Unsure of what I have.

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I've lately decided that it might be a good idea to value my currency collection.  In doing research I came across the term "devil's face" and "replacement" bills in regards to bills from 1954.  I have tried looking for a little more info but I'm still unsure as to whether the bills I have fall into either of these categories.

Also on a side note I was wondering what people's opinions are in regards to collecting the $1000 bills?

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Also on a side note I was wondering what people's opinions are in regards to collecting the $1000 bills?

It depends on what your goal is and if you are interested in regular issued $1,000 notes or replacements. If your goal is simply to collect without any expectation in value appreciation then buy them as you wish but be very careful in the prices you consider offering. If your goal is in the hopes of these notes increasing in value over time there is a much lower probability of success. If you take the BC-61aA $1,000 1988 Th-Cr;  AJX as an example has had basically no increase in value over the past 15 years. In 1997 this range saw a nice 21% gain YoY and 1998 was even better with a 37% gain YoY but since then it’s done absolutely noting.  Although the book prices would give the impression that this range has remained flat for 15 years the true market value would indicate an easy 50% loss thus making it a terrible investment.

MG

The notes you have are generally called "spenders" since they really have little eye appeal, are very common, and in such poor shape.  It would be a challenge to sell these above face value.

Hello TysonP,

Welcome to the hobby. 

You have "spenders".  They are a good entry point to the hobby as you get them for face value!  I highly recommend that you buy the Charlton Catalogue, and attend a couple of coin shows to gauge your interest.

Most people are content to collect a few bills from circulation "for the future", but some of us take it to the next level by assembling type sets, signature sets, etc...

Collect what you like.  If it appeals to you for whatever reason, keep it.

Don't try to make an investment out of your collection...you may end up disappointed.

In response to your second question,  I collect $1000 bills.  Not because of their rarity or value.  I just like them!  It's a nice way to save too...


Dean

 I know I am fairly new here and could be wrong in my contribution to this post and if I am I would like to be corrected.

  In the first image 217 that TysonP posted here has the 1954 Mod $2' as well as 2 1979 $5. With the 2 fives in question we here can not see the S/N of the Lawson-Bouey face pic, so this bill could possibly be a test note and even in this condition VG would have a nice value of around $700-800.

 It's possible people thought TysonP had posted front and back of the same bill but from what I can tell from the folds in both picks they do not fit with it being a picture of front and back.

 If there is something that I have not learned about identifying a test note from the face of the 1979 $5 I would be very interested in learning this from other members.   

Thanks Wayne .

With the 2 fives in question we here can not see the S/N of the Lawson-Bouey face pic, so this bill could possibly be a test note and even in this condition VG would have a nice value of around $700-800.

- Yes I apologize.  When I first looked at the image I assumed that the "300" note was the back of the same L/B note (with front shown). 

Of the 461,319,999 notes of this series 500,000 were test notes (with serial # starting in "330") which accounts for 0.1 % of the notes printed.  Typically most Test notes are actively culled so there is a minute possibility that the note without the S/N displayed is a test note.  Its not a very high probability because some of the 500,000 likely didn't reach circulation and most were culled from circulation but the slim possibility does exist.  My opinion was solely based on the original query (was the note a DF or replacement)?  And then after viewing their eye appeal, the graffiti on some, and the very common production of each I gave an honest opinion. 

But as Dean suggests:

Collect what you like.  If it appeals to you for whatever reason, keep it.