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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike

    I've Been Everywhere Man! (Supplemental, Part 2)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    I have yet to figure out the reason for the existence of the "black" prefix and serial numbers on some 1,000 Karbovantsiv notes of 1918-21, and as such I've been collecting data on the subject in the form of additional notes with the "black" prefix and serial number variety/error/damage.  Not that I needed a reason to collect more notes.  In my current mania I've managed to acquire several more examples of this phenomenon and I think I'm starting to lean heavily towards the existence of these being either due to environmental causes/improper storage of the note (ink oxidization), improper mixing/application of the ink used or contaminated ink or mid-printing ink change, and/or intentionally done after printing/an altered note. The end answer can be anyone or a combination of all three, I just don't know at this point, but I am getting closer to an answer....maybe. 
    Among my more recent acquisitions were two more 1000 Karbovantsiv notes with the prefix АГ and serial number in "black" ink. This would bring my total notes with the same prefix in "black" ink to five, but more importantly one of the notes was printed on connected/linked-stars watermarked paper! My second, and both cherry-picked from sellers not listing the watermark.  Anyway, on a side note, the new АГ prefix note is only, sequentially, 794 notes away from my other connected/linked-star watermark note. Assuming that they were printed in the same run, notes of this prefix were printed at all three sites but only Kamianets-Podilsky is listed as printing on the connected/linked-stars watermarked paper, this would mean that I'm narrowing the number range in which these were produced. My first note with connected/linked-star watermark had prefix and serial number АГ 802463, my latest note is АГ 803257, meaning that, possibly, only notes of АГ 802463 or higher were printed on the connected/linked-stars watermarked paper. If you like making assumptions and using nice round numbers like me, I would make the argument that sharp-eyed collectors out there should be looking for notes with the prefix АГ and a serial number above 799999 in hopes of acquiring a watermark of this type.  My next closest note with АГ prefix is 691175, which has wavy lines or Rhine-waves as a watermark. 

    Ok, back to the "black" ink. The other intriguing thing about these two notes, with the connected/linked-stars watermarks, is that the prefix and serial numbers were (presumably) applied using two different inks despite a miniscule gap of 794 between the numbers and both being from the same print run (presumably).  This relatively small gap has me very suspicious as, if accurate, the color shift would have happened mid-printing at the same facility/location. This being based on the paper having identical watermarks and all other notes with the АГ prefix, printed at Kyiv and Warsaw, having different qualities such as Rhine-wave watermarked paper, or no watermark, or lines of varnish, etc., in addition to using information available in current references. 

    There are some possible font differences, especially with the prefix on the upper-left and lower-left images in the above but it's hard to tell if the font is different or if there was an over or new application of ink to the type as there is evidence of over inking or a new application of ink with the "black" prefix and serial number note, with excess ink visible around the prefix and serial number on that note. I'm leaning towards excess ink as a possible cause for the appearance of possible variations, which makes sense to me as the red prefix and serial number seems to be lacking in ink with narrowing of lines, gaps, and missing ink in spots.
    For clarification, I now have five of these notes with prefix АГ and serial number in "black" ink. Serial numbers АГ 183743, АГ 263394, АГ 400451 & АГ 513625 with Rhine-wave watermark (Kyiv notes) and АГ 803257 with connected/linked-stars watermark (Kamianets-Podilsky note). 

    As mentioned, I've picked a few of these notes with "black" ink and serial numbers, well, the next two notes are going to throw a wrench into the mix.  A 1000 Karbovantsiv note with prefix and serial number АВ 404371 in "black" ink and another with prefix and serial number AE 004043 in "black" ink/partial "black" ink. I have never seen or heard of the "black" ink variety being present anywhere other than on 1000 Karbovantsiv notes with the prefix АГ, and in addition the AB and AE notes are both associated with different printing facilities/locations. The AB being commonly accepted as a Kyiv note and the AE a Warsaw note. 
    АВ 404371 note below, with prefix and serial numbers enlarged. Attributed to Kyiv as printing location, Rhine-waves watermark, Brown back, AB prefix.

    AE 004043 note below, with prefix and serial numbers enlarged. Attributed to Warsaw as printing location, zig-zag lines of varnish (front), "W" on front of note, Brown Back, no watermark.

    The AE prefix note is particularly interesting as the right prefix and serial number display blotches of "black" ink on all digits and letters, with red being the primary color and the left prefix and serial number being predominately "black".
    Also, one thing that I overlooked in previous Journal entries is that while the ink for the serial number is "black" the overprinted seal on all of these notes is red, as it is throughout the entire issue of these notes. While the seal and prefix/serial numbers may not have been applied at the same time, they would have both been applied after the printing of the main designs, as there is no design for the seal on the lithography stones (see journal entry I've Been Everywhere, Man (Part1)), and in quick succession to one another. Yet only the prefix and serial number have this "black" ink.  Of course the seal could have quite literally been stamped by hand or printed by an entirely different process to how the prefix and serial numbers were applied. Meaning a different ink or mix could have been used for the seal.
    I also have questions as to the color of some of the "black" ink notes as it appears to vary. The АГ 183743 has more of a purple tint to it than higher numbered notes in the same sequence, does this indicate a recent changeover from red to "black" ink? As the next three notes, АГ 263394, АГ 400451 & АГ 513625, are all much darker in color, some closer to coal black. There is little doubt that АГ 803257 could have been a recent changeover as well, with it also having a purple tint and a previously numbered note, with only a 794 gap between numbers, being all red. The same question arises with note AE 004043 as well, more of a purple tint and a mix of red and "black". Changes on the fly?
    While there is still no definitive answer or explanation for the "black" prefix and serial numbers, nor has anything been ruled out, I feel like I'm closer to a solution than I was previously. Fortunately, there is more work to be done, more gathering of information and notes,  plus more speculation on my part.  More to come when available....
    If you made it all the way through my, probably, incoherent ramblings congrats! I barely finished it myself,  but if you feel like bashing your head up against a brick wall some more, or are a glutton for punishment, here are some more of my Journal entries on these notes.
     
  2. Fenntucky Mike
    Most of my graded notes are in PMG holders, like 99.9%, but on occasion I will pick up a note from an "off brand" slabber or PCGS, not because there is a great note housed in the holder but for the holder itself.  Buy the note not the holder, not in these instances.   I just find it interesting/funny/weird when I see Ukrainian notes housed in "off-brand" holders and since they are all dirt cheap, I'll pick them up from time to time and add them to my collection. 


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

    Just why? 
    Anyone have any notes in atypical holders? Post'em if you do!
  3. Fenntucky Mike

    Damage, Inc.

    By Fenntucky Mike,


    NBU Defaces Banknotes In Time Of War
    With the war in Ukraine having entered its six month, and with the taking and retaking of territories within Ukraine, there has been a need by nonmilitary personnel to get out of said areas quickly, as the need arises, sometimes at a moment's notice. That being said, such evacuations mean that there is little time for preparation and items must be left behind and along those lines the NBU has instructed the banks in the warzones to deface/deliberately damage all banknotes in the event of an evacuation. The statement from the NBU reads as such, "Taking into account the conduct of military (combat) actions or their possible threat, in accordance with the requirements of the regulations of the National Bank, in case of impossibility to take out cash, banks must damage it in order to bring the banknotes into non-payment condition.", in addition to being ordered to deface/damage the banknotes the NBU has also given instructions as to the methods for the defacing/destruction of the notes, "Banknotes can be damaged mechanically (cutting off at least half of the banknote and destroying it; cutting it in half or into three parts; drilling three or more holes in the banknote) or by using special solutions or other coloring substances with coloring of at least 50% of the total area of the banknote.".  See the press release from the NBU here. https://bank.gov.ua/ua/news/all/pid-chas-rozrahunkiv-gromadyanam-krasche-vidmovlyatisya-vid-banknot-z-otvorami-ta-inshimi-poshkodjennyami 

    It is also illegal to spend such banknotes once they have been defaced/deliberately damaged, and that seems to be an issue in areas near the war zones. As occupying forces move in they, or others of an unscrupulous nature (looters), will confiscate the defaced/damaged notes and ether intentionally put them back into circulation in hopes of destabilizing the local economies or spend them as if they were their own.  The 500 Hryven banknotes in the image above, taken from the NBU press release, are of the old design last used in 2015 (3rd generation Hryvnia) meaning that both old and new notes (4th generation) could be, were, defaced/intentionally damaged. It is unknown at this point if the NBU has serial number ranges for new notes that were defaced/intentionally damaged at occupied/abandoned banks, but I assume that information is available to them, nor is it known if there are records for older notes pulled from circulation that were defaced/intentionally damaged, but it's doubtful. 
    Please, if you see such notes online, specifically for sale, report them and the sellers as these notes are illegal to own at this time and directly impact innocent people. Furthermore, any jamoke or jabroni can pop three or four holes into a banknote, or deface it in any manner described above, and claim that it is the real article. Stay away from these folks! 
  4. Fenntucky Mike

    Here We Go Again

    By Fenntucky Mike,


    Banned Banknotes In Ukraine
    Ever since the forcible annexation of the Crimean Peninsula by Russia in 2014 the NBU has banned any currency depicting "illustrated maps, symbols, buildings, monuments, archaeological sites, landmarks, landscapes, or any other objects, situated in the territory of Ukraine occupied by Russia.", and for obvious reasons the NBU has now banned the use of all Russian and Belarusian rubles in Ukraine. This most recent ban took effect on February 24, 2022, the day of the invasion, and was an amendment to Resolution No. 18, passed by the Board of the National Bank of Ukraine, "On the operation of the banking system during the introduction of martial law". https://bank.gov.ua/ua/legislation/Resolution_24022022_21 In part the document reads:
    17. Authorized institutions are prohibited from making any currency transactions operations:
      1) using Russian rubles and Belarusian rubles;
      2) the participant of which is a legal entity or an individual having a location (registered/permanently resides) in the Russian Federation or the Republic Belarus;
      3) to fulfill obligations to legal entities or individuals who are located (registered/permanently reside) in Russia Federation or in the Republic of Belarus.
    As mentioned, prior to the war, there were already several Russian banknotes banned from use in Ukraine, mainly those depicting scenes and/or maps of annexed Crimea, (see Journal entry "Back In The U.S.S.R.?" for further details on those coins and notes https://boards.pmgnotes.com/blogs/entry/1412-back-in-the-ussr/ ) and Russia's 2022 100 ruble banknote is another that would have been banned even if the current events in Ukraine had not unfolded. The newest series of banknotes is part of a complete teardown/redesign of the current series originally issued in 1997, with new notes scheduled to be released from 2022 - 2025. The 100 ruble notes were supposed to be the first notes of the new series to be introduced and released into circulation on June 30th of this year (2022).

    On the face is depicted Spasskaya Tower, Ostankino Television Tower, The Soaring Bridge in Zaryadye park, Zaryadye concert hall, and the main building of Moscow State University. On the back is a depiction the 82ft tall statue located at the Rzhev Memorial to the Russian Soldier complex, along with white storks, an aerial view, and a map of Russia/Russian Federation. The map, as with previous map depictions on recent issues of Russian ruble notes, depicts the Crimean Peninsula as part of the RF.  Circled in blue below.

    In The Bank of Russia's eagerness to stay on schedule they seem to have ignored advise/requests to delay the announcement of the release, as the new 100 ruble notes were/are unable to circulate in large quantities due to Western companies, who maintain Russia's ATMs, point of sale terminals, and cash registers, leaving or refusing to update the machines with the required software needed for the new notes to be accepted. The refusal to cooperate with the Central Bank in the updating of equipment by these companies is due to Russia's war with Ukraine and the sanctions imposed on Russia by a good portion of the world. Several articles state that it could take the Central Bank/Russia six months to a year before the updates are complete and the 100 ruble note can be issued or widely circulate. In the meantime, there are reports that 100 ruble notes of the 2022 design are being trickled into circulation, there are also reports that all issuance of these notes has stopped but in either case these will not be widely released or produced in large quantities until the adaptation of all banking equipment is complete or nearly so.
    Several questions still remain, such as. With the need to delay the release due to a lack of equipment updates, will all subsequent releases in the new series be delayed six months to a year as well? If that is truly how long it takes to reset the system. Why weren't the updates made or a new plan laid out prior to the official announcement of the release of the 100 ruble note? Will these notes be scrapped and/or designs updated if Russia seizes more territory in Ukraine? The Bank of Russia has removed images and descriptions of the note from their website, at least from the 2022 banknote selection, and who knows what will happen next.
    I'll be adding this note to my Banned in Ukraine collection of paper money, I'm not planning on including all of the current or upcoming series of rubles, only notes that fit the NBU's criteria prior to the war. These notes are currently available from a few select sellers but the prices are a little stratospheric at the moment, once these are released in full the price should drop considerably. 
  5. Fenntucky Mike
    Well, after a few years of talking about it I finally sent a submission into PMG. I wanted to test the waters first, so I only sent in a batch of 10 specimen notes. Notes that I feel are properly listed in the Standard Catalog of World Paper Money with appropriate Pick #'s and accurate descriptions. Some of the notes would fill holes in my PMG registry set, others don't currently have homes in the registry but hopefully PMG will create them when I request some new sets. We'll see.  I didn't have time to take images of the notes prior to submitting them, I wanted to for a little guess the grade, but I'll try to make that happen next time. At any rate, they've gone and returned already, ahead of the projected turnaround time listed by PMG, and they are looking great in their new holders. 
    The first batch of specimens were from the early years, shortly after Ukraine's break from the USSR. The first notes issued by the newly independent Republic were several series of coupons, or control coupons as they are often referred to, denominated in karbovanets. The first series specimens (printed, 1991) are the least common of the four, and the most simplistic in design and security features. There is currently no registry set for these. 


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




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


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




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




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

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

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    For the first time in quite a while I was able to sit down and spend some time with my collection. With temps in the low 40's yesterday, and a constant drizzle staring me in the face as I looked out the window, it wasn't a difficult decision.  Even though I've not had time to sit down and enjoy my notes that doesn't mean I haven't had time to make a few additions, and I've been busy. More on that later in a future Journal entry.  One of my recent purchases was another Ukrainian 1,000 karbovanstiv, P35, banknote with black ink used for the prefix and seral number. (Pictured below) The color difference of the background from front to back is due to the scanner, it was giving me some heartburn today. 

    I won this one at auction for a really good price and this is the second one in my collection. As is typical of me, once I acquire a duplicate, I will compare the two, or three or....  and in doing so I often notice some variances, or something will catch my eye, and this time was no exception. (My first black ink serial number note below.)

    Upon inspection of the new note, I noticed some red ink around the prefix and seral number. It wasn't much, but I could see a few spots and kind of a red halo effect around a couple of the numbers. See Red arrows.

    The red ink looks kind of light brown in the above image, some of that could be due to the black, but it is definitely red when inspected in hand. I also noticed that there were some strange markings that seemed to match the number font, you can see them in the image above, most noticeably at the top of the numbers. See Blue arrows. I thought perhaps embossing but they appear to be raised. Extra ink from printing? Possibly. I'm now wonder if the overprint was done twice. Printed in red, then again in black.?  Back to the first note!

    Well snap! Red Ink! So, what does this mean?  Time to make a list of possible causes for the "black" ink.
    1)     A modern counterfeit/altered note?
    2)     A contemporary counterfeit/altered note?
    3)     The red ink reacted/faded and changed color (black)?
    4)     The black ink reacted/faded and changed color (red)? 
    5)     Environmental conditions / improper storage?
    6)     A reaction to a substance or thing contacting the note and altering the color?
    7)     The same prefix and serial numbers were reprinted over the originals?
    8)     Red ink remnants after black ink was applied?
    9)     They ran out of red ink during printing?
    10)   The wrong typeset/font was used and had to be redone?
    11)   Printing method was changed?
    12)   This is actually purple ink that turned black/red?
    13)    Purple ink that reacted/faded and changed color (black) or darkened?
    14)    I'm seeing things?
    Well, the paper of both notes appears authentic when compared to other notes with red prefix and serial numbers. Both are printed on paper with wavy lines (Rheinwellen or wellen) watermark and have the АГ prefix as they should, if the black ink variety, per available references and my own research. Also, the print quality seems to match other notes and I placed both notes under UV and IR lighting with everything looking good there.
    My observations are that the red ink appears to be under the black, and that the red ink is much 'thinner' or weaker than the black, and in fact is much thinner than what is normally found on notes with red ink exclusively used on the prefixes and serial numbers. I don't believe that the font has changed, from the red to the black, and I tend to think that the same type was used as I can see red at the edges of some of the black prefixes and numbers as well as those raised areas of ink (I think) in the body of the same digits and letters. The black ink appears to have flaked off (possible due in part to the red ink below) from serial # 263394 or was insufficient or didn't adhere to the paper, in part due the red ink below. I tend to think it flaked off, when comparing the common numbers between the two notes, 2, 3, and 6, you can see what the numbers looked like fully inked and what they look like with the missing ink, in addition the edges of where the ink stops on those numbers appears jagged and in places sporadic, but I suppose that insufficient ink could appear similar. I also notice quite a bit of blue ink around some of the numbers
    My conclusions, based on the above observations, is that red ink was used for the first overprint application of prefix and serial numbers, then at some point the supply of red ink or application was exhausted or insufficient and it was decided (after the red ink had dried) to reapply the overprint, this time with black (maybe purple) ink as there was no more red. This narrative fits in with the supply issues at the printing facilities in Kamianets-Padilsky, after the move from Kyiv, but is far from being substantiated. The next possible scenario would be that this is some sort of contemporary counterfeit or unauthorized printing similar to the 100 Karbovantsive notes of 1917 or the Odessa, 50 Karbovantsiv notes (pictured below) printed by General Denikin of the White Russian Army using the captured clichés. The Denikin notes are identified by the serial number used, serial numbers AO 209 and lower were authorized by the Ukrainian Government, serial numbers AO 210 and higher were printed by Denikin and quickly denounced by Ukraine.  Another theory is that this is not really black ink but purple that has turned, I say this based on the presence of blue ink on both notes in the areas of the prefix and serial numbers, this again would suggest these notes being printed at Kamianets-Podilsky as there was already produced a "violet" back variety at that location.  

    While there are still other possibilities such as these notes being modern counterfeits, I need a second opinion to completely rule that out, I feel pretty good about the conclusions I've drawn so far. Next, I need to get more familiar with how the overprint was applied to these notes, as there may be more information to be gleaned there. It's worth checking out at any rate. With that being said I welcome input from other collectors. I've probably left out a possible scenario or reason the black or purple ink was applied or not or am completely off base with my thinking.  Bring it on people.
    I'll probably send these off to PMG at some point, but first I need to see if they will even consider this a variety (black ink variety) or if there is already a Pick # assigned for it. If there is not a Pick # or if PMG won't consider the black ink as a variety, then I'll probably forgo sending them. We'll see.
     
  7. Fenntucky Mike
    ...will the National Bank of Ukraine stick to it's current product schedule?
    I've been tracking the NBU product release schedule closely, I always keep an eye on it regardless but more so now, and it has been changing on a monthly basis, even prior to the Invasion. They have been paring the gold issues down since the initial release of the schedule in Nov-Dec of 2021, and now there is no gold commemorative or bullion issues on the latest iteration. Even the silver issues have been cut way back including halving the anticipated mintage of the 1 UAH Silver Archangel to 10,000, a mintage that would be the lowest since the initial release of the series back in 2011. Currently there is no release date for the Archangel which makes me think that these are in serious jeopardy of being cut from the production schedule unless the tides of war start to swing in Ukraine's favor. 

    Even the 500 UAH silver banknote that the NBU was planning to release has been cut from the schedule. The silver banknotes have been a staple of the NBU's souvenir product line since 1992!


    With all of the slashing going on with the product schedule it was looking pretty bleak a month ago, the NBU had actually passed a resolution to pause all precious metal products at one point, but the schedule has been replenished with plenty of war themed and morality lifting products which, now, includes two commemorative banknotes. 

    The print runs are healthy, especially the 20 UAH note with a run of 300k. For comparison the 30th Anniversary notes of Ukraine's Independence that were issued last year only had print runs of 30k for each denomination, and there are plenty of those to go around. I have not seen any potential designs for the notes yet but I imagine that the 500 UAH note will be very similar to last year's commemoratives and that the 20 UAH note will be of one of the designs submitted to the NBU under their sketches for the creation of numismatic products dedicated to Ukraine's struggle against Russian aggression contest.

    The NBU has already authorized production of 5 & 10 UAH coins titled "In Unity, Strength", both are on the current production schedule. The winning sketch "Unity-Power", lower-left in the image above, will be on one side and on the other side another submitted sketch  "Assistance of Partner Countries" will be displayed (image of sketch obverse below). https://bank.gov.ua/en/news/all/viznacheni-pidsumki-golosuvannya-za-eskizi-dlya-stvorennya-numizmatichnoyi-produktsiyi-prisvyachenoyi-borotbi-ukrayini-z-agresiyeyu-rf 

    The banknotes, probably, have a very good chance of being printed as the NBU's Banknote Printing and Minting Works has all the capabilities to produce its own paper, along with the printing equipment needed to produce these notes. I also would not be surprised to see more notes added to the schedule in the near future, or other paper products. Everything is subject to change or, if things go terribly wrong for Ukraine, the entire production schedule could be deep sixed. It has been very interesting monitoring the actions taken by the NBU in response to Russian aggression, and the production schedule has not been immune to some of these actions. The messages being sent through these products, in both the artwork and production are all part of the Ukrainian response. More to follow when available...
    Here are some more numismatic related announcements from the NBU, some are only available in Ukrainian so you have to use Google translate if you can't read them. 
    https://bank.gov.ua/ua/news/all/ogoloshuyemo-konkurs-eskiziv-dlya-stvorennya-pamyatnih-monet-prisvyachenih-borotbi-z-rosiyskim-agresorom 
    https://bank.gov.ua/en/news/all/startuye-golosuvannya-za-kraschi-eskizi-dlya-stvorennya-pamyatnih-monet-prisvyachenih-borotbi-z-rosiyskim-agresorom 
    https://bank.gov.ua/ua/news/all/utochneno-poryadok-roboti-pidrozdiliv-natsionalnogo-banku-z-pamyatnimi-ta-investitsiynimi-monetami-ukrayini-v-osobliviy-period
     
    Production schedules from February 2022 (pre-invasion) and May 2022.

  8. Fenntucky Mike

    Leave Out The Fiction. Heck No!

    By Fenntucky Mike,


    Fantasy Notes
    Since the Invasion of Ukraine there have been several fantasy issues released by private entities. The sellers motives aside, some are quite attractive and of high quality with all the typical modern security features, while some are lacking in those areas and were seemingly "Xeroxed" on plain paper. Regardless, I thought it would be interesting to list a few here that caught my eye and see what others thought about them and of thier existence in general.
    I've posted this one already in the Latest Edition thread and it's a high-quality note with all the latest bells and whistles. A nice note with 100% of the proceeds going to relief for Ukraine when purchased direct from the printer. I've already posted the regular images so I'll post images of the note under UV here.


    Next we have a 0 Euro note, this one is of good quality as well with UV, security strip, etc.. Since I have the UV light out, I'll post pics of this note under UV as well.




    Next, we have someone taking the image from a recently released Ukrainian stamp and sticking it on a fantasy note. On lower quality paper, with watermark, UV fibers and not much else, with the print and ink also being of lower quality as well.  


    More notes from the same seller as the previous note, I don't have, nor have I seen any of these in hand but I imagine they are of the same quality as the previous note. Seller's images below.








    .... and on and on and on, this seller has/has had many many notes like these and I cannot fit them all in this entry. I have no plans on picking any of these up. The last note posted is a depiction of one of the entries for a commemorative coin contest that the NBU had a month or so ago. The image may very well end up on a official coin or banknote of Ukraine, along with the stamp image. More on that in a future Journal entry.
    Finally, as I'm running out of space in this entry are these three notes. Again, I have not seen these in hand, and I won't be getting any, but they look of similar to lower quality of the previous notes. Seller's images below.



    There are more fantasy notes out there and I could not possibly list all of them here, but I imagine there are even more to come. Even some commemoratives from the NBU. 
  9. Fenntucky Mike
    "Pop quiz hotshot". How many of these notes are authentic?
     

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

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

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

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

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

    These notes were very heavily counterfeited, and I have at least a dozen or so in my collection. Being able to identify a counterfeit is important when assembling a set of Shahiv notes, especially when dealing with the 50 Shahiv denomination. 
    So, any guesses as to how many of the six notes from my collection are counterfeits?
    More reading on the 50 Shahiv note below, along with the all Shahiv notes in general. Hmm, quite a bit of material there. I might have to go back and compile everything into a comprehensive document one day. Maybe. 
     
  11. Fenntucky Mike
    It's been a while since I've last talked about the hammer prices of Ukrainian banknotes, and coins for that matter, both continue to command strong prices at auction. This is due to many factors no doubt, such as inflation, individuals still high on the hog with Covid money or generating additional income due to Covid, the war in Ukraine generating interest and sympathy, along with a collector base/demand in general that has been slowly growing, even prior to any of the previous factors already mentioned. As a result of all of this some fantastic notes have come out of hiding along with some collections going up for auction, and now is a fantastic time to see, bid on and sell Ukrainian banknotes. That being said, I've continued to take a beating at auctions but have also come away with some wins. 
    Losers: 
    A nice 25 Karbovantsiv (37a) without serial number or prefix that went for fifty plus. I was outbid by $1 on that one. 

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

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

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

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

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

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

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

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


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

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

    Who Are You! (A Variety?)

    By Fenntucky Mike,


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

    Small Text - Large Tryzub. (2020786-042)

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

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

    Sizing variation. 

    Text cropped and enlarged for easier viewing.

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

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


    I'm very confident both notes are authentic and that PMG has graded each of the variations is additional verification, but there is always a chance that one could be a counterfeit and until I can find additional confirmation in a reference, or a second set of eyes to verify, or get PMG to recognize the varieties it's not a done deal. I'm also looking for this same variation in the other Shahiv denominations but it seems that the ST - LT variety is dominant throughout the other issues. Although, I have seen images of the 40 Shahiv note with these back design varieties. I now only have one question, why? A reprint at a later date? An unauthorized issue? A modern counterfeit? Personnel? Equipment? Etc......  All I know is that I'm adding a new variety to my Shahiv variety list until proven otherwise. 
     
  13. Fenntucky Mike

    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. 
  14. Fenntucky Mike

    No, Not Another Souvenir!

    By Fenntucky Mike,


    2021 30th Anniversary Commemorative Banknotes
    On January 17th the National Bank of Ukraine issued the final banknotes commemorating the 30th anniversary of Ukraine's independence. Two commemorative sets were released containing all six denominations with matching serial numbers. The first set comes in a NBU envelope, the notes loose, with an issue limit of 3,000 sets and serial numbers ranging from ЯА0007000 - ЯА0009999. The second is in the form of a hardcover booklet, again, containing one commemorative note of each denomination with matching serial numbers. Each note is contained in a sleeve adhered to a page with some information about the note on the adjacent page, in both Ukrainian and English as is typical from the NBU. There were released 2,000 of the booklets with the serial numbers ranging from ЯА0005000 - ЯА0006999. The notes in both sets are identical to the notes previously released for individual purchase, have the same prefix ЯА, and were also part of the 30,000 issue limit per note. 
    Envelope (top), and booklet (bottom).

    Six denominations with matching serial numbers.

    Descriptive page for 1,000 UAH banknote (left), and 1,000 UAH banknote in booklet (right).

    These sets do not leave much for fancy number collectors to look for, due to the 30,000 limit, the seven digit number employed by Ukraine, and the number ranges used for the sets I can only think of five sets that would contain all fancy numbers. All are radars with the eight thousand number being a radar-rotator, (0005000, 0006000, 0007000, 0008000,0009000) I couldn't find any fancy sets.  The sets were again available through the NBU's website but judging by the number of online complaints the sets sold out in a matter of minutes, with multiple site crashes peppered in, and many people missing out. So, all you U.S. Mint collectors (me included), you're not alone. 
    I ended up picking up one of each set on Monday, via one of my go-to sellers in Ukraine, and really wasn't too much more than having purchased the individual notes. I should have just waited for the sets,  but I was able to pick up several fancy numbers from the individually released notes, including some matching fancy numbers, those were well worth the effort. A complete set of matching numbers outside of the ranges given for the sets would really be something and if one could pull that off with a fancy number, WOW! In the meantime, I'll be keeping an eye out for such things while waiting for my notes to arrive, as shipping from Ukraine has slowed to a snails pace the past month or two. 
    Both sets are currently available on the secondary market and can be still purchased for a reasonable price, but you'd better hurry because there are not a lot available. And I swear this is it for these commemorative notes. 
     
  15. Fenntucky Mike

    I've Been Everywhere, Man! (Part 2)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    With three different production sites, dwindling supplies, war on several fronts and a desperate need for banknotes to circulate among the public, compromises were made and as a result several varieties of 1,000 Krabovantsiv banknotes exist. Below we will touch on what I consider major varieties. 
    KYIV
    With Kyiv being the first and most stable location, the notes printed there were of good quality and consistency. As a result, there are no major varieties that can be directly link to the printing offices at this time. The Kyiv notes are currently Pick # 35a in the SCWPM, GI (Standard Catalog of World Paper Money, General Issues 16th Edition) although not noted as Kyiv notes in SCWPM these notes best fit the description "Watermark: Wavy lines.". All notes were produced on the same paper with identical watermark and inks used, there were four series of notes printed at this location and, if collecting by prefix, will provide four minor varieties to acquire. The four prefixes are AA, AB, АБ & АГ all in red ink, along with the serial number. The Kyiv notes are normally found with excellent color, the dark reds and greens really coming through. I also typically see two different sizes of type used for the prefix and seral numbers, small and large, but I don't currently have enough data to speak on this as of yet in regards to determining varieties.  Specimens were produced and were two uniface pieces, front and back, with ЗРАЗОК (SAMPLE) printed diagonally across the unprinted side in black ink with the prefix and serial number in red ink, PP888899 (Pick 35as1 and 2). There is also a two-sided specimen with ЗРАЗОК printed diagonally on both sides in red ink, with the prefix and serial number in black ink, PP000000. Both are extremely rare with the two-sided specimen exceptionally so. 
    Kyiv prefix varieties. Notes printed on paper with wavy line watermark, no "W" on the front of the note, prefix in red ink.

    Specimen, uniface front, Pick 35as1.

    Kamianets-Podilsky
    The next print location for the 1,000 Karbovantsiv banknote was Kamianets-Podilsky where we encounter two major varieties. As previously mentioned, in my prior Journal entry, a lack of supplies led to at least a paper change but also some other interesting varieties. The Kamianets-Podilsky notes are where we see watermark and ink variations. While it cannot be said if it was a lack of supplies, time, or talent that led to the varieties produced at this location, most likely it was a combination of all three, the times in which they were produced absolutely played a part. The first variety was a change to the ink used for the back of the first two series of notes printed. While the paper used in Kyiv was used to produce the first two series of notes in Kamianets-Podilsky, prefix AH & AO (wavy line watermark), the ink used/mixed was violet in tone as opposed to the previously used brown toned ink. This color change was previously noted in the SCWPM but was not assigned a separate Pick #, as of the latest printing this color variance is no longer mentioned.

    Prefixes used for the violet back, note the type size difference between the two series as noted on other series and within series.

    The next variety is the linked star watermark which, as previously mentioned in Part 1, was facilitated by a lack of supplies. Notes printed with prefix AA, AB, АБ & АГ, (the same prefixes were used on the Kyiv notes) in Kamianets-Podilsky were the only 1,000 Karbovantsiv notes to be produced on this paper. These notes were previously Pick # 40b (kind of) in the SCWPM, although none of the linked star watermark notes have violet backs. Pick 40 has since been removed from the SCWPM and combined with Pick # 35, there are no current varieties assigned for the linked star watermark or the violet back notes. At least not in the 16th addition (2016). 

    SCWPM 12 Edition, Pick 40.

    WARSAW
    The third and final print location for the 1,000 Karbovantsiv banknote produced one Major variety and several small ones. Most 1,000 Karbovantsiv notes printed in Warsaw display the letter "W" to denote the location of printing, two series were produced in this way, AE & AI, on paper containing no watermark but with zig-zag lines of varnish applied to the paper. The varnish can be present on the front, back or both and runs diagonally either left or right depending on the paper's orientation during application of the varnish. The varnish lines appear to sit on top of the lithography to my eye, and if correct would have been applied after printing. Prefix AE and AI were only used on Warsaw notes with "W" on the front.
    View, magnified, of Zig-Zag lines of varnish.

    Below image, prefix for Warsaw notes with varnish, note the varnish present on prefix AI which runs vertically through the "A" and the "2", diagonally between the 0 and 6 and diagonally between the 4 and 8. Also note the lack, or no, varnish on prefix AE. Prefix are located on the front of the note only, as they were on all series issued.

    There was also a third series of note printed in Warsaw on paper with no watermark and wavy lines of varnish present on the back. Prefix АЖ was used for these notes, with an estimated run of 1,000 notes. 
    UNKNOWN
    The final major variety is another ink variation, black ink was used for the prefix and serial number. All notes are from series АГ, printed on paper with wavy line watermark. The print location is unknown as both Kyiv and Kamianets-Podilsky, at one time, had printed notes using this prefix and had produced notes using the wavy line watermark paper. Although Kamianets-Podilsky printed АГ series notes they were on linked star paper but notes of other prefix were printed on wavy line paper at the same location, meaning that, there was an opportunity for these to have been printed at Kamianets-Podilsky. These are rare and either facility could have produced a limited run of notes with black ink, although it is thought that Kamianets-Padilsky is the more likely printing location due to the lack of supplies and poor production quality. One other possibility it that these were printed using captured lithography stones, but there is a lack of documentation to support that. Note, the example below has unbalanced prefix with the left prefix type being much larger than the right, the serial numbers are of the same size. The embossed emblem is also extremely faint on this note.

    As it stands, there are six major varieties worthy of a Pick number, in my opinion. The Kyiv notes (P #35a). The Kamianets-Podilsky notes, violet back (P #UNL), and linked stars watermark (P #UNL). The Warsaw "W" notes with zig-zag varnish (P # 35b), and wavy lines of varnish (P #UNL). And the black ink prefix notes (P #UNL). It would have been nice if the Pick #'s for these could have been assigned in order of printing/location, but that ship has probably sailed at this point. With that said, hopefully we'll be seeing P #35c for the violet back notes, P #35d for the linked star watermark notes, P # 35d for the wavy lines of varnish note, and P #35e for the black ink prefix and serial number notes in the future. There is a P # 35c listed in the PMG population report, although I do not know what that variety is as there is no 35c listed in the last edition of the SCWPM or on Numismaster. While I do have at least one each of all the major varieties in my collection, all notes pictured are from my collection except for the specimen which is currently up for auction at Stack's Bowers , I am missing one prefix and a couple of the linked star watermark notes (by prefix).
    If you're looking to collect all varieties by prefix, lookout, you're looking at 21 notes, but if I can get some more examples of the large and small type used on prefix and serial numbers and include the direction of the varnish this list could double.

     
  16. Fenntucky Mike

    Driving Towards The (Sketch Pad) Light

    By Fenntucky Mike,


    Watermarks, Sketch Pad
    I've been hating on how I examine watermarks for a long time now. Holding a note up to a light source, trying to see the whole note and probably craning my neck to get a good look. Taking a good picture while trying to view a watermark in that way is on par with a center ring circus act. I knew I wanted something that sat flat on a table, with a large surface, good white lighting and didn't cost an arm and a leg. Now, I didn't search the web for "flat light table thingy for banknotes" but I knew, in my head, what it should look like and eventually I would stumble across something. A few weeks ago, while Christmas shopping on Amazon for one of my sisters, it happened. Finally! After a year the answer to my sore neck had arrived!

    https://www.amazon.com/dp/B07DYP468V?psc=1&ref=ppx_yo2_dt_b_product_details 
    A lighted sketch pad! I know that this is only new to me and probably not to most experienced collectors, but hey, I'm still excited. For $17 I immediately picked it up and anxiously awaited its arrival. Once received, I immediately set to work testing it out, and here are a few examples.
     



    Nice!  This is a BIG improvement, it's flat, sits on a table, the light (brightness) is adjustable, it's hands free, I can easily use a loupe and take pictures..... Yeah, this is WAY better. The only thing that is a little weird is that you see more of the opposite side of the note, which is not a big deal. You see the opposite side of the note when back lighting a note regardless, I just see more of the other side than normal because the note is so much better back lit, but I also see the watermarks ten times better. It's just something I'll adjust to after a short while and be better off for it. 
    I like my banknote "gadgets", UV light, IR light and now this sketch pad. All things that I use often and because of them get a whole new level of appreciation for banknotes, enjoying them that much more. A notes design is something to behold, (not just the artistic aspect) the layout, the security features, the hidden little gems. A note really comes alive when you peel back the layers, especially moderns. 
  17. Fenntucky Mike
    As the year comes to a close it saw an unprecedented amount of activity coming from the NBU BPMW, twelve new releases including six new commemorative notes, and while I'm not entirely ruling an additional release prior to the new year or postdated issue in 2022 I feel now is a good time to wrap this all up. So, I'm combining this year's new varieties, commemoratives, and my speculations into a single Journal entry, and saying adieu to 2021. 
    First let's wrap up the commemoratives.
    On December 22, the NBU released the 50 & 1,000 UAH commemorative banknotes completing the special 30th Anniversary of Ukraine's Independence commemorative series of notes, that included all six current denominations (20, 50, 100, 200, 500 & 1000). The latest releases are similar to the previous in that the banknotes have the prefix ЯА with an issue limit of 30,000 and are of the current design with the 30th Anniversary Logo added to the open area, to the left of the portrait, where the watermark is placed. Also, like the previous commemorative notes, the logo was added via screen printing and is optically variable with the colors coinciding with the color pallet of the note. As has been the case previously the NBU lists the smaller denomination first and as such I would expect the next available Pick number to be assigned to the 50 UAH first, then the 1000. The new commemoratives, as with all 2021 issued notes, sport the signature of the new Governor of the NBU, Kyrylo Shevchenko. His arm must be tired. 
    The 50 UAH, 2021, commemorative banknote.


    30th Anniversary Logo.

    The 1000 UAH, 2021, commemorative banknote.


    30th Anniversary Logo.

    All Six Commemorative notes.

    The Pick order is already established for these with the 100 & 500 commemoratives already having been assigned 129a & 130a respectively. Following that order I would expect the 20 UAH to receive P# 131a, the 200 UAH P# 132a, the 50 P# 133a and the 1000 P# 134a. I guess we'll see. The 50 & 1000 UAH commemoratives are being distributed through select banks instead of the NBU's online store, apparently it crashed due to demand for the previous commemoratives and is being rebuilt. The distributing banks are Oshchadbank, Ukrgazbank, Radabank and Taskombank, the notes are selling for 14 UAH above face value and are only available for direct purchase from the participating banks.
    Now let's wrap up the 2021 signature varieties.
    Since my last update for the new signature varieties for 2021 two more have been released into circulation, 50 and 1000 UAH notes bearing the new Governor's signature were released in early December with the 1000 UAH being released first. This completes an update of all denominations to the new signature variety and adding six new Pick #'s, matching the commemoratives. Hey, if you already had the presses fired up, why not?  Both notes are of the same previous design, dating from 2019, with the 2021 notes being the first signature variety for both. The 50 UAH should be assigned P# B126b and the 1000 UAH P# A128b.
    1000 UAH 2021 banknote with Shevchenko signature and 2021 date.

    50 UAH 2021 banknote with Shevchenko signature and 2021 date.

    This has been an eventful year for Ukrainian note collectors, twelve new varieties/releases is a boat load and the cost associated is not miniscule. Especially when one does not live in the country of origin. I'm ready for things to slow down now, but there was a press release from the NBU stating that 30th Anniversary commemorative sets, containing all six notes, will be released in 2022! Will they be the exact same notes, with the same prefix, date and design? All the commemoratives had a cap of 30,000 notes, will the NBU go over? Things should shakeout early next year. In the meantime, wrap the 2021 grands up and take a breath, albeit a short one.
    Merry Christmas! 
     
  18. 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
  19. Fenntucky Mike

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

    By Fenntucky Mike,


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

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

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

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




     
    I have the three banned banknotes in my collection, they are very attractive notes and the 2015 note fits into one of my signature sets I'm working on, but I have to admit that I feel a little conflicted about it. My affinity for Ukrainian coins and banknotes gives me pause about collecting these, but they are part of the modern history of Ukraine and a vital part of any comprehensive Ukrainian banknote collection that strives to tell a complete narrative. A narrative that may see Ukraine Back In The U.S.S.R. sooner rather than later, but hopefully not.  
  20. Fenntucky Mike
    I've said this a few times, that the Standard World Catalog of World Paper Money is a great reference, and that all collectors, especially beginners, would benefit from having a copy. That being said, it's not the be all end all of information, also something I've mentioned previously, and to that point here are a few more examples of Ukrainian notes not referenced in the SCWPM.  
    In 2018 banknotes of the denominations 1 hryvnia and 2 hryven were printed. With plans already in progress to eliminate both denominations by March 1, 2020, the printing of these notes may have been needed as a stop gap until the transition to the 1 hryvnia and 2 hryven coins, but a 1 hryvnia coin has been in circulation/produced since 1992 and a 2 hryven coin since 2018. If you are going to eliminate the 1 & 2 denomination banknotes and replace them with coinage why print more notes? The coinage was already in place, along with the schedule for removal of the notes, yet more were printed. While I don't have concrete evidence of this my best guess is that these were produced for "souvenirs" to sell to the public, coinciding with the removal of these denominations. The only fault in that thought process is that no 5 & 10 hryven banknotes were produced in 2018, which were also being eliminated in early 2020.
    In 2018 there were already 5 & 10 hryven coins in circulation, along with the 1 hryvnia & 2 hryven, and there was apparently no need to produce more of these notes.  Granted that the 1 & 2 denominated notes had not been produced since 2015 & 2014 respectively, but the 5 & 10 notes hadn't been printed since 2015. I'm just having a hard time buying that the 2018 notes needed to be produced with their imminent removal from circulation on the horizon, already circulating coins, redesigns to all future denominations that were to remain in circulation for added security and rising inflation partially facilitating the removal of lower denomination notes and the introduction of a 1,000 hryven note. I'm not saying that some of these notes didn't circulate, but my thought is that their production was mainly facilitated as a means to produce added revenue from the sale of souvenirs in the form of uncut sheets and the like.
    Uncut sheet of two.


    Uncut sheet of six.


    Uncut sheet of 10


    Full Sheets, 60 notes.

    These two issues are by far the most common notes to find in full or partial sheets. I mean come on there is a seller on ebay who has 200 sheets, 60 notes each, of the 2 hryven denomination for sale as one lot, that's 12,000 notes! There was one run of each the 1 & 2 hryvnia denominations produced, the prefix ЮК was used for both notes with the Smolii signature, which was not previously used on these notes, as he became acting Governor in May of 2017 after Hontareva resigned and wasn't officially elected Governor by the Central Rada until March 15, 2018. How bad did he want is signature on some banknotes?  
    As previously mentioned, these notes are not in the SCWPM and PMG has not graded any examples of either note. I expect Pick # 116Ad to be assigned to the 1 hryvnia note and Pick # 117e to be assigned to the 2 hryven note once examples are sent to PMG. It seems that PMG is now assigning Pick #'s as notes are submitted, most likely due to the future of the SCWPM being very much up in the air. I'd be surprised if the SCWPM returns for another edition anytime soon, maybe never. There are plenty more unlisted Ukrainian notes out there, and world notes in general, so keep your eyes peeled. If you find a note that was left out don't worry, you've found something worth keeping. Maybe.  Good luck! 
  21. Fenntucky Mike

    I Just Want To Celebrate! (Part 2)

    By Fenntucky Mike,


    2021 30th Anniversary Commemorative Banknotes
    As I mentioned in my last journal entry there were two new circulating notes issued by the NBU, the 20 & 200 UAH notes, but the big news is that the next two commemoratives were released in tandem with the circulation issues. The 20 & 200 UAH commemoratives! Duh. This makes sense I guess, to release the same commemorative denominations with the regular circulating notes, I would assume that all were ran at the same time and the commemorative overprint added to the commemoratives after the main print run. It would be more efficient and lower production and setup costs.
    So far most, if not all, of my speculations have been accurate, the logo has remained the same with a color change to match the note, the prefix is the same as first commemoratives (ЯА), even my guess as to what Pick numbers would be assigned.   I'm enjoying these commemoratives more than I thought I would, not that I'm hoping for yearly commemoratives, (I'm NOT) but these have been a nice change of pace and have been a blast to acquire. Mainly do to some of my go-to sellers that have been more than happy in assisting me in acquiring top notch examples at very reasonable prices.  If anyone needs a Ukrainian note hookup let me know. 
    The 200 UAH is one of my favorite notes, I think it just looks great and commemorates a fascinating individual.

    The 20 UAH is from a base design dating back to 2016, and is the second time this note/design was used as a commemorative.

    2016, 20 UAH commemorative note. Interestingly enough this note was rereleased in 2021 with a new commemorative folder, the note was still dated 2016 (2021).

    PMG has now graded a few each of the (2021) 100 & 500 UAH commemorative notes and assigned Pick #'s, the 100 UAH is Pick # 129a and the 500 UAH # 130a. Watching the pop reports has been paying off nicely. 


    No need to guess as to what the Pick #'s will be for the next two commemoratives, P131a & P132a, and I can't wait for them to come out early next month. I'm really excited for the 1,000 UAH note as that is also a really great looking note. I'd be a little surprised if the BPMW of the NBU issues a 2021 circulating note for the 1,000 UAH, but stranger things have happened. I would however expect a new run of 50 UAH to coincide with the release of the last two commemoratives next month. We'll see. 
    Psst. I was able to acquire a few fancy number 200 UAH commemoratives, more on that later.
  22. 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. 
  23. Fenntucky Mike
    I changed computers a few weeks ago, and have been having trouble connecting to the National Bank of Ukraine website, so imagine my surprise when I saw these two notes popup on ebay. Freshly printed notes with new signatures!  New runs of the 200 and 20 hryven denominations were issued and I have to believe that the commemorative versions of these notes are not far behind. This is the second signature variety for each note of the current design.
    20 Hryven 
     2019, PICK # A 126, Smoliy signature.
     
     2021, PICK # UNL, Shevchenko signature.
    200 Hryven
     2019, PICK # A 127, Smoliy signature.
     2021, PICK # UNL, Shevchenko signature.
    The NBU Banknote Printing and Minting Works is in overdrive this year, with printing 30k runs of six different commemoratives and runs of 500, 200 & 20 hryven circulation notes to date. There probably won't be any additional print runs for circulating notes this year but in 2022 look for the 1,000, 100 & 50 to have new printings.  As far as new Pick #'s for these new notes,  your guess is as good as mine, I'm going to go with A 126b and A 127b.
     
  24. Fenntucky Mike
    Sometimes opportunities come along in quick succession and if you had taken advantage of the first you are then faced with the difficult decision, sometimes, of whether or not to "go in" on the second. A typical dilemma that all collectors face, and at its core is all about patience. Well, fortunately for me this recent dilemma required very little thought, or money, and I went "in" on my latest acquisition. 
    I've been on a shahiv kick recently and have been rewarded with some fun and unique acquisitions as of late. While searching ebay I saw 5 new listings for Ukrainian shahiv notes, each for a single note of varying denominations which if all purchased would make a complete set. Not having need of a new set, or even individual notes, I wasn't expecting much and was quickly scrolling past until the 40 shahiv note caught my eye. It looked terrible, printing wise, and deserved closer inspection. 
    Images from ebay seller.

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


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


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


    This is a super fun series to collect with several varieties still out there waiting to be discovered, and you can bet I'll be looking for them. Even ones that ain't the real thing. 
  25. Fenntucky Mike

    Want You To Sign Your (Banknote) (Part 1, 2021)

    By Fenntucky Mike,


    100 Hryvnia, New Signature.
    For the second time this year the NBU has updated the signature on a circulating banknote, the 500 hryvnia in March was the first, and the 100 hryvnia is the latest note to receive the signature of the new Governor of the NBU, Kyrylo Shevchenko. The 100 hryvnia banknote was designed in 2014 and measures 75 x 142mm, this is the third signature to grace the 2014 design and is the fourth different pick # to date. The new 100 hryvnia banknotes were put into circulation on Sept. 7, 2021.
     PICK # 126a
     PICK # 126b
     PICK # UNL
     PICK # UNL
    It'll be interesting to see what they do with the Pick #'s, do they assign P# 126c to the commemorative note which was released first, or to the regular circulation note? My guess would be the commemorative receives a separate Pick #, something like 126A and the latest note gets 126c. I'm also going to take a wild guess and say that in addition to the four remaining commemoratives scheduled to be released later this year, that we'll also see the release of a 20 hryvnia circulating note with new signature. A new run of 20 hryvnia banknotes has not been released/printed since 2018. We'll see, updates to come when available.