Repaired, Restored & Processed Notes --- What are your feelings?

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What are your feelings about rare notes that have been repaired or restored? My feeling is that it's not such a bad thing provided that the repair work is fully disclosed to potential buyers.

We must remember that many old collectibles and artifacts have been repaired over the years, and usually for the better in the sense that collecting is largely an aesthetic hobby. In particular, no one wants to be surrounded by ugly possessions. Some of the other artifacts that have been restored over the years include rare antiquarian books (perhaps with missing pieces or missing pages supplied in facsimile), rare antiquarian maps with tears or pieces missing, military medals with broken suspensions that have been re-soldered, coins with holes that have been plugged, important paintings that have been cleaned and touched up after years of neglect, rare historical prints that have been re-margined after being trimmed to fit inside old frames, rare antique silverware and early pieces of furniture that have been retouched, and the list goes on and on.

In view of the above observations, the restoration of damaged paper money seems to me to be an entirely logical and desirable endeavour in order to preserve the material for future generations and to make it look more attractive. The problem comes, of course, when repaired notes are being palmed off as being entirely original and unrestored. This is a perennial problem in all fields of collecting and this is where knowledge and expertise come in, expertise that often requires decades of experience to develop.

A separate but closely related matter concerns the lamentable "enhancement" of undamaged original notes via chemical cleaning, pressing, trimming to the bone, etc. Such "enhancements" are usually performed in a misguided attempt to increase the grade and to thereby dupe buyers into paying higher prices. Even after 50+ years of paper money collecting in Canada it is still the exception and not the rule for processed notes to be described as being "pressed", "cleaned" or "trimmed" in auction catalogues, on dealers' price lists, at bourse shows, on eBay, and elsewhere, although some sellers do thankfully seem to be moving in this direction. However, there is still a long way to go to emulate the approach of the DNW auction house in London, England, who will tell you without shame or embarrassment if a note has been pressed or processed (just take a look at the scan below of a page from one of their recent catalogues!).

Your comments are invited but please do not criticize specific sellers!

{http://img.villagephotos.com/p/2008-1/1293040/DNW.jpg}

What are your feelings about rare notes that have been repaired or restored? My feeling is that it's not such a bad thing provided that the repair work is fully disclosed to potential buyers.

I will agree that as long as there is FULL disclosure of the repair or modification it is  up to the buyer to decide to pay what they think it is worth to them.
It is the surprises of the hidden repairs that I would have a problem with.
FRIEDSQUID

If you have a personal liking for a note to look it's best then great have it restored! HOWEVER from my observations this "restoring" of notes is not done to preserve a piece of history. This is done to raise the value of the note and then to sell the note as an AU/UNC, UNC 60 - 69, CH UNC, GEM UNC AND ANY OTHER UNC THAT CAN BE DISCRIBED!!, to someone how now thinks they have a very high grade original note.
When i first got into collecting I "paid my dues" by having a "restored(pressed and cleaned" sold to me as an unc. These were low cost notes (around $100-$200 dollars). Now I have been a victim of $20,000 notes being processed and sold as unc!
I am truly saddened by the lack of action on the part of the numismatic community with regards those who process notes with this intent. When will someone --- anyone stand up and show some ethics!!
I am not a museum, i am a collector and this collection has a value and I do not appreciate having my collection devalued  this way. I can tell you that anyone who is a collector is never thrilled to find that their beloved find is a processed, restored or repaired note.     And right now i am a very disillusioned!!! collector!!!

........... I am truly saddened by the lack of action on the part of the numismatic community with regards to those who process notes with this intent. When will someone --- anyone, stand up and show some ethics!! .................. And right now i am a very disillusioned!!! collector!!!

I regard a pressed or processed note to be the equivalent of a harshly cleaned coin and it's common knowledge that the leading coin grading companies will refuse to grade a harshly cleaned coin. In my opinion, the bank note grading companies should take an ethical stand and similarly refuse to grade pressed and processed notes, or, failing that, to at least print the words "Pressed" or "Processed" on their plastic slabs. If they were to implement this policy that would undoubtedly help to reduce the amount of pressing and processing that continues to go on in the name of greed. Another thing that could be done is for collectors and dealers to defiantly refuse to purchase pressed and processed notes although that's not very likely to happen! Unfortunately, many newer collectors and even some dealers are not skilled at identifying pressed and processed notes.

If nothing else, I pray for the day when every pressed or processed note will be described as such in auction catalogues, on dealers' price lists, at bourse shows, on eBay, and especially on the plastic slabs of the third-party grading companies .......... well, there's no harm in dreaming!

We should always remember that pressing & processing is not solely a Canadian phenomenon. Wherever you go in the world you will find older and better notes that have been subjected to "the treatment". Perhaps the worst offender in this regard is South East Asia (Malaysia and Singapore) so be very vigilant when purchasing material from that region. I have visited only one South American country (Colombia) and can confirm that a high proportion of the older and better notes in coin stores in Bogota have been pressed & processed. There's a lot of pressed material in Britain and Europe too. It's very sad but there's absolutely nothing that can be done to reverse the awful effects of pressing and processing.

As a follow-up to the now-locked June 23, 2008 thread entitled "High-Tech Paper Money Restoration Techniques", I thought members might be interested to learn of a similarly remarkable case of note enhancement south of the border. The note in question appeared at auction in 1999 where it was described as "Good with significant damage" (realized $2,420). The note then underwent extensive repairs/restoration and subsequently appeared at a 2004 auction where it was described as "Fine, FINEST KNOWN" (realized $33,350)! This example further confirms that the existing state of paper money repair/restoration is at a very high technological level.

The article reproduced below is from the April 2005 issue of Bank Note Reporter and it describes in some detail the nature of the repairs/restoration that were performed on the above note. All collectors of old notes should take the time to read this informative article. There are some particularly important comments towards the end of the article which I am reproducing here for emphasis, i.e.

" Most people do not see the potential of a note; they don't think as the note doctor thinks. Moreover, once a note is improved, people seldom stop to reflect on what the item looked like before. For some collectors the past is irrelevant. They only know if something looks good and that they want to buy it. "

" In years past, people wanted notes that were original. Now they want notes that are clean and flat. That's what sells. "

{http://img.villagephotos.com/p/2008-1/1293040/BNR-REPAIRS.jpg}

I can't agree anymore with paper money restoration. People who are restoring notes are making tons of profit of of notes that shouldn't be worth anything.

My feeling is that it's not such a bad thing provided that the repair work is fully disclosed to potential buyers.

Ottawa brings up a good point here. As new generations of collectors get interested in currency, the hobby is evolving and becoming more lenient towards restored / lower graded notes. Meanwhile restoration work is getting harder to detect and realizing increased interest in auctions. While we all search for rare and aesthetically pleasing notes we are seeing the gap between restored and original notes tightening. As demand for rare notes increase the quantity does not. Therefore when a rare but restored note hits auction it is given much more consideration as the opportunity may not arise again in your timeframe.

On the subject of hiding restoration work from buyers I am completely 100% against it. The buyer should be made aware of the state of the note whether pressed, sealed, cleaned or reconstructed. Perhaps some restored notes come with a hefty price and there is no crime with this. It should be to the buyer to take all the variables and assess if it is worth buying. The important thing is that all variables are presented.

In my opinion the finest surviving example of any notes should not be one which was restored. An original note should carry a premium in any situation


Jason

People who are restoring notes are making tons of profit of of notes that shouldn't be worth anything.

What should be and what is are two completely different things. Comments such as note which have been restored are worthless is that kind of thinking that pushes some sellers to hide the fact that certain notes were restored. Clearly restored notes are not by any means worthless as many recent restored notes have been realizing much closer to book value then face value.

Most note doctors will buy lower grade material for going rates and invest much time and money to get it to look better. Looking at the prices realized on these notes they are obviously pleasing a certain percentage of collectors.

The fact remains that these restored notes are not fakes but enhanced. Branding them worthless is simply being close minded.

Honestly I would rather see pinholes than sealed holes, I am also no to keen on sealed tears. I hate pressed note as I do not see the advantage in this but if removing pen marks or reconstructing a notes corner adds appeal than I think it may have some purpose. Looking at the charted notes from the Canadian Currency Museum I see many trimmed and cleaned notes.

Jason

I agree with you about seeing pinholes rather than seeing sealed holes.

And I don't think I should have said that replaced notes are worthless. (well to me they are) But I guess that many people just want to have a very nice looking note, so they want one that has been restored.

.... As new generations of collectors get interested in currency, the hobby is evolving and becoming more lenient towards restored / lower graded notes. Meanwhile restoration work is getting harder to detect and realizing increased interest in auctions. ....

This is a very good point. What may have been in vogue 20 years ago may not be in vogue today.

On the subject of hiding restoration work from buyers I am completely 100% against it. The buyer should be made aware of the state of the note whether pressed, sealed, cleaned or reconstructed. Perhaps some restored notes come with a hefty price and there is no crime with this. It should be to the buyer to take all the variables and assess if it is worth buying. The important thing is that all variables are presented.

That's the sort of language that I like to hear! I have never been able to understand why any sensible seller would risk jeopardizing his/her reputation by being less than forthright in his/her descriptions. Benjamin Franklin spoke about the same thing over 200 years ago ---  "Glass, china, and reputation are easily cracked, and never mended well."

Honestly, I would rather see pinholes than sealed holes, I am also not too keen on sealed tears. I hate pressed notes as I do not see the advantage in this but if removing pen marks or reconstructing a notes corner adds appeal then I think it may have some purpose. Looking at the charted notes from the Canadian Currency Museum I see many trimmed and cleaned notes.

If there is a paper "flap" associated with a pin hole I carefully turn the flap over using the tip of a razor blade to partially close the hole. The hole is still there but is a bit less evident. Staple holes are ugly as a small disc of paper is usually missing completely. I too hate pin holes/staple holes/edge tears that have been sealed with caulking or other bonding materials, especially if unnatural white-coloured patches are evident.
 

For my part, I much rather have an unmolested note and believe original notes should always carry a premium over those that have been doctored. That said, I have purchased notes for my personnel collection that have been processed (both knowingly and, sadly, unknowingly) when I felt that there was little chance of obtaining that note in a nice, original grade (or in some cases, at all) within my budget.

Consider this though, If any of you watch the antiques roadshow, you've no doubt heard the appraisers mention to people that if they were to have their item "professionally restored" then their item would be worth more relative to it's current condition (though still not as much as original). This seems to hold true for a variety of collecting fields (eg. Art, Historic furniture etc.). Could it be that because we (paper and coin collectors) hold ourselves to a higher standard, we automatically dismiss anyone with a different opinion? 

Funny, i watch the antiques roadshow (my wive makes me!!) and i have seen furniture restoed/repaired and it drops 90% in value. It also loses value if the legs are trimmed, the latches replaced, the backs of the drawers replaced...etc.
As a paper money collector, I again not only do not appreciate doctored notes, I have dealers hand me back a note and say thanks but no thanks! and now i have 2 choices left, 1) sell it on E-bay...lol or 2) GIVING IT AWAY to someone as a start to their personnel journey of starting a collection.
You want to stop doctoring boycott those who doctor notes. ( oops i feel the admin deleting my comments again).
But as someone has told me from day one 'they are all crooks' so i guess that wont fly either.

Best advice "buyer beware", when in doubt pass on the note!