First Series Chinese Communist notes 1948-1952

[frugi]

First Series Chinese Communist notes 1948-1952

Does anybody here have experience handling these types of notes that could message me with some pointers on identifying authentic notes from counterfeit ones. thanks

i will try and check back in a few days.

[AGgressive Metal]

There are copies out there. I've done foreign exchange for almost 10 years and never see these. I assume you are talking about People's Bank of China not Central Bank or Bank of Taiwan.

[frugi]

...

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[frugi]

I bought about 180 notes from a farmer who sold them to me at a local flea market. He came in to my booth and asked if I buy foreign currency. I said yes, but I don’t pay much. (I sell junky foreign notes for $1.00 each), this guy is a local ginseng farmer and arrowhead searcher. I got the whole lot for $35.00, I had a guy at a coin show that I showed about 50 of the notes to tell me that of the ones he saw, he thinks they are fake.... but I did sell him 1 note for $500.00, he insisted was the only authentic note of the ones he saw. When I initially bought the group I took them to a local expert who said they were real, and appraised the entire collection for about a five figure sum.... also he put them in protective holders and put the pick numbers on each holder for each bill, and it’s realistic value....., but I need some additional perspective on the collection.

[frugi]

UPDATE: ALL STILL IN MY POSSESSION ARE TOTAL FAKES.

[frugi]

BASICALLY I SOLD A LARGE PILE OF NOTES TO A GUY FOR $2500.00 WHO I THOUGHT UNDERSTOOD THAT THEY COULD LIKELY BE FAKES, AND WAS BUYING THEM AS IS. A MONTH WENT BY AND HE CALLED ME ONE NIGHT AND OFFERED ME $10,000.00 FOR THE REST OF WHAT I HAD, SO I KEPT A COUPLE THAT REAL WOULD HAVE BEEN WORTH SIX FIGURES BY THEMSELVES, AND SOLD HIM THE REST FOR 10K. I SPENT THE MONEY ON REPAYING LOANS I TOOK OUT FOR MEDICAL PROCEDURES I NEEDED IN THE PAST. A FEW DAYS LATER HE CALLED ME AND SAID "DONT SPEND THE MONEY, THEY ARE ALL FAKE, i WANT A REFUND." HE IS A REALLY OLD GUY AND A GOOD CUSTOMER OF MINE, NOTHING NEFARIOUS OCCURED. HE DIDNT MAKE A SWITCHEROO. HE MISHEARD WHAT I TOLD HIM ABOUT HOW I THOUGHT THEY WERE FAKE, AND THOUGHT I TOLD HIM IF THEY WERE FAKE I WOULD TAKE THEM BACK. NEVERTHELESS I DID END UP GIVING HIM A REFUND AND TAKING THEM BACK. HE GAVE THEM BACK TO ME UP FRONT AND GAVE ME TWO YEARS TO PAY BACK THE 10k. HE HAD ALREADY SOLD THE FIRST BATCH SO I WASNT GOING TO PAY HIM BACK FOR THOSE. WE ARE STILL FRIENDS. HE STILL BUYS STUFF FROM ME.

[Doctor Steuss]

Oh no! I'm am so sorry you got burnt this bad Frugi. That's absolutely horrible.

[frugi]

Well the burn wasn’t so bad. I did sell one for $500.00, and then the 10k deal was like an interest free loan which has since been paid off. Now I collect Chinese coins and currency since I did so much research into them, it got me interested.