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Old 12-13-2018, 02:06 PM
Chetumal Chetumal is offline
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What to do with a box of old foreign money?

An elderly relative who used to travel extensively just gave me a box of miscellaneous foreign currency (I'm in the US) that he had amassed. Mostly coins but some paper bills. I see two 100 franc bills, 45,000 Mexican pesos, 40 deutsche marks, 4 British pounds and a Bahamian dollar bill. Plus a large jar of Canadian coins and another jar with assorted foreign coins.

I have no interest in coin collecting, but could use some extra cash right now. What are my options here? Highly doubt my local bank would buy/exchange it for me.

Editd to add: I just used an online currency converter...do I really have over $2000 worth of Mexican pesos??? Holy cow!

Last edited by Chetumal; 12-13-2018 at 02:07 PM.
  #2  
Old 12-13-2018, 02:08 PM
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Got an international airport nearby?
  #3  
Old 12-13-2018, 02:12 PM
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A lot of banks will buy foreign currency, especially for places that Americans travel to frequently. It's worth a phone call.

Note that Mexico normalized it's money in 1993, with 1000 old pesos being worth 1 new peso. Considering that you said "elderly relative", and francs and deutsche marks were retired in 1999 so those bills are at least 20 years old, I'm going to hazard a guess your pesos are probably only worth $2, not $2000.

Last edited by muldoonthief; 12-13-2018 at 02:13 PM.
  #4  
Old 12-13-2018, 02:24 PM
iamthewalrus(:3= iamthewalrus(:3= is offline
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Note that some of that currency is likely literally worthless, not just close to it. If those are French Francs, the deadline to exchange them for Euros has passed, so they're just pretty historical paper at this point, not money.

It looks like maybe you can still exchange old Mexican Pesos, but only at certain designated locations in Mexico. Probably not worth it for $2.

Unless you're really hard up or there's an actual large denomination bill in there somewhere, it seems unlikely that you're going to be able to get much out of this. The effort of sorting it out and finding a place that will exchange it might not be worth what you'll get.

I also collect foreign currency when I travel, but I generally make a point of saving a pretty small denomination. I bet almost everyone does. It works just as good as a souvenir, and what's the point of tying up lots of money in paper currency I can't spend.
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Old 12-13-2018, 02:25 PM
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You could try sending it to a service like this one: https://www.leftovercurrency.com/

Based in London but according to their FAQ they'll accept and exchange currency from almost anywhere, and they don't charge a fee or commission. You do have to get your cash there yourself, of course, either in person or shipped, so make sure you have what you think you do, and that it will be worth the trouble.
  #6  
Old 12-13-2018, 02:32 PM
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1) Arrange in nice frames
2) List on Etsy
3) Profit!
  #7  
Old 12-13-2018, 03:00 PM
DrDeth DrDeth is offline
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If any of the coins are silver they do have a nice value.
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Old 12-13-2018, 03:19 PM
markn+ markn+ is offline
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You could give the worthless bills to a child to play with. I'm actually planning to give a 12 year old relative an envelope full of old foreign currency for Christmas this year.
  #9  
Old 12-13-2018, 04:27 PM
Corry El Corry El is offline
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Quote:
Originally Posted by Chetumal View Post
An elderly relative who used to travel extensively just gave me a box of miscellaneous foreign currency (I'm in the US) that he had amassed. Mostly coins but some paper bills. I see two 100 franc bills, 45,000 Mexican pesos, 40 deutsche marks, 4 British pounds and a Bahamian dollar bill. Plus a large jar of Canadian coins and another jar with assorted foreign coins.
I'd add you can mail DM's directly to the German central bank if not *really* old (pre 1950's) and get Euro at the final rate of Eur 1=DM 1.95583 But then you'd need to exchange the Euro's for USD if you're not planning to spend Euro's soon. DM40~$23 not including the trouble and few bucks you'd lose going Eur>USD.
https://www.bundesbank.de/en/tasks/c...or-euro-616928

As mentioned, the make or break for whether there's any real value here is if the peso's are 'New Peso' (since 1993) or older ones, 1000:1.
  #10  
Old 12-13-2018, 05:26 PM
Chetumal Chetumal is offline
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Originally Posted by Corry El View Post
As mentioned, the make or break for whether there's any real value here is if the peso's are 'New Peso' (since 1993) or older ones, 1000:1.

Thanks. Just checked, they're 1988 bills. Darn, got pretty excited there for a bit.
  #11  
Old 12-13-2018, 07:32 PM
iamthewalrus(:3= iamthewalrus(:3= is offline
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Based in London but according to their FAQ they'll accept and exchange currency from almost anywhere, and they don't charge a fee or commission.
If you believe that, I bet there's a bridge in town they'd sell you too.

They of course do charge fees. They're built into their exchange prices, which are not very good.

For example, checking right now, the current market rate for $1 US is 0.79 GBP on XE. The service you linked gives 0.742 for "new" bills, 0.67002 for "old" bills, and 0.62791 for coins.

That's worse than you'd get at most airport currency exchanges, which are also generally a bad deal.

Last edited by iamthewalrus(:3=; 12-13-2018 at 07:33 PM.
  #12  
Old 12-13-2018, 07:41 PM
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Yeah, but the money was "free" to begin with.

OP, do you know of any coin collecting clubs in your area? Even if the money is worthless as legal tender, and not all that valuable on the collector's market, they may want it for things like getting children interested in the hobby. I have a good friend who's really into this, and he's told me about coin clubs doing things like this - for instance, putting it in containers and offering it as door prizes.
  #13  
Old 12-13-2018, 07:43 PM
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Bosda Di'Chi of Tricor Bosda Di'Chi of Tricor is online now
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1) Arrange in nice frames
2) List on Etsy
3) Profit!
This
  #14  
Old 12-13-2018, 07:48 PM
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Just did a quick check of ebay & the Coillectables section of Amazon.
Yeah, you can sell them.

If you have the time, sell on Amazon.
You can list them until a buyer shows up, no charge.
  #15  
Old 12-13-2018, 08:03 PM
Dewey Finn Dewey Finn is offline
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UNICEF has a program on some international American Airlines flights to collect spare change for donation. The website also lists an address to which you can mail the change (although I don't know if the cost would exceed the value of the money.
  #16  
Old 12-13-2018, 08:20 PM
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nm missed a detail

Last edited by Lord Feldon; 12-13-2018 at 08:21 PM.
  #17  
Old 12-13-2018, 09:41 PM
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Random foreign coins are sold by the pound. (Banknotes not as often, but it happens.) The Canadian money, at least, will still be legal currency at face value, but unless you can literally dive to a nearby place to exchange it, probably not worth your trouble--once a total stranger on the Usenet coin collecting newsgroup not only gave me his sleeve of (40 or 50, I can't remember which) 12-sided Canadian nickels for the asking, but paid the shipping costs as well--he paid out of pocket to be rid of them.
  #18  
Old 12-14-2018, 10:03 AM
skdo23 skdo23 is offline
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1968 and earlier CAD silver coins can be sold to a coin dealer for the melt value.
http://coinapps.com/silver/coin/canadian/calculator/
  #19  
Old 12-14-2018, 11:47 AM
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My gf was doing some house cleaning and found a few Iraqi Dinar, complete with Saddam Hussein's visage. The bills added up to several hundred dinars, which is currently worth about a quarter.
  #20  
Old 12-14-2018, 12:04 PM
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As others have said, the francs and deutsche marks are no longer legal tender, and the pounds probably aren't either - the notes have been discontinued and the coins updated in the last couple of years (and £4 is only about $5 in any case)..
  #21  
Old 12-14-2018, 01:58 PM
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The bills added up to several hundred dinars, which is currently worth about a quarter.

For now.
  #22  
Old 12-14-2018, 10:30 PM
nearwildheaven nearwildheaven is offline
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Originally Posted by kayaker View Post
My gf was doing some house cleaning and found a few Iraqi Dinar, complete with Saddam Hussein's visage. The bills added up to several hundred dinars, which is currently worth about a quarter.
How did some dinars end up in your house? Did either of you serve in the military over there? Just curious.

My friend that I mentioned earlier in this thread has acquired some Somali and Congolese coins, which wound up at the coin store he moonlights at via local refugees. (I asked about the Somali mint; it's in Germany, of all places.)
  #23  
Old 12-15-2018, 12:44 AM
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How did some dinars end up in your house? Did either of you serve in the military over there? Just curious.

They are a common cheap item on Ebay, made interesting novelty items after Saddam was overthrown.
  #24  
Old 12-15-2018, 01:56 AM
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I used to have an old Iraqi 10,000 dinar note with Saddam on it given to me by a family member in the military. I threw it out eventually, because who fucking cares?

Old paper currency burns well--like, really well. Don't hold it in your hand while igniting. You could use it to start a charcoal grill.
  #25  
Old 12-15-2018, 03:39 AM
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If there is any value (the British pound notes were demonetised years ago, too), it's likely to be only to collectors, if you can find one or a dealer who sells old currency to them. Or someone who can find a decorative use for them,
.
  #26  
Old 12-15-2018, 04:57 AM
Asuka Asuka is offline
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The research in this article seems faulty

Quote:
In reality, Trump was talking about trade imbalances with China. But like other Trump supporters who have fallen into the dinar investment scam, which has existed since at least 2012, Kotseos interpreted Trumpís rambling statement as proof that the Iraqi dinar would soon be worth as much or even more than the dollar, making anyone who had been smart enough to buy in early a millionaire.
The dinar investment scam has existed since the invasion of Iraq in 2003 when currency speculators assumed the post-invasion Iraqi government would stabilize and the pre-war dinars would explode in value so they started buying and selling them en-masse. Lots of soldiers returning home from service found themselves taking home duffel bags full of dinars they had traded with locals assuming this would be the case. Whoever wrote this article seemed to pick 2012 as the date simply because there's a book on Amazon about Iraqi Dinar scams that was first sold in 2012 but I quickly found a news article from 2009 talking about the dinar scam.
  #27  
Old 12-15-2018, 06:27 AM
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Originally Posted by nearwildheaven View Post
How did some dinars end up in your house? Did either of you serve in the military over there? Just curious.
Quote:
Originally Posted by Darren Garrison View Post
They are a common cheap item on Ebay, made interesting novelty items after Saddam was overthrown.
We discussed this at length when she found them. She doesn't remember ever seeing them before and assumes her exhusband acquired them somehow, likely eBay.
  #28  
Old 12-20-2018, 01:16 PM
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Monopoly money!

If you have enough, make a Monopoly set with real money. My dad was in Brasil in 1970(?) when they devalued, and realized later that he blew it: he could have done the big bills with old bills, and the small bills with new, and had a way cool Monopoly set.

Actually that sounds like something an Etsy seller could make money off of...

Last edited by phs3; 12-20-2018 at 01:16 PM.
  #29  
Old 12-20-2018, 04:01 PM
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Originally Posted by phs3 View Post
If you have enough, make a Monopoly set with real money. My dad was in Brasil in 1970(?) when they devalued, and realized later that he blew it: he could have done the big bills with old bills, and the small bills with new, and had a way cool Monopoly set.

Actually that sounds like something an Etsy seller could make money off of...
I always thought it would be cool to use real money in Monopoly. A quick Google search says the bank starts with $20,580 except the rules state the bank "never" runs out of money (like it could with houses and hotels).

I can't find any really large lots or stacks of foreign currency on eBay. Sometimes movie money or play money comes in lots but then you might as well just use the standard Monopoly money.

As far as the OP, find a coin club or a scout troop and donate it. Much less hassle and you're unlikely to get rich anyway. OR drop some on a sidewalk and set up a camera and record if anyone picks them up, then post it to YouTube. That'd be cheap fun.
  #30  
Old 12-20-2018, 04:30 PM
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Eh, throw them into a Salvation Army kettle.


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