1954 SPECIMEN NOTES

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I have an opportunity to buy the following 1954 specimen notes at $500 each (shipping included):

-Devil's Face $5 (110 issued by Bank of Canada and sold in 1999)
-Devil's Face $10 (110 issued)
-Modified $2 (108 issued)
-Modified $5 (109 issued)

According to my 17th edition of Charlton's, the asking prices are about double book-values for these notes.  I can still see the asking prices as reasonable given the scarcity of these specimens compared to the Multicolour or Birds notes.  Anyone have thoughts on this?

Also, since the numbers issued for the Devil's vs. Modified are virtually the same, would either variety be an equally-good investment or are the Devil's Face notes still the better choice here?

I guess for me personally the attraction with specimens is having something interesting that the general public knows nothing about.  Plus there are limited quantities of these notes (true, in the many hundreds in some cases) compared to the millions that were issued for circulation.

I think for note collectors the specimens are something of a novelty, like first-day issues for stamp collectors or test tokens for coin collectors.  Plus with specimen notes each one is a solid-numbered radar note with all zeroes  

Are the colours sharper and more vibrant than your typical UNC note?

Although they're typically graded as AU as issued I imagine a specimen note to be an absolute perfect show piece.  Superior colour, centering, detail, etc.  Am I being naive?

moneycow

For the Multicolour and Birds series of notes that were printed for circulation, I've found that the colouring is more vibrant/intense for notes printed when the series first started than the notes printed near the end.  The Multicolour and Birds specimens appear to me as more vibrant, but I suspect only because they were made up of notes printed early on in each series.

The specimens do indeed have ripples so are not perfect in that sense, but I have found that they are better centred than the circulation notes.

But before we stray too far off topic, can anyone help me out with the question I asked at the start of this thread?

Personally, if I had to choose between devils face or modified, I would say devils face in a heartbeat. But thats just my opinion.

I'm inclined to agree with "R-privates" in that I fail to see the attraction of specimens (and would rather put the money towards a note intended to be circulated) -- but then again -- each to his own.  You would be wise to inspect the notes carefully-- since they can sometimes have tape residue on the reverse borders, and are generally AU. If you are not able to inspect them-- then insist on a detail report of their condition -- including what I've heard some of them have.  Also -- are there hole punches through the signatures?  Some notes don't have the extra hole punches.  If these specimens are indeed beauties-- then they may be worth the asking price.

I agree with Manada.  If you think these notes are worth twice book than I would advise you to buy the Devil's face notes for sure.  The difference in numbers is too small to make a difference (110 vs 108).  The scarcity, and desirability of these notes keeps them a safe bet in terms of investment.

I find most of my  DF's have the most vibrant printing of the Queen's portrait as Yosuf Karsh's original photograph shows.  The modifieds seem to me a bit duller in appearance.  In my opinion the $5 and $10 are more attractive investment than the $2 and $5 of the modified type.

Well Venga if you are able to pick up all 4 of them in one shot for $500 a piece, I would jump on that offer. The DF's at that price are a very good buy as they tend to sell at 3 times book. At $500 for the regular issue it's a little high but not much as they will aquire a lot of value over the years.

Don't forget that you should take 12 off that total of the remaining notes for the regular sets and 9 for the DF's.

Personally I collect then for their rarety and their history and yes they are all AU's but remember how much handling they have had over the years, So you might see some glue spots and other minor things but they should all be about the same. I love them and they are the prize of my collection and in 15 more years my retirement. I can't get the kids to get in to collecting banknotes so it will go back to other collectors.

So Venga to answqer your question you should pull the trigger and jump on those for that price you're getting a deal. If you don't want them send me a PM and I'll buy them.  

Denis

PM sent; thanks for the info Denis!