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July 2006
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To Slab or Not to Slab, That Is the Question (with apologies to W. Shakespeare) For a number of years I have resisted even thinking about the “slabbing” of paper money. When I first started collecting paper it was numismatics’ unwanted third cousin twice removed. Since the market was not great back then, the very few people who really cared were familiar with each other and for the most part were quite honest. Any dishonest participant would be duly noted and avoided. But, as for today, anyone who follows the currency market knows how things have changed. It seems like about twenty or so years ago currency became the “New Braunfels” of the numismatic world; a quaint place on the market where scarce material could be found at bargain basement prices. Almost over night it was the thing to be a “rag-picker,” which is the nick-name given to folks who pursue such items for fun.
I have a couple of random comments to make concerning the topic of the grading and the encapsulation of currency, you’ll notice that I am uncharacteristically positive about the notion. First off, in these times paper money prices and values can differ drastically within a few simple details of condition making the market more of an exact science. The market needs standardization. Such groups as Professional Currency Dealers Association (PCDA) and Society of Paper Money Collectors (SPMC) have taken on the task. Even though currency isn’t as strictly graded as coins there are some fairly definitive standards and a few companies that will grade a note and enclose it in a safe, archive quality sleeve along with proper documentation concerning the authenticity and grade of a submitted note.
Secondly, along with the popularity of currency collecting came those who were either inexperienced in the world of note collecting or those who were flat out dishonest, ones desiring to take advantage of the new collector. These would be like the old Carpet Baggers who invaded the South after the end of the War of Northern Aggression (Civil War to you Yankees) and did all they could to separate the naive from their power and financial resources. Standardization of grading will help our paper money brothers avoid such dishonesty. I cannot say that I totally embrace the idea of slabbing more than a few of the scarcer notes. However, I am thinking about it. No notes in my collection are encapsulated in such a way. There is always tomorrow. Well, fiddle de-de Miss Scarlet.
Regards and God Bless,
Richard
