Stack of 20 x 500000 Mark (1923)

Hello! I collect coins and know very little about banknotes, so wanted some input from you experts.

I bought some old coins today, and the seller offered me a stack of twenty 500000 mark from 1923. The serial numbers are in order (is that the correct term?). I know nothing about banknote grading, but I would guess AU? They look uncirculated, just some minor rounding on the edges from storage and a slight bend in the corner of the top note (see photos).

I paid 200sek (~€17; ~18.5USD). From what I can see online these notes go for 5-15 euro/dollars a piece UNC/AU. Does the strap and their serial numbers add any value?

Hi there,

So the common terms for notes in order are “Sequential” or “Consecutive”. My experience is that North America favours sequential, and Europe favours consecutive, though that's purely anecdotal.

Generally speaking, consecutive notes are worth more than each note would be individually. The general thought process is anyone could buy a single note but buying a run of notes is much rarer and thus harder to get.

As always though, the main factors for value are the rarity of the note and the overall condition.

The strap will also add a small amount of value. Not much, but it might just be enough to squeeze a little extra out of a prospective buyer. Rather like a cherry on a cake, not significant by itself but nice to have all the same. 🙂 Especially given it clearly matches the notes, so it's all original. Looks lovely condition too.

Afraid I can't tell you about the note itself, not my area of expertise. Personally, I reckon you've got a bargain. I'd have paid that price just as a curio for the collection.

“Sequential” or “Consecutive”

Well that's painfully obvious/straight forward, brain-fart on my end 😅 Hope I am still allowed to list english as one my spoken languages.

I was aware that sequential serial numbers add value, just not sure how much. Lovely to learn that the strap is a “cherry”! What do you think of my grading? Is this AU or could it pass as UNC? If it matters, the imperfection in the corner is more of a soft bend than a hard fold.

I'd have paid that price just as a curio for the collection.

It will be a centrepiece of mine since I am interested in the German interwar and postwar periods. I think I might just start collecting banknotes now as well…

Generally speaking, consecutive notes are worth more than each note would be individually. The general thought process is anyone could buy a single note but buying a run of notes is much rarer and thus harder to get.

That's very odd: I have bought more consecutive numbered notes for a discount (rather than a premium).  I guess I must be extremely lucky to have bought  a few lots for a quantity discount.  I feel it's very unfortunate that this “consecutive # notes = premium” myth continues to bounce around.  Most banknotes are issued consecutively # so there's absolutely nothing “rare” about getting them.  

The 500,000 Mark (P-88) are a nice group (& in good condition) but they were printed in massive quantities & are quite common (as most hyperinflation notes were).  I agree the price is excellent (like wholesale) but some will be AU (& not UNC) and it will the UNC notes that can get Gem grades (from a strict TPG) which will be worth the premium prices you have mentioned.  

There are only a few minor exceptions to the consecutive discount trend & it should only happen if you wish to purchase a tough series (where demand is high) or an error (with "bookend notes) & on certain special numbers. 

Two consecutive Bank of Canada 1935 French $2.00 in original EF or better will likely sell more than one note (same grade). This will be much more likely for UNC, & during a hot/frothy collector's market rather than recently, after Covid.  The collector's market has cooled considerably & perhaps that's why the OP got the deal for 20 notes.  Or, if you happen to be lucky enough to have serial numbers 0999999, 1000000 & 1000001 or an error with the notes before & after: these are the kind of consecutive notes that turn collectors' heads.    Otherwise, consecutive is how they come & not worth a premium.  

Also- just FYI, the term “stack” typically means 100 notes (like “bundle”) That's nice you got the strap:  there's a lot of collector interest in those type of added “cherries.”

The 500,000 Mark (P-88) are a nice group (& in good condition) but they were printed in massive quantities & are quite common (as most hyperinflation notes were).  I agree the price is excellent (like wholesale) but some will be AU (& not UNC) and it will the UNC notes that can get Gem grades (from a strict TPG) which will be worth the premium prices you have mentioned. 

In it's current, non TPG graded state, what would you value my haul at? I have no intention of selling, just fun to know!

I feel it's very unfortunate that this “consecutive # notes = premium” myth continues to bounce around

I plead guilty to having believed this myth…

The collector's market has cooled considerably & perhaps that's why the OP got the deal for 20 notes.

The seller's grandfather worked in Germany in the 1920's, don't think he collected banknotes or coins himself. Coin (and now apparently banknote) collecting is about the tangible history for me, so the background story made the purchase even better.

I think we'll allow you to keep your “English spoken” statement this time… but we're putting a black mark next to your name. 😉

I guess it's one of those things where it feels obvious in hindsight but there could easily have been a specialist term for it.

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I suppose like everything in collecting it's a “it depends” kind of answer.

Sometimes you get a bulk discount, sometimes you pay a premium. I suppose the more common the note, the easier it is to get consecutive so you might get a bulk discount.

Probably also depends on the amount of notes in the run. 3 probably commands a higher price per note than 2. But once you get to like 15, probably parity in note price as if it were 20.

For the notes I go for (British ~1800 to present, with a larger focus on decimal 1971-present), I've usually noticed a pair goes for maybe about 5-10% more than two singular notes in similar condition, so long as it's an out-of-circulation issue. A trio maybe 10-15%, and then it kind of remains there percentage wise for longer runs.

So not mega bucks more expensive, just a smidgen. As always, rarity & condition are the main factors.

But I admit thats purely subjective to what I look for.

One of those rules which, to my experience, is frustratingly true especially on the Scottish & Northern Ireland ones. Might just be a British notes though. But I'd definitely defer to Serial's opinion on a wider market. 🙂

When you get a bundle of new bills from a country that uses consecutive serial numbers you are guaranteed to have dozens if not hundreds of such notes. I can't believe that there is a premium for bulk ware. But I am also not a serial number fetishist like dedicated Banknote collectors seem to be. To me they are just alpha numerical strings, that can sometimes be used to identify a minor subtype.