My American Express Card Experience

I received a letter from a fellow who had an American Express card for sale. The card had a code of 5037-5-59 on its back, showing the card was ready for issue in May of 1959. This would make it one of the first plastic cards, since the first credit card American Express issued was made of paperboard and had an expiration of April 30, 1959.

The fellow who wrote told me it was in excellent condition. It was unsigned, but he’d be happy to sign it for me if I wanted him to.

Learning from experience, I wrote back to the man explaining I’d have to see the card and not just a Xerox of it so I could make a firm offer. I also mentioned that he shouldn’t sign the card or do anything to it, like clean it, since he might unknowingly damage it or lower its condition.

Examining the condition of the card

A few days later the card arrived. It was pretty much how I’d figured. The card graded a Fair/Poor with heavy wear and soiling. It had minor cracks in the plastic in the area of the account number.

The card also had what looked like red Magic Marker ink in the account area. The ink appeared to have been there so long that it was pinkish and was now probably a permanent part of the plastic where it had soaked in.

The ink would have been very difficult, at best, to try to remove even if it would have been able to come off. It was wedged in the numbers of the account.

The card was particularly heavily soiled on the front right. The oil or grease looked close to impossible to remove since it was ground in. It ran across the white signature space, which also made cleaning it a no-no.

Basically, the card was worn-out, cracked, and dirty with probably no way of improving its appearance. But, it still was one of the first plastic American Express cards, which made it highly desirable to many collectors.

Searching for possible buyers and profits

Now, what I had to do was find out how desirable. I thought in the condition it was in that it should probably sell for $105.00 to $125.00. Somewhere in that range. 

The first collector I called was interested in the card even in its current condition. I asked him what it was worth to him, and he said $125.00 to $135.00.

I told him I had figured $105.00 to $125.00. So, we agreed that if I could acquire the card that he could have it for $125.00.

Knowing what I could sell the card for, I then sent the card’s owner a check which was my offer.

A few days later I got a call from a collector. I mentioned that I had a chance at getting my first American Express plastic card. I told him about the condition and how someone was willing to pay $125.00 for it.

When he heard that he said, I’ll give you $165.00 for it! I told him no. I already made a commitment to the first collector.

The next day I talked to the collector who was waiting to see if my offer had been accepted for the card. I told him I hadn’t heard anything back yet. I also told him that as soon as he bought the card from me that he’d have a $40.00 profit!

Losing an opportunity 

Within a week, my check came back. There was also a note· that read, “I thank you for your offer but I had an offer of $100.00 from a member of my coin club, so would appreciate the card back.”

I returned the card to the owner. My final thought was, “Too bad the fellow who got the card doesn’t know he already has a $65.00 profit. Nothing is finer than buying a prized card and already having a healthy profit by the time you get it.”

Now that I’ve written this, maybe he’ll know. I sure hope so. It’s one of those things that makes collecting so fine.

The mail bid sale was held by the card’s owner, Victor Zilaitis. Victor had found the cards in an old billfold while at an estate sale a couple of months ago. The wallet, with the cards, cost Victor $10.00!

As though that wasn’t enough, the wallet contained a fifth paperboard card. A Standard Oil credit card with an expiration of September 30, 1946. Victor also intends to sell that card.

Copyright Greg Tunks, 1991

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Frequently asked questions

You can find out the value of old credit cards by checking how much similar cards sell for. There are several ways to do this.

The simplest way to determine the value of old credit cards is to ask an experienced collector. If you submit an inquiry via our contact form, we can connect you with an expert who can assist you and point out if there is anything rare or unusual in your collection.

Alternatively, you can become a member of the American Credit Card Collectors Society. Membership in our credit card collecting club provides access to resources and knowledgeable members who can help. Benefits of membership include access to a gallery containing thousands of cards with historical pricing information, and access to our entire collection of newsletters, from 1994 through the present day.

You can look at recent sales on auction sites, however, there are some considerations to keep in mind when doing this. Firstly, it’s important to look at selling prices, rather than asking prices. Selling prices are the prices people actually paid, while asking prices can be very different. Secondly, historical sales on some sites are only saved for 3 months, so you may not find something that exactly matches what you have. Thirdly, it is sometimes possible to see rare or unusual cards sell for lower prices than they should have because people do not understand their worth, the ads don't do justice to the card, they're listed in the wrong category, or any combination thereof.

There are always people in our club who are actively buying cards. Collectors tend to focus on a niche, like gas cards or retail cards, or they might focus on a slightly broader area, like bank cards or travel and entertainment cards. Many of the rarest or most unusual cards will exchange hands in private sales. Please contact us if you are thinking of selling your collection.

You can also sell your old credit cards on online marketplaces. You will get the highest price if you sell each of your cards individually, although this approach requires the most effort. At the opposite end of the effort scale would be selling all cards as a job lot, an approach which typically results in the lowest price on a per-card basis. Halfway between these two approaches would be to group cards into different categories and to sell these individual groups, e.g., BankAmericard, Master Charge, oil and gas, retail, and so on.

To join the club, visit the membership section and complete the registration form. You can pay by check or PayPal. We offer annual or lifetime memberships. If you have any questions please contact us via the form on our website.

Credit cards are more worthwhile collecting if they are rare, in good condition, have historical significance, or are associated with famous personalities or events. Valuable modern cards might include those that are difficult to obtain, such as American Express Centurion (a.k.a. ‘black’) cards, while older credit cards might include early independent bank cards, American Express, Diners Club, or BankAmericard (Visa) cards from the 50s/early 60s, or Master Charge (MasterCard) cards from the late 60s. Rare or unusual cards can also be sought after, such as those issued in small numbers, like small independent department stores or gas stations, or cards with appealing aesthetics.

Consulting with other collectors or experts in the club can provide valuable insights. Contact us for more information via the form on our website.

We do not offer an appraisal service in a traditional sense (such services are normally a paid service) but we can connect you with an expert who should be able to assist for free and point out anything rare or unusual in your collection. The simplest way to do this is to submit an inquiry via our contact form.

The American Credit Card Collectors Society accepts donations and is most grateful for any we receive. When donations happen, we strive to find good homes for cards where they will be looked after, matching cards with collectors who will appreciate them. The club may charge members a nominal fee for donated cards, and the proceeds are offset against the running costs of our club. We are a non-profit organization. Running costs include expenses like our convention and website hosting. Donations are most popular for people getting out of the hobby, or when someone has inherited a collection and doesn’t know what to do with it.

If you wish to donate your collection, please contact us via the contact form above.

American Credit Card Collectors Society