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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike

    "Choices always were a problem for you." (me).

    By Fenntucky Mike,


    Ukrainian Banknotes
    I've been putting together a group of notes for submission to PMG over the last month/s and I thought it might be interesting to get a few opinions on a couple of notes I have multiples of. The first group I have whittled down to six, these are notes that I'm torn over, notes that for the most part I consider equal using my minimal grading abilities. I know a person can't tell the condition of a note based solely on an image, I'm just looking for opinions on the things you can maybe judge like margins, serial # (fancy or not), ink quality/clarity, real or fake, paper foxing or staining etc. It is a group of six (remainders) 1,050,000 Karbovantsiv 1995 Privatization Certificates (notes), Pick# 101. I've grouped them together in two pictures, one of the obverse and one of the reverse, the notes are arranged the same in both pictures. If you want a close up image of one of the notes let me know and I'll post it. Let me know what you think the best note is and identify it by serial #, and thanks for the opinions.
    Since we're looking at these I might as well write up a quick description/history of this note. These certificates were issued during the start of the period of mass privatization in Ukraine (1995-1997), this was roughly four years after Ukraine acquired its independence from the U.S.S.R. and marked four years of trying to solve the privatization problem amidst rampant hyperinflation and cash shortages. While under Communist rule, approximately 96% of all enterprises were owned by the State, not to mention all housing and land (this figure was closer to 100%). The four years after independence was spent trying to figure out how to value and distribute these assets, that only yesterday belonged to the "People". One part of the solution was to issue every citizen "privatization certificates", every person was to receive their share of the State's property and could use/spend it as they desired. These certificates could then be exchanged for shares in companies or used to purchase any of thousands of small ventures and properties which were sold through auctions to new private owners. Well this went about as good as one would expect it to in the Wild West period of Ukraine's recent existence. The certificates dropped in value as they were being printed, were often rejected at the auctions because of the inflation and then Ukraine launched its own currency in 1996 after the Ruble Zone was dissolved. For those reasons along with other factors an estimated 3 million +, individuals did not use their vouchers. The Ukrainian Government purposely dragged its feet in regards to privatization by, allowing the certificates to drop in value, only putting up for sale companies that were essentially worthless or had no market value to discourage the use of the Certificates, provided no explanation or documentation on how to use the Certificates and all the while allowing the government cronies to snap up the certificates on the black market for a fraction of their original value. Then, when the profitable companies, businesses and properties did go up for privatization/auction take a wild guess as to who had the Certificates with which to "buy in" to these cash cows, (now enter cronies and ex Communist Regime types). As a result an oligarchy was created in the governing class of Ukraine. This, along with several other factors lead up to the Orange Revolution in late 2004-5 and then the Euromaidan Revolution in 2013-14.
                       
    I'm not even sure if PMG will grade one of these, I'll have to check prior to submitting. Even if they don't grade these, I still need to identify the best one/s. Don't worry, I wont hold anyone responsible for the grade/s if I do send one in. 
  2. Fenntucky Mike
    **WARNING:READING THIS JOURNAL ENTRY MAY CAUSE SEVERE BRAIN PAIN, DO NOT READ THIS ENTRY IF YOU WANT TO LEARN ANYTHING WORTH RETAINING.**
    I was looking at my Ukrainian banknotes yesterday and after inspecting the reverse of the 1992 5 Hryven note I couldn't help but say to myself "Damn, that's one crazy stash! What's with all the hair on these notes?". Yep, that thought was all the encouragement my brain needed to leap from the structure of reality and plunge frontal lobe first into the "default mode network". Now having fully left reality I start to wonder if the portrait of Bogdan Khmelnytsky turns into a younger version of him if you turn the bill upside down, kind of like the old "before 10 beers / after 10 beers" joke. Ehhhh No. But the stash did give the feathers a run for their money. 

    Next, I'm wondering who has the best coif on a Ukrainian note? Not a contest you would necessarily want to win, but after extensive research I would have to give first prize to Mikhail Hrushevsky on the 50 Hryven note. In this case I would think less is more, at least in this contest. Not may lookers here so far, but plenty of personal hygiene and style choice questions.

    Next thought is, who would win Best in Show competing in the Banknotes of Any Denomination with Hair, Also Including Rugs class, better known as the B.A.D.H.A.I.R. category. A few hours later, after scouring the Standard Catalog of World Paper Money, my thought process continuing to spiral downward. I've now been sidetracked into "what if I combined some of the greatest bad hair days on banknotes and combined them". Now I'm breaking the notes into categories like best neck beard, mutton chops, stashes, fur coats and hats, etc. Being a little technologically challenged and my imagination being restricted to the tools at hand, I ended up with a cross between James Mason and a Oompa Loompa. 

    The portrait is made from seven different notes, 10 points if you can guess 4 of the 7.
    To wrap it up, my brain run amok was stopped by the arrival of new parcel yesterday. Huzzah, a new banknote has arrived....... Oh,...Yep, more hair. 

    If you made it this far the short answer is, NO! I do not know how to unread this, blank your memory or poke out your minds eye. All I can say is that I'll be going to the liquor store in about five minutes, in an effort to wipe this from my memory banks. Two days without the structure of work is apparently to long a period for my brain to handle. 
    Feel free to share some Bad Hair Day Banknotes.
    GOOD LUCK forgetting this and don't say I didn't warn you.
  3. Fenntucky Mike

    [Notes] Without A Face (Part 1)

    By Fenntucky Mike,


    Control Coupons
    On my last submission I mentioned that one note came back as QA "Questionable Authenticity" (1991, 5 Karbovanstiv, Pick # 83x), while not completely shocking I was a little surprised and disappointed. Not so much in that it was not authenticated but that there wasn't a cut and dry decision made, if it had come back as a not genuine, counterfeit or altered note, no problem, but now the note is hanging out in limbo with no clear designation. While the Questionable Authenticity tag does give me a path to go down, meaning I need to try and validate the note, there were no additional comments made which means I'm starting off with pretty much what I had prior to submitting the note which is not much.   After the note was returned from PMG I did reach out in hopes of there being some graders notes or other information that they may have logged in their system during evaluation/grading, but no such luck there either. So, what's a collector to do? Well Obviously, acquire more examples of the same note of course.  

    I had actually found another example of this note while the first note was at PMG and as luck would have it I found a third example shortly after the submission was returned, so let's do some side-by-side comparison of the three notes and of the three notes to an authenticated note with face printing.  The first four images are scans of the face and back of each note with a black background, #1 is the control note, #2 is the note returned by PMG, #3 is my second example and #4 is the third. 
    Control note, authenticated by PMG, with face printing. Light blue face, dark blue back variety. (Not currently recognized)

    The first note, returned as QA, has some smudging/staining, possibly ink, on the face. The parquet watermark is clearly visible on both sides and the back printing seems authentic. The note has an overall dingier appearance than the other two but not as much as the below scan makes it seem.

    The second note, while overall a cleaner example, is very similar in appearance to the first. There is no smudging/staining on the face but beyond that an almost identical note. Some of the color variances in the images are due to variation from scanning, in hand there is not a noticeable color variation on the back printing and the watermarks are just as visible as the first note under normal lighting. 

    The third note is much the same as the second with no discernable differences between the two.

    I think one of the issues with these notes is that for the face printing to be completely missing the sheet would have had to miss two printings. I'm assuming that the back of the note was printed first, followed by the face printing and finally the third printing with UV ink. For these notes to be true errors I would expect that they would have been released into circulation and missing two printings doesn't seem very possible, add to the mix that the notes seem to be normally found in uncirculated condition. It seems more likely that these could have been printer's proofs or scraps. 
    I can't fit all the images that I would like into one Journal entry so I will be posting two more entries on these notes shortly. The next entry will include images under UV lighting. 
    If anyone notices any differences in the notes let me know, I'm hoping we can crack this. 
     
  4. Fenntucky Mike

    [Notes] Without A Face (Part 2)

    By Fenntucky Mike,


    Control Coupons
    As previously mentioned in Part 1 we're comparing three different Ukrainian P # 83x notes with one another, hopefully they are authentic, and with a control note. We previously examined scans of the four notes now let's take a look at all of the notes under UV. 
    The control note displays all the typical UV features that are to be expected, UV security fibers, background on the face and latent imprint to the left of the depiction of Lybid. There are varieties of notes with and without the latent imprint and the reddish ting in the image, particularly at the top, is due to the UV light reflecting on the PMG holder. Also, unique to the control note is the mix of gold and blue security fibers that are visible on the face, I (literally just now) viewed several other 5 Karbovantsiv notes under UV, including two other certified notes, and the two different colored security fibers seems to be unique with the light face, dark back ink variety. At this point I'm not going to ignore the fact that the missing face print notes do not have the two different colored security fibers that are visible on the control note, and am wondering if I haven't stumbled across an new variety or a way to identify it. 

    The note returned as QA displays the fibers but is missing all of the UV ink on the face, including the latent imprint. The smudge at the top left-center of the face is still visible and on the righthand side, where the UV visible background would be, is a little streak or blotches of what looks like a match to the gold color UV background, or it could be possible contamination, but the gold-color makes me think not.

    The second missing face print note appears similar to the first, with the only noticeable variance being a smudge at the bottom center on the back of the note. It's lighter in color and is only visible under UV, possibly a UV ink smear or something else that is on or touched the note. It's typical to see smudges that appear under UV at the edges of these notes, possibly from handling but this smudge does not appear to be consistent with handling. 

    The third note does not appear to have any unusual smudges, smears, or otherwise curious marks under UV.

    I'm not a big fan of the visible smudges and ink in central locations of some of the notes but I wouldn't call any of these deal breakers. I am however very excited at noticing the gold-colored security fibers in the control note, and am looking forward to further investigating that. I love when a new lead turns up while investigating something completely unrelated. 
    Next, I'll backlight the notes and we can check out the watermarks.
     
     
  5. Fenntucky Mike

    [Notes] Without A Face (Part 3)

    By Fenntucky Mike,


    Control Coupons
    Having compared scans of the notes, as well as images of the notes under UV light, we'll take a look at the notes with backlighting.
    All four notes display similar qualities. The parquet watermarks are clear with blocks of four lines running diagonally alternating 90 degrees every other block of four and the back ink is clearly visible through the face and appears violet. I don't particularly see anything off about any of the notes when backlit. 
    Control note.

    QA note.

    Second P # 83x

    Third P # 83x

    I've also viewed all the notes under IR but the results are the same as the backlighting test, all appeared to be the same with no IR features and no visible ink, blemishes or alteration. I don't have a good way to capture IR images yet so I won't be posting them, you'll just have to take my word on the results.  If someone REALLY wants me to post IR images of the notes let me know and I'll see what I can do.  I will also add that the notes all measure the same and the paper quality seems to be on par with other 5 Karbovantsiv notes from 1991.
    In the end I see nothing conclusive and can't say whether or not these notes are genuine. Some of the smudging and staining could lead one to believe that these notes were altered but I tend to think not, I also find the possibility of these notes being missing print errors a stretch. To me the more likely possibility is that these were purposely printed on only one side but for what purpose.  The back design seems to be an exact match to other notes, granted it is a simple design and could be easily counterfeited I just don't feel that is the case with these. I might give these another go with PMG but I will have to contact them and see if sending in all three examples, and a certified note if that helps, would be beneficial and perhaps if I submitted them as something besides P # 83x (missing face printing error). We'll see. My best guess at this point is that these are a printer's proof or scrap. 
    Now to see what's going on with the two different security fibers on the control note. 
  6. Fenntucky Mike
    Well, I finally hit the 50% completion mark in my Ukraine Complete 1917-Date, P1-Date set and here's the note that did it the humble P#81a.

    Ahhh, always feels good to hit a milestone along the way in your collecting journey. I acquired my first Ukrainian banknote back in 2017, my first TPG note in 2018 (I can't even remember which ones they were now), started my registry set here in 2019 and hit 50% completion this week. It's been a great experience so far, I've learned more about banknotes, banking/finance, history and Ukraine than I ever thought I would. I've expanded my contacts in regards to people (some in Ukraine) and places to acquire these notes (some are hard to find). The people at PMG are always nice and helpful and the people here on the Forums have been great so far, I'm getting way more out of this than I thought I would. Thanks everyone.
    Next goal? I'm thinking 75%, if I can get there in the next 2 years I'll be doing alright. I might include completing a short Zimbabwe set in that time frame as well, we'll see. I have a couple of Journal entries roughed out, I'm just waiting to get a few things back in the mail and to see how a couple of things fall in place this week. There could be some interesting developments happening in the next week with this set.
  7. Fenntucky Mike

    99 (100!) Luftballoons

    By Fenntucky Mike,


    Collecting
    Recently I acquired a P127b banknote for one of my Ukrainian sets, NBU 1991 - Date, normally this would not result in much fanfare but it just happened to be the 100th note in the set.  A somewhat noteworthy  achievement in my book and a short time coming in the grand scheme of things. Having started this set in February of 2019, it took only a miniscule 28 months to reach 100 banknotes a goal that I would have anticipated being much more drawn out and that there was submitted such a variety of notes so as to allow me to sit here today writing about my 100th note with no submissions of my own is a testament to some of the alert sellers I've purchased from over this time. Really, how many people collect Ukrainian banknotes in a serious manner? I currently tally three, myself included, who I would consider ardent collectors of these notes. 


    In the meantime, since the purchase of this note, I've added three more to the fold and am currently residing at 103 total notes in the set with only 14 more to go. I know at some point I will have to submit raw notes to complete this set and I have already began gathering them in anticipation of this. Of the 14 empty slots left I have 7 raw notes waiting patiently to be sent in and another 5 that are currently not listed in the set that will be added once I, or whomever, send examples in to be graded. So, including the notes not currently listed in the registry set, that would bring the total number of notes required to complete this set to 122! Which is a ridiculous number of notes for a newcomer to try and obtain, I think it would be nice if there were short sets by series for collectors to utilize as well as the complete set but I doubt this will happen unless more Ukrainian banknote collectors appear. Maybe I could help facilitate this but we'll see.
    Collecting by minor Pick number (a, b, c, d, etc..) is really a Signature set  as that is often the only difference between Pick numbers. For modern Ukrainian notes some Pick numbers climb up to "f", that's six notes of the same design the only difference being the signature. I never fancied myself an autograph collector but in essence that is what a majority of this set is.  I guess I never thought I would be that fanatical about collecting Ukrainian banknotes. But I am. 
    PICK # 127 signatures to date. 
     Update 8/3/2021: The 2021 note with Shevchenko signature is now officially Pick #127c.
    The funniest thing to me about this note is that I already had one graded by PMG and hadn't entered it into my set because it wasn't showing up as available, probably due to the fact the Pick number was unlisted at the time of grading, so now I have two and I could have hit 100 notes sooner. Meh, at least the newer one was a higher grade, if I had bought a lower grade duplicate.   
  8. Fenntucky Mike
    Recently, I saw an auction popup on eBay, a couple of Ukrainian shahiv "postage stamp currency" notes. What initially caught my eye was the 20 shahiv, which was missing the perforated edges.? The Standard Catalog of World Paper Money does not currently list an unperforated variety for this note, although they are known to exist, and if real it would be a great find. But after looking at the images more closely it just didn't look right to me, not that it wasn't genuine, but I was pretty sure it was trimmed. The only thing that was still a little misleading was that it was close in size to the 50 shahiv it was pictured next to, which had perforations.  Since I wasn't 100% sure of whether it was trimmed or not, I decided to still pick up the lot if the price was right. These don't typically sell for much, especially in less than stellar condition.
    Images from eBay seller.


    After finishing with the 20 shahiv I now turned my attention to the 50, and it looked bad. The printing looked like garbage, the front design mushy and lacking details, the back the same and with incorrect text, font and size. I believed the 50 to be a contemporary counterfeit! This lot was now piquing my interest, a possible nonperforated 20 (but probably not) and a counterfeit,  I decided I was now going to place a more aggressive bid on these. A few days later, as the auction was ending, I placed a snipe bid and won the lot for $11.61, $12.60 total with the shipping.  
    The notes arrived and I sat down and inspected the 20 shahiv. I first overlaid the nonperforated 20 over a perforated example I had, the nonperforated note was smaller than the perforated. Not good but not a deal breaker since if a sheet of nonperforated notes came off the press it would have to be cut into individual notes and if the cuts were off or done by hand the note could very well be smaller. Next, I looked at the cut quality, again not good, jagged, stops and starts and a large chunk in the lower left corner. Definitely looks like it was cut by hand, and that larger piece still attached in the lower left corner is probably the connecting tab between perforations. The final nail in the coffin was an examination under magnification in which remnants of the perforations are still visible. Well, not a shocker and a note that will just go into a top load and be labeled as "Trimmed" in my collection. Still an interesting piece, and I have a feeling it was trimmed at the time of issue or shortly after as the coloring of the edges seems to be consistent with the rest of the note.
    Overlaid, trimmed over perforated.

    Side by Side, perforated left, trimmed right.

    Remnants of perforations still visible under magnification.

    With the trimmed or nonperforated debate over on the 20 it was time to focus on the 50 shahiv note to determine whether or not it was counterfeit. In a side-by-side comparison to an authentic note in my collection the results were definitive. The printing on the suspected counterfeit was sloppy with lots of bleeding of ink throughout, there was a sever lack of details, especially in the background and wreath, the text was sized improperly and the font incorrect, and the paper used was of a lesser quality. The back suffered from all of the same symptoms that the front did, despite only containing a single line boarder (the boarder is just sad), Tryzub, and text. There is no doubt that this note is a counterfeit. The question of "is it contemporary" is still hanging out there, but I believe it to be as it has the look and feel of others that I've seen. Nice! 
     

    This was well worth the investment to acquire these, not that a trimmed/damaged 20 shahiv and a counterfeit 50 shahiv are worth anything, they're not, but the goodtime had in examining these notes and the knowledge gained was priceless. Plus the contemporary counterfeit is going to look great in my shahiv collection,  it's listed in the SCWPM as Pick # 11x. For more on Ukrainian shahiv banknotes see my journal entry "Shahiv It Up, Baby, Now". 
     
  9. Fenntucky Mike
    Sometimes opportunities come along in quick succession and if you had taken advantage of the first you are then faced with the difficult decision, sometimes, of whether or not to "go in" on the second. A typical dilemma that all collectors face, and at its core is all about patience. Well, fortunately for me this recent dilemma required very little thought, or money, and I went "in" on my latest acquisition. 
    I've been on a shahiv kick recently and have been rewarded with some fun and unique acquisitions as of late. While searching ebay I saw 5 new listings for Ukrainian shahiv notes, each for a single note of varying denominations which if all purchased would make a complete set. Not having need of a new set, or even individual notes, I wasn't expecting much and was quickly scrolling past until the 40 shahiv note caught my eye. It looked terrible, printing wise, and deserved closer inspection. 
    Images from ebay seller.

    Similar to the 50 shahiv note I purchased a week earlier, the design and printing of this note looked subpar and lacked all the detail and sharpness an actual 40 shahiv note would have. All the details were mushy, the edges of the ink were inconsistent and not sharp, the design was inaccurate with the shape, placement and size of the images off. The single line boarder on the back was crooked with no straight lines, messy corners and thickness variances all over, the text and trident, inaccurate. This looked like another contemporary counterfeit, the second one in two weeks that I had come across, after not having seen any for over two years.  Well, I went ahead and spent the $11.99 it would cost me to purchase this note and patiently waited for its arrival.  
    Upon further inspection, once the note was delivered, it's not even close. Not that there was much doubt in the first place. A contemporary counterfeit of poor quality and a solid new addition to my collection. 


    That there was a need to produce these, I say need as I believe that these counterfeits were most likely produced out of a need to survive by people or as a means of disruption by an enemy at a time of war and not as a way of profiting from them, is interesting. As, to date, there are only known counterfeits of the 40 and 50 shahive notes, the largest denominations, and that counterfeiters didn't seem to waste their time with the lower denominations is an indication of the "value" of these at the time they were issued. Meaning they were almost worthless and were quickly replaced by higher denomination notes in short order. 
    A contemporary counterfeit is not listed in the Standard Catalog of World Paper Money but is listed in at least two other references in my library. Notes not listed in the SCWPM or by Pick is not unusual, especially for collectors of notes from less popular countries, but that's part of what makes collecting from countries that do not have a large base fun as you can find all kinds of "unlisted" notes or rarities with just a little effort, and they aren't going to break the bank. I imagen that this note will be listed as P 10x, similar to P 11x, and I guess would be considered a discovery note in the U.S..  Interestingly enough there are no images of a counterfeit 40 shahiv note in any of the references that list it, I don't know if it is because the author/s or publishers just didn't have any notes or images of a counterfeit or if was just known with no current examples. 
    Paper Money of Ukraine, 40 shahiv counterfeit listed with no image.


    Ukrainian Paper Money, 40 shahiv counterfeit listed with no image.


    This is a super fun series to collect with several varieties still out there waiting to be discovered, and you can bet I'll be looking for them. Even ones that ain't the real thing. 
  10. Fenntucky Mike
    "Pop quiz hotshot". How many of these notes are authentic?

     
    Before you answer I'll give you a couple of hints, areas that I look at when first viewing a 50 Shahiv note.
    Front:
    It goes without saying that we are looking for detail, as would be the norm for officially produced notes, and consistency but there are two areas, or design elements, that are typically dead giveaways with these. One is the diamond matrix surrounding the denomination inside of the wreath. The matrix on authentic notes is sharp, with clear separation between diamonds, the space between the wreath and denomination is fully utilized, save for uniform spacing between the diamond matrix and the denomination and wreath. The diamonds will be uniform, although not necessarily "perfect", the lines of the matrix will be straight, unbroken and all of the same thickness, the design will be "square" to the perforated edges of the paper with the inking being consistent over the entire design. The matrix can be difficult to identify as diamonds on authentic notes, especially if heavily inked, but even if over-inking has rounded the diamonds into ovals or circles on an authentic 50 Shahiv note, the other identifiers will hold true. On counterfeits the matrix is often random with inconsistent diamond sizes within the matrix and often the diamonds appear as varying sized circles. The spacing and line thicknesses will be lost to an amateurish attempt at reproduction. 
    The next design element that I look at is the "Tic-Tac-Toe" grid in the four corners outside of the wreath. We are looking for many of the same things as with the diamond matrix, sharpness, separation, utilization, and spacing. This area of the note is often met with a feeble attempt at reproduction, more often than not (on counterfeits) this design element appears as random blobs, of what appears to be an attempt at a continuation of the floral design from the wreath. On authentic notes the grid will be sharp with even spacing and line thickness, separation between the outer boarder and wreath, the noughts and crosses will be clearly defined and easily identifiable under 5x magnification. Those of you with better eyesight will be able to see the design in hand, not me.  On authentic notes the grid, noughts, and crosses may not be uniform throughout the design but will be identifiable and have a level of detail and craftsmanship not found on counterfeits. Remember, these are anticounterfeiting features designed into the note, so as to be difficult to reproduce. Even for the engraver.  The "blank" squares in the grid will (should) have a single dot in them, this can oftentimes be missing, sporadic, extremely faint or worn off from circulation due to the miniscule size of the dot and as such is not a deal breaker as long as all other aspects of the design are present. Notes with the dot clearly visible are of the highest printing quality, typically, and something I look for in prime examples. If one were to compare a counterfeit to an authentic note you will, most likely, notice other things that seem off with the design, one could identify a counterfeit in that manner but looking at the diamond matrix and "Tic-Tac-Toe" grids are the easiest and quickest identifiers in my opinion. 

     
    Back:
    The boarder is the fist thing to look at on the back as counterfeits are often lacking in this department and it is a quick identifier. The boarder should be clean, the line/s making up the boarder should be a consistent thickness, the vertical and horizontal lines parallel to one another, the corners should form right angles, it should be well aligned and parallel with the perforations/edge of the note, and any general sloppiness or varying of the boarder is a red flag. Centering on authentic notes is typically not great and as such should not be used as a identifier. 
    The Tryzub should have a level of detail to it, if split in half the left and right should mirror each other perfectly, or very close to it.  Again, any general sloppiness or lack of detail here is a warning sign. Interestingly enough, all the counterfeits I have viewed are of the large Tryzub - small text variety....  
    The text should be level as if written on lined writing paper, the font should be consistent with no variation in sizing, the spacing between letters should not vary along with the vertical spacing between words. Counterfeits often have poorly spaced and sized text, on occasion the text will be illegible. 

    These notes were very heavily counterfeited, and I have at least a dozen or so in my collection. Being able to identify a counterfeit is important when assembling a set of Shahiv notes, especially when dealing with the 50 Shahiv denomination. 
    So, any guesses as to how many of the six notes from my collection are counterfeits?
    More reading on the 50 Shahiv note below, along with the all Shahiv notes in general. Hmm, quite a bit of material there. I might have to go back and compile everything into a comprehensive document one day. Maybe. 
     
  11. Fenntucky Mike
    "Pop quiz hotshot". How many of these notes are authentic?
     

    Since we covered the 50 Shahiv I thought I'd pull out some of my 40 Shahiv contemporary counterfeits and give them the same treatment. Plus, I'm boooored right now (rainy day here in Michigan) and why not spend some time looking at banknotes! Let's get to the hints. 
    Front:
    As always, we're looking for quality, in the artistry/production of the note and the three "S's" sharpness, separation, and spacing are key in differentiating between a contemporary counterfeit and authentic notes. I'll point out a few areas that I look at first. Similar to the 50 Shahiv, the 40 has anti-counterfeiting grids in the four corners surrounding the central design, these grids should be well defined with straight lines that are evenly spaced forming well defined boxes. The grids will be separated from the wreath by a gap which conforms to the design of the wreath, this gap should be of even thickness as it winds around the wreath.
    The central design is of the Ukrainian National Emblem, the Tryzub, and within the two outer prongs is another grid, a diamond matrix with symbol in the upper tip of the diamonds. I believe the symbol to be a Ʌ symbol similar to the Ʌ's on the middle prong of the Tryzub but due to their size they more often than not look like a misshapen circle or blob. As with the anti-counterfeiting grids in the four corners, we are looking for straight lines, even spacing and well-defined diamonds/boxes here as well, along with the symbol being present at the top of each diamond. 
    Also, within the Tryzub design is another fine detail, the shading of the Tryzub is broken with fine "feathering" apparent at the base. The feathering lines, unprinted areas within the shading, should be well defined with no ink breaking in and they should be no wider than .5mm. There are two types of these feathering lines, a longer/taller one that extends 3/4's into the shading and a shorter line that extends 1/4 into the shading, these feathering lines will alternate long, short, long short and so on. 
    Finally, the wreath surrounding the Tryzub should be full, flowers, seeds, fruits, leaves should be sitting on top of one another, overlapping. The design elements should NOT be as individual components, standing alone. The wreath should form a nearly perfect circle around the Tryzub and should be shaded by the circle on the righthand side starting at 2 o'clock and continuing down to the 7 o'clock position. 
    As is normal there are more design elements and things to look for when separating contemporary counterfeits and authentic notes such as the perforations, the type of paper used, the notes dimensions, looking at the rest of the design, etc. but counterfeits of this period are of poor quality and are easily identified using the above diagnostics. I would be very surprised if there was a contemporary counterfeit of a 40 Shahiv note that was of such excellent quality that the decision came down to those type of details. 

    Back:
    The back is identical to the 50 Shahiv, there is no back design variety that I've seen for this note, all are of the large Tryzub/small text design. So far. 
    The boarder is the first thing to look at on the back as counterfeits are often lacking in this department and it is a quick identifier. The boarder should be clean, the line/s making up the boarder should be a consistent thickness, the vertical and horizontal lines parallel to one another, the corners should form right angles, it should be well aligned and parallel with the perforations/edge of the note, and any general sloppiness or varying of the boarder is a red flag. Centering on authentic notes is typically not great and as such should not be used as an identifier. 
    The Tryzub should have a level of detail to it, if split in half the left and right should mirror each other perfectly, or very close to it.  Again, any general sloppiness or lack of detail here is a warning sign. 
    The text should be level as if written on lined writing paper, the font should be consistent with no variation in sizing, the spacing between letters should not vary along with the vertical spacing between words. Counterfeits often have poorly spaced and sized text, on occasion the text will be illegible and/or at a slant

    Soooo... Which of the notes from my collection, posted at the beginning of the Journal entry, are counterfeits?
    The SCWPM does not list a counterfeit for this note currently, not that I know of at any rate, and if added I would expect it to be Pick # 10x. I don't believe that different counterfeits receive different Pick #'s but this note and the 50 Shahiv were absolutely counterfeited multiple times by different people/groups.  A list of the different types of contemporary counterfeits for these notes could be an interesting project for me or signature set here. 
    If anyone is looking to dip their toe into Ukrainian banknote collecting, I can't recommend starting with these notes enough. They are fun, interesting, there is more to be discovered about them, don't take up a lot of room, and they are dirt cheap!
     
  12. Fenntucky Mike

    All we (I) need is just a little patience

    By Fenntucky Mike,


    Ukrainian Banknotes
    Skip to the last paragraph if you want the short version.
    In a previous entry I had mentioned passing on P125 to go after several other notes that I had open slots for in my sets. A few days after that journal entry an auction pops up with 5 Ukrainian specimen banknotes in it, ok, now we're talking. Now I'm feeling even better about my choice to pass on the P125, a few specimen notes would look great in my collection. The auction was for seven days and would end end around 3:30 in the afternoon EST, perfect. The auction ending during the day gives me the opportunity to pounce on these babies with some snipe bids, POP, POP, POP, POP, POP. I get all five of them for roughly half the price of the P125, sweet! In the meantime, while this auction was going on ten more specimen notes go up for sale from another seller. Now, still with half of my funds left, I focus my attention to these specimens. These notes were up for sale from an ebay seller I frequent but the starting price was a little high for my blood, especially after getting the five for a reasonable price. Some of the specimens were more coveted notes and carry a higher premium than the others, that being said I waited and let the auctions end. There were three that I was really hoping wouldn't sell and I wouldn't know until the next morning. Well, one of the three I was watching sold, in fact it was the only note of the ten to sell. Knowing this sellers habits, I wait for them to repost the notes with BIN pricing, they did right on schedule. They had the BIN price the same as the starting auction price, which is typical of this seller. That being said, the two notes I was watching were there and I decided to snap them up. The price was a little high but with others watching I didn't want to wait it out hoping the seller would drop the price and they had a P115, a note I've been waiting on for quite awhile, combining the shipping on all three helped save a few bucks. Nice, I turned the money for the P125 into seven specimen notes and a P115, now all I have to do is wait for them to arrive in the mail. The first five were coming from Greece the other three from Thailand. As is typical, the notes from Thailand arrived in about 5 days. I don't know if this seller has a private jet or what but notes I get from them always arrive supper fast. All that's left is to wait for the notes from Greece, waiting, waiting, waiting...
    Ok, in the mean time I'm getting PMG to place the two specimens I received into slots in my sets. Well, upon further review PMG felt it prudent to create three new registry sets specifically for specimens and change the existing sets to issued notes only. I was surprised by this decision, pleasantly so, I had anticipated that PMG would grant my request and plug the notes into existing sets or I would be given the dreaded response "these notes are more suitable for a Signature Set". Apparently the amount graded justified the specimen sets, sweet, I'm going to have to request a replacement set for the 2nd series coupons now. I'll probably wait on requesting "tweaks" to the existing registry sets and new sets until after the new year, I'm going to try and focus on updating descriptions and my signature sets for the next few months.
    Finally, the specimens from Greece arrived a full 38 days after I purchased them, I don't mind saying that I was sweating the first 35 because the tracking info said they were still sitting in Athens with no anticipated delivery date. Anyway, WHEW, they made it safe and sound and are now placed in my registry set. I'm very happy with the decision to wait on the P125 and acquire these notes, patience for the moment seems to have paid off.
    Here's the eye candy, the notes from the Greek auction have the older generation holders. I had seen these notes before (the notes from Greece) as they were up for auction by A. Karamitsos https://www.karamitsos.com/auction.php?id=644&page=15&chapter=00000&keyword=Search&sort=0&type=-&view=all  (they are towards the bottom of the page) an affiliate of PMG/CCG. There were seven lots of Ukrainian specimen notes the starting price was 90 Euros, I thought that was a little steep so I passed, this was in early September. These same notes later popped up from a different Greek seller (different name anyway) on ebay with a starting bid of $.99, in the end I was able to win the notes for between $50 -$77 USD each.

     

     

     

     

     
    Just passed on another specimen up for auction, it went unsold auction started at $80.
  13. Fenntucky Mike
    Most of my graded notes are in PMG holders, like 99.9%, but on occasion I will pick up a note from an "off brand" slabber or PCGS, not because there is a great note housed in the holder but for the holder itself.  Buy the note not the holder, not in these instances.   I just find it interesting/funny/weird when I see Ukrainian notes housed in "off-brand" holders and since they are all dirt cheap, I'll pick them up from time to time and add them to my collection. 


    Some of these actually have a few nice features which the PMG holders don't, the ACG holder actually had a protective film over the holder (which can be removed) protecting the holder from scratches and rubbing during shipping and while handling. Nice.  The other thing I like about some of these is the information on the label, notes or descriptions on the labels like "With latent imprint "КРБ" at left on front" and "Printing: ISPB-France" are nice to have and really help collectors, I think. I guess the more information on the label the greater the opportunity for a "mechanical error", and probably cost, but you would think that most of the labels are saved as templates for each Country and Pick #, and that the templates can be adjusted as notes come in or by some other method. Displaying letter prefixes as they are printed on the note, in the native language/text, instead of translating them to English would be nice as well.  Sorry got off track there for a moment. 
    Back to the off brands. There are a bunch out there and I'll pick up more from individual companies as they become available, one per is plenty, and the worse the note in the holder the better, I think. It just makes the thought process behind the question of "Why would you slab that note in that holder?" that much more of an enigma.  
    This is probably my favorite.

    Just why? 
    Anyone have any notes in atypical holders? Post'em if you do!
  14. Fenntucky Mike
    Written 7/29 
    The events to the overall theme of this Journal entry will be playing out over the span of a few weeks and since that is the case and since posting "real time" Journal entries could affect the overall outcome of these events (negatively for me) I'll be logging Journal Entries and then posting them once the chain of events has ended. Here we go.
    I just bid up a note (actually two), BIG TIME, for no good reason other than too (1) be a jerk.  (2) test a theory based off of data I've been gathering from tracking the weekly PMG, Ukrainian Population Reports of graded banknotes. (3) Acquire a higher graded banknote at a lower price. See my Journal entry "Where have all the (Ukrainian banknotes) gone.?" for my population report tracking entries and comments.
    The note/s in question were a Ukrainian 10 Shahiv and to a lesser extent a Ukrainian 20 Shahiv banknote, both were being auctioned off by the same seller along with 40 & 30 Shahiv banknotes and 100 & 250 Karbovantsiv banknotes. The 40 & 30 Shahiv are of the same series and type as the 10 & 20, the 100 & 250 Karbovantsiv are a completely different animal from the Shahiv but would fit nicely into my set along with the Shahiv notes.  I felt all the notes were a little pricey as none were below $43 and two started at over $148 but we'll see if they all sell. The Shahiv are the same size, shape and design of stamps of the same period, most are perforated, but without glue, on thicker paper and the national symbol, Tryzub or Trident, on the back. The postage stamps that circulated at the same time as the notes did not have the Tryzub displayed on the back and were adhesive backed for placement on envelopes, neither were they perforated as they were cut from sheets. Shahiv were issued in denominations of 10, 20, 30, 40 & 50.
    Stamps - imperforated, no Tryzub, adhesive backed, on thin paper.

    Banknotes - perforated, Tryzub, no adhesive, on thick paper.

    These Shahiv issues are well known to me and with the addition of monitoring the Population Report, I feel that I have a pretty good grasp of the situation at hand. This seller listed 10, 20, 30 & 40 Shahiv notes at the same time, since I've been tracking the Population Report there was an increase in the population of the 10, 20, 30 & 40 Shahiv banknotes graded by PMG. On the weekly update of June 15 there was an increase of +2 in each of these categories, along with an increase of +1 in the 100 & 250 Karbovantsiv banknotes. The increase in population along with all the holders having matching PMG Submission numbers indicates to me the possibility that the seller might be holding back additional Shahiv banknotes. The timing is right, listed June 15 in the Population Report then listed on ebay a month later, there was only one graded of each note prior to June 15th and the chances of another individual having graded the exact same Shahiv notes at the same time is slim to none. The person who listed the notes is absolutely a seller, one from whom I've purchased before, and is probably holding back duplicates.  I went ahead and made the assumption that this seller had two each of the Shahiv banknotes graded and was only listing one set at a time. If true I should be able to determine if the seller is holding back higher, lower or identical grade notes. The 20 & 40 Shahiv notes that are being auctioned have populations of 1/2 (one with two graded higher), according to the Population Report, so both are the lowest graded notes of those denominations. Similarly, I'm able to deduce that the 30 Shahiv listed is a Top Pop (1/0). The 10 Shahiv is 1/1 meaning that since there are three graded it is in the middle, so if the seller is holding back another note I don't know if it is a higher or lower grade. I have a feeling that the seller listed two high and two low notes, a total guess on my part.  

    Based on this info and a quick look at my Ukrainian set and I knew that none of these notes were really on my radar if better notes were to be had in a few weeks but to hedge my bet I placed a few bids on the two notes whose auctions were ending today, both of which would be either an upgrade or fill a hole in my collection. I was thinking a few lowball bids just to be safe, one per note, if I loose no big deal as there should be another note right behind this one. If I win I get to check a note off the want list or upgrade, what can go wrong.  The first note had a starting bid of $43 and one current bidder, I already had this note but it would be a slight improvement, I placed a bid of $57 which was not enough to beat the current bid so I shrugged my shoulders and moved on.
    The names have been removed to protect the innocent.

    The next note is a pretty good note and one that I currently don't have a graded example of, the starting bid was $86 with one bidder who had placed two separate bids. Ok, sticking to my lowball guns I place a bid of $97. "Huh. It wasn't enough to overtake the first of two bids from the same individual? Well, I should place at least one more bid to see if I can leapfrog the lower of the two bids and I do need this note. I can go a little higher." I thought to myself and placed another bid. Then another and again and so on until I was up to $281 having still not passed the first of two bids by my now hated rival. Well I had enough at that point and not wanting to get stuck with this note now and kind of feeling a little bad for having driven the price to what I thought was an unreasonable level I left frustrated, relieved, curious and feeling a little bad all at the same time. Why was this note so important to this individual?

    Now with two of the four Shahiv notes gone and not in my collection I'm really hoping I'm right about this seller having duplicates of these in higher grades. There is another Shahiv ending tomorrow and no one seems to be interested in it as there are no current bids on it. It's a note I don't currently have and it's low grade with no EPQ designation but again to hedge my bet that there are more I'll place a lowball bid on it and see what happens.  To whomever won the 10 Shahiv note I apologize, bidding up that note was a bad bad thing.
  15. Fenntucky Mike
    Written 7/30
    The third of four Shahiv banknotes was ending today, the 40 Shahiv banknote, and as planed I would place a lowball bid to hedge against the possibility of me being incorrect in using the Population Reports to determine the seller has another 40 Shahiv banknote that they will post soon after the auctions for the first set end. The bidding started at $43, the note was graded Choice Very Fine 35 by PMG, no EPQ designation, and no bids had been placed as of yet. Since the auction was ending early afternoon I decided to go with a lowball snipe bid, auctions ending during the day give me the rare opportunity to snipe.  As the clock wound down I placed my bid and won with no other competing bids.  I have a feeling that having no EPQ designation may have had something to do with this or have others came to the same conclusion as me? Tracking the population reports or worse yet tracking my updates.  As stated before this note has a total population of three and the note for auction had the lowest grade of the three, and was stated in the auction item description (1/2). One collector of two, whom I consider competition in acquiring Ukrainian banknotes, already had this denomination in a higher grade and the other is a very careful shopper typically only going for the highest quality.  That makes the most sense for the lack of competition on this note as there is really only three individuals typically interested in Ukrainian notes and/or where I see any activity in the PMG registry. 
    Pictures are from the seller.




    PMG used to put postage stamp currency in an additional envelope before sealing them in the holder, I kind of liked that, it helped to keep these tiny notes from floating around inside the holder. Oh well. The note is worthy of its grade and lack thereof an EPQ designation but it's still a fun little note and fills an empty place in my collection allowing me some flexibility for the next set of Shahiv banknotes from this seller (if I'm correct) as I'm now only missing the 10 & 30 Shahiv notes of this series. Only having two of the five notes to focus on means I don't have to worry about acquiring graded examples of the others and upgrading these is just not really important or under consideration at these prices, $300 for one of these is not what I want to spend my collecting budget on. Just one more auction to go and the first set (I think) will be done. The final note is the 30 Shahiv banknote, Top Pop of three graded an Uncirculated 62 but no EPQ designation, the bidding started at $158 and there is currently one bid. So now the question is do I bid this up a little and do a Bad Bad Thing again? 
    P.S.
    Bidding up a note is note necessarily a bad thing, the person who REALLY wanted to win did, the seller gets a better price encouraging them to continue to submit notes or put them up for sale meaning more notes for everyone and I could weaken my competition for the next note which could be even better. Yeah, I'm feeling less bad and if I'm right about whom I was up against/bidding up, even more so. The strange thing is that I won the 40 Shahiv, two different people won the 10 & 20 and there is a fourth bidder who is currently winning the 30 Shahiv auction, is it possible I'm not just going up against my two closest rivals?
  16. Fenntucky Mike
    Written 8/7
    The auction for the 30 Shahiv banknote ended and I didn't place a bid , with only one bidder and a $158 starting price I just couldn't justify the risk of bidding and ending up with this note. That's not to say the note was not worth the price, Top Pop, it's the harder to find "b" variety with the Gray-Violet ink and it's the only note of this variety currently graded (all pluses) but I just couldn't do it. The note just didn't have the good vibrant ink/color that I would like to have with this note, (although the Gray-Violet version is notoriously light when it comes to color) no EPQ designation was a drawback as well but wasn't necessarily the determining factor, I just wanted a note with more color.



     
    The 30 Shahiv note concluded the seller's auctions of all their listed Ukrainian notes, all 4 Shahiv notes sold, the 100 & 250 Karbovantsiv notes did not and the seller has since relisted them. The 100 Karbovantsiv at a Buy Now price and the 250 is again up for auction with a starting bid of $138. I'm watching both and neither will sell, I think, although I did receive an offer from the seller of $10 off on the 100.  The Shahiv notes all sold for pretty good money especially the 10 Shahiv,   and now I'm just waiting for the seller to hopefully list the next four in the near future.

    On a side note the 40 Shahiv I won showed up and it's a real beauty with better than expected ink.  It's only graded 35 but I think it's strong for the grade, similar to how I though the 30 Shahiv looked weak for it's grade. When is a Fourth Party going to show up with fancy stickers to place on the holders to make these determinations?  Like CAC for banknotes,  it will probably happen in the future, if it hasn't already. 


    Now, the agony of waiting in anticipation of the second set of Shahiv notes.
  17. Fenntucky Mike
    Written 9/11
    On Friday (9/3) the 10 & 20 Shahiv notes showed up in a registry set, followed by a slot being added to the Registry and the 30 Shahiv being added to the same set on Tuesday (9/7). As I suspected, one of my fellow Ukrainian collectors in the Registry picked up 3 of the 4 notes (myself having acquired the fourth), the 10 & 30 Shahiv having sold for moon money ($281 & $158 respectively) and the 20 Shahiv selling for considerably less. I had purchased the 40 Shahiv (PMG 35) for $43. One of the strange things about this odyssey so far is that the winning bidder ID for the three notes I did not win, and are now all currently residing in the same registry set, is different for each auction but all three ID's have the same amount of positive feedback. Even the 30-Day Bid History is identical.? I'm not sure if this due to some sort of sniping software or something similar meant to give a bidder an advantage. I guess I never understood the need to do such things, I get waiting to place a snipe bid but even doing that has mixed results both good and bad. In the end you need to determine what you value something at and place that bid at the opportune moment. 
    So far my "predictions" have been on the money, the last piece of the puzzle, the most critical piece to my (hopefully) acquiring all of the Shahiv notes, is that the ebay seller has and will soon list the other graded Shahiv notes.  If not then  but even if the other Shahiv notes graded at the same time as the first batch listed don't become available I still would not have acquired the 10 & 30 notes as I was not willing to pay the prices the notes sold for. So instead of spending BIG money I picked a few notes to add to my collection.
    They were all under $40 and one day might end up at PMG for grading. The are all AU - EF and didn't put a hit on my wallet. 
  18. Fenntucky Mike
    Written 10/24
    Well, here we are. The End...
    A few weeks ago, approximately on or around Oct. 1, the seller who had originally listed the first lot of 4 Shahiv banknotes listed two more, 10 & 20 Shahiv banknotes. I was excited to see these listed, and therefore justified my incessive PMG Population Report watching, kind of, but I felt little excitement in wanting to acquiring either of the two notes.  The 10 Shahiv note was a lower grade than the first, the first being graded 55 EPQ and the second 50 EPQ, the 20 Shahiv was a higher graded note than the first one listed, the first being a 35 EPQ and the second a 58 EPQ! Having already purchasing the first 20 Shahiv note I wasn't particularly keen on getting the second at a much higher price, so I decided to wait, and the 10 Shahiv is a note that I don't currently have a graded example of ,but I decided to pass on this note as well.  What's going on?
    I watched the two notes expecting to see two additional notes listed, the 30 & 40 Shahiv notes, which were graded at the same time as the others making two groups of four notes each. The groups consisting of 10, 20, 30 & 40 Shahiv banknotes at varying grades. Well the two additional notes never appeared and the 10 & 20 Shahiv notes went unsold in the first go around. 

    I'm just not excited about paying a high price when I have nongraded examples that are in better condition, that being said I'm just not going to do it. No.  Ukrainian notes in general have been getting pricy and I'm too the point where it makes more sense to submit my own notes instead of paying a premium for already graded notes. I've been picking up raw examples of notes for a while now in anticipation of the availability of graded notes not being there, but now due to increasing prices for graded notes (which I didn't see coming) I'm ramping up the raw note purchasing. I have a hard time believing that there are a ton of Ukrainian collectors out there that will continue to drive demand, and prices, for graded notes continually up but I'm hitting the pause button on graded note purchases. That's not to say that I'm not hoping for more Ukrainian collectors, I AM, but these factors are facilitating a change of direction in my collecting. Raw notes are readily available, or at least they were,  and I've been gathering them up like crazy in anticipation of sending them off to PMG. 
    Since the second 10 & 20 Shahiv notes were listed, they've been relisted twice and the 10 Shahiv is now listed at a Buy It Now price of $94. Pfft, think they'll accept an offer of $87?  If these notes get down around to the $40 range I'll think about it but so far this seller has seemed resilient, and has yet to budge much (if at all) on any of the prices for the Ukrainian notes listed, including the 100 & 250 Karbovantsiv notes that were listed at around the same time as the first four Shahiv notes. 
    Tracking the Pop reports is a useful tool and it seems I was correct in anticipating a second set of four notes and determining their relative grades, all good stuff, but I find the end a little anticlimactic. I haven't completed the Shahiv short set, I've 180'd in buying any of the second group notes and I'm pretty sure I've Done A Bad Bad Thing. Probably several. 
    P.S.
    If you've managed to get through all 5 parts of this journal entry and still have basic motor functions I applaud you.  This drivel would have turned most individuals brains to mush after the first paragraph of the second entry. 
     
  19. Fenntucky Mike

    Back In The U.S.S.R.?

    By Fenntucky Mike,


    Banned Banknotes In Ukraine
    I've been meaning to create a Journal entry about this subject for some time, but me being me, I've dragged my feet for over a year. Recent events in and around Ukraine such as a Russian attempt to organize a coup, and Russian forces (again) amassing at Ukraine's boarders have brought this topic back to mind for me, and I figure it's better to write about this sooner rather than later.
    Since the collapse of the Soviet Union and Ukraine's subsequent independence, there has been an uneasy peace. "Peace" was convenient for Russia, as the early Ukrainian government was corrupt and easily manipulated, with many longtime Soviet individuals able to remain in control as oligarchs. These pseudo-officials managed to milk untold sums of money, property and power from the Ukrainian people and by 2013 then President Yanukovych was looking to officially strengthen Ukraine's ties to Russia after reneging on a Association Agreement with the EU. Shortly after this the Euromaidan protests began, followed by the Revolution of Dignity and by 2014 Yanukovych was impeached, fleeing to Russia. Finally, whilst Ukraine was in a state of unrest and confusion, Russian forces seized on the opportunity to invade and annex Crimea.  
    Having newly taken Crimea, Russia saw fit to rub this in Ukraine's face via some old fashion propaganda on their currency. A year after annexing Crimea, maybe less, The Russian Federation issued a 100 ruble banknote commemorating Crimea. The banknote depicts a view of the Monument to the Sunken Ships located in Sevastopol Bay at the southern tip of Crimea, along with a depiction of a portion of the painting "Russian squadron on the Sevastopol roads" by I.K. Aivazovsky. The back depicts a view of the decorative castle Swallow's Nest located in Gaspra on the Crimean Peninsula. The National Bank of Ukraine quickly banned the 100 ruble note along with "any currencies on which are illustrated maps, symbols, buildings, monuments, archaeological sites, landmarks, landscapes, or any other objects, situated in the territory of Ukraine occupied by Russia.". The note was part of a commemorative set which included coins, or it could be purchased separately. 

    In 2017 Russia saw fit to, again, use a depiction of the Monument to the Sunken Ships in Sevastopol, but this time on its 200 ruble circulating note. The front of the note depicts the Monument, the back depicts a view of Tauric Chersonesos, a fifth century B.C. Greek city on the shores of the Black Sea, a UNESCO World Heritage site, and located on the Crimean Peninsula. Again, the NBU was quick to issue a statement denouncing the note and prohibiting its use along with other currencies in any monetary transactions "transactions using banknotes and coins issued by the Central Bank of the Russian Federation in case they contain images of maps, symbols, buildings, monuments, archeological or historical artefacts, and landscapes of any other objects located on Ukrainian administrative territorial units occupied by the Russian Federation.".

    Most recently, in 2018, the Russian Federation issued a banknote commemorating the 2018 FIFA World Cup. Sounds innocent enough but on the back of the note is a depiction of a soccer ball and on the ball is a map of the Russian Federation with annexed Crimea included. Once again, the NBU denounced the banknote and banned it from use in Ukraine while at the same time requesting that Ukrainian financial institutions accept 100 & 200 ruble notes that were not subject to any bans. Depicted on the front of the note is a boy with a ball under his arm and a goalkeeper diving for a ball. On the back is a football used as a symbol of the globe and football fans.

    As mentioned, also banned are several coins. Here are the ones I know of.




     
    I have the three banned banknotes in my collection, they are very attractive notes and the 2015 note fits into one of my signature sets I'm working on, but I have to admit that I feel a little conflicted about it. My affinity for Ukrainian coins and banknotes gives me pause about collecting these, but they are part of the modern history of Ukraine and a vital part of any comprehensive Ukrainian banknote collection that strives to tell a complete narrative. A narrative that may see Ukraine Back In The U.S.S.R. sooner rather than later, but hopefully not.  
  20. Fenntucky Mike

    Ballers!

    By Fenntucky Mike,


    Auctions
    There have been some big-time rarities in Ukrainian notes hitting the auction block recently, almost all specimens, and prices have been through the roof! It's killing me that I can't splurge on one or two of these but unfortunately most are out of my price range. Also, as seems to be the norm unfortunately, I disagree with how some of these notes were labeled and the Pick #'s assigned to them, but that didn't seem to dissuade would-be bidders. Anyway, here are a few of the highlights.
    Four seldom seen specimen notes with De La Rue overprint, specimen numbers and printer's annotations, all were previously mounted. I suspect that all similar Ukrainian specimen notes with De La Rue overprint will have been mounted as I believe that was how they were presented. These are some rarities, gorgeous notes, and bidding proved strong for all four. All prices are in USD and are the hammer or high bid price only, taxes, BP, shipping, etc. not included. The first two notes were listed and sold separately, when those auctions concluded the next two were listed, also separately. 
    $1,775.00 (PMG, 63)

    $1,600.00 (PMG, 63)

    $2,300.00 (PMG, 64)

    $2,550.00 (PMG, 64)

    Next are more Color Trials, and Printer's Designs. The seller seems to have an unlimited supply of these, I'm hoping if they do list more, I'll have an opportunity to pick one up. PMG did label a few of these as "Unlisted Pick" varieties, which I would they rather do than incorrectly label them. It's too bad that Krause went tits up and left this huge void in identifying notes, the Banknote Book seems to keep up but PMG does not currently utilize BB numbers, maybe someday they will as the current state of things is not great. Back to the notes!
    $1,125.00 (PMG, 66 EPQ)

    $1,075.00 (PMG, 65 EPQ)

    $900.00 (PMG, 66 EPQ)

    $860.00 (PMG, 66 EPQ)

    $788.00 (PMG, 66 EPQ)

    $720.00 (PMG, 66 EPQ)

    $721.00 (PMG, 65 EPQ)

    $650.00 (PMG, 67 EPQ)

    There are also a few classic notes currently up for auction.
    Another 2 Karbowanez with a starting price of $1,480.00

    And last but not least we have an über rare 5 Chervontsiv note with a starting price of $9,535.00, the auction ends Oct 3.

    Overall, quality available notes seem to be drying up as the last few auctions had either very slim pickings and/or common moderns add to fill up the auction. I realize that as my collection becomes larger and more complete there will be fewer notes that I would want to acquire, leaving only "key" notes for me to find. Not acquiring new notes is I suppose it's a blessing in disguise as I'll be able to increase my funds and possibly pick up a few of the rarer notes, but not adding some Ukrainian notes is killing me and to it the frustration of having to watch these beauties pass by on my computer screen.  At least I was able to pull images and information for all of them from the auction listings and add it to my records.
    In the meantime, I've been picking up a few low-cost notes from other countries to fill the void and hopefully the timing will be right in the near future for the key notes. 
  21. Fenntucky Mike

    Big (Dirty) Money Goes Around The World

    By Fenntucky Mike,


    Ukrainian Banknotes
    I was reading through the National Bank of Ukraine's press releases and came across their response on "Preventing the spread of coronavirus infection COVID-19 during cash transactions" dated Mar, 18 2020, link here. https://bank.gov.ua/en/news/all/pro-profilaktiku-poshirennya-koronavirusnoyi-infektsiyi-covid-19-pid-chas-operatsiy-iz-gotivkoyu  On a side note, the NBU actually has a decent website with English translations and good info on all banknotes and coins produced by the Banknote Printing and Minting Works in Kyiv, along with their monetary policies (they revamped the website early last year). Anyway, reading through the press release one finds the typical precautions as to be expected when in a biological crisis and in regards to physical money. Reduce contact, minimize receipt of funds, non-cash payments, etc.The NBU is also requesting that old notes be returned for disposal, all the while assuring the public that the cash reserves are sufficient to meet the countries needs. This release is probably to some extent standard "boilerplate" that is similar to releases and precautions being taken by banks around the world. 
    This press release has me wondering how much the coronavirus did or will speed up the elimination of cash and coin, is this pandemic another log on the pyre of physical money? In Ukraine's case they just recently shuffled their coin and banknote denominations around. Starting on Oct, 1 2019  1, 2 and 5 kopeck coins, (the penny equivalent) were were withdrawn from circulation and are no longer accepted, (the 25 kopeck is also being eliminated, just not immediately) all transactions are now rounded to the amounts nearest multiple of 10. Next was eliminating the 5 and 10 hryvnia banknotes  and replacing them with coins of the same denomination. The latest adjustment was the addition of a 1,000 UAH banknote, which is double the previous highest available denomination banknote. These moves along with additional adjustments decreased the available denominations in Ukraine from 17 to 12 (6 coins and 6 banknotes currently). All this was to lower the cost of manufacturing and streamline transactions, two more logs for the pyre.  Lower denomination banknotes have already gone the way of the Dodo in Ukraine is the rest of the "dirty" money next?
    Ukraine's newest denomination, put into circulation on Oct, 25 2019.

  22. Fenntucky Mike

    Big Money Make Mistakes?

    By Fenntucky Mike,


    Ukrainian Banknotes
    For me, part of the fun of collecting world notes is trying to find information, sorting though it and then trying to put the pieces together....
    Like most collectors (if you don't have this you should think about getting a copy) I have and use the Standard Catalog of World Paper Money (Modern Issues 1961 - Present), I'm currently working off of the 25th edition. The SCWPM assigns Pick #'s, is THE book for PMG (their go to for modern world notes) and where PMG gest a lot of the information they print on the labels. Having notes that line up with the SCWPM just makes things so much easier when it comes to getting your notes authenticated/graded. But if you think that there is an issue where a note just doesn't line up with the SCWPM, what do you do?  You have to try and make your case.
    In the SCWPM at the end of the Ukrainian section is a small grouping of notes titled COLLECTOR SERIES, these will have Pick #'s starting with CS. The group is small but it should grow by at least two with the next edition, it currently consists of CS1(1 Hryvnia) and CS2 (100 Karbovantsiv). The CS2 is a no brainer, a commemorative note issued to commemorate the 100th anniversary of the 1917 - 1921 Ukrainian revolution, it has a depiction of Pick # 1b on it and PMG has already graded several examples, done deal. 

    My question is with the first note listed, CS1. The SCWPM description is as follows "1Hryvnia, #103 and 2 Karbovantsiv 1996 Independence coins in a folder". The only problem is that I have never seen a set similar to what they are describing, not that I'm the be all end all on Ukrainian notes but I'm pretty familiar with them and I have not come across a set that fits the description given, either on line or in other references. What I have seen and do have is a 1996 set to commemorate the 5th anniversary of Ukraine's Independence, which consists of a P #108 and a KM #33 in a commemorative folder. See below.



    This commemorative set was released in 1996 and there are two variants, one containing the P #108 and the other a P #100 in the exact same folder with the same coin (KM #33). This set is listed in at least three other references and/or catalogs. So, is the SCWPM wrong or is there a commemorative set out there that fits their description? Let's take a look at the SCWPMs description, and the phrase "2 Karbovantsiv 1996 Independence coins". The word "Karbovantsiv" used in the sentence is plural and is used to describe five or more karbovanets (singular), with karbovantsi being used for 2-4 karbovanets. So the use of "Karbovantsiv" with the number "2"  is not correct, "Karbovantsi" should have been used with a 2. Was this a typo or omission? Possibly, but I believe it more likely that either they were given bad information, or they missed the word "мільйони" (million/s). located on the reverse below the number 2 and above the word "КАРБОВАНЦІВ" (karbovantsiv). In any event the denomination listed for the coin in the SCWPM appears to be wrong no matter how you slice it. Next let's look at the P #103 that the SCWPM lists as being included with this commemorative set. While both would have been circulating and it is entirely possible that the P #103 was used I find it more plausible that the P #108 was the note used. The second issue P #108, 1 Hryvnia, was the first note printed of the new monetary unit, Hryvnia, at the Banknote Printing and Minting Works in Ukraine and what better way to show your independence by using a note of the newly adopted Hryvnia printed in Ukraine at the BPMW of the NBU. Other issues with the thought of using the P #103 is that the NBU was unhappy with the first series notes due to counterfeiting and the P #103 is physically larger than the P #108, meaning it would be less likely to fit in the holder (I'll get more in depth on that later). With the above mentioned, along with the physical evidence of there being a set containing a P #108 and all other references going against the SCWPM description, I can't help but believe the SCWPM is incorrect with their description. 

    If a tree falls in the forest does it make a sound? If the SCWPM is incorrect how do you change it? First of all I'm not really sure that this note deserves it's own Pick # (P #CS1), I find that a little absurd. It's a P #108 in a commemorative folder, does that really deserve a dedicated Pick #, the only way that I could even come close to justifying a dedicated Pick # for this note would be if the serial number prefix was unique to the commemorative set, I don't believe this to be the case. Regardless, let's say I did want to send this note to PMG to have it graded (assuming that they would even entertain that notion), how do I get them to recognize the note as a P #CS1?  Well the best I can do is layout my case mentioned above along with a list of other references and images of the actual commemorative set, keep my fingers crossed and hope for the best. I've found it extremely difficult to convince PMG/NGC to go against the SCWPM or the SCWC (Standard Catalog of World Coins), in fact I've never been able to do it. Those books are their bibles when it comes to world coins/notes and rightfully so. Further more what about the variety containing the P #100? How does that play into this? Does another Pick # need to be assigned to it? The other option would be to contact the SCWPM and see if they will update the information on this set. They seem pretty open about accepting new info, they even say as much in the book. Only problem is that Krause Publications was sold off with the Standard Catalogs being sold off to Penguin Publishing. Is the SCWPM still a functioning wing of PP, was it shut down, will another edition ever be printed? I think this might be the route I take, reach out to the SCWPM and see if I can get the information updated. I guess my perfect scenario would be an updated description in the SCWPM, new Picks (CS1a and CS1b) and PMG agrees to grade the note as long as it is submitted in OGP. I'm still not sure I'll even bother with it, if I wanted to see one thing done it would be to update the SCWPM. We'll see....we all make mistakes. 
      From the SCWPM 
    Let's talk about the set its self, specifically the version containing the P #108. I feel that there is a strong possibility that the P #108 was a late addition to the set (or they goofed on the holder for the note), I believe it was originally intended to contain the P #100. If you were to closely examine the images you would notice that the left and right margins of the P #108 look very uneven, specifically the left margin (when viewing the front of the note) looks like it is short or cut off, there is a reason for that. The opening that the note is contained in is smaller than the note. The holder is approximately 130 x 67 while the note measures 133 x 66, meaning that the note is 3mm longer than the holder, as a result the note was placed over the opening and "folded" into the holder using the insert half of the holder its self. Conversely, the P #100 measuring in at comfortable 125 x 56 fits in the holder perfectly (left to right anyway). The size of the holder makes it very unlikely that the P #103 (which the SCWP includes in the commemorative set), was ever intended to be used in the commemorative set due to its size (135 x 70). If you were to be looking at acquiring a P #108 from this commemorative set be sure to verify that the left side of the front has a 3mm fold in it.
                                      Note not centered (view of the back of the note)                                                        Fold evident, fold to the back of the note                                                  Second view of fold from back

    Here's the KM #33 included with the set

  23. Fenntucky Mike
    Turn over at the executive/legislative level always seems to be high, whether due to term limits, scandal or forced retirement and the NBU is no exception. On July 16, 2020 the Verkhovna Rada of Ukraine confirmed Kyrylo Shevchenko's appointment as Governor of the National Bank of Ukraine, replacing Yakiv Smoliy.  The process is much the same as it is here in the States, the President taps someone on the shoulder, they are grilled before a committee and then a vote to confirm. The previous Governor of the NBU was an old regime appointee and, according to him, was forced to resign. Since the establishment of an Independent Ukrainian government in 1991 there have been 12 sitting Governors averaging a whopping 2.5 years per term. Although, the average term length for the U.S. Secretary of the Treasury is only slightly longer at 2.9 years but it has been more stable in recent decades. At any rate the appointment of a new Governor means the same thing to Ukrainian note collectors as a new Secretary of the Treasury means to U.S. note collectors.... A new signature.

    With a new signature comes a new Pick # (TBD) and another note to collect! Although the change happened last summer I had not been expecting a new note right away, especially with the final new series note just being released earlier in the year (2019, 200 Hryven was released in February 2020) and several being released at the tail end of 2019. Ukrainians were sitting on a nice pile of newly designed/freshly printed notes, then COVID hits and cash usage plummets, to be honest I'm slightly surprised that a new run of notes is being printed so soon considering the circumstances. At any rate, I'll take it. Drum roll please, the first note issued with the new signature of the current sitting Governor is, the 500 Hryven note! This makes sense since it was a high denomination, with a low number printed and was one of the first notes released, (February of 2019, dated 2018) along with the 20 Hryven note. So far I have only seen the new notes with prefix EA, the NBU BPMW (Banknote Printing and Minting Works) is not as transparent as the BEP, so it is tough to come up with run/block numbers and totals printed.


    While we're on the subject of a new signature/notes and also Pick #'s, the # for this note has yet to be determined and although I'm calling this a new series note but the design has been used since 2015, starting with Pick # 127a. The previous series (2006 - 2015) 500 Hryven notes were Pick #'s 124a - d, with the last printing in early 2015 prior to Pick # 127a being printed and released later that year.
    Pick #124d, the last note of that series. Ended early 2015.

    Pick # 127a, the first note of the new series. Began late 2015.

    In 2018 the same series note was printed with a new signature. At the time I acquired this note the Pick # was Unlisted and to the best of my knowledge is still Unlisted 3 years later.

    Which means we'll have a second note of this series/denomination with an unlisted Pick #. If I was to use common sense, I would guess that the 2018 note would eventually become #127b and the 2021 note #127c but some of the new Pick #'s being assigned to the new series notes have been kind of screwy and the registry slots aren't making sense to me yet with separate slots available, in the 1917 - Date Issued Notes Complete set, for the Pick #127a and the UNL (2018) 500 Hryven note. This is most likely due to the delays with Pick #'s, so I'm just going to wait it out for now until they are assigned for the two newest notes of this series. I feel like I've walked a thousand miles for this note,  havering the whole way.
  24. Fenntucky Mike
    In addition to foreign banknotes I also collect Obsolete and NBN's from the State of Michigan and I recently picked up this beauty.

    It's not in the best shape but the price was right and the $3 notes are always hard to find because of the "nonstandard" denomination (the $3's are the most popular because of this and harder to find). It's not a real attractive note in regards to the design, a simple geometric design wreathed in a stylized floral design was used for the left and right dies, then a depiction of an eagle for the center image. The eagle is not well depicted, with an overly large body in relation to the wings and to put it politely is "ratty' looking. Especially when compared to a similarly depicted eagle on say a 1918 FRN.

    These "Wildcat" Banks began popping up in 1837 (Michigan was admitted to the Union on March 15, 1837) shortly after the first Michigan State Legislature session ended (March 22nd).  During the first session the General "Banking Law" was passed and went into effect on March 15, this law authorized any 12 persons to make an application to the treasurer of the State for a bank. The capital stock had to be at least $50k and not more than $300k and 30% of this capital had to be in specie by the time of commencing operations. But due to economic hardship, over-trading and mismanagement a large amount of debt, nationally, was accrued, as a result the specie would not meet the outstanding debt. Reacting to this, eastern banks got their states to suspend specie payments this caused a drain of specie out of the State of Michigan so on June 22, 1837 specie was suspended by the Michigan banks enabled by an act of the Michigan legislature. The suspension of specie payments meant that unscrupulous individuals could open a bank/s without having to redeem the bank notes until May 16, 1838 when specie payments were to resume. The state legislature sought to curb this by appointing three bank commissioners instead of just one and have them examine the books and specie of said banks. The examiners found that instead of actual gold and silver, specie certificates were being used and were given by bank officers as a receipt of specie being held on deposit. Also "borrowed" specie was often used and then returned by a fast courier. One such instance of borrowed specie involved another Allegan County wildcat bank, a local Native American was transporting the needed specie, to present to an examiner, from one bank to another but the canoe he was traveling in capsized and the specie fell to the bottom of the Kalamazoo River (another story for another Journal entry). The Bank of Allegan (Organized Dec 30, 1837 - closed 1839) was one of many banks that began operation during this time, it was formed using "borrowed" specie. The opening and closing of this bank falls nicely into the "wildcat" timeline, around $100k was "poofed" when the bank closed.
  25. Fenntucky Mike
    A  Feature Photo/album/album cover art work to get everyone in the Holiday mood. 
    I was scouring the world for Ukrainian banknotes the other day and one auction, at a major overseas auction house located in Prague, had 39 PCGS graded Ukrainian banknotes!  I've come across PCGS graded Ukrainian banknotes many times, so it's not like it's unusual to see them but typically PMG graded notes out number PCGS graded notes BY A LOT!  A quick search of ebay lists 217 PMG graded notes and 21 PCGS graded notes, a roughly 10:1 difference, and this spread is typical of what I normally see on a daily basis. That's why a listing of 39 PCGS graded notes is shocking to me! The group of notes is IMPRESSIVE, with five Karbowanez issues, several specimens and error notes, the error notes are worth the time just to look at. Here are a few of the more dramatic ones.





    The fold errors are cool but those inverted overprints are AMAZING!  I've a few error notes, including a fold error, but man those overprints are fantastic. I'm super jealous right now, one day though. 
    The PCGS holders look good and have more information on the labels compared to identical notes graded by PMG. I'm not planning on switching to PCGS graded notes, HELL NO, but I do have a couple that I'm planning on crossing to PMG and the new PCGS holders are an improvement over the old ones. In addition to the 39 notes I have also been seeing a ton of PCGS graded Ukrainian coins, more now than in the last five years combined, right now on ebay there are 116 Ukrainian coins  graded by NGC and 63 PCGS graded coins. A much closer spread than the banknotes. 
    The graded notes and coins have me wondering, how big of a play (if at all) is PCGS trying to make in the world market and the banknote market in general, PMG currently has a strangle hold on graded notes in general and NGC is the king of the hill in the world/ancient coin markets.  Did this auction house submit these and do they have an exclusive deal with PCGS in regards to who they send coins and notes to for grading or were these from a collection and consigned to auction by a collector? I don't know, but it's interesting to see the increase in PCGS graded items in my collecting areas and hopefully it will mean more items get shook loose and hit the auction blocks. A bunch of PCGS graded notes is actually a blessing in disguise as they typically bring less at auction than their PMG counterparts, and the Karbowanez probably will sell for below typical pricing, but the specimen and error notes will be an exception, as the holder they are in should not affect the pricing. I expect these to realize pretty good prices. Especially those overprints. 
    Happy Halloween!