Paper Money Market: BNR Receives Nod as a Resource for New Collectors
Bank note collecting just got an unanticipated accolade from, of all places, the Wall Street Journal. The November 4, 2024, issue includes an article titled “For These Collectors, It’s All About the Cash,” with the subtitle, “Rare bank notes can yield big bucks if you know what to look for.” While much of the article tells uninitiated readers to pay attention to condition, serial numbers, scarcity, and errors, it is important to note that the article dubs bank note collecting as “an alternative asset class”—a description that has been used for coin collecting in the past—that offers “significant potential value to investors.”
In the article, Stack’s Bowers World Currency Auctions Director Aris Maragoudakis estimates annual global hobby sales to be in excess of $500 million. Rezwan Razack, the International Bank Note Society Indian chapter spokesman, is quoted as saying, “The advent of social media such as Instagram and WhatsApp have brought in a spate of new collectors, especially youngsters.” Well-recognized grading services and auction houses are named as reliable sources for hobby newbies. Only two publications are recommended for new collectors: Bank Note Reporter and a wholesaler-oriented publication owned by CDN Publishing. It is doubtful a single, though well-placed, article will bring hoards of new collectors to the hobby; however, it is publicity like this that gives it a boost.
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