Here it is.. just sold this $5.
How much you ask? Well, at least $5 as a friend of mine joked.
Take a closer look.. what do you notice?
Well, the cut is off.. and wait, hey, some of the print is inverted?
Now what is it worth?
In the end it ended up selling for $275 – not nearly as much as this listing..
..but a new value for this $5 bill was set.. What if the buyer ends up selling it for more to another collector.. then what is it worth?
“Value is in the eye of the buyer..”
..and so in the end it’s all arbitrary. If there’s a zombie apocalypse tomorrow, who’s going to be in the market for rare coins and currency?
Over the years the price of water continues to go up. Yet, in most of the world it’s still fairly affordable. A friend of mine works to provide clean water to villages. How precious is a cup of this commodity to someone stranded in the desert or even on the open seas? “Water, water everywhere..”
Ok, you say, but these are extreme cases..
How about this? A few years ago, when I was helping owners to buy / sell businesses, I had to help them figure out what was a “good” price and other times what was a “fair” price for their business.
Here are 2 examples – a couple who wanted to change careers was trying to sell their door renovation business. When they tried to sell it themselves on Craigslist, one of the “buyers” not only wasted their time by not making an offer.. this unsavory individual even tried to copy the business from what he learned posing as a buyer!!
Luckily, in the end we connected, and I helped them to sell it for twice what they were able to get on their own. The buyer got a solid cash generating business – better than the pizzerias and other stuff out there, and my clients were grateful for what I helped them to get. Win – win.
Another client was going through a divorce and needed advice on what their retail business was worth. Based on what I saw in the market, I gave a range of values. This was not an appraisal, and who knows what the business would ultimately sell for. But for the purposes of the court, we needed to establish some working numbers for the settlement.
Ultimately, value is a moving target where timing really is everything. Any appraiser / advisor worth their salt must say this again and again on any / all documentation. Sure, part of this is CYA, but it is also the best way in the client’s best interest to understand this and keep it in mind.
So, for me selling this $5 was a step towards investing in new film / photography gear in the form of a DSLR. This is the one that I’ve got my eye on.. Canon T3i – seems like a great starter kit for shooting both aerial photographs and HD video.
When I bought my little SD1100 many years ago, little did I know how much money I’d make with this simple digital camera not much bigger than a deck of cards. That’s why I ask my students, “How many $100 would you spend to make another $100 and another..?”
Maybe I could’ve gotten more than what I did. I finally signed up for a couple of collector sites at the encouragement of a friend’s recommendations – something that would have been better to do BEFORE I sold the $5 bill.
But I was busy on other things last week, and in the end I decided a bird in hand was worth more. Money loves speed, and I see more potential for putting the cash into a camera for some upcoming projects. Guess we’ll see what $5 ends up being worth..