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Hot damn on that National $20!

On a side note, get a good binder for those bills! I'd recommend a Dansco 7001 Currency Album. Has enough pages in it to hold 24 banknotes, and you can order more pages. The album can hold a good 15 pages comfortably (meaning upwards of 45 banknotes).

These Lighthouse currency albums are also great. They can hold about 45 pages (1 note per page) comfortably. I have four of those full of foreign banknotes, and two of the Dansco full of US notes, and a large sized Lighthouse album for older large sized and graded banknotes.

You might consider getting him a reference book-- something like https://www.amazon.com/Paper-United-States-Arthur-Friedberg/dp/0871845202

In most cases, "lastr year's version" is pretty good, and half the price. The differences are usually that the prices are updated and more absurdly unrealistic, and there might be a little more detail on very new or relatiively obscure issues.

Another choice might be a small uncut sheet section-- four $2 notes or four or five $1s might be in your budget window.

Paper Money of the United States

https://www.amazon.com/dp/0871845210/ref=cm_sw_r_cp_api_i_hZlzCb837WVFC

Yes it’s a value guide, but it is loaded with good info and photos. An absolute must for anyone getting serious in the hobby.

Part of your post asks "would I degrade resale value".. Yes. Collectors that have been doing this for a long time follow a simple rule of thumb, "Buy the note, not the holder". Taking the note out of a holder could deter any novice collector. So essentially this removes half of the potential buyers. That, to me, is a significant de-value in and of itself.

As far as doing a disservice, the slabs also act as protectors of the notes, so potentially if a note were to be handled or circulated more then again the answer is yes.

As someone else pointed out, buy these. They're binder pages that fit graded notes. I just purchased more myself last week. https://www.amazon.com/dp/B008AWPREO/ref=cm_sw_r_cp_apa_i_LTxTDbY4B0896

Friedberg's Paper Money of the United States is so awesome and worth the buy.

https://smile.amazon.com/gp/product/0871845210/ref=ppx_yo_dt_b_asin_title_o00_s00?ie=UTF8&psc=1

It would be a very, very long list. Your best bet is finding a Friedberg red book or this checklist they sell. I’ve never used the checklist so YMMV.

https://www.amazon.com/Check-Record-United-States-Paper/dp/0794845177

My advice to you is to buy some of these. They're a great way to store bills and show them off.

I like the lighthouse sleeves and binder you can find here. Like all ringed binders the rings will occasionally not close perfectly. Biggest drawback is the price for filler sleeves.; I have two binders for my DPRK collection and both currently hold 30-40 sleeves.

Oh wow nice catch, my bad.

These are the ones for larger bills: https://www.amazon.com/gp/aw/d/B000Q60EXQ#Ask

You could get [this] (https://www.amazon.com/Guide-United-States-Paper-Money/dp/0794844103) or another one in the top bar for valuations. They're reprinted every year with updated values. I just use [this site] (http://www.antiquemoney.com/old-five-dollar-bill-value-price-guide/) though.

Ebay is the best bet but there are other forums and such. If someone has 10,000 sales and no negative reviews your note is definitely going to be real...

I bought a $10 Hawaii overprint note off a guy and it came a bit bent because he only taped it to cardboard on one side instead of 2. I gave him a neutral review and he got really pissed and said he would have offered me a 30% refund instead of taking a bad review if I had told him first. I told him I thought leaving a bad review would influence his business practices more and I didn't want him to get off easy slacking on shipping etc... Point is those sellers care big time about providing high quality notes.

Make a point to try and win auctions though. Many of the buy it now postings are 10-30% overpriced in my opinion. Not all but you're better off participating and knowing your top number for a note you want to buy.

Same grading companies as coins. PCGS, NGC, etc.

That's going to be a tough one to find online. If you're truly interested in errors, you should buy Bart's book:

http://www.amazon.com/United-States-Paper-Money-Errors/dp/0896897141

Something like this but without the hole punches?
https://www.amazon.com/dp/B00006IC89/ref=cm_sw_r_cp_awdb_Ht8Myb1ZAJKRY

I don't know, I don't have it. check out the "look inside" preview: https://www.amazon.com/Standard-Catalog-United-States-Paper/dp/1440245231

Standard Catalog of World Paper Money. General Issues. 1368 - 1960
https://www.amazon.com/Standard-Catalog-General-Issues-1368-1960/dp/1440242674/ref=sr_1_3?ie=UTF8&qid=1495863136&sr=8-3

http://www.amazon.com/Guide-United-States-Paper-Fourth/dp/0794842305/ref=sr_1_1?ie=UTF8&qid=1462550859&sr=8-1&keywords=united+states+paper+money

I have the one before that one. Not sure how old they are but mine also was the #1 seller when I picked it up.

1. in plastic sleeves available at hobby lobby or most coin stores
   
   
2. no!
   
   
3. this book is probably the most accurate: http://www.amazon.com/Guide-United-States-Paper-Official-ebook/dp/B00F10YYRY/ref=sr_1_1?ie=UTF8&qid=1418020093&sr=8-1&keywords=red+book+of+us+paper+money