Am I missing something here?

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I was perusing eBay when I came across this listing.  I went into my Charlton and cant seem to find a corresponding price that is similar to what I am seeing the current bid go for.  I know there is a premium for a 68 but not sure why its bidding so high.  Only BC-64a with the prefix AYR and signature Jenkins-Dodge says Gem UNC $40.  I thought maybe its one of the more rare inserts but those have cat #'s of BC-64aA and this serial doesn't fall under those numbers either.  To be fair this Charlton is a couple years old but there seems to be a huge mismatch in price.  What am I missing here?

The Charlton is completely out of touch with reality when it comes to grading scales and corresponding prices of anything above AU.  Don't expect that to change anytime soon.  Charlton's GUNC prices approximately represent the market price of a PMG 65 EPQ but the wording of the grading standards in Charlton are equivalent to that of a PMG 69 or 70 EPQ.  So either the grading standards are way off or the prices are way off.  This will make some old-time collectors cringe but my rule of thumb at this point (especially on platforms like eBay) is to double the price for each additional point above 65.  I don't think any sane person should pay those prices but the market stubbornly seems to be going in that direction.

That being said, that price is complete lunacy.  PMG 68 EPQ isn't even such an unusual grade for Journey series notes.  Other than being the first prefix, there is nothing special about AYR.  If it was a 1937 note, I could see that attracting a big premium but this is just a case of bidders loosing their mind.

Got it.  I thought it must be a rare replacement/insert to command such a high price. 

Thanks for the explanation.

That being said, that price is complete lunacy.  PMG 68 EPQ isn't even such an unusual grade for Journey series notes.  Other than being the first prefix, there is nothing special about AYR.  If it was a 1937 note, I could see that attracting a big premium but this is just a case of bidders loosing their mind.

 

I generally agree with AL-Bob except for a lot 2003 original Journey $10 came out "wonky" so they could merit a higher bid for the higher grades (not the $20).  I haven't submitted any to PMG (who I'm sure would be more generous than BCS) but it doesn't take long to examine how these TENS just weren't produced well (poorly centred, distracting ink spots, paper quality problems). I don't think the 2002/3 FIVES were as wonky in their production quality. If you got a super gem 2003 $10 (particularly one of the tough "lost" prefixes) lucky you! The 2004 upgraded versions, with the security strip, came out so much better & the super gems will be common IMO.

And then I would just add there's an emerging trend to see these "grade rarity" type collectors (with deep pockets) who go bananas over the most common banknote in the higher super gem grades. It's pretty bizarre b/c PMG seems to have pumped out a larger volume of higher super gem grades (on a yearly bases) & these guys (gals) don't seem to notice but continue to tilt their weight on the bid buttons. 

Just another example where it always pays to follow the old maxim:
BUY THE NOTE - NOT the HOLDER!

I can agree.  This is important for anyone reading this. 

I've seen in the last 2-3yrs tons and tons of notes being cross graded from BCS and PMG over to LEGACY.  Tons and tons of over graded legacy notes available.  A simple search and close look at GEM legacy graded notes with soft corners tells a story. I didn't learn this until later but buy the Note not the holder!

I do have one of the 'lost prefixes'

I do have one of the 'lost prefixes'

LOVELY note! Congrats on a snagging that!

The PMG Unc 68 AYR sold for $1425.
That’s quite a premium for a common note. It’s actually ridiculous.
I don’t know the reason why it sold for so much, but I do know it’s a highly sought after prefix
by Chinese collectors. I had quite a few of the AYR notes at one time, but it’s all sold ( mostly to Chinese collectors ).

The PMG Unc 68 AYR sold for $1425.
That’s quite a premium for a common note. It’s actually ridiculous.
I don’t know the reason why it sold for so much, but I do know it’s a highly sought after prefix
by Chinese collectors. I had quite a few of the AYR notes at one time, but it’s all sold ( mostly to Chinese collectors ).

Wow that seems quite high!  I would love to know why its so coveted by Chinese collectors....