In numismatics, few terms are as misunderstood or misused as Fair Market Value (FMV).

Dealers quote catalogue prices. Collectors refer to past sales. Investors look at “potential.”

But in truth, Fair Market Value is the balance point where honesty, transparency, and data meet — the foundation that separates informed flipping from blind speculation.

When I talk about FMV, I’m not talking about wishful retail numbers or dealer markup. I’m talking about what a knowledgeable buyer and a willing seller agree upon in a fair, open, and unpressured transaction.

That’s the only value that matters — because it’s the only one grounded in reality.

Without FMV, the marketplace loses its compass.

Collectors overpay. Sellers undervalue. Dealers distort.

And soon, genuine paper banknotes — the art and history we love — become trapped in confusion.

Fair Market Value keeps everything in alignment.

It ensures that prices reflect what’s happening today, not what used to happen years ago or what someone hopes will happen tomorrow.

In my business, FMV isn’t just a guideline — it’s the North Star for every purchase, sale, and flip.

The Australian Taxation Office defines Fair Market Value as:

“The price that would be negotiated between a knowledgeable, willing, and unpressured buyer and seller, each acting in their own best interest.”
 

Translated into our collecting world, that means:

• The note is properly described, with grade and condition accurately stated.
   
• Both parties have access to current market data (not inflated catalogue values).
   
• There’s no rush, manipulation, or artificial hype.
   

When all three align, the resulting price is Fair Market Value — the true worth of the note.

FMV isn’t guessed — it’s measured. Every week, I track and record real, verifiable sales across three major sources:

1. Auction Results:
   Kearns timed auctions, Lloyds, and specialist estate sales provide hard data.
   I analyse hammer prices plus buyer’s premium and compare them against similar lots to calculate the FMV range.
    
2. eBay AU Verified Sales:
   I focus on sold listings — not asking prices — filtering by UNC condition and verified feedback. These results often reveal the truest reflection of collector sentiment.
    
3. Direct Dealer & Collector Trades:
   Trusted networks and society channels add an extra layer of context — the quiet trades that never make it to public listings but define real demand.
    

By combining these data points, I calculate the average active trading range for each denomination, prefix, and signature pairing.

That’s Fair Market Value — not inflated, not discounted — just the honest middle ground.

Catalogues are essential references, but they’re historical, not real-time.

They tell you what something once sold for, not what it’s worth right now.

FMV, on the other hand, evolves daily — it’s alive.

It reflects what collectors are actually paying, not what publishers or dealers believe they should.

Every acquisition and resale I make is benchmarked to FMV — never catalogue hype.

When I buy below FMV, I know I’ve secured opportunity.

When I sell at or near FMV, I know both sides are treated fairly.

That’s why I can stand behind every price point.

Collectors see transparency. Advisers see justification.

And I see sustainability — because the market can’t collapse when every transaction is built on fairness.

Here’s how FMV works inside my process:

• Buying: I target undervalued UNC paper notes listed 10–25% below current FMV, based on recent verified sales.
   
• Verification: Each acquisition is documented with auction data or sales history, providing an evidence trail.
   
• Repricing: When preparing Quick Flip Packs or Mystery Decimal Banknote Packs, I reference the latest FMV before release.
   
• Reporting: Each pack sold carries transparent pricing logic — the buyer can see exactly why it’s valued the way it is.
   

By applying FMV to every step, flipping becomes a measurable practice, not a gamble.

When collectors buy at Fair Market Value, they gain confidence — not confusion.

They know the price represents true demand, not retail fiction.

FMV also protects collectors when they eventually decide to sell. Because if they purchased at real value, the resale path remains logical and defendable.

That’s the entire principle of sustainability — buy fairly, sell fairly, and keep the ecosystem healthy.

For financial advisers, FMV provides measurable accountability.

Every acquisition can be justified in plain numbers, benchmarked to public records.

When I issue investor-grade packs or promissory-linked opportunities, the foundation always starts with FMV calculations.

That ensures compliance, valuation transparency, and audit-ready records — vital for professionals managing client portfolios.

1. “FMV means cheapest.”
   No. FMV represents fair pricing, not discount pricing. It’s about balance, not bargains.
    
2. “FMV is fixed.”
   Incorrect. FMV shifts with supply, demand, and sentiment. It’s a living indicator, not a frozen figure.
    
3. “FMV applies only to rare notes.”
   Not true. Every note — even common $1 and $2 decimals — has an FMV band that fluctuates over time. Knowing it is what makes flipping work.
    
4. 
   

Applying FMV isn’t just about numbers — it’s about ethics.

When every trade references true market data, deceit and confusion fade.

Collectors begin to trust again, dealers price more honestly, and advisers gain clarity.

That’s how the Australian banknote community grows stronger — through data, documentation, and discipline.

As technology and transparency evolve, FMV will continue to define the serious collector’s world.

Live auction analytics, automated valuation charts, and recorded provenance data will soon become standard tools.

My commitment is to keep leading that change — using FMV not just as a metric, but as a movement toward accountability and confidence across the numismatic space.

Fair Market Value isn’t theory. It’s the truth in the numbers — the line where passion meets professionalism.

Every flip I make, every pack I release, and every valuation I publish starts here.

Because when the numbers are real, trust follows.

And when trust follows, collectors thrive.

roBBie Kovak™ – Professional Australian Pre-decimal & Decimal Paper Banknote Flipper
Founder & Creator – Mystery Decimal Banknote Packs

Always verify trust when dealing — With complete trust & integrity — Remember: Building Trust Gets Results

LATEST UPDATE:  17th October 2025