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WHAT'S MY COLLECTION WORTH?

How much are Nigeria banknotes worth?

Nigeria Banknote Values

1918 1 Shilling Government of Nigeria Banknote

1918 1 Shilling Government of Nigeria Banknote

Years: 1918
Country: Nigeria
Type: Nigeria Banknote
Denominations: Shillings

Unlike many countries, Nigeria only has one banknote that’s worth spending time on. This bill was printed under the Government of Nigeria in 1918.

Remember, many local coin and pawn shops either have no idea what your paper money is worth, or they’re trying to rip you off. Contact a reputable paper money expert if you want the most money for your rare bill.

How much is my Nigeria banknote worth?

The short answer is: it depends. Most banknotes from Nigeria will be worth at least $100. We’ve paid over $1,000 for a single Nigeria banknote in the past, so it is possible to find something very rare.

Value depends on a few factors:

  • Condition
  • Supply/Demand
  • Rarity/Scarcity
  • Serial numbers

Condition

This is an area most can understand quickly. Many times, paper money we buy is in poor condition due to how it was stored. Environmental damage is a very real thing, especially in warmer, more damp, climates. Condition is arguably one of the most important factors when determining condition. However, if there were too many of a particular banknote printed, it doesn’t matter if the banknote is litearlly in perfect condition.

Supply/Demand

Simple economics will teach you about Supply and Demand, and how important it is to determining the value of something in a given marketplace. Banknotes from Nigeria were printed in very small runs, making them incredibly challenging to come by. This in combination with a strong collector base equates to higher prices.

Nigeria has some of the fewest printed banknotes, and some of the highest demand when it comes to rare paper money bills. If you’re looking to sell your paper money, you’ve come to the right place.

Rarity/Scarcity

It doesn’t matter how rare or scarce something is: if you don’t have demand for the item, nobody will buy it. I’ve owned some of the scracist banknotes in existance, however, because not many people know or care of their existance, they’re relatively worthless.

For banknotes from Nigeria, however, that is not the case. These bills are oftentimes quickly consumed by the marketplace whenever one hits the market. We personally love collecting this type of banknote because of how rare they are and honestly we never really see them now days.

Serial Numbers

Serial Numbers is one of those interesting things that many people overlook. Depending on which serial number was printed on the bill can help determine the value of the bill. The “cooler” the serial number is, the higher liklihood you have of scoring something really worth yor time. For example, if you have a Serial Number 681356 vs. a Serial Number 1 note, the latter will always be more valuable, regardless of condition. If you’re unsure about the scarcity of your serial number, we wrote a whole in-depth guide here.

 

Government of Nigeria

1918

1918 1 Shilling Government of Nigeria Banknote

1918 Nigeria 1 Shilling Banknote