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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike

    Where have all the (Ukrainian banknotes) gone.?

    By Fenntucky Mike,


    Ukrainian Banknotes
    Where'd they go? Oooh I know, in Bonezdog registry set! JK 
    But seriously this is a good problem to have. I keep an eye on the population reports and Ukrainian banknotes have been making big strides. While the pace has slowed in recent weeks I fully expect a large increase in the near future, an expectation such as that wouldn't exist without multiple collectors out there acquiring these graded notes, it's a simple matter of supply and demand. With out the demand it would be just me sending in only the notes I needed or deemed worthy for grading and greedily hiding them away in my collection/s. Having multiple dedicated collectors looking for notes really helps to shake them loose from collections and sellers. Not just common notes but also higher quality notes and harder to find notes. In the last month I've watched two P #50's go up for auction, a note that is not often seen, multiple specimens became available along with unissued notes and quite a few of the early Pick #'s have started popping up. All good things. As far as my roll in this I hope to convince PMG to add some short sets to the Ukrainian registry, right now they only have two short sets along with two large sets comprising over 100 notes. A 100+ note set is a daunting task to take on, and typically contains a few unattainable notes for the average collector. I feel if a few short sets could be added (specifically for the modern Hryven issues) that would draw in even more collectors. Hopefully, if more collectors gravitate towards Ukrainian banknotes even more great notes will become available, I have a feeling they will. So Bonezdog, Perfect-70 and all you other Ukrainian banknote collectors out there, bring it on! I love seeing new collectors and especially passionate ones and you can bet your last dollar that I will be there when the last Ukrainian note is gone.
    Here's some of my latest additions, I got a really good offer/deal from one of the sellers of some of these. An offer I couldn't refuse. I'm sure glad nobody else seems to be going after the earlier notes or specimens, more for me. 





  2. Fenntucky Mike
    It's been a while since I've last talked about the hammer prices of Ukrainian banknotes, and coins for that matter, both continue to command strong prices at auction. This is due to many factors no doubt, such as inflation, individuals still high on the hog with Covid money or generating additional income due to Covid, the war in Ukraine generating interest and sympathy, along with a collector base/demand in general that has been slowly growing, even prior to any of the previous factors already mentioned. As a result of all of this some fantastic notes have come out of hiding along with some collections going up for auction, and now is a fantastic time to see, bid on and sell Ukrainian banknotes. That being said, I've continued to take a beating at auctions but have also come away with some wins. 
    Losers: 
    A nice 25 Karbovantsiv (37a) without serial number or prefix that went for fifty plus. I was outbid by $1 on that one. 

    A 25 Karbovantsiv (P2a), I went with a $150 snipe bid but got beat. 

    I lowballed on this one ($250), and no surprise it went for close to double my bid. Another P# B126b PMG 70 went for very near the same price prior to this one.

    Threw a lowball on this on as well, again it went for more than double my bid of $2,300. A beauty, and EPQ too boot! I thought hard about being more aggressive with my bidding on this one but decided to go a different direction. Whoever got this note did well, this note is better looking than the PMG 64 notes I've seen, and EPQ to boot. 

    This one shocked me, I seriously considered selling my collection for about 30 seconds when I saw this result. Over $250 per, with the juice. 

    2021, 1000 Hryven PMG 68, went for just shy of two hundo. 

    I could continue with many more examples of Ukrainian notes pulling strong prices but time for the wins. 
    Winners:
    I did end up winning a P2a later. It went for more than the fist but stayed under $200 and is in much better condition. 

    Instead of the P37a without serial number I won a P 37a with serial number, an uncirculated note and a beauty! Around $150.

    Instead of being more aggressive with the P 50 (2 Karbowanez) I decided to go for a P4 and a P5 ,uniface front, specimen and won both lots. There was very strong bidding for both lots, the total was north of 500 euros, combined, even with the back specimen not being auctioned.


    Finally, I was able to pick up a 2015, 500 Hryven P# 127as. There were two specimens produced for this issue, one with SPECIMEN in English a second with SPECIMEN (ЗРАЗОК) in Ukrainian. The English version is the much tougher of the two to find, last one I saw was in 2019. The seller was asking moon money and it sat for a few weeks, I made an offer for significantly less and they accepted. Should have gone lower.  Even though my offer was accepted, I was still on the high side of what this note is probably worth but when you only see a note every 4 years or so you have to make a decision. Just over $300.

    How's everyone else doing at auction? Are prices still rising or have they plateaued? 
  3. Fenntucky Mike

    You're the best! Around! (70 EPQ)

    By Fenntucky Mike,


    Ukrainian Banknotes
    I wasn't planning on a Journal entry today but what the heck, I saw something that just got the juices flowing, mostly jealousy. While wrapping up my morning browsing of eBay I enter my final search "Zimbabwe PMG". Sort, "Time Newly Listed", check. Scroll, scroll, scroll,wait what! Back, back, back, ooooooh! A PMG 2019, 70* EPQ Zimbabwe $2 banknote, sweet. I hadn't seen or noticed this note earlier in the week, as it looks like it was posted several days ago, with a little over a day left in the bidding. It's listed by a seller I've purchased from before in fact this is the seller I purchased my Zimbabwe $10 note from, another listing that seemed to pop out of nowhere as I didn't see that listing until the day it was ending. Seems that I have a propensity for passing by this sellers listings, anyway. This "70" comes on the heels of a PMG 2019, 70* EPQ Zimbabwe $5 banknote that sold a few weeks back for $1,026.02. As I write this, the available "70" $2 note has a starting bid of 399.99 with no current bids. 
    (Damn it, I just did an advanced search and the current listing is the second PMG 2019, 70* EPQ Zimbabwe $2 banknote this seller listed, the first listing ended a few weeks ago with 1 bid and final price of $399.99, a steel compared to the $5 "70".)
    These "70" notes got me thinking, first that someone will or could have a chance at a real sweet "70" set, how much will this one go for, how often does a ""70" happen, better document this and wish I had a "70". In that order. The chance at a perfect "70" modern set (short set), that would be quite an accomplishment (and expense) if someone could do that. The cost of a "70" note is typically astronomical, the hammer price on the $5 note blew me away, comparatively speaking, $400 for the $2 note doesn't sound so bad. This (low hammer price, along with me consistently overlooking them) makes me think this seller is doing something wrong or eBay is screwing them, In my mind there should not be a $600 difference between the two ($5 & $2). A "70" for a modern banknote is not like having a "70" modern coin, a banknote in that grade is WAY more difficult to find, for example as I look at the PMG population report for Zimbabwe there are currently 2 listed out of 13,242 total notes graded, going back to 1980. The unlisted Picks, which include the 2019 issues, are not currently listed in the population reports (a RANT for another journal entry). In series that I collect, I like to catalog the higher grade notes that I do not own (I extensively catalog the notes in my collection), this helps me keep track of them in case I win the lottery in the future and it gives me a standard to hold my own notes to. I'll save images and sell prices for these notes and compare them to my own, this helps give me an idea of value and gives me a "70" example to compare ungraded and lesser graded notes to, theoretically honing my grading skills. Finally.... Man, I wish I had a "70" (stomping feet and crossing arms)! Nothing like having a supposedly "perfect" note (I have none), maybe someday but not this note, even though I feel there is value here if some entrepreneurial minded person wanted to invest and flip it at a later date. To whomever ends up with this note, it's a beauty and you'll have "The best! Around!". Going to watch "The Karate Kid" now, (original version)
    My highest graded note/s is/are a 68 EPQ, here is one of them. 

    P.S.
    A 2020 PMG 68 EPQ Zimbabwe $20 banknote has been proving elusive so far, they don't seem to be grading very well.Just going to have to wait it out. 
  4. Fenntucky Mike
    I spent the last 3 weeks scanning all of my banknotes and updating the images in my registry sets along with reorganizing my database where I have them all cataloged. Whew! The pictures I had taken early on had always bugged me, not taken straight on, dark and just blah. While using scanned images has limitations, especially on the modern notes with their moire patterns, grids and other anticounterfeiting printing techniques that are there to deter scanning. That said I didn't let the presence of these modern features stop me, even if they can/will make scanned images seem mushy with lack of detail and clean sharp lines sometimes, on older notes this is much less of an issue. At any rate it was the lesser of two evils for me, as my photography skills and equipment are pretty much nonexistent at this time. In the end I feel a high quality image with proper lighting, equipment and technique taken from straight on would net the absolute best results. But, new photography equipment and the time needed to learn is not anywhere in my near future, so I'll happily use scanned images for now. As far as the time and effort to scan everything???? Was so damn worth it!
    Here's some before and after.
    Terrible angle. Trash.

    Dark and out of focus. Weak! 

    Dingy looking and the note crooked in the holder. Why?                                   You can see how the anti-scanning features make the modern notes look mushy sometimes.

    What the hell? Why is this one pink? Pathetic. 

     
    Well, two thing's are obvious now that I'm actually looking at these side by side. One, I put almost zero time and effort into taking pictures and two, yes, scanning all my notes was well worth the time.
  5. Fenntucky Mike
    ...as I'm bowing out of these auctions. 
    Timing was never something that seemed to worked in my favor, neither was luck, but with both being somewhat out of my control I can only sit back and watch as more amazing notes hit the auction block.  Namely, three color trials and a printer's design being auctioned by the same seller who listed the 42 specimens only a few weeks ago. I suppose having a severe case of not wanting to let go, a set discretionary budget, and an acute lack of patience probably doesn't help my cause either. 
    First is a 1993, 2000 Karbovantsiv color trial note. This is the fourth such note that this seller has listed, the first three being graded 67EPQ x 2 and another 66EPQ by PMG. The 67s went for $600, not including taxes and shipping, and an offer was accepted on a $999 BIN price for the second. The previous 66EPQ was listed with a BIN price of $999, with an offer being accepted for the note earlier this year. Bidding on the below note is currently over $500. Hopefully this seller has a few more up their sleeve and I'll be in a position to bid on them.
    EDIT TO ADD: HAMMERED AT $720


    Next is a 1992, 100 Karbovantsiv color trial note. I don't have any records of this note, or another, being auctioned, making this note a first time offering of the type. Bidding is currently up to $505 on this note as well, but it should go much higher. 
    EDIT TO ADD: HAMMERED AT $710


    Also, we have what I believe to be another color trial but it is labeled as a P#88s. A #88s is a 100 Karbovantsiv specimen of the second series coupons with red-overprint "ЗРАЗОК" on the face and back with solid zero prefix and serial number, the color palate is orange, violet and grey, the note below appears to be a first and second printing red ink color trial. The color trial notes are typically identified by the color variations when compared to specimens or an issued note. The color trial notes of this denomination will also have a solid zero prefix and serial number, same as a normal specimen note, and no red-overprint "ЗРАЗОК" on the face and back. There are additional color trial notes with "SPECIMEN" in block letters stamped vertically in red on the left side of the face, these are very rare. Unfortunately for me the label isn't fooling anyone as bidding has reached $510 for this note. 
    EDIT TO ADD: HAMMERED AT $700


    Finally, a 1992, 50 Karbovantsiv printer's design. I love this note! I also have no record of this note, or any other, being made available. Currently unlisted in Pick, the seller must not have paid for variety attribution , it is listed in at least one other reference but not most, and none list this color. This note is great, an unreleased denomination for this issue, an unlisted color variety with printer's annotations, and the first time it's been available for purchase. This is possibly a unique note.  Of course, the seller may list several other after this note is sold, who knows.  Bidding is currently at $500 and should climb from there.
    EDIT TO ADD: HAMMERED AT $710
     

    It's difficult to say how rare some of these color trials and printer's design notes are, especially as it seems PMG does not list these notes, P#'s, separately and possibly lumps them all together under the series and denomination specimen P#, making the Pop Report even more worthless than it already is.  The one thing I do know is that there is a LOT of unique paper out there, especially for the coupons of '91-95.
    It's the eternal question of do you dig deep and go for these or establish a limit? Well, I've hit my limit and am going to have to let these pass, no matter how much I would like to keep going, at least I'm able to document them in my records and have decent images as well. I'm currently saving and selling off some coins in hopes of acquiring a U.S. NBN of all things.  It's doubtful that I will win that note either but I'm going to give it a try, I already have my limit established, and if I don't win that note I will be left with a sizeable stash of mad money for the next note. As there always seems to be another note on the horizon. 
     
  6. 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! 
  7. Fenntucky Mike
    With gold continuing its ascent towards $1,800 I had pumped the breaks on any new gold purchases about six months ago, and came to a dead stop in late March. Having just sent in, what will likely be my last submission of gold coins for awhile I was thinking I should take this opportunity to focus more on my banknote collection/collecting goals. Now appears to be an opportune time for me, with an influx of modern Ukrainian banknotes (my current focus) hitting the market at relatively low prices, or at least at what I would consider a low cost for already graded notes ($30-$40). I'm also going to take this moment to go through my raw notes and purchase a few more, then put together my first submission to PMG, which I have been putting off due to my inexperience in judging the quality of a banknote. I think I've read, studied and observed enough graded notes to feel somewhat confident in my own grading skills. I should have a submission of around 12 notes ready to go by August, we'll see. Need to start working on some descriptions for the notes I already have, but that seams more like a winter endeavor. PMG World banknotes in high grades just seem to be plentiful right now and at reasonable prices, especially when compared to gold, or even a graded world silver bullion coin from one of the many popular series.
     
    As I approach the mid way point of my Ukrainian sets I start to wonder what's next? I have a couple of Zimbabwe notes and I'll probably stay current on the new series that is currently being released (I have the $2 & $5 notes) and I really like the first series of Zimbabwe notes, P1 -12. As another member has already written, the first series notes have recently been readily available and in high grades. I've been keeping my eye on the first series notes but just haven't been able to pull the trigger on them, mainly because Ukrainian notes have been popping up like deer in my garden. I'm really looking for a country, state, province, etc. whose complete set of notes comprises 50 Pick #'s or less. I was considering Transnistria after a short article I read in Coin World about their latest commemorative note and was also considering Moldova, both of which lie in the former eastern bloc and border Ukraine. I think I'll just pickpocket a Zimbabwe note here or there (the new $10 & $20) while I'm trying to make up my mind over the next few months. Suggestions welcome.
    Some of my latest acquisitions.
     


  8. Fenntucky Mike
    Last night was a busy time for Ukrainian banknote auctions, there were eleven ending within roughly a hour of each other, from one seller. There were three lots I was focusing on in particular and the other 7 were lower on the wish list. I wasn't going to be online as the auctions were ending so I placed heavier then normal bids on the three I was really hoping to win and low ball bids on the rest of the lots. In addition to the Ukrainian notes there were also two Zimbabwe notes from the latest series, a $5 and $10, so while in a bidding frame of mind I threw a couple of low ball bids on those as well, not expecting to win. Why not, right? Well, after awakening from a sound slumber I turn on the old computer and start scrolling through emails, You Won!, You Won!, You Won! was peppered throughout several emails, uh oh better go check on the damage.  As it turns out I took seven of the eleven Ukrainian notes and one of the Zimbabwe, the $10. Yes! It's always a bit of a shock when you win things you are not expecting to, a little bit of sticker shock. So you sometimes have the Thrill of Victory and the Agony of Paying, more so I feel when you are not live bidding.  At any rate I'm thrilled to have gotten the notes that I did and it really wasn't that costly, in fact I would say that 6 of the 8 were good to exceptional deals and two I over paid. The only reason I have a little angst is because I'll be paying for this out of my "Mad Money" Pay Pal account, an account I keep for the buying and selling of coins or notes. As of last night, I did have enough to purchase the 2011 50 Hryven Commemorative banknote that I had mentioned in a previous journal entry, a note that is going to be tougher to get as time goes on, but with last nights victories I'm going to have to wait on that for a few more weeks until I sell some more items. Well enough musing and onto the results.
    The first lot was this pair of 2,000,000 Karbovantsiv (Pick# 91Br) consecutive banknotes (remainders), one with a fancy serial number, "Descending Pairs". I didn't know that PMG recognized descending pairs, anyway. These notes are not hard to find as remainders in good condition, in fact you can usually pick them up for a $1 a piece or less in bulk. I know, I already have several that I was sorting through to send in for my first submission. But to save me the trouble of submitting two on my own, plus one had a fancy serial # designation and because I wasn't going to be available to make a snipe bid at the last second, I put a larger bid on them. A bid that I think was more than they were worth. Here they are, pictures are from the seller.

    The next note I put a strong bid on, was again a 2,000,000 Karbovantisv note (Pick# 91B) but this one is signed and stamped, a valid note. These are much harder to come by in UNC condition and can range from $20 - $40+ (ungraded), depending on the stamp and signature. Again, for the reasons mentioned above I put a large bid on it and probably overpaid, maybe not as bad as the first notes.

    The third note I was really gunning for was a 2005 100Hryven (Pick#122a) these, while not necessarily difficult to find are not "plentiful". An example is probably going to run you around $15 (ungraded) from a source overseas (that includes the shipping), if you can get one at that price it's a good deal and hope that the condition is good. Again not wanting the hassle of trying to collect multiple raw notes and submitting, along with a respectable grade on this one, I put a high bid on this note as well. I don't feel I overpaid to severely on this one, although it was a little higher than I expected.

    The above notes are the first examples of such for my collection, so I was specifically keen on acquiring them. The other four Ukrainian notes are varieties of existing Picks and I was able to pick each of those up for less than the cost of grading (on average), so I'm very pleased with all of those. 
    Now we come to the surprise of the night, a Zimbabwe 2020 $10 PMG 68 EPQ new series note (Pick Unlisted). I threw down a low ball bid on this one, what I thought was a real stinker of a bid and had zero chance of winning. Well, I won. I was as shocked at winning this note as I was at seeing the price realized on a Zimbabwe $5 PMG 70 EPQ new series note ($1,026.02). At under $25 (including tax and shipping), I'll take that every time.

    P.S.
    In my first journal entry I was hemming an hawing about the next set of notes to collect, Well let's end the suspense, (not that there was much) and make it official. I am now collecting new series Zimbabwe Dollars. I would like to get the complete series to date in 68 but we'll see how it goes. Currently only comprising of four denominations, it's not much of a commitment but it is as involved as I want to be at the moment on another set. 
  9. Fenntucky Mike
    After a 2-3 month stint stretching through the dog-days of summer/numismatics and a tumbling Euro, English Pound, and virtually every other currency, against the USD, there were several auctions being held across the globe in recent weeks with heaps of top notch world notes in them. Most have now come to fruition and with mixed results for me. In the world of Ukrainian banknotes top notch notes, the rarest of the rare, including rare varieties, are still commanding strong prices (surprisingly), having stared inflation, a shrinking economy and global currencies falling against the Dollar, squarely in the face and shrugging them off. Condition rarities also did well but were not as strong when compared to rarer notes and auction location, U.S. or World, did not seem to matter although the selection of notes in auctions held worldwide was much better, which is to be expected. 
    Let's start off, shall we. 
    This 1 Karbowanez note graded PMG 66 sold for a little over $300! Winner me!  Somewhat rare to find these in that condition, currently there is only one graded higher at 67, it was an upgrade for me and the first auction win I've had in quite some time. The price was strong, and I went over what I was hoping to spend but... 


    An uber rare 200 Karbowanez specimen was auctioned off a few days later, it had a starting price of $350 with an estimate of between $800-1000. This note is right up my alley and having been saving all my pennies for a while now I took a stab at it but had to sheepishly bow out at $1,300 and then sat back and watched this note skyrocket to a final price of $3,840 with BP. All internet bids on this one. An awesome, awesome note for someone. 


    Next up we have a 500 Karbowanez note, PMG 64 EPQ, that would complete my set of issued Karbowanez notes quite nicely. I've been waiting a long while to pick one of these up, years, and the prices haven't been softening. Recent auction sales have consisted of a PMG 64 EPQ, sold at HA this year for $564, a PMG 66 EPQ went for $750 at HA in 2021, a PMG 63 (no EPQ) sold for $264 at HA in 2020, another PMG 64 (no EPQ) went for $456 at SB in 2021 and a couple different PMG 55 (no EPQ) notes went for €516 and €298 respectively in 2021 & 2022. The paper is a little dark on this one but it's uniform with a small smudge in the upper left margin, but all in all a nice note and since I've been tired of getting stepped on lately, I went full throttle on this and took it for just over €600. Ouch! This was just under my max bid by a few dollars, but it completes my 1942 set of issued notes! I finally finished a set! Now I just need to save up for a 2 Karbowanez (P50) note, good luck with that. 


    There was also a 500 Karbowanez, PMG 66 EPQ, Top Pop 1/0, note that was for sale in a separate auction held in The Netherlands but the note looked questionable for the grade and the auction house noted "inconsistencies" with the holder, it looks like the holder was damaged somehow and the note with it. There is some darkening in the upper margin and lower corner, and what looks like a crease on the right face margin, back left. No thanks, I'll pass. That note sold for €350.


    Next up for me a 1918, 1000 Hryven banknote in a PMG 58 EPQ holder. Fifty eight is one of those grades where a note can be undervalued or under-graded and there is sometimes good value in AU notes.  It's a good looking note with slightly rounded corners and not so great centering. Ok, probably not an under graded note here but a decent enough hole filler so I threw a bid down on this note and took it for just over €200. Nice! There was a 64 EPQ that sold for the same price a few months ago that I missed out on but I'll take this as a consolation prize. I didn't have a good feel for what the market price was on graded examples of this note as I watched the 64 EPQ sell, I obviously felt it was high at the time, since graded examples rarely come up for sale, but as it turns out I should have jumped on the 64 EPQ when I had the change but...   No regrets though, as this note is an excellent example on its own. 


    Next up we have a 1918, 1000 Karbovantsiv note, raw, with GREAT ink, you seldom see these with the ink as vibrant as it is on this note, I have never viewed a note of this type with the blue ink so intact.  Typically, the blue background has faded to a light grey, brown, or a barely distinguishable light blue, and to see one with such original ink is amazing! It really makes the floral patterns, rays and background designs pop with the added contrast between the blue and brown color schemes!  It's great to see a 100+ year old note as it would have appeared straight off the presses. The note is in AU condition with some staining in a lower corner, slightly rounded corners and a faint corner fold. I ended up taking this note for €114 , this was a very strong price for the note in the condition it is in. I'd typically expect this note to sell in the €60 range, but the fabulous ink/color drove the price up. I think. 


    Moving right along, we come to a 1918, 25 Karbovantsiv note, it was in Fine condition with several folds, a few tears, etc.. I took a flier on it at €60 but it ended up going for €114, again, a strong price for a note in this condition. 


    For the next two notes my butt was firmly planted on the sideline, as they were the uber rare (or so it is believed, although I have documented over 20 individual notes so far ) and highly coveted unissued 2 Karbowanez banknotes, one raw and one graded PMG 53. The PMG graded note was the better looking of the two, even though it had been previously passed on at The New York Sale back on 1/13/2021, held by Ira & Larry Goldberg Auctioneers, it was raw at that time, but I digress. In the end the raw note sold for €3720 and bidding for the PMG graded note is up to $900 (includes BP) with 12 days to go until close. This is the THIRD 2 Karbowanez banknote, the PMG 53, to be sold by HA this year. UPDATE: the PMG note sold for $2040 at HA on 10/20/2022.




    There were also several additional Ukrainian specimens that drew strong prices, a 1918, 2 Hryven specimen in excellent condition sold for €2881. I graciously bowed out at €1000.


    A front and back pair, set, of 1000 Karbovantsiv uniface specimens which went for. €3910, with me, again, making a speedy exit from the bidding. This is an amazingly strong price as a similar specimen set, graded PMG 50 (face) & 55 (back), sold in January of this year for $2592. The condition of both specimen sets was similar with the PMG graded notes having been previously mounted but the ungraded notes having a center fold. 


    Finally, a front and back pair, set, of 500 Hryven uniface specimens which went for €3841. Woah! I was a surprised this lot climbed to that level, especially with both notes having been previously mounted and folded in the center.


    Ok, a few more since I'm having great luck with getting a bunch of images into this post!  A couple of 1000 Karbovantsiv notes of 1917, in two separate auctions both P# 1b, one in a PMG 64 EPQ holder and the other a raw AU note with a small tear in the margin. The PMG 64 EPQ note went for €775 and the raw AU €506. A PMG 65 EPQ example sold for $1,380 back in July of this year.


    Raw Pick # 1b.


    As mentioned, rare varieties did extremely well with several pulling in four figure prices, here a few highlights.
    A 1918, 10 Hryven prefix В variety sold for €1741.


    A 1918, 2 Hryven prefix Г variety sold for €2820.


    The 1918-21, 1000 Karbovantsiv prefix AЖ with wavy lines of varnish variety realized a sound €457.


    All in all a busy few weeks for Ukrainian banknotes, with many amazing notes finding new homes and some lucky new owners. All the Ukrainian notes pulled strong prices and there were NO deals to be had, anywhere, in any of the half dozen or so auctions comprising around 200+ lots of Ukrainian notes. My hope of acquiring a few notes at reduced prices from some of these auctions because of a strong Dollar and slowing economy was completely crushed.  I wonder how many bidders were based in the U.S. vs World locations and how many were dealers? I'll post more of my winnings from these auctions in the "Post Your Latest Addition" thread on the Chat Boards as they arrive. 
  10. Fenntucky Mike
    Recently, I've been burning up some spare funds I acquired through sales of some duplicates in my coin collections. I've been busy using some of these newly rediscovered monies to focus on gathering up several Ukrainian banknotes for my sets. I have been hitting the banknotes really hard the last two weeks due to several factors eluded to in a previous journal entry (over $1,800 an ounce on 7/8/2020).  It just so happened that several notes popped up for sale that were either perfect matches for empty slots or upgrades in my sets. Funny how when you have some extra "mad" money you find the perfect thing to spend it on fairly quickly, hmmmm. Needless to say I bid on all of the notes and won most of them (not a lot of competition for Ukrainian notes). At the time I saw the notes and even more so now, I can't help but have a feeling of being spied on. That the seller looked at my registry set, looked in his inventory and sent some notes in for grading, Bing. Bang. Boom. Notes for me and a profit for them. Good for them if that's the case, that just seems like good business and paying attention to your market if true. I noticed today when looking at the population report for Ukrainian banknotes that the total graded increased by 15 which might as well be a hundred when talking Ukrainian banknotes. Another bulk submission from this seller? I guess I'll find out, let's go for broke. 
    The latest banknotes to roll in this week, more on the way.

    Man, I need to get going on some descriptions for these notes!
  11. Fenntucky Mike

    I Want Variety In My Society

    By Fenntucky Mike,


    Signatures
    The NBU released into circulation a new 1000 Hryen note dated 2023 with the signature of the current Governor of the NBU Andriy Pyshnyy. The notes were introduced into circulation on July 20th and will circulate with existing notes of the same denomination. This is the third signature-date variety and including the 2021 commemorative the fourth type overall, it will undoubtedly be assigned Pick # A128c. The 1000 Hryven banknote was first issued on October 25, 2019 in a response to a gradually falling Hryvnia and rising inflation. The new 1000 Hryven note would make it easier for business and the general public by requiring fewer low denomination bills for transactions and reduce government costs associated to the production of those lower denomination notes. The release also coincided with the introduction of 1,2,5 & 10 Hryvnia coins and the halting of production of notes of the same denominations, the lower denomination notes are still used in everyday commerce and are slowly being withdrawn as they come into banks and other institutions. 

    The 1000 Hryven banknotes were/are the topic of some discussion in regard to a stolen adobe font being used for some of the text. A topic that has yet to go away, and that the NBU denies. I've written about it previously in my Journal. No changes have been made to the fonts currently in-use on the banknotes.
    A 1000 Hryven note (Pick #24, pictured below) was issued 101 years prior by the fledgling government of a newly formed Ukrainian State in 1918, near the end of WWI and the beginning of the Russian Revolution. In 1918 there was also a 2000 Hryven banknote issued, cold similar large denomination banknotes be in Ukraine’s future? Although the current 1000 Hryven banknote was issued prior to the Russian invasion circumstances now could force the NBU to issue new higher denomination banknotes, mirroring previous history during similar situations. The Hryvnia was equal to .040 dollars when the current 1000 Hryven banknotes were first issued in 2019, it is currently sitting at .027. The NBU has given no indication that larger denominations are in the works, but one can't help but wonder.  

    There were also 3.6% interest 1000 Hryven bonds that circulated as money in 1918 and are considered notes. The central portion with or without coupons attached is considered a note, P# 15, as well as the coupons themselves if cut from the original, P# 20. Bonds with all eight coupons attached are extremely rare.

  12. Fenntucky Mike

    Who Are You! (A Variety?)

    By Fenntucky Mike,


    Shahiv Issues
    Being an avid collector , you first start with types, then the known/standard varieties such as signatures, watermarks, replacements, etc. and when you run out of those you start searching for supplemental material and/or new varieties. That being said, I sat down with my Ukrainian shahiv notes the other day, organizing labeling, studying as one would normally do and while making a determination on whether or not one of my 50 shahiv notes was a contemporary counterfeit and comparing it to a few authentic notes I noticed a difference between two of the authentic notes.  
    The backs of the two notes were different, not significantly so but different none the less. The text " Ходить / нарівні / з дзвінкою / монетою. " ("Walks along with the ringing coin." is what Google came up with, but most likely translates to "Circulates along with metal coins.") is slightly larger on one of the notes, with some of the individual letters having serifs. The Tryzub also varied with one being noticeably larger, with a larger (wider) center prong and slightly larger teardrop opening. My first thoughts ran to one or both of these being a contemporary counterfeit, but both have a quality of design and printing that is on par with authenticated examples, along with the paper looking good as well. For now, I'm going with there are two varieties and I'm going to call Variety A, small text - large Tryzub, and Variety B, Large text - small Tryzub. ST/LT and LT/ST for short. I was very confident that both were authentic but looking for a second opinion I searched for PMG graded examples of each variety. Found them!
    Large Text - Small Tryzub. (1530318-026)

    Small Text - Large Tryzub. (2020786-042)

    Let's dig into the details now shall we. The front of both notes look nearly identical to me and have none of the telltale signs associated with counterfeits of the time. Below are front and back images of each variety, left top and bottom, and side by side images of the front and back of both notes. The ST-LT note was more heavily inked obscuring some of the design elements, I think, if you look very closely you will notice this. It is possible that the two fronts are different but, for now, I think not. The differences on the back are more noticeable and become obvious once noticed. We'll dig further into that next.

    Both notes were scanned together, front and back / side by side, and the scaling has not been changed. I edited out the edges and, again, placed both side by side. The front are again identical, or at least nearly so, but the backs are not. The ST - LT note's back design is taller and narrower than the LT - ST note's back. The text on the LT - ST note is noticeably larger and of better "craftsmanship" with serifs on some of the letters, equal spacing and varying thicknesses within individual letters. The ST - LT text is much blockier and more basic.

    Sizing variation. 

    Text cropped and enlarged for easier viewing.

     
    The Tryzub on the the back of the ST - LT note is overall larger, with the center prong being wider with a larger/taller center teardrop opening in the design which extends further towards the tip of the prong. The Tryzub on the LT - ST note is smaller with a narrow center prong and smaller/shorter teardrop opening. There are other differences in the design, mainly brought on by the size difference, but the center prong and teardrop opening are the most noticeable/easiest identifiers. Below are enlarged images of the two Tryzubs with identifiers noted, and overall size variation dimensions. 

    I've looked through several reference books and while none recognize either variety, images of each are used in these references. In Paper Money [of] Ukraine the 50 Shahiv images used are of the LT - ST variety, and in Ukrainian Paper Money images of the ST - LT are used. It seems that the references have accepted both varieties but acknowledge neither. I find this normal, as typically only American collectors are obsessed with varieties.  


    I'm very confident both notes are authentic and that PMG has graded each of the variations is additional verification, but there is always a chance that one could be a counterfeit and until I can find additional confirmation in a reference, or a second set of eyes to verify, or get PMG to recognize the varieties it's not a done deal. I'm also looking for this same variation in the other Shahiv denominations but it seems that the ST - LT variety is dominant throughout the other issues. Although, I have seen images of the 40 Shahiv note with these back design varieties. I now only have one question, why? A reprint at a later date? An unauthorized issue? A modern counterfeit? Personnel? Equipment? Etc......  All I know is that I'm adding a new variety to my Shahiv variety list until proven otherwise. 
     
  13. Fenntucky Mike
    Sigh..... Well, I did it again. Went and completely shot myself in the foot AGAIN. Arrghh! 
    A few weeks ago I wrote a journal entry about how I have been getting skunked at auctions lately and I also eluded to a group of Ukrainian notes being auctioned by Heritage Auctions, a group of WWII issued karbowanez banknotes. Journal entry here...
    I had bid up the notes that I was going for (Way UP!) and had put noncommittal bids on the other lots. Well guess what? While scouring ebay I came across a group of Ukrainian notes. Karbowanez notes. Very familiar looking notes and all new listings. Yep, the same notes I had bid on at the Heritage auction!  Well, this just vigorously inhales! Someone I was bidding against bought these notes to resell on ebay to a Ukrainian banknote collector, like me!  The notes were listed on Sept. 22.

    The 10 and 20 karbowanez were sold as a single lot by Heritage and I wasn't particularly interested in acquiring them so I placed a lowball bid on this lot, hence the winning bidder got these for a decent price and was able to list these on ebay for a reasonable price. The 10 karbowanez has already sold and the 20 will follow soon. I wasn't particularly interested in the 50 karbowanez either as it was not in a grade I wanted, and no EPQ is a bit of a deal breaker for me, so I placed a lowball bid on this note as well. The note sold at Heritage for a low price and is listed on ebay for a fair asking price. This note will probably sell after the 20. The 100 karbowanez is a very attractive note with the grade to prove it, I bid this one up to a respectable price level and it sold at a slightly higher price than others in similar condition, a fair price, but maybe $40 more than I would have expected it to sell for. Since the bidding was higher at Heritage for this note the Buy It Now price on ebay is probably $100 above what I would expect. This note will probably sit for a while but may eventually sell. Finally the 50 karbowanez, one of the three lots I bid way up, a note I would have liked to of won at Heritage but unfortunately lost, and am now forced to look at it on ebay at a ridiculous price.  Well, I currently have zero intention of purchasing this note at that price but I will keep an eye on it and maybe, just maybe if it sits unsold for an extended length of time the seller will drop their price or will be willing to deal, but I doubt it. If I hadn't bid this note would have sold for a lot less, I'd bet over $100 less.
    Yah see, I don't mind a guy or gal trying to make a buck, and I would have gladly paid that buck if I hadn't bid big bucks causing me to not have enough bucks to buy the karbowanez bucks. See.  I probably screwed two people over on this one, me and the seller. I wonder about me sometimes.....
  14. 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.   
  15. Fenntucky Mike
    I recently read a PMG article titled "Collection Inspiration: Women Writers". In the article a Ukrainian note is referenced, the 200 Hryven banknote, featuring Lesya Ukrainka on the front of the note. In the article a brief description was given about the Poetess and the note, PMG chose to highlight the 2nd series note (good choice) and I thought I would take the opportunity to expand on the evolution of the note itself. 
    After Ukraine declared independence from the USSR in 1991 the two countries remained tethered to one another monetarily. Russian rubles circulated freely in Ukraine and were used in conjunction with the newly released karbovantes coupons (karbovantsi for 2 -4 , karbovantsiv for 5 or more). When circumstances dictated that the two countries sever all monetary ties completely, on November 12 1992, this meant that the coupons were now the sole currency in Ukraine, to be used for all transactions. An exchange rate of ruble to karbovantes was established as 1:1 and the sum of exchange was without limit. This parting of ways lead to massive inflation (up to 11,000%) with the coupons and the need for monetary reform was immediate. The Ukrainian government had been working on a national currency as early as 1991 and the first Hryvnia banknotes were designed and printed by CBNC in 1992 with a second issue in 1994 by TDLR, but finalization of the new currency and distribution wouldn't happen until September 2, 1996 when the hryvnia was officially introduced as Ukraine's national currency, the exchange rate of karbobanets to hryvnia was set at 100,000 : 1. The NBU issued 1,2,5,10, 20, 50 and 100 hryvnia banknotes into circulation, these were the 1st issued notes of hryvnia. The first issue notes were a mix match of printers, artists and designs making the fist issue seem inconsistent. There were two different designs for the 1 hryven released on the same date from two different printers (CBNC in 1992 and NBU in 1994), the 2, 5, 10 & 20 were printed by the CBNC in 1992, the 50 and 100 were printed by TDLR in (estimate) 1994 and are a completely different design from the lower denominations. Both the 50 & 100 are considered 2nd issue notes even though they were released at the same time as the 1st issue notes. The 2nd issue notes are again a mix match of printers and designs the 1, 2, & 20 were printed by the NBU the 5, 10, 50, 100 & 200 were printed by TDLR. The 200 hryven note was issued 5 years after the 2nd series was first issued, again this note was presumably printed in 1994 which would mean these notes were in a vault for 7 years prior to being released. The NBU took over all banknote design and printing in 1997 and has printed all Ukrainian banknotes since.
    So the first hryvnia series not having a 200 Hryven note means that this denomination does not have as many design changes as some of the lower value notes. (Although the 1, 2, 5 & 10 hryvnia banknotes have since been discontinued (starting with the 4th series) and replaced by coins.) Below is the first 200 hryven note, printed in 1994 and issued in 2001, it was replaced in 2007 by the 3rd series note and remained in circulation until Oct 1, 2020 when it ceased to be a means of payment and was no longer accepted as a cash payment in Ukraine. Artistic design wise, it's a good first effort but not very flattering to the subject. The portrait was taken from images of the poetess later in life. The color pattern, portrait and overall design leave much to be desired.

    Here is the 3rd series 200 Hryven note (2nd 200 hryven note), the artists and NBU pretty much knocked it out of the park with this design. This is probably the most popular modern Ukrainian note, design wise, and deservedly so.

    Finally, here is the 4th series (3rd 200 hryven note). Just some small tweaks to the overall design from the 3rd series note to this one. A toned down color palette, sharper portrait and more stylized reverse design are the major changes. 

    The subject matter of the 200 hryven note has remained the same throughout, a portrait of Lesya Ukranika on the front and a depiction of the entrance tower of Lutsk Castle (or Lubart's Castle) in Lutsk where she live for a short time.
    Born Larysa Petrivna Kosach - Kvitka, she was forced to adopt the pseudonym Lesya Ukrainka at the time of here first published poem, as Ukrainian language publications were illegal at that time in the Russian Empire. Because of this many of here Ukrainian language publications were printed in Western Ukraine, which at the time was under Austro-Hungarian rule, and were then smuggled into Kiev for distribution. She was a prolific writer of poems, plays, short stories, and sociopolitical articles and essays. Some of the early inspiration for her early writings came from the works of Taras Shevchenko and Ivan Franko, both of who are featured on Ukrainian currency, the 100 & 20 Hryven notes respectively. Ukrainka was vocal advocate for freedom of speech, women's rights and an independent Ukrainian state free from Czarist rule. On August 1, 1913 after an almost life long battle with extrapulmonary tuberculosis of the bones she died at a Georgian health resort at the age of 42, four years prior to Ukraine gaining a brief but chaotic independence starting in 1917 until 1920.
    Here is one of her poems titled Contra Spem Spero (Hope Against Hope)
    Thoughts away, you heavy clouds of autumn!
    For now springtime comes, agleam with gold!
    Shall thus in grief and wailing for ill-fortune
    All the tale of my young years be told?

    No, I want to smile through tears and weeping.,
    Sing my songs where evil holds its sway,
    Hopeless, a steadfast hope forever keeping,
    I want to live! You thoughts of grief, away!

    On poor sad fallow land unused to tilling
    I'll sow blossoms, brilliant in hue,
    I'll sow blossoms where the frost lies, chilling,
    I'll pour bitter tears on them as due.

    And those burning tears shall melt, dissolving
    All that mighty crust of ice away.
    Maybe blossoms will come up, unfolding
    Singing springtime too for me, some day.

    Up the flinty steep and craggy mountain
    A weighty ponderous boulder I shall raise,
    And bearing this dread burden, a resounding
    Song I'll sing, a song of joyous praise.

    In the long dark ever-viewless night-time
    Not one instant shall I close my eyes,
    I'll seek ever for the star to guide me,
    She that reigns bright mistress of dark skies.

    Yes, I'll smile, indeed, through tears and weeping
    Sing my songs where evil holds its sway,
    Hopeless, a steadfast hope forever keeping,
    I shall live! You thoughts of grief, away!
    (Translations will vary)
    In addition to the 200 hryven banknote Lesya Ukrainka is also featured on postage stamps, coins and medals of Ukraine, below is the 1,000,000 karbovantsiv NCLT coin.

     
  16. Fenntucky Mike

    I've Been Everywhere, Man! (Part 1)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    If you like collecting varieties (and I do) there are tons of them out there for Ukrainian notes, and probably my favorite varieties to collect are for the 1918-1921 1,000 Karbovantsiv banknote. It's a great note to collect by variety as it is probably the most readily available note from that period, it's fairly cheap (especially in lower grades), and it will definitely keep you on your toes as there are many varieties, especially if you collect by prefix. Before we get to the varieties let's start with some background on the note itself.
    In 1918, Kyiv, the newly established Ukrainian People's Republic (1917) was in a state of flux, as it was for its entire existence, with war raging on several fronts and the Arsenal Uprising threatening to topple the Central Rada. In early February the uprising was suppressed, but shortly thereafter Russian forces captured the city on February 9th, remaining in control until March 1st. During this time the cliché for the 1917 issued 100 Karbovantsiv banknote was taken and forgeries printed, resulting in the note's removal from circulation and official demonetization on November 1, 1918. Also, on the same day that Russian forces had captured Kyiv, Ukraine signed the Treaty of Brest-Litovsk with the Central Powers (Germany, Austria-Hungary, Bulgaria and the Ottoman Empire), in which Ukraine was recognized as a neutral state. Shortly after signing the treaty, German and Austro-Hungarian military forces were sent to Kyiv to clear Russian-Bolshevik forces from the city and Ukraine. By April tensions were rising between Ukraine's Central Rada and the assisting foreign forces which eventually led to a coup d'état on April 29th, orchestrated by the German lead military forces still present in Kyiv. The Ukrainian People's Republic was toppled and Pavlo Skoropadsky inserted as Hetman of the autocratic Ukrainian State. Thus begins the story of the 1,000 Karbovantsiv banknote. 
    Contemporary Counterfeit of a 100 Karbovantsiv note, using the captured cliché. 

    50 Karbovantsiv cliché used to print banknotes.

    Hetman Skoropadsky's Ukrainian State was instrumental in organizing quality printing of banknotes in a remarkably short period of time (summer-fall 1918). The entire printing department needed an overhaul, and no expense was spared in modernizing. Printing presses were acquired from the Leipzig based firm of Karl Krause, the world's leading manufacturer of printing equipment, several types of paper were ordered from Deutsche Reichsdruckerei and 370 poods of Hostmann-Steinberg specialty inks. In all likely hood the lithography stones were also purchased from Germany, as records for the purchase of expendable materials mention lithography stones but from a different time. With everything in place, and a design ready, the first 1,000 Karbovantsiv notes were printed on No. 217 paper with the Reichsdrucerei-Wellenlinien (Reich's Printer-Wavy Lines) watermark, in Kyiv, and in circulation by December 1918. Four series of notes were produced, prefix АБ, АА, АВ, and АГ all in red ink.
    1,000 Karbovantsiv note of Kyiv, 1918.

    The printing of 1,000 Karbovnatsiv banknotes did not last long in Kyiv. By November an uprising had led to the restoration of the UPR, under control of a Directoria, followed closely by the withdrawal of German forces from Kyiv, the abdication of Skoropadsky on December 14, 1918, and the fleeing of the Government and removal of UPR troops from Kyiv on February 5, 1919, before Russian forces retook the city. Prior to the Russian reoccupation all government offices, including the Treasury Printing Office with its valuable property, had been evacuated. Among the items saved were the lithographic stones used to produce 1,000 karbovantsiv banknotes. No printing supplies, of any kind, were known to have been obtained by the advancing Russian forces at this time.
    Lithography Stones of the 1,000 Karbovantsiv banknote.

    All printing equipment and supplies were moved to Kamianets-Podilsky, the Treasury Printing Office was "billeted" in the former Orthodox Seminary building, and it was there that the printing of Ukrainian paper money resumed in the summer and fall of 1919. By the spring the printing office had run out of certain expendables (paper, ink, etc.) and on March 28, 1920 the decision was made to print 1,000 Karbovantsiv notes on No 227 paper with the Stern Sechseck Muster (Star-in-Hexagon Pattern) watermark. Not long after relocating, the city fell under Polish control (November 16, 1919 to July 12, 1920), during which the Warsaw Treaty was signed between the Second Polish Republic and Ukraine in an effort to create an alliance against Bolshevik Russia. Subsequently, printing of the 1,000 Karbovantsiv note was moved to Warsaw. Six series of notes were produced in Kamianets-Podilsky, prefix АН & АО on No 217 paper with wavy lines (waves) watermark and prefix АА, АВ, АБ and АГ on No 227 paper with linked-stars watermark.

    As previously mentioned, the next and final stop for the 1,000 Karbovantsiv banknote was Warsaw. With Russian forces advancing on Kamianets-Podilsky the printing operations were relocated to Warsaw. By November of 1920 the UPR lost the remainder of its territory to the Bolsheviks, and on March 18, 1921 the Treaty of Riga between the Second Polish Republic and Soviet Russia was signed, effectively terminating the UPR. Printing of 1,000 Karbovantsiv notes began on July 5, 1920 and would continue, not continuously, until 1921. After which an independent Ukrainian State or governing body ceased to exist. 1,000 Karbovantsiv notes printed in Warsaw are distinguished by the letter "W" present on the font of the note. Presumably this was added to the existing lithography stones. There were only two series of notes produced in Warsaw, AE & AI on paper containing no watermark. Zig-Zag lines or varnish were added to the surface of the paper in place of a watermark, the varnish can be present on the front, back, or both sides of the notes. There is a possibility of a third series printed in Warsaw but that has yet to be confirmed. 

    The 1,000 Karbovantsiv banknote was the note the public trusted the most and which were in highest demand. These notes would often trade for 1,500 even 1,700 Karbovantsiv in depreciated and unpopular 250 Karbovantsiv notes. The proof is in the printing, as these were constantly produced over multiple locations and years during which several regime changes took place and a monetary shift from the Karbovanet to Hryvnia as the national currency. Due to the times and multiple printing locations these notes have several varieties both minor and major, some of which were touched on above. In the next entry I'll go more in-depth with those varieties.
    Printing locations for the 1,000 Karbovantsiv banknotes on a WWI era map. Right to left, Kyiv, Kamianets-Podilsky, and Warsaw. 

  17. 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.  
  18. Fenntucky Mike

    I'm the cream of the crop, I rise to the top!

    By Fenntucky Mike,


    Ukrainian Banknotes
    Well after much foot dragging (and a little prodding), BAM!, I created a set for my Zimbabwe (new dollar) notes today. I must say the air is fresh and crisp up here at the top, (deep breath) ahhhhhh (thumbs firmly hooked onto suspenders *SNAP!*, hands on hips and looking stoically into the distance from atop the Registry.) . I recently purchased the final three notes I needed to complete the set, the $2 & $5 Bond Notes and the new 2020 $20 (say that three times fast). They arrived today, no big surprises on the Bond Notes as they are almost identical to the 2019 $2 & $5 issues the only difference being the serial number, date and the words "BOND NOTE" on the front and back. I haven't done a side by side comparison of the Bond Notes to the new dollar notes yet but as I now look at photos of both there maybe a few additional differences that I'll have to checkout later with a loupe and the notes in front of me, more to follow on that. I was hoping to complete this set in 68 (and I still might) but I'm impatient sometimes and well with a $2 PMG 67 sitting there at a reasonable price and a pocket full of eBay Bucks I didn't want to wait, I'm more than happy with both. Here are the Bond Notes.


    The real surprise to me was the $20 note, it just doesn't look as good 'in hand' as it does in images. It's not the graphics, all the images look crisp and well detailed, it's the colors. The blue just does not look as 'blue' as in images and the yellows just seem to detract from the blue even more, while the yellows/off whites just seem dingy. I don't know if it's the color combination of blue and yellow/off white but the note just looks musty and aged, like one of my notes from the 1800's. I'm not saying it's ugly but to me it's definitely the weakest note of the series when it comes to eye appeal. I suppose there could be several factors, not being able to see something in person before you buy it, doctored images or maybe the settings on my monitor are off, who knows. The other surprise with this note, in general not specifically this one, are the relatively low grades they seem to receive. I don't think I've seen one over 67, for a modern note that is low. Again many factors in play there like sample size for one, but who would know since PMG doesn't post populations of unlisted notes in there reports (sorry, getting off track here). Since I haven't seen any $20 notes over 67 I decided to pick up a 66 for now. Overall I'm happy with the note, but I was kind of considering this as a place holder until I could find a 67 or 68 in a year or two, now I'm not so sure... I think I'll take my time and ponder this question from the Top of the Registry Set.

    P.S.
    PMG should be assigning a point value to the $20 slot soon as I tried plugging it in today.
    Update: Done! As I was typing this Journal Entry, PMG updated the slot.
  19. 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. 
  20. Fenntucky Mike
    When I first started collecting Ukrainian coins and banknotes I was prepared for the worst, meaning I thought I would have to translate everything, that there would be a lack of transparency and information from the NBU, archaic website, and few to no references. I was wrong. Ukrainian coins and currency are some of the most well documented that I have come across. I have mentioned some of the reference books that I use in a previous entry, this time I would like to focus on the resources provided by The National Bank of Ukraine. Lets use the NBU's latest release as an example, a new souvenir banknote was released a few days ago commemorating Leonid Kadenyuk, the first cosmonaut of independent Ukraine. The notes release was predated by a press release from the NBU (see below, left), followed by a description in their commemorative numismatic product list (below right). Each one is slightly different with small tidbits of information that the other doesn't have. This is typical of the NBU and it benefits them to advertise their products in such a manner. The website of the NBU is actually very good and it has two versions one in Ua (Ukrainian) and one in En (English), you can toggle between the two by clicking the initials located in the upper right of the webpage, next to the search icon. I typically toggle back and forth between the two as one version will have more or different information than the other and sometimes one version will have auxiliary documents and the other will not. In addition to specific releases about individual coins and notes they also published a free catalog this year which is available for download. If that wasn't enough they publish press releases of known counterfeits and frequently release information on their processes in general in regards to anticounterfeiting procedures, monetary reform and the move towards digital currency. If you are collecting or thinking about collecting Ukrainian coins and/or currency the getting familiar with the NBU's website is a must. The NBU is kind of like NGC in that they maintain two websites the old version and the new, both are useful. Here is a link to the old website, you'll need google translate for this one https://old.bank.gov.ua/control/uk/currentmoney/cmcoin/list and here is a link to the new, where you can download the 2015-2019 catalog https://bank.gov.ua/en/news/all/banknoti-i-moneti-ukrayini-20152019-rokiv .
                      
    The NBU also provides booklets with descriptions of the notes and security features, below are the booklets for the 2019 1,000 Hryven and 2001 200 Hryven notes.

    Here's a press release of a medal circulating in the region falsely claiming to be an issue of the NBU. This press release actually contained a small tidbit of information that I hadn't know and will have to go back and update my coin descriptions. The logotype of the Banknote Printing and Minting Works of the NBU is a lily with three petals. I knew that the symbol was the logo for the BPMW but didn't know exactly what it was until I read this article. 
    (I ran out of space I'll post a picture in a response.)
    I'm not saying that the NBU is as transparent or as good as the BEP but I thought I'd give them some well deserved props
    FYI, the new commemorative banknote is currently available for purchase on ebay
  21. Fenntucky Mike

    Who's BAD? (Me?)

    By Fenntucky Mike,


    Ukrainian Banknotes
    Ok, time to fess up.
    A month or so ago a Ukrainian banknote went up for auction but not just any note a P 125! A note I've been pining over for the last few years and a note whose acquisition has been proving most difficult, so much so that I will have another journal entry about in the near future. A NOTE THAT......OH WAIT A mechanical error. A mislabeled note, the seller had it described as such, interesting.  Now, being the narcissistic panophobic conspiracy theorist that I am, my first thoughts go to "What if someone were to purchase this note and use it in a registry set (against me if I'm being honest here) unknowingly or worse yet on purpose.  I better pick this note up!". It's a 5 day auction on Ebay and as the days tick by a token bid rolls in then silence, with one day to go I see that the auction is scheduled to end a 11AM EST. Perfect! That's a wonderful time, for me,  to jump in and snipe bid this note. As the clock tics down I place my bid with four seconds to go and I WIN, out bidding two others with snipe bids. The price paid was what I would have expected to pay if the note was labeled correctly so I don't think anyone was placing a premium on this note other than me.
    The "mechanical error" note

    Now, I have no intention of placing this note in any of my sets, although the thought had crossed my mind for a fleeting second, mainly as a curiosity of whether or not the system would accept it, never intending to leave it there for more than a minute. However I do have a feeling that there are a few more of these out there, the PMG population report shows 11 graded and I'm severely skeptical of that number. For one I seem to remember a significant jump in notes graded for that Pick # about a month prior to the auction, although that was before I started tracking such numbers,  and with only a 1,000 printed I doubt that many notes were submitted from overseas persons. As graded collectables is more of a U.S. thing, although certification does seem to be growing in popularity overseas. At any rate the highest grade for Pick 125 is 68, which this note is, so I guess the only other question is if there are more "mechanical errors" out there and if someone participating in the registry purchased one, stuck it in there registry set and it was the one note that moved their set past mine would I use the "mechanical error" note and/or would I try to boo-hoo to PMG? Well I say no to both but feel free to let me have it if I welch, now that I've rejected the thought of this.  Not that it is a very likely scenario, I'd say that there is a less than 1% chance of that happening but you never know and I like contemplating such things. So now with my mind at ease and the mislabeled note safely tucked away awaiting the day that I might return it to PMG for a correction there is really only one question left to be asked. Am I a bad guy?
    The actual P 125, only 1,000 printed.


  22. 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. 
     
  23. Fenntucky Mike

    Know when to Walk Away

    By Fenntucky Mike,


    Ukrainian Banknotes
    Well, I can talk about this now that I'm out and the auction is almost over. A seldom seen Ukrainian bank note popped up for auction recently ( A PICK # 50!), it was in a PMG holder and was in good condition. I felt this was a good time (for me) to place a fairly serious bid on the note, I placed a minimum bid on it last week Wednesday, I was outbid by Friday then waited and bid again yesterday. My last bid was over the auction estimate but was not strong enough as I didn't overtake the current bidder. I thought long and hard about continuing to bid but I decided to put this note on hold, similar to the 50 Hryven Commemorative note (Pick 125) that I've been continually kicking down the road. Once again the main argument to myself is "more is better", meaning that there are several Ukrainian bank notes out there right now that will make for a more complete collection. As I've said previously this is one of two key notes in the series, this and  P125, are note/s I may never get. I don't feel nearly as torn passing on this note as I have on the P125, probably because the P125 is constantly staring me in the face. It's too bad, because this is an awesome note with a great story. We'll meet again Pick 50, oh we'll meet again but right now I just have to walk away.
    Here is the 1942, 2 Karbowanez note, it's a beauty.

    A brief synopsis of the story behind the note is. The note was printed and loaded onto pallets and into boxcars of an awaiting train. The train departed and was in transit from Germany to Ukraine when it was attacked and destroyed (including almost all of the notes) by Ukrainian partisans. If I ever acquire this note I'll do a proper write up on it.. Someday.
  24. 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!
     
  25. Fenntucky Mike
    Well, after a few years of talking about it I finally sent a submission into PMG. I wanted to test the waters first, so I only sent in a batch of 10 specimen notes. Notes that I feel are properly listed in the Standard Catalog of World Paper Money with appropriate Pick #'s and accurate descriptions. Some of the notes would fill holes in my PMG registry set, others don't currently have homes in the registry but hopefully PMG will create them when I request some new sets. We'll see.  I didn't have time to take images of the notes prior to submitting them, I wanted to for a little guess the grade, but I'll try to make that happen next time. At any rate, they've gone and returned already, ahead of the projected turnaround time listed by PMG, and they are looking great in their new holders. 
    The first batch of specimens were from the early years, shortly after Ukraine's break from the USSR. The first notes issued by the newly independent Republic were several series of coupons, or control coupons as they are often referred to, denominated in karbovanets. The first series specimens (printed, 1991) are the least common of the four, and the most simplistic in design and security features. There is currently no registry set for these. 


    I've decided to go with a black background for the imaging (scanning) of all the notes, I like it.  It's much better than a white background for these, as the boarders of the notes tend to blend in with a white background making distinguishing where the edge of the note stops and starts very difficult at times. A big improvement for these, I think, and it really makes the notes POP.
    The second series coupons (first printing, 1992) received a new design but were printed on similar paper, with identical watermark, and cut to same dimensions as the first series. The back design is identical on the three notes from the submission, other than the denomination and color ink used, so I'm only posting the back of one of the notes. These are not to terribly hard to find, as I see them somewhat regularly, and no varieties helps. There is currently no registry set for the second series specimens. 




    The 2000 Karbovantsiv note below is somewhat of a transitional note, while this note is grouped with the Third series notes (first printing,1993) the design is more in line with the second series notes (1992) as the major design elements, size and watermark are identical to that series of notes. The only things this note has in common with the third series notes is the shield with Tryzub on the face of the note and being dated 1993. 


    Next we have the third series notes, with these notes we have yet another design change, plus a size change to go along with the new design, the notes became larger. If you haven't noticed the values have been increasing steadily with each new issue, inflation was riding roughshod over the entire Nation at the time facilitating the need for ever higher denominations of coupons in Ukraine. There are multiple varieties for most of the notes in this series and this series has the most denominations meaning that notes from this series are often seen, but there are a few key date varieties that are very difficult to find. There is a specimen set in the PMG registry for the third and fourth series notes and the six eligible notes from this submission are now located in their new registry set homes. 




    The fourth series notes, at least what I'm calling the fourth series notes, were issued starting in 1994, with more design changes and ever-increasing denominations. These don't hit the auction blocks very frequently but are more common than the first series. These are included in the same registry set as the third series notes, and with only three notes comprising the fourth series, I'm in complete agreement with that set configuration. 
     The 1,000,000 karbovantsiv note was printed in 1995 and is listed as a standalone issue in the SCWP, which is based on issue date, but if we were categorizing based on issue dates alone then the 200,000 & 500,000 karbovantsiv notes of 1994 should be the fourth series and the 1,000,000 karbovantsiv of 1995 the fifth series. My preference would be to classify these by design/series and that would mean the 2000 karbovantsiv note posted above would move to the second series (1992) notes, along with the 5000 karbovantsiv note of '93, then the two hundred thousand, five hundred thousand and one million karbovantsiv notes would be the fourth series. But that's an argument for another time/journal entry. 




    I am very pleased with the job done by PMG and all of the grades seem fair/accurate to me, they are at least within a range that I thought the notes would grade at. At any rate, these specimen sets are all about completing the set, including all varieties, as these notes don't come up for sale very often. Now that I'm nearing the end, with fewer slots left to fill, the task becomes even more difficult in finding the notes needed. I currently have six empty slots left in my registry set but I have three of the notes required raw and will be submitting them soon, I forgot to include them with this batch , and I know of a note going to auction in the near future that would also fit in nicely. If all goes according to plan, I will have only two notes missing from the set by the end of the year, which would be a major coup for me, and who knows maybe those other two elusive notes will show up as well.