Recent Purchase

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Hello,

Just got my hands on this banknote. Thought I had gotten a hell of a deal, when the hammer came down at $5k. After premium, taxes and shipping it came out to $7k. Still think it is a nice addition to my collection and in good enough condition to retain its value.

Let me know your thoughts on the note and/or the purchase. Fair price?

Just got my hands on this banknote. Thought I had gotten a hell of a deal, when the hammer came down at $5k. After premium, taxes and shipping it came out to $7k.

- I really like it (& appreciate that these are hard to come by in high original grades) but I don't like the 2K discrepancy between hammer & final price.  I won 2 world notes & felt that 'pain' from Heritage (including fees to pay with VISA of all things!).  Once is enough for me so I seldom look at those auctions any more for that reason (but I know that's where the rarer stuff is sold).

I can see some clear handling/impressions & I'm not sure what on the right side (by the seal).  Not sure it would score such a lofty grade under the scrutiny of BCS but it's original & that is a big plus for the 1935/1937 series.

Did you bid online?  Last I checked TCNC had changed their fees to:

16% (mail)
17.5% (phone)
19% (internet).

I understand the reluctance to send in mail bids as you might not want to "reveal your hand" especially if you're bidding much higher than what the note might normally sell for.  For bargain hunting I'm happy to send in mail bids as they get priority over live bids and prevent me from getting over-excited and bidding above my maximum.

As for taxes... you are paying according to your jurisdiction and unfortunately you live in one of the most highly taxed provinces.  You can move to the Yukon and pay only 5% or move to the U.S. and pay 0%.  Or buy it under a corporation perhaps (you better check with a tax lawyer first).  It definitely hurts to pay sales tax that you won't recoup on top of everything else on an item that is essentially an investment.

Great note though.  Seems like a fair price, not a steal or anything though.  These are tremendously popular and seem to be always rising.

Thanks for the responses and insight guys. It was a internet bid early on and I really didn't think I would win with the 5k bid but here I am.

It is my first purchase of a highly graded note and I think it is the way to go and stop buying the low grades a a discount. Hopefully the market stays strong and the investment holds.

Thank you again

I am always for buying the best you can afford
And buying quality is always better than quantity
I know it is never wise to grade a note from a photo
Since it’s just too hard to give a fair
Grade But
I do see a few areas of concern but
Is it reflections off the holder ... hard to say???
The additional 2k is definitely a killer
This is why I never buy through auctions
I find it better to get the word out there for what your looking for
And hopefully make a private deal
Buyer and seller always get screwed
And the auction house is the money maker
As we all hear time  and time again
Buy the note not the holder
I do think as was mentioned earlier I doubt
BCS would grade this as high as it is
 

It looks exactly like what I would expect from a PCGS/PMG 63Q.  We all know it's an AU/Unc note by our standards but what BCS would grade it or what you or I would grade it is irrelevant to the market today.  Margins are decent and it looks clean and original.  That's what sells.  If you want a true Unc you'll need to pay 2 or 3 times the price for a 65-66.  Then you can send it to BCS to get them to put it into an Unc 60 Original holder.