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NORCROSS, GA, July 29, 2013 /24-7PressRelease/ -- Rare paper currency dealer Antique Money says that many people confuse discontinued paper money with obsolete money. Discontinued bills, which are no longer printed or widely distributed, still retain their face value, whereas obsolete money has no face value. Nonetheless, these obsolete bills can have great value to old paper money buyers.
In the United States, unlike many other countries, any currency printed by the federal government is guaranteed to be redeemable indefinitely for its face value no matter how long it has been out of circulation. Naturally, if the currency is very old and/or rare, it may be worth far more than face value to old money dealers.
What Paper Money is Obsolete?
The only American paper money that is obsolete is that issued by entities other than the federal government. Most of these bills were issued between 1782 and 1866 by state banks, state and local governments, merchants, and railroads. Until 1862, when the U.S. Bureau of Engraving and Printing was established, the federal government printed virtually no paper money- focusing on coins instead. Confederate money from the Civil War is not United States money, and it is no longer legal tender anywhere in the U.S.
Most obsolete paper bills were issued by banks. These are commonly known as "broken banknotes." The term refers to the many banks that failed or were fraudulent. The term "obsolete currency" is more accurate, however, since many of the banks did not go broke.
Some Beautiful and Unique Bills
Obsolete U.S. currency includes thousands of different issues, with many beautiful and elaborate vignettes. Many were hand-cut with scissors, giving them somewhat uneven margins. Because of the high cost of printing, much obsolete currency is only printed on one side. As paper became scarcer during the Civil War, notes were printed from leftover sheets from earlier issues, notebook paper, and even wallpaper.
How much the obsolete bills are worth to currency dealers depends on the usual factors, such as how rare a particular bill is and the condition it is in. It is best if it is in crisp, uncirculated condition and has not been folded or creased.
Some rare currency collectors collect notes from their particular region, those with unique denominations, currency printed by a particular company, or bills with a particular type of vignette. Manning Garrett, the owner of Antique Money, says, "There were some very talented engravers in the 18th and 19th century producing bills that are now obsolete. W.L. Ormsby was a particularly well-respected engraver, although there were a number of others. Obsolete bills feature a wide range of vignettes, including Indians, trains, boats, covered wagons, animals, and even Santa Claus."
Anyone with obsolete bills in their collection of rare money who would like to find out what they are worth or inquire about selling them can contact Antique Money via e-mail by going to their website at http://www.antiquemoney.com or by calling (864) 430-4020.
About Antique Money:
AntiqueMoney.com is the top buyer of old money in the U.S. They specialize in rare bank notes, large size currency and other collectible money. Since they are both collectors and resellers, AntiqueMoney.com is always looking for collectible currency for their inventory and collection. Free appraisals and offers are available to anyone interested in finding the value of and/or selling antique paper money.
For more information, please visit http://www.antiquemoney.com.
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