Foreign Currency – Collecting Foreign Banknotes, Part 3

More people are getting clued up about how using a foreign currency broker can help make the most of your money by capitalising on good exchange rates. Those conducting business, living abroad or buying property abroad will already know what a difference foreign currency exchange rates can make to their investments. But if you're a humble foreign currency collector, is it possible to make money on banknotes too

Foreign Currency – A Collector's Passion

When it comes to collecting anything, whether it is stamps, coins, foreign currency or cuddly toys, most people do it because they have a passion for it. But it is possible to make money from banknote collections. If you're serious about trying to make money however, there are other ways you can use foreign currency – such as investing abroad that can help make your pound stretch further. Collecting foreign currency as a hobby should primarily be about enjoyment. If you have an interest in Asia for example or passion for the British Commonwealth, you can theme your collection and use it as a starting point to find out more about the history, geography, economics and culture of the countries that fascinate you. You can also collect by pictorial theme, or notes from a specific time in history. Most foreign currency collections are rooted in the collector's unique and individual interests.

Foreign Currency – What's it Worth

Foreign currency and banknotes that are still in circulation, as well as those that are now obsolete however can prove profitable. Some banknotes of historic interest or importance have seen growth value of over 10,000 per cent. Newsworthy events also add value – the Iraqi notes featuring Saddam Hussein for example are now sought after. Currencies replaced by the Euro mean various European foreign currencies have become more collectable. There are foreign currency and banknote specialist auctions where it's possible to make massive profits on sought after collections. Non-circulating currency that is no longer legal tender can also be sold on eBay, which is worth checking out to ascertain how much foreign currency can cost for collectors and to get a good idea of its worth.

Collector Guidelines

If you're new to collecting foreign currency banknotes, here are a few guidelines used for grading.

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  A ‘gem' banknote is one that is crisp and new and has no signs of handling
  
  
  


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  A ‘choice' foreign currency banknote is not quite a gem, but still has no signs of handling
  
  
  


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  An ‘uncirculated' banknote may have minor signs of handling
  
  
  


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  ‘Extra fine' is a foreign currency banknote with light wear
  
  
  


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  ‘Fine' shows its been used and has no crispness, but the note will be intact
  
  
  


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  ‘Good' denotes some edge tears, soiling or fading in colour
  
  
  


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  ‘Poor' foreign currency banknotes denote major damage
  
  
  

Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money with us by getting better currency exchange rates than with your bank. The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk