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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
    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.
  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

    Shahiv It Up, Baby, Now

    By Fenntucky Mike,


    Shahiv Issues
    The Ukrainian Postage Stamp Currency of 1918, with denominations of 10, 20, 30, 40 & 50 Shahiv, are odd little ducks but not in the context of the times. World War I would rage most of the year until the Armistice Agreement on November, 11, the Spanish Flu pandemic was beginning, the Russian Revolution was in full swing and the newly established People's Republic of Ukraine (June, 1917) was toppled via coup d'etat complements of the Imperial German Army which was occupying Kyiv at the time and then promptly installed Pavlo Skoropadsky as Hetman in April 1918 for an exchange of supplies expropriated from the people of Ukraine in order to fight the Bolshevik Red Army which was on the doorstep of Kyiv. There was a sever lack of supplies, a sever need for currency and a new Dictator/Government. The Ukrainian People needed banknotes issued by the new Government now. The quickest solution (in lieu of coin as there was a metals shortage at the time) was to issue Postage Stamp Currency until new larger denomination notes could be produced in Berlin. Karbovanets were the official monetary unit of Ukraine at the time with 1 Karbovanets = 2 Hryvni = 200 Shahiv, the Postage Stamp Currency was essentially, pocket change. 
    Forms, 1 = Shah, 2 - 4 = Shahy, 5+ = Shahiv
    Printed on card stock, in April of 1918, the Shah notes were the first circulating currency of the new regime. Although now a Dictatorial State under the control of Hetman Skoropadsky the previous title of Ukrainian People's Republic (UPR) was still used on all currency issued during his reign along with the National Symbol, The Tryzub. There are several known varieties along with a specimen consisting of the five fronts of the different denominations and a single reverse printed on a cardboard sheet measuring 260 x 185 mm with Ukrainian and Russian descriptive text, which strangely enough uses the description Ukrainian State as opposed to UPR and only depicts a single reverse design when two were used. All denominations contained the same text on the front and back, the only significant change (excluding the artwork/design) was the numerical display of the denomination. 

     
    The text on the back which, according to Microsoft Translator, says "Walks on par with the ringing coin." could also be translated as "Is on par with the ringing coin." or "On par with the ringing coin.". The phrase "ringing coin" is interesting to me as I wonder if it has some other significance beyond the obvious that when coin is dropped on a hard surface is makes a ringing sound? Or does it refer to something else like a specific type of metal or coin characteristic, maybe it was just a generic phrase or something else?  Ukraine did not mint or have any coins minted of its own until after its Independence in 1991, so what is this phrase referring to? Possibly, it is referring to being "on par" with Russian coinage, specifically a 1/2 kopek which was also referred to as a Shah at the time and freely circulating.
    There are five denominations of Shahiv (10, 20, 30, 40 & 50), with the Standard Catalog of World Paper Money listing three varieties. Below is a list of all varieties, including those not listed in the SCWP and those assumed to exist but are not yet known. There are potentially 20 notes, including varieties and counterfeits, to be collected for this issue.

    Perforated Varieties.

    The designs of the Shahiv were done by two of the greatest Ukrainian graphic artists of the time, maybe the greatest ever, Heorhii Narbut who designed the 30, 40 & 50 Shahiv notes and Antin Sereda who designed the 10 and 20 Shahiv notes. Heorhii Narbut was one of the founders of the first Ukrainian Art Academy and built the printing technologies unit from scratch. Narbut designed the government's logo (Tryzub) and seals, letterhead for it's charters and official stationery. He also created a line of postage stamps and designed 13 of the 24 banknotes issued between 1917 - 1920 for the fledgling Nation. Antin Sereda studied under Narbut at the Art Academy and later illustrated the cover to the catalog of a posthumous exhibition of Narbut's works in 1926. I'll have a Journal entry exclusively on Narbut in the near future.
    There are two different reverse designs for the series, although the designs are (so far) specific to certain denominations. A double box used on the 10, 20 & 30 Shahiv notes and a single box used on the 40 & 50 Shahiv notes. The specimen print displays only the double box reverse as would be expected as the first three denominations used this design and are presumed printed first. Although none are known to exist I would not be surprised if examples of both reverses on all denominations exist, especially at the transition between the 30 & 40 Shahiv notes. I would expect that a 40 Shahiv double box or 30 Shahiv single box reverse would be the most likely to have been produced.
    10, 20 & 30 Shahiv double box reverse.

    40 & 50 Shahiv single box reverse.

    Stamps of the same obv design were issued in July of 1918 on very thin paper and gummed back with no printing. The first edition was imperforated when issued but individual businesses and post offices would perforate the sheets on occasion. Later editions may have been released with perforations.


     
    With inflation running rampant the Shahiv banknotes were quickly forgotten as new higher denomination banknotes of up to 1,000 karbovantsiv were issued. In November of 1918 Skoropadsky was removed from power in an uprising led by socialist Symon Petliura after the withdrawal of German forces from Kyiv. Eventually on December 14, 1918 Skoropadsky abdicated and fled to Berlin and the Ukrainian People's Republic was restored with power vested in a Directoria, a provisional government of five directors as opposed to the Central Rada that formed the legislative branch in the previous incarnation of the UPR. An independent Ukrainian Government would exist in some form until 1921 but the Shahiv were long forgotten by then, a grain of sand in the hourglass that was Ukraine's brief Independence at the beginning of the 20th Century. 
  5. Fenntucky Mike

    Is This Just Fantasy? Umm, yes. (Part 1)

    By Fenntucky Mike,


    Matej Gabris Fantasy Banknotes
    I just find this stuff interesting as hell for some reason, anyway....
    I picked up some more Ukrainian fantasy banknotes a few weeks back. After some haggling with the seller and discovering that there was a set of six, not just the three I was initially making offers on, I pulled the trigger on them. I had seen some of these before, selling in auctions (typically hammer for around $20 - $25 each) but I knew absolutely nothing about them. Once the notes arrived I gave them a quick onceover and notice the text "M. GABRIS FEC. 2003" printed at the bottom of the note, ok let's start with that. After a little research it appears that M. Gabris (Matej Gabris) is a graphic designer from Czechoslovakia and designing/creating and printing fantasy banknotes is one of many interests/hobbies. He has quite a portfolio of fantasy notes, if you like that sort of thing. Typically his notes will be inspired by a bit of history, myth or legend associated with the country. Using those topics he will create the artwork for the note, his vision of the country that the note is designed for whether that be in the form of a tribute or a touch of irony. If you're interested in this kind of thing just do an internet search of him (add the word banknote in the search) and you can check out his work. I'm pretty sure his banknotes are on ebay as well, just be sure to check "worldwide" in item location when searching. 
    Banknotes like these always make we wonder if the person/s are crossing a line in regards to, are notes like these deceitful, forgeries, knock offs, works of art, something else or a little bit of everything. To me, notes like these fall solidly into the "Fantasy" category, imaginative fiction. They do not resemble, at all, any past or present Ukrainian banknotes in terms of design, subject or security features, the majority of the text is in Czech and for the lack of a better word whimsical. The only thing Ukrainian about these notes is the text ΓРИΒЕΗƄ (HYRVEN) for the denomination. I see a lot of Russian iconography including a two headed eagle and standing bear with stars and one of the portraits is a straight knock off of a 1912-1919 100 Kronen, Austria-Hungry note. All of which is interesting as both empires (Russia, Austria-Hungry) controlled parts of Ukraine during that time period (1912-19), and the artwork on the notes, to me, screams Art Deco which would also fit into that time period. Maybe that is what the artist was going for, that time period, that piece of history? Hmm, interesting. No doubt to me that these are just fantasy.



    This is the knock off of the 100 Kronen



    P.S.
    I bought some more fake or fantasy notes yesterday, I think I may have a problem here. 
  6. 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. 
  7. 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.

     
  8. 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!
  9. 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. 
  10. Fenntucky Mike

    Big Money Make Mistakes?

    By Fenntucky Mike,


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

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



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

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

    Here's the KM #33 included with the set

  11. Fenntucky Mike

    All we (I) need is just a little patience

    By Fenntucky Mike,


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

     

     

     

     

     
    Just passed on another specimen up for auction, it went unsold auction started at $80.
  12. 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.
     


  13. 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
  14. Fenntucky Mike

    I'm a sucker for (Fake Banknotes).

    By Fenntucky Mike,


    Ukrainian Banknotes
    I did it again, actually twice more but I'll just focus on one for now. My love for companion pieces to my Ukrainian banknote collection knows no end. I recently picked up a few more fake or "fantasy" notes, they are in the same vein as my previous acquisition of a commemorative Antarctic set of notes, see my Journal entry "You need more, more, more (Stuff)" for details on those. As with the Antarctic notes these were printed on behalf of the Ukrainian numismatic magazine Numismatics & Faleristics (Phaleristics). The repro's were printed in 2015 with 1150 sets being produced. The set is advertised as a Ukraine Propaganda Collectors Set, containing 6 "fantasy" notes a post card with a depiction of a map of Ukraine from 1910 and a title card with a description of the set and serial #. I purchased this off of ebay for (including shipping) $15, the thought process behind this was "it's cheap, there could be some information in regards to the actual banknotes, it'll go well with my collection and it looks cool.". Well there wasn't much in the form of information that came with the set, so I'm going to have too consider this a purely "for the fun of it" buy. I have bought quite a few items in the hope of gleaning some sort of information from them, sometimes it pays off sometimes it doesn't. The notes are printed on low quality paper (the Antarctic notes were much better quality), the watermark consists of vertical lines spaced about an inch apart. There is some light embossing from the serial numbers, the print quality is low, the paper dimensions are different from the real notes, and each note contains several discrepancies in design including wrong dates, denominations and serial numbers and prefixes. There was no attempt to pass these off as anything other than "fantasy" issues or repo's. In the end the price was right, the time was now and I'm a sucker for fake Ukrainian banknotes.
    Anyway here are the "fantasy" notes.

    Here's a side by side of the Taras Shevchenko note next to the real thing. Which one's which? Not sure how this note ties into propaganda, going to have to look that up.


    This note was printed to commemorate the 15th anniversary of the magazine.

    The 15th anniversary is a knock off of P5. 
    Ran out of space to post a picture of P5, look it up online if you're interested or check out my registry set.
     
  15. Fenntucky Mike
    When I first started collecting Ukrainian banknotes, three or four years ago, the first purchase I made was the Standard Catalog of World Paper Money (Modern). hereafter Krause. This book gave me the general information I was looking for, what did some of the notes look like, how many different notes are there, etc.. This basic info gave me an idea of #1 did I like the notes (are they interesting and attractive to me), #2 how much was this going to cost (how many different issues and how rare), #3 how long will it take and will I be able to obtain most of the notes (availability). I then used the information in Krause and cross referenced to online sources like eBay and a few different auction sites to verify availability and cost. Once I had answered these questions to my satisfaction I went out and made my first Ukrainian banknote purchase and then my second, third and so on. Once I was about three months in I thought "I still need more information" on these notes especially the pre 91' issues, so I went out and found a few more references to add to my collection (Make no mistake about it, a book about banknotes that you collect IS part of your collection.). As I collect these notes the process continues, get a few notes, get a new reference. I have absolutely spent more time reading (and writing) about these notes than I have spent looking at them, at least 10 to 1 probably way more than that. Which makes me wonder what I enjoy more studying/reading about these notes or actually owning them (A Journal for another time perhaps?). At any rate, the trigger for this entry was that I bought another reference this morning (and I'm still kind of annoyed about the "mushroom" watermark thing), the 2010 NBU Banknotes and Coins of Ukraine for the year 2010. Hopefully this entry will give any new collectors an idea of what they could be getting into and if there are any current or new Ukrainian collectors out there, I consider all of these "must haves" for your collection. PMG if you don't have any of these you may want to add them to your library, just saying. 
    Krause: Good for general information, a good first purchase.

    Wonderful book, in English. Includes Ukraine along with several Eastern Bloc countries. Full color pictures.

    A great "pocket book" it's small (8"x6"x1/2") so it's easy to carry around. Cyrillic with English captions. Full color pictures.

    The most thorough book on Ukrainian banknotes there is, lists every known banknote printed including issues specific to banks and territories including during periods of occupation. All text is in Cyrillic but if you can learn a few key words (or use google translate or similar software) you'll be all set. Full color pictures.

    The NBU issued catalogs of all coins and banknotes produced in a said year (they stopped in 2013 I think). These are great with descriptions and numbers direct from the NBU. Cyrillic and English, full color.


    This is a downloadable .pdf, it covers the modern issues. Not a bad issue, if you wanted to skip Krause and go with this you'd be alright (has Pick #'s for reference). Full color.

    Downloadable .pdf's from the NBU. The NBU issued a new catalog in 2019, (for the first time is several years) FREE, and downloadable in English. Full Color.

    Finally the NBU website is an invaluable source of information for modern notes, including detailed security descriptions, the website has Ukrainian and English versions. I probably have a few more but I'd have to look for them. I tend to have these books scattered about, as I reference them so much.
    Here's another, Banknotes and Coins of Ukraine, Cyrillic so bring your translator. 

  16. 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.


  17. Fenntucky Mike
    A new note arrived the other day, always a joyous event. It was a P 82b, a note that the seller had multiples of, a note that you don't see as often as it's counterpart (82a). As soon as I saw this note I checked the PMG Population Report, five notes graded at 68 and 1 at 65. I don't keep a week by week record of the populations but I do check them out every Tuesday when they are updated and from what I recalled the five 68's are all new meaning they were all submitted together. Sweet, now I'm pretty confident that the seller has multiples of this note, so I wait. Over the course of two month's time I watched one note sell then a second, I'm now watching the third note (I think), it gets relisted a couple of times, a price drop and I buy it.

    Sweet it looks great! Or does it? Something not quite right here... 
    To clarify things a little, the major difference between 82a and 82b is a Latent Imprint (amongst other things). The Latent Imprint is visible under UV light and displays the denomination "3 КРБ" on the left front of the note, directly behind the depiction of the statue of Lybid (mythical sister of Kyi, Schek and Khoryv. The founders of Kyiv). Here's a few images of a 10 Karbovantsiv (84b) with Latent Imprint, the 3 Karbovantsi should look the same except with "3" displayed instead of "10".
           
    Ok, easy enough. I don't do this with every note I own but I'd say at least 75% of the time I'll examine the note/s under UV light. So let's take a look, uh oh. That stinks, no Latent Imprint where it should be.
        
    A mechanical error. Dang it. 
    Don't get me wrong, I don't have the best equipment so I could be mistaken but I'm feeling pretty confident I'm correct. This is not my first "mechanical error" on a label, hey people make mistakes, no big deal. PMG/NGC are always super helpful and with something like this they will be more than happy to take a look at it and reholder it with a new label at no charge if the label is incorrect. I've had a label corrected before, with a coin, easy peasy. PMG/NGC also guarantee the grade, so if the label is changed the grade will stay at 68 and that is actually pretty awesome because if it is a P-82a that means it would be the highest graded, by 2 points! I'll absolutely be sending this in to be reexamined. But until I have a submission ready to send this note with I'll be housing it in a signature set, so that I don't forget about it. 
    That leads me to the final question. I'm not going to put this note in any of my competitive sets but what about the other P-82b's that were in the same submission, like I said there are at least 3 and up to 5 notes that were sent in together. Doesn't mean that they were all mislabeled or that the notes are all 82a's but the possibility is there. Good thing I know where two of the other notes went, HEY, @Perfect-70 and @Bonezdogg check your P-82b's they might be mechanical errors. Hope they're not mechanical errors and that they are correct. But you should check them out tonight under the pale UV light.
    Good Luck,
  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

    You need more, more, more (Stuff)

    By Fenntucky Mike,


    Ukrainian Banknotes
    "It was a dark and stormy night" Not really but it was pretty crappy out so I decided it was a good time to sort through the pile of cr*p (why does crappy show in the Journal but not cr*p, need to work on their censoring) on my desk. In doing so I realized it was a pile of supplemental material that I had saved, news articles, pictures, notes I made, etc. Towards the bottom of the pile was a group of "banknotes" (?), oh yeah, I remember these. It was a set of  commemorative "fantasy" banknotes that I picked up online about a year ago to go with my Ukrainian banknote set. It's a set of seven notes, printed in 2016 on behalf of the Ukrainian numismatic magazine Numismatics & Faleristics (Phaleristics), in an effort to raise funds to support the periodical. The fantasy issue is commemorating the 20th anniversary of the Vernadsky Research Base in Antarctica. They were made in the exact size, style and denominations as the 1991 Control Coupons, Picks 81 - 87. The designs on the "Fantasy" notes are appropriate to the subject matter and mimic the original Coupons nicely. On the obverse of the "Fantasy" notes is a penguin, to the left of which is written in Cyrillic (top to bottom) Ukrainian / Antarctica / Coupon / (denomination) / Karbovantsiv / 2016. On the reverse is a depiction of the Ukrainian Antarctic Base along with a depiction of the Antarctic Continent, with the flag of Ukraine marking the location of the base, printed over the depiction of Antarctica is 20 POKIB (20 Years). At the top center is printed ANTARCTIC STATION (in Cyrillic) at the bottom center is VERNADSKY / ACADEMY (in Cyrillic). Each note is printed in color schemes to match the original Coupons and the paper used has "crescent" shaped watermarks when held to a light. 
    These are just a fun set of notes I picked up, notes that I think go well with my Ukrainian set even if they are not legitimate. Items that will never see the light of day in my registry set or probably even in my signature set for that matter, now that I'm thinking about it. Just one of the many items I've accumulated, to aide in research, enhance a collection or just because they're fun.  These notes have been on my mind for the last few weeks as I have read a few different articles on penguin themed coins and I believe I read somewhere that another country issued a "Fantasy" series of penguin notes recently. Anyway, I just thought I'd post these and give them there moment in the sun as they will probably be packed away now for the foreseeable future. Here's the eye candy, enjoy.
    Obverse (Oh yeah, the notes came with a postcard)

     
    Reverse
     
    Crescent watermarks

    Side by side obverse (I like how they matched the pose of the penguin to the figurehead, it's even perched on the bow of a ship, like the figurehead. Cracks me up every time, where's DiCaprio when you need him.)

    Side by side reverse

     
  20. Fenntucky Mike

    I Just Want To Celebrate! (Part 1)

    By Fenntucky Mike,


    2021 30th Anniversary Commemorative Banknotes
    While an independent Ukraine has fully embraced commemorative coins from the beginning, with the first commemoratives dated 1995 shortly after the Banknote Printing and Minting Works was fully operational in late 1994, banknotes have not seen the same type of attention. Thank goodness! I currently count six commemorative, souvenir and presentation notes having been issued/released since the BPMW fired up their presses to produce the 50,000 Karbovantsiv notes in 1994. Six commemorative notes in 27 years! Well, the NBU has bucked that trend in 2021, according to the NBU's planned souvenir products schedule there will be commemorative notes in each circulating denomination released this year, celebrating the 30th anniversary of Ukraine's independence (August 24, 1991). The notes are to be released between August and December, with print runs of 30,000 for each denomination. The six commemorative notes to be issued this year will match the entire amount of commemorative notes issued in the prior 27 years. 
           
    Naturally having seen this bit of information I went off searching for these notes and found that the 100 & 500 UAH notes had already been released, and since I went to the trouble of locating them I just couldn't resist the urge to pick up a few of each denomination.  Again, the notes have the exact same base design and security elements as the current circulating notes, which were designed in 2014 & 2015 respectively. The only change is the addition of a 30th Anniversary logo placed directly over the location of the watermark, which reads "30 years (of) Independence (of) Ukraine". The color of the logo will change to match the color scheme of the note it is printed on, it was added via screen printing and is optically variable, meaning it will change color depending on the angle at which it is observed. Both notes are being sold through the NBU's Online Store, the 100 UAH is currently selling for $4.22 and the 500 UAH $18.97.

    The notes are dated 2021 and have the signature of the current Governor of the National Bank of Ukraine, Kyrylo Shevchenko, both the 100 & 500 UAH notes have the prefix ЯА and will be numbered from 1 - 30000. Presumably all the commemorative notes will have the same prefix and logo, both notes were released on 8-20-2021. I'm not sure why they didn't release these on the day of Ukraine's independence, August 24, maybe they have the day off?




    Presumably Pick numbers will be assigned according to release date and denomination and as such I would think that the 100 UAH should end up being Pick # 129, total guess, with the 500 UAH being Pick # 130. Similar commemorative notes have been assigned completely new pick numbers even though the notes had the same base design and since it is a "circulating" note a "C" (Commemorative) Pick number is probably not in the cards either. Guess I'll have to wait and see how that turns out, some of the new Pick #'s for Ukrainian notes have been a little weird at times.
    While I'm not completely on board with commemoratives I feel like I can embrace these as they have a respectable print run, low price and (so far) have been easy to acquire. I'll be picking up the remaining four denominations as they become available, and we'll see what next year brings. If the NBU starts commemorating events like the 250th Anniversary of traveler's checks or the 212th anniversary of P. T. Barnum's birth in 2022, I'm out.  Lastly, since these are officially new notes, with a new signature (on the 100) and technically design, there's really only one thing left to do. 
  21. Fenntucky Mike

    It's Never Enough (For Me!)

    By Fenntucky Mike,


    Pick #1b, 100 Karbovantsiv
    So, this is me toning down descriptions for my banknotes. I'm not sure why this is such a source of angst for me but I have to believe at the core of it is my desire to produce something that's halfway legible, informative and enjoyable, not just content for the sake of it and my distain of a word limit. Meh, well the only way I'm going to know is if I throw some of it out there for critiquing to the PMG Journal audience, all four of you. 
    I'm working on a basic structure, well not really, it's the same structure I've had from the beginning but I like it I want to see if it works for all my notes. Below is what I'm thinking for the description of Pick # 1b, of course the images won't be in the description so enjoy those while you can (Ahem! Might be a nice feature in the future PMG/NGC along with a higher word limit, just saying.)  and I've trimmed down the original by roughly half, which is still not small enough to fit in the note description field.  Anyway, I think I'll have to cut everything below the Security Features to fit this into the note description. I still have some work to do on it, a little more research, fact checking, some polishing of the writing and a little reorganizing of the text but I think it's far enough along to get some opinions of it and once done I'll be able to think about how best to trim this down to fit in the note description. At this rate I'll be done sometime in the next year or two,  well here you go, opinions/critiques welcome
    .

     
    PICK #     1b (Back Inverted)
    UKRAINIAN PAPER MONEY #    1a (Back Inverted)
    BANKNOTE REGISTER #    N/A
    ESPERANTO #    N/A
    BANKNOTE BOOK #    N/A
    PRINT DATE:     1917
    TOTAL PRINTED:    N/A
    IN CIRCULATION:    December 23, 1917 – November 1, 1918
    DENOMINATION:    100 Karbovantsiv
    DIMENTIONS (L X W)mm:    170 x 105
    SIGNATURE:    Mykhailo Kryvetskyi
    WATERMARK:    NONE
    PRINTER:    Kulzhenko Print Shop (Kiev)
    COLORS:    Yellow, Orange, Brown, Green, Violet 
    ARTIST/S:    (G)Heorhii Narbut
    FROM THE NATIONAL BANK OF UKRAINE: N/A
    OBVERSE: Top center is the text Ukrainian National (People’s) Republic, below is an octagonal cartouche in which is printed the denomination in text, overtop of the National Symbol the Tryzub (Trident). Radiating from the cartouche are various floral design elements in which are contained the Coat of Arms of Ukraine (lower left) and the combined Coat of Arms of the Cities Kyiv and Odessa. To the left and right of the cartouche is the denomination printed numerically, at the lower left is the signature of the Director of the Bank along with the year printed, to the lower right is the signature of the treasurer below which is the series and block number. All 1917, 100 karbovantsiv banknotes are from block A D 185, there are no other blocks. Contemporary counterfeits are known of this note, they can be spotted by the color ink used for the signatures and block number. Authentic notes will have black ink, the counterfeits have brown ink for the signatures and block number. 

     
    REVERSE: Upper left the notes denomination printed in Russian, upper right the notes denomination printed in Polish below which is the series number, center bottom the notes denomination printed in Yiddish (100 karbovantsiv). Top center, the text “State Credit Notes of the Ukrainian People’s Republic are provided with the State property of the Republic, namely: subsoil, forests, railways, State revenues, including revenues from the sugar monopoly and other monopolies.”. Center the numerical denomination in a cartouche, with decorative floral elements deriving from a basket. At the lower left is the text, in a cartouche, “State Credit Tickets of the Ukrainian People’s Republic are on par with gold coin”. At the lower right is the text, in a cartouche, “Those guilty of forging State Credit Tickets are punished by deprivation of rights and hard labor.”.

     
    SECURITY FEATURES: Baroque Design, wavey lines and a repeating design of 100 in a circle on the back. 
    NOTES:     The first banknote issued by the newly formed Ukrainian National (People’s) Republic (UNR) in 1917, with a denomination of 100 Karbovantsiv. The Central Rada, the legislative branch of the Ukrainian government, passed a provisional law regarding the issuance of the Ukrainian National Republic’s banknotes. Passed on December 19, 1917, it read in part: “Banknotes shall be issued in karbovantsi, one Karbovanets containing 17,424 dolias of pure gold and having 2 hryvnias or 200 shahs.” The dolia is an old imperial Russian measure of weight, equal to approximately 44 milligrams or .044 grams or .0016 ounces. The note was designed by a talented graphic artist (G)Heorhii Narbut, who would go on to design several of the fledgling Republic’s banknotes and stamps. Narbut designed the note using Ukrainian Baroque stylistic elements, though which were depicted many important ideological messages that reflected key aspects of state-building, such as the use of the Tryzub (Trident) and the various depictions of Flora symbolizing strength, unity and growth. The ornate detail of the design on the note along with the decorative fonts and colors used (particularly on the front of the note) earned it the nickname “fried eggs” amongst the people. The 100 karbovantsiv notes were printed by the Kulzhenko Print Shop in Kyiv on ordinary thick paper, which made them vulnerable to forgery. When the 100 karbovantsiv note entered circulation on December 23, 1917 it included the first-ever official representation of the Tryzub (Trident), 52 days ahead of its legislative adoption as the state emblem of the UNR. The appearance of the Tryzub on the country’s first paper money became a major impetus for the adoption of Grand Prince Volodymyr’s (958 – 1015) emblem as the UNR’s coat of arms. The (non-numerical) denomination of the note (100 karbovantsiv) was printed in four languages on it, Ukrainian on the front then Russian, Polish and Yiddish on the back. This was done to convey and affirm the UPR’s policy of equal treatment of the country’s ethnic minorities, which constituted one-quarter of Ukraine’s population at the time. Unfortunately the note was pulled from circulation/declared non-legal tender after less than a year of circulation, as the retreating Red Army left the city of Kyiv in 1918 they took with them, along with their loot, the cliché (stereotype) for making the banknotes of 100 karbovantsiv of the 1917 series. Therefore the UNR announced the exchange of the 100 karbovantsiv banknotes for others (Namely the new hryvnia banknotes as the Karbovanets denominations were replaced by the hryvnia for a short time, much as they would be again in 1996.)  up until November 1, 1918 after which they would not be accepted. 
    At the time there existed a confusing dual currency system in Ukraine, the Karbovanets was the original choice of the Central Rada in 1917 but it was soon replaced by the hryvnia. The Karbovanets was reestablished as a state currency by the Hetmanate in 1918 and after which there existed dual currency system where 2 hryvni were equal in value to 1 karbovanets. This currency duality was indicated on several banknotes of the period. 
    The Standard Catalog of World Paper Money lists the Pick # as 1b (Back Inverted), where as most other references list this note as 1a (Back inverted). This note is most commonly found with the inverted back in as much as this is the most common way in which this note was printed. An inverted back may not be proper or it may even have been a mistake, regardless as the most produced and most common example I would have expected it to be listed as 1a. 
    Sources:
    Wikipedia
    National Bank of Ukraine, Money Museum
    Ukrainian Paper Money – Dmitri Kharitonov - print date 11/30/2000
    Paper Money of Ukraine – Maxim Zagreb / Sergey Yatsenko - print date 2019  
    FULL CIRCLE / Ukraine’s Struggle for Independence 100 Years Ago 1917 – 1921 -Yurii Savchuk – print date 2019       
    The Ukrainian Weekly, Vol. LXI No. 5 – Article: NUMISMATICS: The “new” Hryvnia banknotes – not a first for Ukraine – Borys Zayachkivsky - Printed 1/31/1993
  22. Fenntucky Mike
    Turn over at the executive/legislative level always seems to be high, whether due to term limits, scandal or forced retirement and the NBU is no exception. On July 16, 2020 the Verkhovna Rada of Ukraine confirmed Kyrylo Shevchenko's appointment as Governor of the National Bank of Ukraine, replacing Yakiv Smoliy.  The process is much the same as it is here in the States, the President taps someone on the shoulder, they are grilled before a committee and then a vote to confirm. The previous Governor of the NBU was an old regime appointee and, according to him, was forced to resign. Since the establishment of an Independent Ukrainian government in 1991 there have been 12 sitting Governors averaging a whopping 2.5 years per term. Although, the average term length for the U.S. Secretary of the Treasury is only slightly longer at 2.9 years but it has been more stable in recent decades. At any rate the appointment of a new Governor means the same thing to Ukrainian note collectors as a new Secretary of the Treasury means to U.S. note collectors.... A new signature.

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


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

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

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

    Which means we'll have a second note of this series/denomination with an unlisted Pick #. If I was to use common sense, I would guess that the 2018 note would eventually become #127b and the 2021 note #127c but some of the new Pick #'s being assigned to the new series notes have been kind of screwy and the registry slots aren't making sense to me yet with separate slots available, in the 1917 - Date Issued Notes Complete set, for the Pick #127a and the UNL (2018) 500 Hryven note. This is most likely due to the delays with Pick #'s, so I'm just going to wait it out for now until they are assigned for the two newest notes of this series. I feel like I've walked a thousand miles for this note,  havering the whole way.
  23. Fenntucky Mike
    **WARNING:READING THIS JOURNAL ENTRY MAY CAUSE SEVERE BRAIN PAIN, DO NOT READ THIS ENTRY IF YOU WANT TO LEARN ANYTHING WORTH RETAINING.**
    I was looking at my Ukrainian banknotes yesterday and after inspecting the reverse of the 1992 5 Hryven note I couldn't help but say to myself "Damn, that's one crazy stash! What's with all the hair on these notes?". Yep, that thought was all the encouragement my brain needed to leap from the structure of reality and plunge frontal lobe first into the "default mode network". Now having fully left reality I start to wonder if the portrait of Bogdan Khmelnytsky turns into a younger version of him if you turn the bill upside down, kind of like the old "before 10 beers / after 10 beers" joke. Ehhhh No. But the stash did give the feathers a run for their money. 

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

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

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

    If you made it this far the short answer is, NO! I do not know how to unread this, blank your memory or poke out your minds eye. All I can say is that I'll be going to the liquor store in about five minutes, in an effort to wipe this from my memory banks. Two days without the structure of work is apparently to long a period for my brain to handle. 
    Feel free to share some Bad Hair Day Banknotes.
    GOOD LUCK forgetting this and don't say I didn't warn you.
  24. Fenntucky Mike
    Phonetics and countries aside, a moire /mwär/ is a pattern of irregular lines produced by the superposition at a slight angle (or offset spacing) of two sets of closely spaced lines. Moire patterns or moire grids are commonly used on banknotes as anti-scanning (counterfeiting) devices, how effective moires are in helping the layperson identify counterfeits or preventing counterfeiters from producing fake notes is topic for another day. At any rate, this all started with an effort to obtain better quality images of my banknotes I thought "hey why not try scanning them, brilliant!", as I was browsing through the first scans and thinking "these don't look as good as I had hoped." the subject of moires and security features popped into my head. Hmmm. Well, ok, lets dive a little deeper.
    ("I'm not going to get to involved here so I'm just going to stick with one note and one particular area of the note to hopefully get a better grasp of what a moire pattern is/does." I said to myself, knowing full well it was a lie.)
    But I will stick with one note and one area for this journal entry. The guinea pig for my moire investigation is the 2013 50 Hryven (Pick 121d) banknote from Ukraine, and the area I'll be looking at is in the upper left corner, on the front of the note, comprising of a light purple rectangle with the words НАЦіОАΛЬНИЙ ЬАИК УКРАЇНА (NATIONAL BANK OF UKRAINE) inscribed within the area along with the signature of the Governor of the NBU.  When first glimpsing this note from a distance (again focusing on the area mentioned above) a faint pattern can be discerned, it looks grid like but is hard to identify (for me). Upon closer inspection I begin to notice a repeating diamond pattern created by gaps between the lines in the (moire) grid. Ok, what else? 
    (Picture of the obverse of the note.)
                
    (Picture of moire grid, "diamond" pattern evident from a distance.)

    (Picture of gaping between lines of moire grid, creating a "diamond" pattern.)

    By now I've probably inspected this note a dozen times with and without my loupe. I'm thinking "well is that it?", nope. I take a step back from the note itself and start going through images I had previously taken, enlarging them, rotating, etc. While doing this I notice a repeating "square" pattern in the same moire grid. How the heck did I miss that! It was so painfully evident in the images that I'm embarrassed to say that I didn't see it. From a distance, it was not evident to me (still isn't), using my loupe it is visible but doesn't jump out at you, especially when I was fixated on the gaping and offset line patterns. I'm thinking it's just one of those things where some people will see "diamonds" and some will see "squares". It's basically a 3D puzzle to me at this point.
    (Moire grid appearing as "squares".)

    One more surprise left, after further inspection of the images I had taken another pattern became evident to me. This effect is a little harder to see and I haven't been able to notice this with the naked eye or loupe, only through photography so far, but the lines in the moire grid merge at a distance and form a square "maze like" pattern in the field. (Sorry about the pics, best I could do at the moment.)
    (Moire grid lines merge to form larger "maze like" patterns)

    Finally, what does the moire grid look like when scanned? After all this is the main purpose of the moire on a banknote, to prevent counterfeiting in the form of scanning and printing notes. Well, the moire grid disappears as it should (as I believe was intended), although the line breaks are still evident. To me it's a bit anticlimactic, at least for that particular moire on this note.
    (Scan of note in PMG holder.)

    To me, a moire (in this instance) is a cool feature but to call it an anti-counterfeiting is a bit of a stretch. If the moire, when scanned revealed a hidden message like "NOT LEGAL TENDER" or "DON"T F***ING ACCEPT THIS NOTE" I think that would be more effective and hilarious. One other thought, I've tried searching PMG for an article related to this. I've tried several different word and phrase combinations but am not finding anything related to this. So PMG if you're reading this HOOK A BROTHER UP and release an article about this in the near future, I'd be curious to see what you have to say about this. On a side note there are several articles out there about moires and moire fringes or patterns, all worth reading if you get a chance. 
     
  25. Fenntucky Mike

    Big (Dirty) Money Goes Around The World

    By Fenntucky Mike,


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