected coins from the middle ages, these could be several hundred euro each.

They say that the scumbag Bin Laden had €500 notes sewn into the hem of his night gown when the US Navy SEALs killed him. You're quite right, the €500 note is notoriously used by criminals for storing and transporting money and is known as the "Bin Laden Note" in law enforcement circles. There are plans in place to withdraw the note from circulation, this will only add to it's value in years to come among collectors.

It's like the American $1000 note that was withdrawn from circulation by the Federal Reserve under President Nixon. These were being used by the Mafia to move "bricks" of money around, and not really used by regular people for anything.

Here is some advice on preserving your note:

Don't fold or bend the banknote, keep it flat.

Don't iron it or try to improve the condition by stretching it or cleaning it with any chemicals or brushes etc.

Keep it in a cool, dry and dark place like between two pieces of blank paper in a drawer (or a safe!).

Don't store it in a punched plastic pocket or other non-collector grade plastic holder.

You can buy cheap collecting supplies like plastic folders and mounts on ebay, or off dodgy "antique" shops etc, but these can contain chemicals that react with the banknote or coin and can wreck a note or a coin's value.

You can buy collector-grade supplies like approved plastic folders and holders from hobby supply companies. There used to be a great shop in Dublin, on Cathedral Street, but it's gone now. I used to go there and I also bought supplies online.

Two brands that are trusted by collectors are Hartberger and Lindner. I bought supplies from them both and was not disappointed.

https://www.hartberger.nl/

https://www.lindner-original.de

These firms sell display and transport supplies for coins, notes, stamps and many other collectible items like porcelain pieces, medals and even comic books.

You might pay €3 or €4 for a single collector-grade holder for the banknote from one of these suppliers, but it's a worthwhile investment.

Having the note in one of the proper holders shows serious collectors that you know what you're about, and you mean business.

People who can afford to collect these kind of notes are like other wealthy collectors of cars or stamps - they are scrupulous about the condition of the item. It's like an obsession to them. They may take out a magnifying glass, UV light and other tools to examine the note thoroughly before purchasing. It's part of the ritual to them, and if you know a bit about your item, it reassures them that your someone they can do business with. Must be great to be rich, and have these problems!

There are legitimate companies that you can pay to give a formal valuation of the note. What you do is, you send them the banknote or go to their office, they examine it and give it a score on an internationally agreed scale. They then seal it in a plastic folder, and return it to you. There is a reference number label on the folder, and people can check this online anywhere in the world and be confident that the note is real and has been checked by an expert. Here is one such service:

https://www.pmgnotes.com/

They have a nice introduction to collecting banknotes page here:

https://www.pmgnotes.com/about/paper-money-collecting/

You can do some discreet research yourself online, but be careful when talking about the note in public, online or bringing it anywhere. I saw some real dodgy characters at that coin fair as well as the wealthy collectors.

Congrats on the find and best of luck with whatever you decide to do with it.

P.S. to type the Euro symbol, "€", hold down CTRL + ALT on your keyboard and tap the number 4 key. Then you get the € symbol. :cool:

Ficheall

Thanks very much for the detailed response!



I'll see if I can pop into the PMG office next time I'm in London.

iirishsham40

Ficheall wrote: »

Thanks very much for the detailed response!



I'll see if I can pop into the PMG office next time I'm in London.

You're welcome.

As well as certifying the note, they'll be able to give you a list of approved dealers and buyers as well.