My experience of many dealers at banknote exhibitions has been negative. Many of them are very arrogant, dismissive and lack basic social skills. I've met several great dealers who were friendly, engaging and informative and they always get my custom: I ignore everyone else. In my early days, I bought a couple of banknotes that had been pressed from eBay. Now, I only buy new issues from eBay. Anything old gets the UV light treatment before I buy.
Hi Benjamin. A very interesting topic. I haven't collected banknotes in years, although I still have the collection, valued in the low six figure range. France and colonies notes were often printed on somewhat uneven paper, as opposed to smooth, but the paper certainly was not creased or wrinkled to the point of forming a line in the paper. Certain issues of old French notes sometimes had a pin hole in them because dealers would pin a note to a board to display it for sale. That was probably before WWII, certainly not on a recent note. I also have a faint memory of some early French Indochina notes being stapled together, but I can't swear to it without checking my collection. Dealers do make mistakes. I once bought a rare Mexican specimen worth several thousand dollars (It was from a dealer who had acquired it from the American Banknote vault clearance sale). I bought several other Mexican specimen notes from the dealer at the same time that were correctly identified, but the really expensive note was actually a cheaper note. I contacted the dealer who apologized and I returned the note for a refund. I believe the dealer had not seen this note before and it did somewhat resemble the more expensive note. Since the dealer in question did eventually make good on the note you bought I would tend to give them a second chance. They didn't have to do that, and it may have taken awhile to find a good replacement. It is possible that the dealer didn't check the note with good oblique lighting (I always brought a light to paper money shows since the lighting is often weak and flat, which makes it hard to see flaws). It is also possible the dealer bought several of these notes, checked a couple but not all, assuming the were all CU. Years ago when I first started collecting, I bought a beautiful Portuguese banknote. It was priced as VF, but upon closer examination it seemed more like XF+. When I handed my notes to the dealer he gave a bit of a double take when he saw the note but said nothing. Perhaps he made a mistake in my favor or perhaps he bought it at a great price. I was too new to know how things were done. I've also had issues with dealers whose standards of UNC for old notes are looser than mine. Their UNC for old notes was, in my opinion, AU+, but there were minor corner problems. They always took back the notes for a full refund. I enjoy your videos. Happy collecting.
I agree about a second chance. They were selling this note in about 5 different levels of condition. I bought the highest grade and received the lowest. Initially they said I didn't know what I was talking about. Even after letting them know my numismatic resume, they strongly implied that I was not skillful in grading. I bought a CU note for more than 60 or 70 dollars, and received a note they were selling for less than 10. They purchased dozens of this type and sold them in about 5 different conditions. Yes, they fixed it, but only after serious conversation. This firm provides their notes in graded holders as well. They really needed a tighter process and perhaps a finalizer. Regardless, you do not usually send a cull note when your customer has bought the most expensive note of the type. Had it been AU or AU+...might have been reasonable...but such a low low grade substitution was definately not. The French enjoyed using that odd substrate. But they were always so beautiful and colorful with their banknote designs.
Sorry to hear about your experience. As always, it's buyer beware. Thankfully for me, I haven't had any issues with my local dealer, but I do shop with my eyes wide open.
I agree with you Benjamin. Unfortunately there are dealers that try to take advantage of inexperienced collectors and they don't plan on an experienced, discerning collector to call them out. I don't think it was a mistake.
I'm curious what the Dealer's temperament was reacting to your first contact? Were they dismissive? At the end of the day they did make things right. But great advice to buyer beware.
My first contact was polite. I stated my problem. Their initial response was that I was clearly mistaken, an impossibility based on their internal processes, and they would need to have an expert explain it all to me.
My experience of many dealers at banknote exhibitions has been negative. Many of them are very arrogant, dismissive and lack basic social skills. I've met several great dealers who were friendly, engaging and informative and they always get my custom: I ignore everyone else.
In my early days, I bought a couple of banknotes that had been pressed from eBay. Now, I only buy new issues from eBay. Anything old gets the UV light treatment before I buy.
That is probably wise. I always check all my notes with a light.
Hi Benjamin. A very interesting topic. I haven't collected banknotes in years, although I still have the collection, valued in the low six figure range. France and colonies notes were often printed on somewhat uneven paper, as opposed to smooth, but the paper certainly was not creased or wrinkled to the point of forming a line in the paper. Certain issues of old French notes sometimes had a pin hole in them because dealers would pin a note to a board to display it for sale. That was probably before WWII, certainly not on a recent note. I also have a faint memory of some early French Indochina notes being stapled together, but I can't swear to it without checking my collection. Dealers do make mistakes. I once bought a rare Mexican specimen worth several thousand dollars (It was from a dealer who had acquired it from the American Banknote vault clearance sale). I bought several other Mexican specimen notes from the dealer at the same time that were correctly identified, but the really expensive note was actually a cheaper note. I contacted the dealer who apologized and I returned the note for a refund. I believe the dealer had not seen this note before and it did somewhat resemble the more expensive note.
Since the dealer in question did eventually make good on the note you bought I would tend to give them a second chance. They didn't have to do that, and it may have taken awhile to find a good replacement. It is possible that the dealer didn't check the note with good oblique lighting (I always brought a light to paper money shows since the lighting is often weak and flat, which makes it hard to see flaws). It is also possible the dealer bought several of these notes, checked a couple but not all, assuming the were all CU. Years ago when I first started collecting, I bought a beautiful Portuguese banknote. It was priced as VF, but upon closer examination it seemed more like XF+. When I handed my notes to the dealer he gave a bit of a double take when he saw the note but said nothing. Perhaps he made a mistake in my favor or perhaps he bought it at a great price. I was too new to know how things were done. I've also had issues with dealers whose standards of UNC for old notes are looser than mine. Their UNC for old notes was, in my opinion, AU+, but there were minor corner problems. They always took back the notes for a full refund. I enjoy your videos. Happy collecting.
I agree about a second chance. They were selling this note in about 5 different levels of condition. I bought the highest grade and received the lowest. Initially they said I didn't know what I was talking about. Even after letting them know my numismatic resume, they strongly implied that I was not skillful in grading. I bought a CU note for more than 60 or 70 dollars, and received a note they were selling for less than 10. They purchased dozens of this type and sold them in about 5 different conditions. Yes, they fixed it, but only after serious conversation. This firm provides their notes in graded holders as well. They really needed a tighter process and perhaps a finalizer. Regardless, you do not usually send a cull note when your customer has bought the most expensive note of the type. Had it been AU or AU+...might have been reasonable...but such a low low grade substitution was definately not. The French enjoyed using that odd substrate. But they were always so beautiful and colorful with their banknote designs.
Sorry to hear about your experience. As always, it's buyer beware. Thankfully for me, I haven't had any issues with my local dealer, but I do shop with my eyes wide open.
I want to clarify that this is not my local dealer. It was a Banknote dealer with an online presence.
I agree with you Benjamin. Unfortunately there are dealers that try to take advantage of inexperienced collectors and they don't plan on an experienced, discerning collector to call them out. I don't think it was a mistake.
They eventually conceded and at that point did the right thing.
Thank you Benjamin for showing your technique of looking for folds, creases and pinholes. Great video.
Folks need to definately know.
I'm curious what the Dealer's temperament was reacting to your first contact? Were they dismissive? At the end of the day they did make things right. But great advice to buyer beware.
My first contact was polite. I stated my problem. Their initial response was that I was clearly mistaken, an impossibility based on their internal processes, and they would need to have an expert explain it all to me.
Im afraid it went downhill from there.
@@NumismaticNoteswithBenjamin Totally get that - it's the attitude, typical "dealer" probably from actual coin shop.