The Paper Chase
Notaphily, or banknote collecting, is a hobby of precision. Unlike coins, paper is fragile, and condition is the single biggest determinant of price. The difference between a note that is Uncirculated (UNC) and one that is Very Fine (VF) can be hundreds of pounds.
Collectors often focus on specific niches: early “White Fivers,” provincial bank issues (from before the Bank of England monopoly), or error notes. In the UK, the transition to polymer notes has sparked a wave of nostalgia for paper issues, driving up interest in late 20th-century series.
Collector’s Tip: Never attempt to “improve” a note. Ironing a banknote to remove creases is a cardinal sin that destroys the natural sheen (embossing) of the paper.
An expert can spot a pressed note instantly—it will look flat and lifeless under side-light. Always hold a note up to a light source to check for pinholes (from old bank tellers pinning bundles) and hidden repairs, as these drastically reduce the grade and value.
