For These Collectors, It’s Still All About the Cash

Even as the world increasingly moves toward digitised commerce, where transactions are conducted with the tap of a credit card and billions of dollars are moved electronically between banks, there is one group of people for whom hard cash is still king: collectors.

As an alternative asset class, collectible banknotes offer significant potential value to investors, and the market for these paper artefacts is thriving. Aris Maragoudakis , director of world currency auctions at Stack’s Bowers Galleries in Costa Mesa, Calif., estimates the hobby sees annual trade of well over $500 million globally.

In fiscal year 2016, the World Paper Money department at Stack’s recorded about $4 million in sales. By fiscal year 2024, this figure had risen to $14.5 million. The company reported an 18% increase in sales for world paper money (which doesn’t include U.S. paper-money numbers) in fiscal year 2023, followed by 25% growth in fiscal year 2024.

Elsewhere, the Noonans Mayfair London realised £5 million, or about $6.5 million, in world banknote sales in 2023, up from £2.5 million the previous year, a representative said.

The rise of digital technology has helped broaden the base of collectors. Online auctions, forums and databases have made it easier for collectors to connect, trade and research. Greater access to information about collectible money, as well as to collectible banknotes themselves, have transformed the hobby from a game of chance to a strategic pursuit where enthusiasts can actively search for and acquire valuable pieces.

“The advent of social media such as Instagram and WhatsApp have brought in a spate of new collectors, especially youngsters,” says Rezwan Razack , a specialist in vintage banknotes and chairman of the Indian chapter of the International Bank Notes Society, or IBNS.

While social media has made more people aware of older paper currencies and their histories, the declining use of physical banknotes has made them even more alluring and fascinating to collectors.

Where is the value?

Banknotes routinely become obsolete due to political shifts, security upgrades, monetary policies and technological advancements. The question is: Which ones are worthy possessions?

A plethora of factors underpin the desirability of collectible paper money. The major ones are:

• Condition: The condition of a piece can have a significant impact on its value. “There are bills that sell for $1,000 with a fold or two, but finding one free of any folds, stains, or tears could be worth several times that,” says Maragoudakis.

The condition of a bill is evaluated based on a 30-point scale ranging from poor to uncirculated crisp. Within each condition, a bill is given a number grade; a higher number—on a scale typically from 1 to 70—means the banknote is in better shape.

For example, a 10,000-yuan note issued in 1951 by the People’s Bank of China, graded Very Fine 20, sold for $150,000 at a Stack’s Bowers auction. Three years later at another Stack’s Bowers auction, a similar note in better condition, graded Almost Uncirculated 50, fetched $358,500.

• Serial number : Banknotes with striking serial numbers are often worth more to collectors than those without. On eBay, a rare polymer £20 bill with the serial number AA44 444444 received 16 bids and sold for more than £317.

A set of four exceptionally rare Chinese 1953 10 yuan notes from the People’s Bank of China recently sold for $432,000 because in addition to their quality, they were consecutive in serial number.

• Scarcity : The appeal and worth of banknotes, as with other collectibles, are often tied to their rarity.

For instance, high-value banknotes were often printed in limited quantities due to their significant purchasing power, says Hakim Hamdani , director at large and a collector at the Netherlands branch of the IBNS. When these high-denomination notes are discontinued, many people cash them in rather than keeping them as collectibles.

Take the 1921 10,000-shilling note from British East Africa (now Kenya and Tanzania), of which few were printed and issued. At that time, it was equivalent to about $2,000, a substantial sum in 1920s colonial Africa. When they were demonetized, most were redeemed, making the few remaining in private hands highly desirable.

Dennis Hengeveld , president of World Banknote Auctions in Sacramento, Calif., says that depending on the condition, some of these notes have fetched between $35,000 and just over $100,000 at auctions.

A rare $500 Canadian bill from 1911 brought C$528,750 (about $386,400) at a recent auction, the largest sum ever paid for a Canadian banknote. The specimen features the image of Queen Mary and is one of only four of the bills known to exist.

• Error notes : Governments often withdraw banknotes from circulation to deter counterfeiting, but also due to printing anomalies such as incorrect signatures, numerical discrepancies, misprints and typographical errors. Such deviations can elevate their value among enthusiasts.

In the U.S., double denominations—such as a front displaying a $10 bill and the reverse displaying a $20 bill—are the most prized error notes. The value of some of these pieces could top $85,000, according to Heritage Auctions.

How can I get started?

Despite the potential for a lucrative return, experts say the primary motivation for building a collection should be enjoyment and an appreciation of the history that banknotes provide. It would be best to build a collection with the idea of having fun, says Hengeveld of World Banknote Auctions, which was recently acquired by Stack’s Bowers.

Of course, it’s essential to do your due diligence to avoid fraud. Always buy notes from established dealers and confirm their authenticity with reputable grading services. Independent grading companies such as Paper Money Guaranty and Professional Coin Grading Service provide authentication and grading to ensure notes are genuine and their condition accurately assessed.

Auction houses and local dealers offer currency notes in different price ranges. Online retailers (eBay, Amazon.com, Collectibles & Currency), dealers and galleries (Certified Coin Exchange, George H. LaBarre), and numismatic shows (the MIF Paper Money Fair and World’s Fair of Money) are other useful sources.

As well, there is no shortage of stories where people discovered highly valuable collectible banknotes in attics, books, dressers and photo frames of deceased family members. In Ontario, a rare Canadian $500 bill from 1911 was discovered among the personal belongings of a deceased individual. The nearly discarded banknote, one of only three in existence, brought $322,000 at auction.

Those looking to dip their toes into collectible money may find valuable insights in trade magazines including Bank Note Reporter and the Greensheet, or books such as the U.S. Error Note Encyclopedia and Standard Guide to Small-Size U.S. Paper Money.

Additionally, Paper Money Guaranty, the Smithsonian Learning Lab and other websites can offer a wealth of information on various aspects of grading, collecting and how to properly care for banknotes.

The best financial advice many Australians are receiving right now is not coming from licensed advisers charging by the hour. It is coming through a phone screen, in the ten minutes between work and dinner, from creators who have built credibility the hard way: by being right, being transparent, and being specific in a space where vagueness has always been the easy default.

This is not a ranking by follower count. Follower count is a measure of distribution, not of quality. What follows is a ranking by substance — credentials, accuracy, community depth, and the quality of what an audience actually learns from following these accounts. The distinction matters, because the Australians acting on this content are making real financial decisions with real money.

1- Queenie Tan – Corporate Authorised Representative; Co-Founder & Director, Invest With Queenie & Billroo

There are finance influencers who talk about building wealth, and there are those who document it in real time with receipts. Queenie Tan belongs firmly in the second category. Starting from a $400-per-week income, Tan built her net worth past $1 million while publishing the actual numbers — income, savings rate, investment decisions — for an audience of more than 400,000 across platforms.

She is a Corporate Authorised Representative, co-founder of the personal finance app Billroo, and the author of a book that has become a practical reference for young Australians navigating ETFs, superannuation and property. What separates her from the crowded field of money educators is precision: she does not talk in principles when she can talk in percentages.

2- Alan Kohler – Editor-in-Chief, Eureka Report; Editor-in-Chief, InvestSMART Group; ABC News finance presenter, host of Inside Business.

If Queenie Tan represents the new wave of personal finance creators, Alan Kohler represents something the new wave will spend decades trying to build: institutional credibility that has survived multiple economic cycles. As Editor-in-Chief of the Eureka Report and InvestSMART Group, and a decades-long presence on ABC News, Kohler has spent more than thirty years making financial analysis accessible without dumbing it down.

His coverage of RBA decisions, market movements and economic policy is cited by podcasters, journalists and fund managers alike. He is not chasing virality. He does not need to.

3- Aleks Nikolic – Corporate lawyer; host, Big Swinging Stocks podcast

Most finance creators address the mechanics of money. Aleks Nikolic addresses the psychology — and that distinction explains why her following is as loyal as it is. Operating as Broke Girl Wealth across Instagram, TikTok and YouTube, Nikolic covers ETFs, crypto and investment strategy, but her real differentiator is a willingness to discuss the emotional architecture of financial decision-making.

Shame around debt. Fear around market volatility. The limiting beliefs that stop people acting on what they already know. In a space where confidence is routinely performed, her candour is a genuine competitive advantage.

4- Bryce Leske & Alec Renehan – Equity Mates Media

Equity Mates did not build a following. They built a media company. What began as a podcast by two friends learning to invest has grown into Australia’s most established investing media brand, covering ASX stocks, ETFs, global markets and fund manager interviews across podcast, social and YouTube.

The longevity is the credential. Equity Mates has operated through multiple market cycles, a global pandemic, and a generational shift in how Australians engage with investing — and its audience has grown through all of it. When the hosts speak, their listeners know they have been paying attention for years.

5- The Lazy CEO – CEO & Founder, Showpo; Shark Tank Australia investor

The metric that matters most on social media is not followers — it is engagement, because engagement signals trust. Jane Lu, known as The Lazy CEO, maintains an engagement rate of approximately 1.15 per cent on Instagram, which is exceptional for a finance account of his size. Her 242,000-plus followers are not passive consumers: they ask questions, share experiences and apply what they read.

Her content focuses on business finance and wealth building, and the active comment sections are the clearest possible evidence that her audience does not merely scroll past.

6- Tash Invests – Founder, Tash Lends; Forbes Australia 30 Under 30

Tash Invests built her following on a premise that sounds simple but is rarer in practice than it should be: she publishes the actual numbers. Not approximations or ranges or anonymised case studies — her salary, her savings rate, her portfolio value, her net worth, updated and on the record.

Having bought her first property at twenty-two and grown her documented net worth past $1 million, she has become the primary reference point for young Australians trying to understand what building wealth on a moderate income genuinely looks like. The specificity is the product.

7- David Scutt – APAC Market Analyst at StoneX Group

The authority of most finance social media content rests on research and reading. David Scutt‘s authority rests on having done the job. A former Treasury Dealer at Arab Bank and the Commonwealth Bank, former ASX Business Supervisor, and former Global Markets Editor at Business Insider Australia and anchor at ausbiz TV, Scutt now brings that direct market experience to his role as APAC Market Analyst at StoneX Group, rather than relying on secondary commentary.

When he discusses foreign exchange movements or ASX dynamics, it is not because he has read about them. It is because he has traded them.

8- Meddy Demars – Investing & crypto content creator

The gap Meddy Demars fills is specific and underserviced: connecting global macroeconomic events to the practical reality of Australian investors. When the US Federal Reserve adjusts interest rates, when inflation data moves, when commodity prices shift — most Australian finance content either ignores the local implications or translates them poorly.

Demars, operating across TikTok and Instagram from Sydney, does the translation well: explaining what global conditions mean for Australian stocks, savings rates and investment portfolios in terms that are accessible without being condescending.

9- Simran Kaur – Founder, Friends That Invest

Friends That Invest is arguably the most successful community-building exercise in Australian personal finance, and Simran Kaur is the reason why. The New Zealand-based creator — whose audience is predominantly Australian — built a podcast, a book and a social media presence around a single insight: that the personal finance world was not speaking to young women, and that the consequences of that gap were significant.

The measurable cultural shift that followed — women engaging with investing concepts in communities that had not previously existed — is the kind of impact that most financial literacy programmes aim for and rarely achieve.

10- Effie Zahos – Money Editor at 9News

Effie Zahos is one of Australia’s most recognised financial commentators, appearing regularly across 9News, A Current Affair, Today and Today Extra as 9News Money Editor. Her role puts everyday money questions, from mortgage rates to cost-of-living pressures, in front of a national broadcast audience.

Before television, she spent years as editor of Money magazine, building the editorial foundation for her current commentary. She is also Director and Money Commentator at InvestSMART, an ambassador for Canstar, and a published author, with her financial advice available in print as well as on screen.

That combination, decades of editorial experience, an active broadcast presence, and a body of published work, is what makes her commentary carry weight beyond any single platform or post.

The common thread across this list is not follower count or platform presence. It is that each creator has built an audience willing to act on what they say, and for the Australians making financial decisions off the back of this content, that trust is the only thing that actually matters.

For These Collectors, It’s Still All About the Cash

Rare banknotes can yield big bucks, if you know what to look for

Where is the value?

How can I get started?

The voices reshaping how Australians think about money — and why credibility matters more than reach.