Seeking Postal Note Feedback

I thought the value of these was typically $10-15 but I see a few crazy listings Bill Langs (word 'crazy' intentionally used since I know he sometimes asks over-the-top numbers on his material). Obviously this example is punch cancelled and has some condition issues.

Are these valued differently for different locations? I do not run across them a lot, are there active collectors of these?

I was going to include it in one of the Stamp Smarter give-away contests but hesitated when I saw Langs listings. As you can see, I was not even going to bother to remove the old hinges on the back. Can anyone give me an idea of value? Thank you in advance...
Don

***Edit: Updated back image with hinges removed.***

You may want to look at Eric Jackson's web site he has several for sale.

Even with the considion issues, it looks to be a better piece.

Regardless of the "value", it is very attractive!

First example I have seen of its kind, but I don't collect them.

Question, if it is "for sums less than five dollars", why does this one appear to be for $5.02?

It's for $0.02 - that bottom/large number is a '0' - by definition, the Note has to be for less than $5...

Nice item Don! Sorry - no experience w/these??

The punch-out at the bottom of the dollar column is a "0" (and in the other two columns of numbers, thus 0.02, matching the manuscript amount added across the middle of the form.

mdroth, John Becker,

Thanks for pointing that out. I see it now and that certainly makes far more sense!

Duh!

Thanks everyone for the feedback, this is outside my collecting area so I'll put it on ebay.

(If anyone here would like to buy it before I list it, please message me an offer. Discount if I do not have to try to remove the old hinges! Discount for people I like, extra fee for people I do not like! )

Don

When these are used they become "postal history" to the individual city of their use. The price can vary greatly by the demand for a city far beyond the normal price. What would I pay for one from my hometown? Auction is the best way to set a fair price.

Postal notes typically sell for a couple hundred dollars now. The currency people are in to them. There are definitely value swings depending on type and origin, and whether they are "commercial" and simply uncashed or if they were issued for souvenir purposes (this one is such a low face value it's presumptively a souvenir).

I encouraged at one point that they be included in the Scott Catalog - after all, they have an imprinted "stamp" showing the fee. The editors were not receptive.

Paperhistory is correct as some of the Bank note collectors maybe interested in them. I have just one in my collection and a couple bank notes but do not collect them. Its just a piece to look at. Maybe the coin collectors on the flip side of here might chime in. I like the top one though but do not collect them.

Following the theory that paperhistory posted (a possible souvenir)...

The first day that these Postal Notes were issued was Sept. 3, 1883. Using RetroReveal this appears to be a 'First Day of Issue' (is there such a thing for Postal Notes?).

After speaking to a number of knowledgeable folks about these, I thought I should post the compilation of that discovery.

These Postal Notes were implemented when printed fractional currency ceased and there continued a need to send non-folding money through the mails. There were around 70 million Postal Notes issued (based upon study of the serial numbers) and so far around 2500 survivors have been identified. It appears that post offices were issued the punches but the cancellers (with M.O.B. marking) were specified but supplied by independent venders. After talking to folks who have hundreds of them in their collections, it appears only a handful have postal cancels. There were three different printers, each ran about 4 years. There are 5 'types' with several sub-types. Several attempts to get Scott to list these have fallen on deaf ears.

Around half of the 2500 known are for 1 or 2 cents. These are thought to be 'souvenirs' and the vast majority have a Sept 3 (first day of issue) cancel.
Don

Hi Don,

Here's a postal note for two dollars.

I guess whoever received it didn't need the money?

I'm assuming that dollar-denominated postal notes are rarer than the one or two cent types?

Jim