R-1 Error: Gutter or Interior Fold, Single

Dr. Frederick Bart, expert numismatist who specializes in errors, reports that many gutter folds are so pedestrian that they don't excite customers and often languish in dealer stock or are even spent at face value by a public not excited by such notes. I don't think I've ever come across any type of gutter fold outside of the hobby.

Gutter
A minor one often looks like a thin obstruction, as if a long, skinny piece of paper had blocked the printing. A moderate gutter is probably 2-3 mm wide.

Interior
Interior folds near the corner are often called 'butterfly' folds. Such errors can be minor or can look fairly extreme.

eBay auctions come in three varieties, regular, 'make-an-offer,' and 'buy-it-now.' There is little point showing the prices of items that didn't sell, since there are weirdos who try to sell a common error for thousands (or even millions) of dollars. Successful sales give us a much better idea of how things really sell.

Here are the successful sales for the two-week period ending 4/24/10. All prices include shipping.




$10. Series 1981. Condition: VF+ (circulated). 12 bids. $45. Date: 4/23/10. This note actually has a 2nd, much smaller fold near the moderate one. Interestingly, the gutter only appears on the face of the note (2nd printing).



$1. Series not listed (post 1950s). Condition: Fair (as listed by seller; it looked even better). 8 bids.$15.53. Date: 4/23/10. This exciting note has multiple folds including a moderate butterfly. Definitely the buy of the week -- a great deal! Clearly this note was spent a few times before someone realized its extrinsic value to collectors. Even in this condition, I'd have gladly spent $50 on it!



$1. Series 1969b. Condition: AU+. 8 bids. $35.07 with shipping. Date: 4/19/10. Common variety minor/moderate gutter fold with a red crayon mark from a bank teller showing that this note was meant to be taken out of circulation.



$10. Series 1977. Condition: VF+. Make-An-Offer. $250. Date: 4/18/10.



$1. Series 1985. Condition: UNC. 10 bids. $302.03. Date: 4/18/10. Very cool type of gutter fold error.




$20. Series 1950A. Condition: VF. 12 bids. $55.48. Date: 4/13/10. Typical, but cool, moderate gutter in an old bill that got a good deal of use before someone took it out of circ.



$1. Series 1969d. Condition: AU+. 9 bids. $58.08. Date: 4/11/10. Moderate fold at the center of the note. Despite its age and excellent condition, it didn't sell for much. I'm guessing that's just because gutter folds are so common.



$20. Series 1985. EF-AU. 1 bid. $53.84. Date: 4/11/10. Moderate fold of a bill in great condition.