Starting in 1861 the United States Treasury began printing paper money.  This short guide is designed to give you a quick course in key information related to these beautiful old notes found here on Ebay.  For 75 years paper money was larger than modern era paper money and is now, not surprisingly,  known as "Large Size" by collectors.  .

The need for paper money came in the opening days of the administration of President Abraham Lincoln as he faced the monetary demands of the US Civil War.  Independent Banks had issued paper money for decades and the early American colonial government had too, but that attempt met with little public support.  Colonial currency and private bank notes are a special field in Currency Collecting and pre-date this guide.

The first Large Size notes came in 1861 and were called "Demand Notes".  A few million were printed, but few survived.  Even in very worn condition these notes with the rare 1861 date are worth many thousands of today's dollars.  You owe it to yourself to be very sure a demand note, or any Large Size note, is real before buying it.  These Demand Notes were different in many ways, but they had a green back side and quickly came to be known by that nickname, "Greenback".

Below I will list the different kinds of money printed using the Large Size format and there are many of them.  That is why I always suggest you have at least one, and preferably 2 or 3 different reliable reference books before you start spending money on these incredibly beautiful notes.  My personal favorite, available on Ebay, is the 17th Edition of Arthur and Ira Friedberg's, "Paper Money of the United States, from Colonial Times to the Present".  It covers all kinds of US paper money, but has a wonderful section on Large Size notes and includes great photos of many different notes.   It serves as one of the premier illustrated guides including current valuations, which is vital.

This simple list should convince you to get the book.  The Demand Notes started the process.  A year later, in 1862, the US Treasury added Legal Tender Notes (US Notes) to the paper money of America.  Soon followed the following different types, each with its own legal and design differences: Compound Interest Treasury Notes, Interest Bearing Notes, Refunding Certificates, the very popular Silver Certificates, National Bank Notes, Federal Reserve Notes, and Gold Certificates.

While the sizes of the different types of paper money stayed the same, little else did.  They vary by design and conditions of issue as mandated by the US Congress.  Some designs lasted for 50 years while others had a single year in print.  Valuations can vary from hundreds of thousands of dollars to just $20 for a well used 1923 $1 Silver Certificate.  Being armed with information is the key to any purchase on Ebay.

It is vital that you understand the terms used to describe conditions notes are found in.  A note in poor shape may be worth as little as $20, while in pristine uncirculated it could be worth thousands.  So it pays to have a good understanding for the following terms and what they mean.  There are many scales used to describe a notes condition and none agree completely, but here is a composite and simplified explanation of grading terms:

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Good:  Badly worn with some damage like pin holes, margin tears, missing corners, marks, writing, dirt etc.  Good really means bad!

Very Good:  Considerable wear, but largely intact.  It may have minor damage, soiling, small tears.  The paper will be limp, covered in wrinkles and folds.

FINE:  The note will show much circulation and use including folding, wrinkles and maybe light staining.  The note should be fully intact with no missing pieces or damage.

VERY FINE:  A note that has been circulated with some light folds and wrinkles but no heavy wear or signs of use.  Paper should have a bit of crispness left with no soiling or darkening.  There should be no damage.

EXTRA FINE:  Faint signs of use.  Bright and clean with nearly full crispness.  Maybe two or three light folds with no other distractions.

ABOUT UNCIRCULATED:  Very light signs of handling, maybe a light corner fold or crease, but otherwise bright and clean with full crispness.

CRISP UNCIRCULATED:  No trace of circulation, bright and crisp!  In these old Large notes you may find a few pin holes due to the counting machines of the day, but that can still leave it CU.

CHOICE UNCIRCULATED:  An uncirculated note that is especially bright and fresh in appearance with good centering within the margins.

GEM UNCIRCULATED:  A truly flawless note without any fault and perfect centering.  Extremely rare in Large Size notes.

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As with all things in life words mean different things to different people.  So take a good look at a seller's photos to confirm what you see with what the seller writes.  An error in grading the condition of a note can mean a lot of money so always be your own note grader and think of the seller's description as his opinion only.  Professional grading services do exist and provide generally reliable grades.  This service costs money and adds to a notes cost and value.

The art work and detailed designs on the Large Size notes are unsurpassed by anything in circulation today.  Value is often affected by the popularity of certain designs rather than their actual scarcity.  The famous 1901 $10 Legal Tender Note featuring Lewis and Clark with an American Buffalo is one of my favorites because of its great artwork.  It is very popular.  Many older and more scarce notes can not compete in price with popular notes just because of its looks.

Once you have your book and are armed with information here are some things to look for in your search for Large Size US Currency on Ebay.  1. Detailed description identifying the note properly so you know what is offered.  2. Quality photos or scans showing you the note being offered with all its faults.  3. Shipment costs, this can vary wildly between sellers. (Some try to make a little extra on the side by padding postage and handling)  4. Payment details should fit your needs and does vary. 5. Refund policy and Feedback ratings will give you a clue on a dealer's trustworthy status, use you best judgement.  Ebay has many built in buyer protection policies, but avoiding a shady deal is always the best policy.

Large Size notes make up the most popular portion of Paper Money Collecting.  It is here that the big money is traded.  Since 1940 valuations have sky-rocketed which has bled over into small size note prices.   "The 2006 Official Blackbook Price Guide to United States Paper Money",  reveals prices on some large notes going up 50% in the last year!   So armed with information and an admiration for these lovely old notes and the history they have seen and a hint of the folks who may have used them you are set to head out onto Ebay and find many hidden treasures.

 If you got anything useful from this guide please give it a positive rating below.  Thanks!  Good luck and happy bidding.