What did someone see here?

I just came across this archival Katz auction : https://katzauction.com/lot/231493

Why did someone spend 71 EUR on a circulating fiver? Anything special about the serial number or the features of it?

Sure it is a sealed UNC… If you are lucky enough you might get one from a well packed ATM lol.

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Woj90

I just came across this archival Katz auction : https://katzauction.com/lot/231493

 

Why did someone spend 71 EUR on a circulating fiver? Anything special about the serial number or the features of it?

Sure it is a sealed UNC… If you are lucky enough you might get one from a well packed ATM lol.

The OP is referring to a 2013 5 Euro (from Italy) graded UNC68 by PMG. 

-It's because of the lofty grade I suppose.  There happens to be a faction of currency collectors who are “grade rarity” collectors. What that means is they'll throw huge amounts of cash on whatever they think is an amazing grade.  It is possible that they also factor in the high grading fees which even by bulk, amounts to about $25 USD per note (when you consider the FedEx, taxes & surcharges it all adds up).   I've seen $3000 USD paid for a current 2012 Bank of Canada $20 graded PMG UNC70* To me, this incomprehensible (especially recently, after seeing PMG throw 68, 69 & 70 at far more notes than ever before) to pay for a common as grass current $20 but there's collectors out there who will do it.  Why, is a complete mystery to me but its kind of sad as I suspect its put pressure on the TPG's to pack the grades higher & higher (regardless whether the note should really get it).

Serial_Number_8

Woj90

I just came across this archival Katz auction : https://katzauction.com/lot/231493

 

Why did someone spend 71 EUR on a circulating fiver? Anything special about the serial number or the features of it?

Sure it is a sealed UNC… If you are lucky enough you might get one from a well packed ATM lol.

The OP is referring to a 2013 5 Euro (from Italy) graded UNC68 by PMG. 

 

-It's because of the lofty grade I suppose.  There happens to be a faction of currency collectors who are “grade rarity” collectors. What that means is they'll throw huge amounts of cash on whatever they think is an amazing grade.  It is possible that they also factor in the high grading fees which even by bulk, amounts to about $25 USD per note (when you consider the FedEx, taxes & surcharges it all adds up).   I've seen $3000 USD paid for a current 2012 Bank of Canada $20 graded PMG UNC70* To me, this incomprehensible (especially recently, after seeing PMG throw 68, 69 & 70 at far more notes than ever before) to pay for a common as grass current $20 but there's collectors out there who will do it.  Why, is a complete mystery to me but its kind of sad as I suspect its put pressure on the TPG's to pack the grades higher & higher (regardless whether the note should really get it).

Yes, my thoughts exactly. I suppose if it stays in the family for 3 generations it might become more of a collectible than just a great grade XD

I think i see a trend towards buyers collecting by grade number. 

In Irish banknotes, grades 66 and above sell at far higher prices than they should. 

I have also seen a trend by some dealers to charge far above normal prices for medium grade VF region notes, simply because they are graded and sealed in these wrappers. 

Interestingly, I bought some notes recently, one of which was a GVF and had been graded by PMG. When I cut it out of the wrapper, there was a distinct smell of plastic from the note - I left it out in the air for a few days to breathe the smell of of it. 

The plastic smell was a bit surprising, I am not sure what to make of it!

Lol. KATZ is one of auction houses i dislike because they sell dubious raw coins and I dont trust their grading at all. 

However, they sometimes have bargain deals on PMG and PCGS graded banknote stuff

Other than that, I will never buy graded banknote with grade over 65. Premium is not worth it. Never. I will rather get them in aUNC or UNC grade raw and look for some curiosities with serial numbers. 

Hibernia

Interestingly, I bought some notes recently, one of which was a GVF and had been graded by PMG. When I cut it out of the wrapper, there was a distinct smell of plastic from the note - I left it out in the air for a few days to breathe the smell of of it. 

The plastic smell was a bit surprising, I am not sure what to make of it!

Interesting observation here. Why did you removed the note form the wrapper in the first place?

I have one and it was also graded and I paid more than US$700+ for it ( a hard to find note in UNC condition and with no foxing too). When a note is graded by a professional, would they also mentioned that the note has been washed and pressed, or they do not that. To smell the note, I have to cut it out, which I am incline to do at the moment. 

This is one reason that I do not buy graded notes, unless it is desperate, which I was (Some Mothers do ‘Ave ‘Em - that's me!!).

Thanks

… I will never buy graded banknote with grade over 65. Premium is not worth it…

-I'm inclined to agree with xrp  (with a few exceptions).  The majority of my notes are GEM 65's because I think a lot of US collectors back off bidding at this grade level so I end up winning them.  The price is more reasonable & I like the look of the grade. I find the difference between the super gem (67 to 69) levels too difficult to discern. (You'd need a light-box to determine registry & minor handling).  I also have some higher grades (66-67's) but they're the exception rather than the rule.  And I have lots of Choice 64's, UNC 63's & AU 58's b/c I go for tough notes with EPQ, eye appeal (which trumps grade IMO).

The other disturbing trend (other than too many ‘super gems’ popping out of PMG lately) is the plethora of graded newly released series like the OP 5 Euro note.  I got the same Portuguese 5 Euro note from my exchange dealer in UNC a few months ago. I have graded a couple newer notes myself but at least they were Commemorative radars. There is a huge number of cheap super common notes getting certified & I can't, for the life of me, understand why people submit them (& why collectors buy them).   

Serial_Number_8

… I will never buy graded banknote with grade over 65. Premium is not worth it…

-I'm inclined to agree with xrp  (with a few exceptions).  The majority of my notes are GEM 65's because I think a lot of US collectors back off bidding at this grade level so I end up winning them.  The price is more reasonable & I like the look of the grade. I find the difference between the super gem (67 to 69) levels too difficult to discern. (You'd need a light-box to determine registry & minor handling).  I also have some higher grades (66-67's) but they're the exception rather than the rule.  And I have lots of Choice 64's, UNC 63's & AU 58's b/c I go for tough notes with EPQ, eye appeal (which trumps grade IMO).

 

The other disturbing trend (other than too many ‘super gems’ popping out of PMG lately) is the plethora of graded newly released series like the OP 5 Euro note.  I got the same Portuguese 5 Euro note from my exchange dealer in UNC a few months ago. I have graded a couple newer notes myself but at least they were Commemorative radars. There is a huge number of cheap super common notes getting certified & I can't, for the life of me, understand why people submit them (& why collectors buy them).   

why people submit them (& why collectors buy them).

You said it - this is the supply & demand world we live in!

Or as the foundlings would say “FOMO”