How to spot $2 bills that could be worth up to $20,000

Most coins and bills are typically only worth their face value, but certain coins can be sold for thousands of dollars because collectors prize them. One of these notes is the $2 bill, which circulates in the US but far less than the $1, $5, $10, and $20 notes. Based on the specific characteristics of the $2 bill, some are valued up to $20,000.

According to MarketWatch, some uncirculated $2 bills can be worth as much as $20,000. Their value depends on a few factors, such as serial numbers, when the bills were printed, and their condition. Here is what you should be on the lookout for.

Serial number

The serial number, printed on the left and right sides of the front of the note, usually with a letter beginning the string of digits, is one of the main factors that can increase a bill’s value.

“A serial number ‘1′ for a 1976 $2 bill would be worth $20,000 or more,” Dustin Johnston, vice president of Heritage Auctions, told MarketWatch.

Other high-value serial numbers include so-called “ladder” or “solid” numbers. Solid serial numbers are codes that have the same digit, such as 88888888888. On the other hand, a ladder number features digits listed in ascending order, such as 12345678910.

READ ALSO: These are the most valuable pennies: How to spot one

Antiquity

Johnston also told the financial portal that much of a bill’s value is in its age. For example, those printed before the 1920s and over 100 years old are often worth much more than their face value.

However, rarity is not solely determined by the year of printing. The number of banknotes printed in a given year and the number still in circulation can also affect their rarity.

Condition

Another important factor to consider is the condition of the bill. Collectors will be interested in the bill having been kept in good condition and will be willing to pay more for a bill that does not have as many wrinkles, rips, or discoloration.

Other aspects that are taken into account to determine the value of a bill or coin

According to the US First Exchange site, there are four types of value:

List value is the average price for which most people would sell a coin or note. The purchase price is what a dealer would be willing to pay. Retail value is the price that a specific dealer would be willing to sell you a coin or note for. Wholesale value is the price that dealers use when trading with each other.

According to the portal, the value of a coin or banknote essentially determines its catalog value based on three main factors: rarity, condition/grade, and market conditions, i.e., demand. The combination of these three factors determines whether a coin or banknote is worth more or less money.

If you have a $2 bill or other coins worth more than their face value, you can go to a pawn shop to have them valued. You can also look for specialized Facebook groups, check eBay, or the Professional Coin Grading Service (PCGS) website.