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COLLECTING PAPER MONEY has to be one of the most exciting and rewarding hobbies to emerge in recent years. Banknotes are among the world's finest and most beautiful pieces of printing and graphic design. They provide fascinating insight into exotic cultures and historic events. The wide variety allows an almost unlimited choice of collecting themes. It's an exciting yet relaxing hobby carrying prestige, yet affordable to all. It's a healthy and richly educational pursuit which promotes international understanding and friendship.
COLLECTABLE BANKNOTES grow in value! Unlike most manufactured items, banknotes are produced in limited numbers. Once production of a note ceases, its value as acollectible usually starts to rise - all the more so with the growing interest in this hobby worldwide. A banknote collection can be an outstanding investment - one you can take pride in and enjoy developing. It is also a richly informative historical record, a superb conversation piece, and can bean heirloom your loved ones will treasure in years to come. Every household should have one!
The ever-growing availability of cheap and varied material from around the world has already brought the hobby well within reach of even those on the tightest budget. This is one collecting field where prices are actually falling in many areas, mainly where new issues are concerned. For this, we can thank the effects of inflation. Many countries have steep inflation rates, making their currency sink in value in relation to those of the affluent western nations. Some typical cases from recent years include Brazil, Peru, Argentina, Russia, Afganistan, Zaire, Iraq, Yugoslavia and Turkey. In fact, we can even obtain notes with denominations of 50,000,000,000 or more for a dollar or two! Another exciting source of very cheap notes has recently emerged: the new ex-Soviet republics. Here is an opportunity to obtain the very first issues of several new republics for mere pennies. One can only imagine the value these first issues will have to collectors in future years.
For under $1 each, you can obtain some beautiful, older notes from earlier this century - the golden age of banknote design. Germany and Hungary for example, both suffered runaway inflation in the first half of this century, rendering their banknotes less valuable than the paper they were printed on in some cases. Nevertheless, they were wonderful examples of the engraver's art. Even notes from the early 1700's can still be bought for well under $10 - the Assignat notes of the French Revolution, for example.
Conversely, serious collectors world-wide, pay large sums of money for single rare notes. Sometimes this will be to fill a gap in a valuable collection. Sometimes it will be for investment. Sometimes it will be with a view to passing the item on to a fellow collector or dealer - for an even higher price. Banknotes are one field where real bargains and quick profits can be made - if you know what to look for. Experience will soon teach you this
Many people become interested in paper money after building a small collection of surplus notes left over from holidays and business trips abroad. Apart from this obvious source, old banknotes often turn up in antique shops, street markets, car boot sales, etc. Occasionally you'll hear of a friend who has discovered a small bundle of notes in his attic, or an odd note in a book, placed there for safekeeping years ago, then forgotten.
Most collectors, however, sooner or later start looking for a specialist banknote dealer, such as one of those listed on our links page. When selecting a dealer, your interests will be best protected if you select one who belongs to the International Bank Note Society (IBNS). This organisation has stringent rules and regulations and a strict code of ethics. Any member who breaks these can be expelled or penalised. If you ever have a grievance with one of them, you have a reputable organisation to seek redress with. Apart from that, you will want to consider such factors as the following:-
a) their prices
b) the accuracy of their grading (see the topic 'How important is the condition of a note')
c) the frequency of their price lists.
d) the variety of notes offered
e) their general friendliness and helpfulness
f) whether their lists include descriptions and illustrations
g) how long it takes them to dispatch your orders.
Paper Money Collecting Terminology |
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| Allied Military Currency
Currency issued for use by the allied forces at the close of WW2. Used by the British, U.S., French, Russian and others.
Assignats Notes issued during and immediately after the French Revolution, backed by land confiscated from the church.
Bearer Cheque A type of cheque payable to whoever possesses it, rather than to a specific person or organisation. They have occasionally served as currency, passing hands between successive people, until someone cashes it in.
Block Numbers A number printed on a note, indicating the specific printing run. Not the same as the plate number or serial number.
BAF Notes British Armed Forces Special Vouchers - paper money issued for use only within British military bases.
Broken Bank Notes The term is usually applied to the notes from the many U.S. banks which became insolvent during the mid 19th century.
Cancellation A method used by authorized bodies to cancel a note's monetary value. Methods include hole-punching, signature removing, overprinting, etc.
Colonial Currency British sterling notes issued in North America from 1760 to the American Revolution.
Commemorative A note bearing reference to a historic event, person, or organisation. Usually issued on the anniversary of some major event of national significance.
Demonetisation The official cancellation of a banknote's validity as currency, by government decree.
Depression Scrip Paper money issued by private organisations during the American depression of the 1930, as an alternative to currency. It was redeemable in cash or goods, as specified on the note.
Emergency Issues Notes issued during times of economic turmoil, usually when the country's national currency approaches worthlessness, or as a substitute for coins when metal is in short supply.
Error Notes Notes with design errors such as spelling mistakes and notes with badly-printed features or other manufacturing faults. They are sought-after as collectibles.
Fantasy Note A novel or humorous banknote look-alike with no monetary validity, often with a make-believe denomination, and sometimes portraying a celebrity or fictional theme.
Grade The physical condition of a banknote; the degree of wear and tear. A minor difference in grade have a significant effect on value.
Guerrilla Notes Paper money issued by guerrilla organisations, during enemy occupation of their country.
Guilloche Embellishment found on some banknotes - a motif of intricate interweaving lines, created by a mechanical engraving machine, like an elaborate spirograph.
Hell Money Fantasy notes from China, used in funeral rites and other rituals, where they are offered as a symbolic sacrifice.
Intaglio Printing Printing method using an engraved plate. Oil is applied to the surface of the plate. Ink is then applied, which, due to the oil, only adheres in the engraved grooves. The plate is then pressed onto the paper, where the ink held in the grooves transfers to the paper. |
JIM Notes
"Japanese invasion money"; banknotes issued by Japan during WW2, for use in the countries it occupied.
Notgeld German term meaning emergency money. German and Austrian notgeld abounded in the early 1920s inflation period.
Notaphily The word someone coined to mean 'banknote collecting'. It never really caught on, because many collectors don't like the sound of it, or feel it doesn't convey the fine qualities of this great hobby.
Political Notes Banknote look-alikes printed with political messages or propaganda, often bearing a portrait or caricature of a newsworthy person or politician.
Provincial Notes Notes issued in the UK by provincial banks independent of the Bank of England, prior to 1923. They were very common in the 19th century. Also used to describe notes issued by provincial governments in Canada.
Remainders Notes which were printed, but never issued. They sometimes lack authorising features such as signatures, dates etc.
Replacement Notes Notes from a sheet used to replace any sheet in a print run that failed to pass the quality control standards. They can be identified by their special serial number prefix. They are invariably more valuable than the normal banknotes due to their relative scarcity.
Reprint A note printed from the original plate, often by someone other than the original authorised printer, usually long after the note has become obsolete. These should not be confused with ordinary reproductions, which are not printed using the original plate and are worth much less as collectibles.
Security Features Devices incorporated into banknotes to make forgery difficult, including foil security threads, micro-text, special inks, and silk threads imbedded in the paper.
Serial Numbers The consecutive numbers printed on each successive banknote during a print run, using a mechanised numbering machine, to give each note a unique identity.
Shinplasters Colloquial term for small-sized notes; in particular, American fractional notes.
Siege Notes Emergency notes issued by ensieged bodies; for example, during the sieges of Mafeking, Khartoum, and Parma Nova.
Silver Certificates U.S. dollar bills which were redeemable in silver until 1968. They bear the legend Silver Certificate, as opposed to Federal Reserve Note, for example.
Skit Notes Banknote look-alikes with a political, satirical or humorous theme.
Specimen Notes Demonstration notes for private distribution to banks, etc., for identification purposes, just prior to the release of a new series. They are printed with the same equipment as the real item, but carry no monetary validity. To indicate this, they are usually overprinted or perforated with the word "SPECIMEN" in the language of the issuing country.
State Notes U.S.A. notes issued by individual state governments in the 19th century.
Test Notes These items are produced for testing cash dispenser, ATM machines etc. They imitate the size and weight of the genuine banknotes, but are printed with designs significantly different from the real notes. Some bear the words "TEST NOTE".
Vignette An isolated pictorial feature on a banknote or cheque etc., distinct from adjacent design elements.
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It is not always easy to identify the origin of a banknote. One important clue is the name of the currency, which usually appears somewhere on the note. As a banknote identification aid, here is a list of the main world currency units of recent years, and the countries which have used them. N.B. This list is by no means complete.
| ADOPENGO: Hungary
AFGHANI: Afghanistan AUSTRALE: Argentina BAHT: Thailand BAISA: Oman BALBOA: Panama BIPKWELE: Equatorial Guinea BIRR: Ethiopia BOLIVARE: Venezuela BOLIVIANO: Bolivia CEDI: Ghana CENTAVO: Cuba, Guatemala, Nicaragua, Philippines CENT: China, Sierra Leone, USA CENTESIMO: Uruguay CENTIME: Saar COLON/COLONES: Costa Rica, El Salvador CORDOBA: Nicaragua CRUZADO, CRUZEIRO, CRUZADO NOVO: Brazil DALASI: Gambia DENAR/DENARI: Macedonia DINAR/DINARA: Algeria, Bahrain, Croatia, Iraq, Jordan, Kuwait, Libya, Sudan, Tunisia, Yugoslavia DIRHAM: Morocco, United Arab Emirates DOBRA: St. Thomas & Prince DOLLAR: Antarctica, Australia, Bahamas, Belize, Bermuda, Brunei, Canada, Cayman Islands, Cook Islands, E.Caribbean States, Fiji, Grenada, Guyana, Jamaica, Liberia, Malaya & British Borneo, Namibia, New Zealand, Rhodesia, Singapore, Solomon Islands, Trinidad & Tobago, Tuvalu, USA, Virgin Islands, Zimbabwe DONG Cambodia, Laos, Vietnam, S.Vietnam DRACHMA: Greece DRAM: Armenia DUCAT: Moldava EKUELE: Equatorial Guinea EMALENGENI: Swaziland ESCUDO: Chile, Mozambique, Portugal EURO: Some European Union countries FEN: China FLORIN: Aruba FORINT: Hungary FRANC: Algeria, Belgium, Benin, Burkina Faso, Burundi, Cameroon, Chad, Comoros, Congo, Djibouti, Equatorial African States, France, Gabon, Guadeloupe, Katanga, Luxembourg, Madagascar, Mali, Martinique, Monaco, Morocco, Niger, Rwanda, Saar, Senegal, Switzerland, Tahiti, Togo, Tunisia, West African States FRANCO: Equatorial Guinea FRANCS GUINEEN: Guinea GOURDE: Haiti GUARANI: Paraguay GULDEN/GUILDER: Netherlands, Netherlands Indies, Netherlands Antilles, Suriname HELLER: Austria HRYVNI/HRYVEN: Ukraine INTI: Peru JEON: South Korea JIAO: China KAK: Cambodia/Kampuchea KARBOVANTSIV: Ukraine KINA: Papua New Guinea KIP: Laos KOBO: Nigeria KORUN: Czechoslovakia, Czech Republic, Slovakia KRONEN: Austria, Bohemia, Romania KRONER: Denmark, Norway KRONOR: Sweden KRONUR: Iceland KROONI: Estonia KUNA: Croatia KWACHA: Malawi, Zambia KWANZA: Angola KYAT: Burma/Myanmar LARI: Georgia LATI/LATU: Latvia LEI/LEU: Moldova, Romania LEK/LEKE: Albania LEMPIRA: Honduras LEONE: Sierra Leone LEVA: Bulgaria LILANGENI: Swaziland LIRA/LIRE: Italy, Turkey LIRA/LIROT: Israel LIRI: Malta |
LITAI/LITAS/LITU: Lithuania
LIVRE: Lebanon LOTI: Lesotho MAKUTA: Zaire MALOTI: Lesotho MANAT: Azerbaijan, Turkmenistan MARK: Bosnia, Germany, Saar MARKKA: Finland METICAIS: Mozambique MILPENGO: Hungary MILS: Cyprus NAIRA: Nigeria NAKFA: Eritrea NEW PENCE: United Kingdom (military issues) NEW SHEKEL: Israel NGULTRUM: Bhutan NGWEE: Zambia NOUVEAUX MAKUTA: Zaire OUGUIYA: Mauritania PA'ANGA: Tonga PATAKA: Macao PENCE: Falkland Islands, St. Helena PENGO: Hungary PESETA: Spain PESO: Argentina, Bolivia, Chile, Columbia, Cuba, Guatemala, Guinea-Bissau, Mexico, Philippines, Uruguay PESO ORO: Columbia, Dominican Republic PIASTRE: Cambodia, Laos, and Vietnam, Egypt, Sudan PISO: Philippines POUND: Biafra, Cyprus, Egypt, England, Falkland Islands, Guernsey, Isle of Man, Jersey, Lebanon, Libya, Nigeria, Rhodesia, South Africa, St. Helena, Syria, England, Scotland, Northern Ireland, Isle of Man, Jersey, Guernsey PULA: Botswana PUNT: Republic of Ireland QUETZAL: Guatemala RAND: South Africa REALES BOLIVIANOS: Bolivia REICHSMARK, RENTENMARK: Germany RIAL: Iran, Oman, Yemen RIEL: Cambodia/Kampuchea RINGGIT: Malaysia RIYAL: Saudi Arabia, Qatar RUBLE: Russia, Tajikistan, Tatarstan RUBLEI: Belarus RUBLI, RUBLU: Latvia RUFIYAA: Maldives RUPEE: Ceylon, India, Mauritius, Nepal, Pakistan, Seychelles, Sri Lanka RUPIAH: Indonesia RUPIE/RUPIEN: German East Africa SCELLINI, SHILIN: Somalia SCHILLING: Austria SHILINGI: Tanzania SHILLING: Biafra, Kenya, Somaliland, Tanzania, Uganda, England, Isle of Man SHEQEL/SHEQALIM: Israel SOLES DE ORO: Peru SOM: Kyrgyzstan, SUM: Uzbekistan SUCRE: Ecuador SYLI: Guinea TAKA: Bangladesh TALA: Samoa TALONAS/TALONU: Lithuania TAMBALA: Malawi TENGE: Kazakhstan TOLAR/TOLARJEV: Slovenia TUGRIK: Mongolia TURK LIRASI: Turkey VATU: Vanuatu TYIYN: Kyrgyzstan WON: North Korea, South Korea XU: Vietnam, South Vietnam YEN: Japan YUAN: China ZAIRE: Zaire ZLOTYCH: Poland: |
Collectors often ask for advice on what to buy. Since no two collectors are the same in what they want from the hobby, it is usually difficult to be specific. It is easier to give general advice on how to get value for money - and that is advice most people appreciate. It is so much more satisfying to buy a banknote or cheque when you know you are getting it for a low price. For one thing, this means that you stand a better chance of selling it at a profit, if ever you decide to sell. Bear in mind, however, that no matter how experienced you become, there will inevitably be occasions when you lose out. Even the shrewdest collectors, dealers and investors get it wrong sometimes. If you can live with that in mind, you should find that the rewards of collecting greatly outweigh the occasional pitfall. Indeed, many collectors derive an exquisite pleasure from this hobby, unmatched by any other activity in life.
GETTING VALUE FOR MONEY - A CHECKLIST
1) Buy from a trustworthy dealer whose prices are known to be on the low side. (Ideally from A. Ackroyd!)
2) To maximise your chances that the note will appreciate in value, accumulate experience of the market. The more you know, the more surely you will be able to recognise a note that is likely to appreciate fast, through increasing scarcity and demand.
3) Seize upon opportunities to buy cheaply when they arise. Have a fund of money set aside for such opportunities. You never know when you'll need it.
4) Be very certain that the condition of the item is as described. Minor variations in condition can mean substantial differences in value - the more so with more expensive items. So check the note very carefully - even if it came from a reputable dealer. If it turns out to be inferior to the dealer's description, you can haggle for a lower price (assuming you still want it).
5) Once you have acquired a note, take meticulous care of it. Handle it as little as possible. Even when it is safely housed behind plastic, handle with care. Protect it from the dangers of theft, moisture, bright sunlight, smoky air and clumsy fingers.
WHERE TO BY-PASS BANKNOTE DEALERS AND BUY AT FACE VALUE
Sometimes there are opportunities to buy at particularly low prices - face value, even! For example, your local high street banks can be a valuable resource. It is worth mentioning to friendly bank clerks that you collect obsolete banknotes. Ask them if they ever receive any from their customers, and if it would be possible for you to buy them. With luck, they will remember to set some aside for you. While you are there, you might ask them if they have any unwanted specimen banknotes or specimen travellers cheques, both of which are very collectable.
THE BUREAU DE CHANGE
If you collect modern world paper money, there is one source of material you should not forget. It's your local foreign currency exchange or "bureau de change". Almost every major town has at least one. The leading travel agents often have one in their main branches. American Express has foreign currency outlets in many towns and cities.
You can profit from such establishments if you approach them in the right way and build a friendly relationship with their staff. Think about it. They hold hundreds of foreign banknotes, some of which may be just what you need for your collection. If you buy them from a foreign exchange bureau, you'll be paying face value only, plus the agent's commission.
Here's how it went for me. One day I walked into a bank in my town and saw a Thomas Cook foreign exchange counter. There was a queue there so I went away and came back later. Bank clerks are less inclined to give some 'eccentric' collector personal attention when there are 'proper' customers waiting in line! When I went back, there was no queue, and the lady was idly shuffling papers, and probably deciding what to cook for her evening meal. I casually strolled up to her and when she looked up, I tentatively asked her if she had any mint condition foreign notes in her drawers - explaining that I was a collector. She appeared quite happy to check through the wads of foreign notes. At that time, there were quite a few European notes that could easily be obtained in UNC condition from France, Greece, Germany, Holland, and Italy. Most of them I already had, so I asked her "Do you have any British Commonwealth notes there - especially ones with Queen Elizabeth on them?" There was nothing there on that occasion, but I did not come away empty-handed. She produced some Portuguese notes that were virtually uncirculated, yet were not the current issue. I paid her face value plus a $2 commission, and came away with about five of these notes that, as collectors' items, were worth at least twice what I paid.
Every time I went into town, I'd drop into that bank. I developed a friendly rapport with the two people who usually worked behind the counter. On my third visit, one of them even suggested I make a list of any particular countries I was looking for, and give it to him so he could look out for them. Since then, he has occasionally telephoned me to tell me that one of the items on my list has arrived, and was I interested? On another occasion, his colleague called me in his own time, and said he'd just got back from a trip to South America, and had brought back some paper money that I might like.
Surprisingly, these bureaux de changes sometimes hold old, obsolete notes that are worth more than face value. People come back from vacation with foreign notes still in their wallet. They make a mental note to change them back to local money, but they never get around to it, until perhaps a couple of years later, by which time those notes have been superseded by a newer design - or even a completely new currency as in the case of the Euro.
FOREIGN BANKS
If you ever go abroad yourself, you have a great opportunity to obtain some foreign banknotes at even lower prices - directly from the foreign banks. It is easy to walk into a bank and ask one of the tellers if she has any perfect unused banknotes. And while you are there, you might as well ask if they have any specimen notes they don't want. You never know your luck. Of course you will need a good command of the local language to get all this across without having them silently label you as just another insane foreigner!
Unless you are the sort of semi-active collector who is content to collect only the odd note acquired cheaply from such sources, you will usually find yourself having to pay a banknote dealer full market value for your notes. However, all is not lost, because many banknotes are growing rapidly in value. I feel very satisfied when I consider how little I paid for certain notes a few years ago - even though I paid the full market price.
AUCTION HOUSES
If one of your goals is to build a collection that will appreciate in value, it is generally a good strategy to base your collection on quality rather than quantity. Pick scarcer notes, in the highest grade possible. A little experience will teach you which notes are the scarce ones. They are the ones that are rarely offered for sale.
It would be wrong to assume that every scarce, expensive, high grade note will appreciate fast. The two factors that cause a note to appreciate are scarcity and demand. You have to study the field in order to get a better idea of what is genuinely scarce and what is in demand - and what is likely to be in demand in future years. Never jump to any hasty conclusions about this. The more you learn, the more likely your purchases will appreciate, given time.
If you are interested in high-value scarcer notes, you might consider investigating some of the up-market numismatic auctions. Spink & Sons, and Phillips (both in London) hold regular banknote auctions, and will gladly send you their catalogues, if asked. You'll find notes valued at hundreds - even thousands - of pounds each. Even if you never place a bid, their illustrated catalogues can be quite educative - especially when you study the list of prices realised at previous sales. If you do decide to bid, you stand a chance of obtaining some sought-after notes at low prices. There is a lot to be said for deciding upon a maximum bid, prior to the sale, and sticking to it - no matter how strong the temptation may be to outbid someone else, during the actual sale. Remember to take into account any commission and VAT that may be added by the auctioneer (read the terms of sale). It is usually wise to bid only for items you have actually viewed, prior to the sale.
If you have never attended one of these auctions, you might find it quite an eye-opener. Collectors and dealers from diverse countries fly over specially to attend them. You may witness some amazingly high bids that will stun you, when you consider that all notes were once available to collectors face value.
Whatever your hunting-ground, good luck in your pursuit of those bargain buys.
Do you want to become an expert quickly, and possibly increase the value of your collections? Then consider:
1) Confining your areas of focus
2) Concentrating primarily on these areas
To become an expert on banknotes in toto is arguably an over-ambitious aim, considering the magnitude and breadth of the subject. However, by channelling your attention into specific avenues of interest within this broad subject, you can soon become an expert in those areas.
This approach to collecting is too restrictive for many collectors. However, those who adopt it sometimes find themselves enjoying a significant fringe benefit: their collections tend to become more valuable than the sum value of the constituent banknotes, because of the strong themes running throughout their collections.
If you choose a single theme for your collection, it will automatically possess the third 'con': continuity. However, collections that don't have a single theme can still have continuity if each group of notes within the collection logically leads on to the next in some way. This is worth considering if you are a free-form collector who does not wish to be fettered by the thematic approach. Bear in mind, however, that you can always develop several different collections simultaneously, each with its own specific theme. If your existing collection is a free-form one, you might consider breaking it up into several individual collections, each with its own theme. Perhaps keep one of them free-form, for items that don't fit in with any particular theme.
A well-developed collection with a strong theme can become a historical treatise of great value. If its theme elicits the interest of circles outside of the banknote collecting fraternity, this can increase its value still further. At the very least, a theme, or series of themes, can add meaning and harmony to a collection. It is no surprise that successful composers and craftspeople generally take care to apply some continuity of style or theme when planning serious works. It is the same principle employed by architects and interior designers. Naturally, a house would have little appeal if it were built using a random hotchpotch of red brick, rustic stone and concrete blocks - and windows framed alternately in wood, UPVC and galvanised steel.
If the idea of thematic collecting appeals to you, there is certainly no shortage of options, thanks to the diversity of banknotes, and the vast range of pictorial subject-matter. Indeed, it could be said that the possibilities are restricted only by the limitations of your imagination.
Here are a few possible collecting themes and typical areas of specialisation:
Collecting Banknotes from a single country: Advocates of this approach often find it an absorbing challenge to seek out as many signature, serial number, and watermark varieties as possible, for each issue. They soon become quite authoritative about the banknotes, and other aspects of the history, of their chosen country. Countries which have produced a proliferation of different banknotes include: Russia, USA, China, Canada, and Germany. A quick flip through the Standard Catalog of World Paper Money will immediately reveal the countries which have produced the most banknote designs.
Collecting notes from a specific group of countries: British Commonwealth, Europe, ex-Soviet republics, French colonies, South America, Africa, S.E. Asia, and the Middle East are all popular candidates. Again, some collectors pursue several such collections concurrently.
Collecting within a specific historic period: WW1, WW2, 18th Century, 19th Century, German inflation period, post-war, and the American Civil War are some of the possible choices.
Collecting by pictorial theme: Illustrations on banknotes abound. The range of possible themes is vast. Popular ones include monarchs, political figures, animals, birds, religion, national costume, bridges, forts, refineries, dams, craftwork, agriculture; and nautical, aeronautical, scientific, industrial, and military subjects.
Collecting only notes produced by a specific printer: The most famous and prolific banknote printers are, or were: Bradbuy Wilkinson & Co., Thomas De La Rue, Waterlow & Sons, American Bank Note Company, Giesecke & Devrient. These companies have all produced notes for several countries besides their own, so this particular theme can result in quite large collections.
Collecting notes of a certain type: Listed below, are a few of the many possibilities.
These can include both military payment notes, such as those issued by both the British and American armed forces, from WW2 onwards, for use in occupied areas and military bases. In addition to these, there are the Allied Military issues used for general circulation in several countries at the end of WW2, such as France, Germany, Italy and Japan.
Individual towns, in countries suffering the ravages of hyper-inflation, have resorted to printing their own local currency. This generally happens when the depreciation of the national currency becomes so out of control that people refuse to accept it in payment for goods and services. In 1923 in Germany, for example, workers paid in multi-million mark notes by the sack-load, would take their wages home and use them as stove fuel, to warm their houses. Meanwhile, local currency, issued by town councils, in the form of notgeld (emergency money) was used for everyday shopping for provisions. Emergency notes were also widespread in Austria around this time. They later burgeoned in Spain, during the Civil War, and later still in the Philippines during the Japanese occupation during WW2.
Many countries have used banknotes produced by private banks rather than their national treasuries. Rich hunting grounds for this sort of material include 19th Century USA, 19th Century Britain, revolutionary Mexico, China, Hong Kong, Canada, Russia, various South American countries, Scotland (even to the present day) and Germany. If you opt for this collecting theme, you will benefit from the Standard Catalog of World Paper Money, Volume 1, which covers this type of banknote.
These are the samples issued to banks prior to the release of a new design, to facilitate identification and authentication. Typically, the word 'SPECIMEN'; in the note's native language appears in bold letters either overprinted or perforated. They have also been used to demonstrate prospective new designs, to expedite the selection process. This type of specimen note is much rarer. Neither kind has any monetary value, except as a collectible. This can, in some cases, make them cheaper to acquire than their legally exchangeable counterparts, especially when it comes to higher denominations.
Even with modern printing machinery, occasional glitches occur. Quality control inspectors try to ensure than no misprints find their way into circulation. However, human failure is ubiquitous and errors do find their way out. Printing errors can take many forms, including missing signatures, smudged ink, colour runs, ghosted images, missing colours, mismatched serial numbers and off-centre printing. The more glaring the misprint, the more desirable, from a collector's standpoint. Another type of manufacturing error is the miscut, such as the 'fishtail', where an angular fishtail-shaped appendage protrudes from the note. This occurs when the corner of the sheet was folded back on itself when it was trimmed by the guillotine. Another kind of error note is the design error: those bearing incorrect spelling or punctuation, or other inaccuracies. These tend to be harder to obtain than their corrected counterparts which usually supersede them quickly after the error is spotted. Examples are Lithuania P47a and P29x, Iceland P38a, Hungary P117x, Cyprus P56a, Gabon P9, India P51b, Russia P35a and France P157x.
Gone are the days when you would be hanged for posessing a forged banknote, however, it should be born in mind that it is usually illegal to posses a forged note of one's own country. However, such laws are not aimed at the bona-fide collector, collecting notes whose genuine equivalents have long been withdrawn from circulation. Some forgeries have been produced in great quantities, for example, the British white notes forged by the Germans during WW2, to disrupt the British economy.
These are the product of printers'; test-runs when running off samples of prospective new banknote designs. Few find their way onto the open market, so this type of collecting usually goes on more among the employees and management of banknote printing companies.
These originate from a sheet used to replace another that failed the quality control standards during manufacture. They bear a special serial number prefix or symbol, such as a star, for identification. Only a tiny percentage of banknotes issued are replacement notes. They are thus harder to obtain, and therefore command relatively high prices on the collectors market.
There was a time when it was commonplace for issuing banks to hand-sign each note prior to its release. As production volumes increased, this eventually gave way to the printed signature. Nevertheless, hand-signing survived until quite recently in some countries - even into the twentieth century in Brazil, South Africa, Mexico, the Philippines and Scotland.
Many banknotes and other forms of paper money of antique vintage can still be found at affordable prices - many for under $20 or so. If such a collection appeals to you, the the following countries are a few of the good sources of lower priced items that fit this criterion: Great Britain, France, Hungary, Italy, Russia, USA, Germany, Cuba, Uruguay and several other South American countries.
HAPPY COLLECTING!
PAPER MONEY COLLECTING LINKS PAGE
Site maintained by Al Sanderson .
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