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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. 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! 
  2. 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. 
  3. 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. 
  4. Fenntucky Mike

    Hey, Now It's 'Bout Time To Set Things Straight

    By Fenntucky Mike,


    1992, First Series Hryvnia
    I have never seen a set of notes and Pick #'s be so mismanaged in all my years as the 100 & 50 Hryven notes of 1992. I recently viewed a 1992, 100 Hryven note up for auction and I was surprised to see the labeling on the note. It was a cancelled note with perforation and listed as Pick # 107B on the label which I agree with for the most part. The reason the labeling was a surprise to me is that TPG's have been calling perforated notes specimens for years now and this was the first time I had viewed a perforated note having not been labeled as a specimen. 'Bout time!

    I have tracked at a minimum five notes of both denominations having been incorrectly labeled IMO, either as a specimen or specimen with the notation "unissued".


    These are the facts as I see them.
    The last edition of the SCWPM only lists Pick #'s 107A & B for these denominations in this series, no specimen P#'s are listed. The SCWPM uses images of specimen notes with red overprint for P#'s 107A & B, this may or may not have lead to some confusion. Especially when showing an image of a specimen but not listing a P# for one. Notes with ЗРАЗОК (SPECIMEN) in red overprint on both sides of the note are specimens and should be labeled as Pick #'s 107As & 107Bs respectively, which they typically are. Notes perforated with "НЕПЛАТІЖНА" (NOT PAYABLE/NON-PAYMENT) are unissued notes that were canceled and sold in commemorative sets. These should be labeled Pick #'s 107A & 107B respectively and should be noted as being "CANCELLED" on the label.  Notes that are not perforated and not a specimen are unissued notes that were not cancelled and somehow made it out of the NBU's vaults. These also should be labeled as Pick #'s 107A & 107B respectively.  The TPG's are so close to getting the labeling correct, the last piece of the puzzle is for them to label the perforated notes as being Unissued - Canceled or Unissued - Perforated - Canceled, something along those lines, and the labeling would finally be correct IMO. Not much can be done about the notes currently out in the world with bad labels but I have probably one or two of each denomination and I think I'll see if PMG will agree to changing the labels due to a "Mechanical Error", if not I may just cut them out and resubmit. 
    I've previously written about the 50 & 100 Hryven notes of 1992 here:
     
  5. Fenntucky Mike
    A group of 42 Ukrainian specimen banknotes graded by PMG were listed individually and put up for auction on ebay last week, all starting at $0.99 and all ending within an hour of each other this afternoon. While listing all of the notes at the same time with auctions starting at $0.99 is fair and honest, I just wonder if the seller is leaving money on the table? These notes were not previously listed on ebay and I have to believe that higher prices could have been achieved for most of the notes if listed with a Buy It Now price. Not to mention that it makes it real hard for me to acquire all the notes I would like to get when a large group like this is auctioned off all at once.   Regardless, I was able to pick up five of the twelve or so notes I was really keen on, one of them being somewhat of a rarity.   The stars are next to the notes I won.

    Overall, most of the winning bids were in line with what one would expect to pay for similar examples being offered for sale with a BIN price tag hanging from it. The group of 42 realized $3,708.00 with a per note average of $88.29, average grade of the notes 65.57 with a high of 68 and low of 55, six notes did not receive EPQ designation. Two notes sold for over $200, eleven over $100, twenty-two for over $50 and eight sold for under $50. What does that all mean? Nothing really. 
    Two two highest prices realized were for a P# 107As (67 EPQ) that sold for $238.00, which is not a bad price, that is typically under what you could buy those for raw. Just under. I imagine that the price could go up for these once the P#'s are sorted out and it's better known that these are the rarer of the two varieties. That was a good pick up by someone, there could be value there. The other $200+ note that sold was P#127as, the sell price was a little high considering the grade (66 EPQ) and that the variety with English language "SPECIMEN" in red-overprint is the rarer of the two, this note being the Ukrainian language variety. PMG does not currently differentiate between the two.   Best deal, $48 for P#109as (66 EPQ), $40 for P# 109bs (65 EPQ), and $26 for P# 108as (58 EPQ), you can't buy those note raw for those prices. 
    My wins, P# 85s(2), 95s1, 117as, 116as & 126(a)s, I feel like I got a good deal on the P# 85s1, as it is extremely difficult to find one, the first I've seen that wasn't in a book. My other pickups were fair deals ticking towards overpaying, but not significantly so. Sellers pictures below.
    P# 85s2 (red-overprint), label is missing the "2". Five years in and I now have specimens with red-overprint for four of the seven denominations from the first series coupons. Love this note. 


    P# 95s1 was an upgrade purchase, 64 to 67


    P# 117as filled a slot.


    P#116as, also an upgrade. Replaces a 63 no EPQ note, I hate when a note doesn't have EPQ.


    P# 126(a)s, missing "a". This note also fills a slot and looks great based on the pics. 


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

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

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

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

    P.S.
    In my first journal entry I was hemming an hawing about the next set of notes to collect, Well let's end the suspense, (not that there was much) and make it official. I am now collecting new series Zimbabwe Dollars. I would like to get the complete series to date in 68 but we'll see how it goes. Currently only comprising of four denominations, it's not much of a commitment but it is as involved as I want to be at the moment on another set. 
  7. Fenntucky Mike
    When I first started collecting Ukrainian coins and banknotes I was prepared for the worst, meaning I thought I would have to translate everything, that there would be a lack of transparency and information from the NBU, archaic website, and few to no references. I was wrong. Ukrainian coins and currency are some of the most well documented that I have come across. I have mentioned some of the reference books that I use in a previous entry, this time I would like to focus on the resources provided by The National Bank of Ukraine. Lets use the NBU's latest release as an example, a new souvenir banknote was released a few days ago commemorating Leonid Kadenyuk, the first cosmonaut of independent Ukraine. The notes release was predated by a press release from the NBU (see below, left), followed by a description in their commemorative numismatic product list (below right). Each one is slightly different with small tidbits of information that the other doesn't have. This is typical of the NBU and it benefits them to advertise their products in such a manner. The website of the NBU is actually very good and it has two versions one in Ua (Ukrainian) and one in En (English), you can toggle between the two by clicking the initials located in the upper right of the webpage, next to the search icon. I typically toggle back and forth between the two as one version will have more or different information than the other and sometimes one version will have auxiliary documents and the other will not. In addition to specific releases about individual coins and notes they also published a free catalog this year which is available for download. If that wasn't enough they publish press releases of known counterfeits and frequently release information on their processes in general in regards to anticounterfeiting procedures, monetary reform and the move towards digital currency. If you are collecting or thinking about collecting Ukrainian coins and/or currency the getting familiar with the NBU's website is a must. The NBU is kind of like NGC in that they maintain two websites the old version and the new, both are useful. Here is a link to the old website, you'll need google translate for this one https://old.bank.gov.ua/control/uk/currentmoney/cmcoin/list and here is a link to the new, where you can download the 2015-2019 catalog https://bank.gov.ua/en/news/all/banknoti-i-moneti-ukrayini-20152019-rokiv .
                      
    The NBU also provides booklets with descriptions of the notes and security features, below are the booklets for the 2019 1,000 Hryven and 2001 200 Hryven notes.

    Here's a press release of a medal circulating in the region falsely claiming to be an issue of the NBU. This press release actually contained a small tidbit of information that I hadn't know and will have to go back and update my coin descriptions. The logotype of the Banknote Printing and Minting Works of the NBU is a lily with three petals. I knew that the symbol was the logo for the BPMW but didn't know exactly what it was until I read this article. 
    (I ran out of space I'll post a picture in a response.)
    I'm not saying that the NBU is as transparent or as good as the BEP but I thought I'd give them some well deserved props
    FYI, the new commemorative banknote is currently available for purchase on ebay
  8. 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. 
  9. 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.
  10. Fenntucky Mike
    I've been toying with some of the note descriptions for my Ukrainian registry sets and I'm having trouble staying under the 5,000 word limit. My friends and family would be somewhat surprised by this revelation, as they often have difficulty extracting a coherent sentence out of me at times. I tend to be more of an observer/listener rather than an active participant in conversations, pouncing in with wise cracking comments and/or definitive statements, after which (if my commentary had the desired affect) I'll take my cue and leave on a "high note". Anyway back to the problem at hand, in my descriptions I have a basic template that I then fill in with information and descriptions, normally at least on the coin (NGC) side I almost never run over the word limit, I think I ran over maybe once, but over here (PMG) I'm finding myself running over more often than not. So instead of tapering down the descriptions I decided to make a Signature Set where I can run wild, free of all word restrictions. In the main registry set I put the basic statistics of the note along with a notation directing the reader, if they are so inclined, to visit the Signature Set for more information. Simple enough, right? Well, I wasn't a fan of dumping all those descriptions in the Slot Comment box as it didn't seem conducive to reading and made the set look "clunky", so in the Slot Comment I put another notation to click on the photo icon to read the description, now that looks better. Another reason for moving the description off of the Set Registry is that I like to add the exact text (Crylic) on the notes to the descriptions and when entering this into the registry descriptions and saving ????????'s would be displayed instead of the Crylic text, not the case in the signature set.
    I treat all of my descriptions as living documents so I'll go in and add comments, thoughts or observations as I learn them or as more updated information surfaces or if I'm wrong and need to make corrections. Now with presumably unlimited space for descriptions I can continue with my extended entries unfettered. For example, I can just copy and paste all the security feature information from the NBU into the description and go into minutia with some of the details of the notes. Also, I will be able to go back at a later date and add historical details about the notes and the state of Ukraine at the time of release, what prompted the issues, etc. giving the notes context. These were details that I was originally going to hold back so as to fit within the confinement of the 5,000 word limit. I have close to a dozen descriptions rolling right now in the registry and signature sets, which I'll go back and continue to refine. I have another 4 or 5 notes that I want to plug in right now and then I'll take a minute to think about how they read and flow, then go back and tweak before adding more descriptions. Overall I think it is a good solution, treat the registry set descriptions like the back of a baseball card and put the bulk of the detailed info in the signature set. Finally, as I'm looking at this journal, I can see it's starting to run away from me and for now I think I just need to SHUT UP!
    Side note, Why does Jam Master Jay have tinfoil covered crutches in this music video and is that a real or fake coin about 1:50 in? I'm thinking fake, just a prop.
  11. Fenntucky Mike

    I Wanna Tell Ya, Hey, I Think You Oughta Know

    By Fenntucky Mike,


    1992, First Series Hryvnia
    The 50 & 100 Hryven banknotes of 1992 (1996) were intended to be part of the first series of Hryvnia banknotes issued by the NBU but neither was released into circulation leaving most collectors with only "specimens" to fight over. Printed by the Canadian Bank Note Company (CBNC), located in Ottawa, Canada, the designs were first drafted by Vasily Lopata and Boris Maksimov in 1991, after which they were altered to make them more "practical" for production by Canadian engraver Yves Baril. Below are images of the original sketches for the 50 & 100 Hryven banknotes of '92, as drawn by the original artists. From Lopata's book "Hope and Disappointment, or the Metamorphosis of the Hryvnia"

    The National Bank of Ukraine (NBU) was dissatisfied with the print quality of the first series notes, printed by dry-offset, as well as production delays, and contracted Thomas de la Rue (TDLR) to produce additional 50, 100 & 200 Hryven banknotes of a completely different design to combat these issues. Unfortunately, due to hyperinflation in Ukraine it was decided to let the, at the time, circulating Coupons take the brunt of the crisis as any new currency introduced under such conditions would be doomed. Notes printed by CBNC were loaded into containers and transported by ship from the port of Montreal to Malta where the additional notes printed by TDLR were loaded onto the same vessel and both were transported to Ukraine and held in the underground vaults of the NBU. See Journal Entry "Where did you come from?" for more information.
    There were at least three printings for some of the first series Hryvnia notes. Two and five Hryven notes were printed with the signature of the first Governor of the NBU, Vladimir Matvlenko (1991-92), next, notes bearing the signature of the second Governor, Vadim Hetman (1992-93) were produced for all denominations (1,2,5,10,20,50 & 100 Hryven), and finally notes of the 1,2, 5, 10 & 20 denominations were produced with the signature of the third Governor, Viktor Yushchenko. There are five signature varieties for Yushchenko alone, he was Governor for 7 years, but only one is known on the first series notes. The 50, 100 & 200 Hryven notes printed in parallel by TDLR bore no signatures, similar to the Coupons, some of which were also printed by TDLR. I have only ever seen 50 & 100 Hryven notes with Vadim Hetman's signature, there are no other signature varieties known for these. That there is only one signature variety, the second, out of what could have been a potential three, falls in line with the narrative of production delays, no first signature, and the subsequent ordering of 50, 100 & 200 Hryven notes from TDLR, no third signature.
    First series Hryvnia signatures.

    50 & 100 Hryven notes printed by TDLR.

    Eventually, after nearly six years of planning, producing, and storing the new National currency conditions were right to launch the Hryvnia and release banknotes into circulation. On August 25, 1996 the resolution "The Monetary Reform in Ukraine" was signed into law paving the way for the release of Hryvnia notes by pegging the exchange rate of Karbovanets to Hryvnia at 100,000:1 and establishing a timeline for the new currency to be released, exchanges of Karbovanets for Hryvnia to take place (2 weeks) and the old Coupons to be demonetized. On September 2, 1996 notes in denominations of 1, 2, 5, 10 & 20 of the first series were released into circulation. Unfortunately, the first series notes quickly fell victim to counterfeiters who, using chemical solutions, removed the ink from lower denomination notes and then printed higher denominations onto the banknote paper which was the same for all denominations in the series. Also released in '96 were the 50 & 100 Hryven notes printed by TDLR in '92 and 1 Hryven notes of the second series which by that time, The Banknote Printing and Minting Works having opened at least one line to produce banknotes in '94, with completion of a state-of-the-art facility in '97, had been printed by the NBU in Ukraine, along with most of the second series notes. Some of the second series notes were printed by TDLR, also in 1994, which were the last notes not printed by the NBU. The 50 & 100 Hryven notes of the first series were never released into circulation.
    Below are examples of the first series Hryvnia specimen notes. Areas of note would be that the 1 Hryvnia only has the serial number printed once as opposed to twice, as on all other denominations in the series. The specimen number is typically found on the back of specimen notes but can be on the face as with the 5 Hryven specimen below or not be present, there does not seem to be any correlation between placement of the specimen number and signature variety yet. Finally, all specimens of this series have the serial number overprinted on top of the overprint "SPECIMEN".

    The 50 & 100 Hryven notes of the first series are listed in The Standard Catalog of World Paper Money's (SCWPM) last edition as P# 107A, 50 Hryven, and P#107B, 100 Hryven, with images of notes with red overprint "SPECIMEN" pictured above the descriptions and P#'s instead of the unissued non-specimen notes. Having images of specimen notes for a non-specimen P# is probably where the confusion with these started. Unissued notes are pretty much impossible to find, if there are even any still in existence, the red overprint notes are somewhat difficult to find but not impossible and the perforated examples are the most available but only turn up a few times a year. The red overprint specimens would have been part of the production of the first series notes and similar to specimens of the other denominations. My belief is that the 50 & 100 Hryven banknotes of the first series were produced along with the other denominations, fulfilling the original order placed with CBNC, and shipped to Ukraine where they sat. Specimens with red overprint may not have been readily distributed to institutions as they were never released, which could explain why they are difficult to find but any specimen from the first series is difficult to come by. Regardless, I consider these true specimens, in the sense that they were probably produced as an aid in familiarizing people and institutions with the new banknotes, and to help aid in counterfeit identification and authentication. The red overprint specimens will typically have a specimen number in the lower left corner on the back of the note, but I have seen images of notes with the specimen number missing, although I would be slightly nervous about acquiring such a note. If you can purchase both for under $500 as a pair in UNC condition you would have done very well in today's market.

    The next notes are listed in the SCWPM as 107A & B, or at least they are supposed to be, but several have been authenticated by TPG's as "specimens". All that I have viewed in TPG holders have been labeled as P# 107As (50 UAH) and P#107Bs (100 UAH), the same as the specimens with red overprint. Greeeaaat.  These specimen notes do not have red overprint "SPECIMEN" on them or a specimen serial number, solid zeros (ten), and have the word "НЕПЛАТІЖНА" (NOT PAYABLE/NON-PAYMENT) perforated in them. They are cancelled notes and not specimens but have been treated as such by the TPG's.  The perforations are slightly different between the two denominations, most notably in the first letter "Н". On the 50 Hryven note the left leg is perfectly vertical, on the 100 Hryven note the left leg is curved inward towards the right leg. I'm not sure if this was done on purpose but if you see a 100 Hryven note with a straight legged "Н" be warry. These notes were distributed and sold by the NBU in collectors sets labeled "Set of Hryvnia Banknotes to Commemorate 20 Years Since Currency Reform in Ukraine" in 2016, each set consisted of 28 banknotes, two of which were the first series 50 & 100 Hryven of 1992. There were two versions of the collector sets, the only difference being packaging/presentation. One thousand sets with a leather-bound folder were produced and an additional 3,500 sets were released in NBU envelopes. Meaning, at least 4,500 "specimens" were produced and possibly sold, all of the perforated examples for these two notes were removed from collector sets. So, it's no surprise that the perforated notes are far more common than the red overprint specimens. Currently, these will run around $300 for the pair in UNC condition. 

    Perforations:

    Commemorative Set/s, packaging and notes. I don't believe any of the other notes in these sets were unique in any way, but it wouldn't surprise me if it is found that some or all are.

    It is not clear to me if these were newly printed for the sets or if they were picked from the vaults, but they seem identical to the red overprint notes in ink and print quality. I also suspect that the perforated notes in sets were paired up based on serial number, the last 2-3 numbers will match, which coincides with the images I've seen of the sets, and why some listings of just the 50 & 100 Hryven notes will also have "paired" numbers. I rarely see a complete collectors set come up for auction, I imagine that many were broke down and the notes sold individually, but when they do I see asking prices of around $700 for the leather bound, I've never seen the set with envelope go up for auction. 
    There are known examples that were intended for circulation, no perforation or red overprint with actual serial number, but those are exceptionally rare. Proofs hand stamped "SPECIMEN" in black ink, on both sides, with solid 0 serial number also exist but are rare. 
    When I remember, , I record and track the serial numbers of both the perforated and red overprint specimens, below are the serial and specimen numbers I've tracked over the last handful of years. The difference between perforated notes and notes with red overprint is currently around 3:1, the margin was much larger, but 3 sets of red overprint specimens recently came onto the market. One other takeaway from the listed serial numbers is that the perforated 50 Hryven notes have two distinct blocks of serial numbers, 600004XXXX and 600009XXXX, I'm not sure why this is the case as there were supposedly only 4,500 released. Current range of tracked numbers of 100 Hryven perforated notes is 3,527 which is matching up with the total released, assuming the serial numbers were consecutive, the range for the 50 Hryven is currently 3,032 between the two serial number blocks. The rages for the red overprint notes are both at 169, again, assuming they were numbered sequentially. 

    So, what's next? I have examples of each note both perforated and with red overprint, I doubt I'll ever be able to acquire a proof or note intended for circulation, and I don't want these labeled with the same P#. I guess the first thing is to get the Pick #'s straightened out, the perforated and red overprint notes are separate and need unique P#'s. I'm not sure if at one point the SCWPM did have separate P#'s for both and then poofed one for some reason but using one P# for both notes is ridiculous. I'm going to try and sort this out with PMG soon as I plan on sending examples of each in for authentication, the only problem is that the genie is out of the bottle and there are quite a few perforated notes graded and a few of the red overprint notes, all with the same P#.  In my mind the red overprint notes would be P#'s 107As1 and 107Bs1, and the perforated notes would be 107As2 and 107Bs2 or possibly 107Acs and 107Bcs, or something else, as I really don't consider these specimens in the normal sense.  It kills me how half-aresed the Pick #'s are for Ukraine. Next will be to continue tracking notes, adding to my spreadsheets, and you never know, maybe a nice proof will pop up that is horribly underpriced and that nobody bids on but me. 
  12. Fenntucky Mike

    I Want Variety In My Society

    By Fenntucky Mike,


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

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

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

  13. Fenntucky Mike

    I'm a sucker for (Fake Banknotes).

    By Fenntucky Mike,


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

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


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

    The 15th anniversary is a knock off of P5. 
    Ran out of space to post a picture of P5, look it up online if you're interested or check out my registry set.
     
  14. Fenntucky Mike

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

    By Fenntucky Mike,


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


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

    P.S.
    PMG should be assigning a point value to the $20 slot soon as I tried plugging it in today.
    Update: Done! As I was typing this Journal Entry, PMG updated the slot.
  15. 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.
     
  16. 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.
     
  17. Fenntucky Mike

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

    By Fenntucky Mike,


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

    50 Karbovantsiv cliché used to print banknotes.

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

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

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

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

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

  18. 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.

     
  19. 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. 
  20. Fenntucky Mike
    I sent off a second submission of specimen notes to PMG and I have to say that the team at PMG did a fantastic job as the notes arrived just prior to hurricane Ian and were sent back shortly after Ian passed. Even though PMG had to shut down due to Ian, the submission was processed well under the stated turnaround time. Amazing job! 
    Unlike my first submission, in which all the notes straight graded, it seems that I had a few problem notes in my second, one I knew of and two I didn't. In addition to the low points there were also some "high notes" which are worthy of celebrating. I'll go through all the notes in the submission with some short comments on each, and a dedicated Journal entry on one note to be forthcoming. 
    Right off the bat the first note in the submission was body-bagged.  It was labeled as QA (Questionable Authenticity).  I have a request into PMG to see if there were any graders notes for this one and I'm also waiting for two more of these notes to arrive from sellers in the U.K. and the Czech Republic which I recently picked up. If you haven't already guessed I'll be writing about this one later once I have more info, for now it's a note that PMG won't encapsulate. Ouch! I was not charged the grading fee for this note. 


    Next up was a note that finished out the Control Coupon registry set that PMG has. It's always a good feeling to finish out a set!  I'll have more on these notes later and what I think constitutes a complete set, including varieties. Hopefully I'll get PMG to agree to adding a few, unlisted at the moment, varieties and expand that set even further. The back of the note is of the same design as the note above but in green ink and with the numerical denomination 50.

    Notes 3-5 were all additions to my 1991-'95 specimen set, specifically the 2nd through 5 series coupons, all three received numerical grades in the range I expected with two being towards the high end and one being graded 68 EPQ! Sweet!  There was one slight disappointment in this group though, the 1994 100,000 Karbovantsiv note came up short and did not receive the EPQ designation.  It's a tough note to find and the condition wasn't on par with the others, but I was hoping to squeeze out an EPQ designation on this one. It's the only note in the set without exceptional paper quality, I'll be keeping my eye out for another example, but it will probably be a long while before this note pops up again. 


    Pick # 97s2 has the same back design as the note above, 96s3.

    Now this is one sweet note, one of the very few Ukrainian specimen notes with the specimen overprint on only one side. Pick 98s2 in my set is also graded 68 EPQ making a matching set, quality wise, for me.


    The rest of the specimen notes are denominated in Hryvnia and are the first such notes I've submitted. Again, there is some highs and lows in here but nothing as dramatic as the first five notes above. All in all not bad, but I need to pay more attention to what I send in for grading. Gotta hone my skills a bit more.
    Not a great result on this one but more are easily had and are relatively inexpensive.


    Note #7, not too bad. 


    Notes 8 & 9 are duplicates, the note with the "Tears" annotation was a little disappointing but I should have caught that one. Serves me right for being in a hurry and not examining the notes further prior to submitting. Live and learn.



    Notes 10 & 11 are of the same series but different signature varieties. The grades are on par with the rest of the Hryvnia denominations.



    Finally a couple of 20 Hryven notes from the same series with signature/date varieties.



    All in all, not bad results and it'll be interesting to see what PMG says about the first note, that is if they say anything, but if I could change one grade it would be to give P97s2 an EPQ designation. It really bugs me to see all the EPQ notes in that set and then run into this one none EPQ note, it makes the set feel unbalanced.  I'll just have to live with it for now. On another note, I managed to find a 100 Karbovantsiv specimen note to bring me closer to finishing out the 2nd - 5th coupon series notes and I'm contemplating sending in some of my older Ukrainian notes to fill out the front half of my type set. We'll see when I get around to that though as I'd like to see some changes made and I'm not sure PMG is going to agree with me on them, probably not. 
  21. Fenntucky Mike
    With some grading credits in-hand I sent off a couple of submissions to PMG to help fill out some of my sets, mainly my specimen sets. Since I had the credits, I decided to send in a couple of duplicates, tried for a few upgrades and sent in some notes that are not worth the cost of grading. All-in-all the results were pretty good with no real disappointments or surprises, and PMG updated their Pick #'s to correctly identify all the notes. 
    The first submission consisted of four notes/certificates with a denomination of 1,050,00 Karbovantsiv, listed as Pick # 101, two of the notes were "issued" and two were remainders. These are large pieces and required the oversized holder which further drove up the cost of the submission, but I definitely wanted to send in at least one example each of a used certificate and a remainder, I sent in two remainders in hopes of improving my odds of a higher grade and I sent in the second used certificate because why not.  The SCWPM did not list a # 101r, for a remainder, in the last edition so I wasn't sure how PMG would label the notes, since I had sent in examples of "issued" and remainder certificates my hope was that PMG would generate/request a new P# for the 101r. Knowing that it probably didn't exist I entered 101r for the P# on the submission form and sent them in, well, PMG pulled a new P# and labeled the certificates correctly whether how I submitted the notes had anything to do with it I don't know, but I'll take it.  I will say that this seemed to delay the submission for a few weeks as when the notes were first entered and scheduled for grading the following message was attached to the remainders description "N/A X332X due to various cases This note label has been manually entered Please contact Customer Service if you feel that this is an error", eventually this was replaced by UKE101r 1995 1,050,000 Karbovantsiv Ukraine. I imagine that the additional time was to acquire a P# and update their system. 
    The remainders graded 66 & 67, the "issued" notes were both 58 EPQ.


    The next submission was a group of modern specimen notes.
    First up was a 1991 5 Karbovantsiv note, a tough one to find, and I was worried that PMG wouldn't label this note correctly as they have typically labeled other specimens from this series with only an "s" after the P#. The SCWP does list two different specimens for this note P# 83s1 (SPECIMEN, perforated) and 83s2 (SPECIMEN, red overprint), there are actually five different specimen variants, six if you include the printer's design, and with PMG having previously labeled my P# 81s2 as 81s I was a little nervous. Thankfully the note was labeled correctly and made its way through grading unscathed. I think some recent submissions from other individuals of the s1 notes and possibly my inclusion of both current P#'s in my registry set, may have helped with this. The only problem now is that there are several notes out there with incorrect labels and the PMG population report is lacking in information. Anyway, here's the note!


    Next was a 10 Karbovantsiv note from the same series. I had the same concerns with this note as the P# 83s2 but this one made it through and was accurately labeled as well. 


    Next up is P# 88s, this note filled in a hole in my NBU - 1991-1995 Issue, P81-P100, Specimen, Complete set. As did the previous two notes. 


    Next up was an attempt at an upgrade but the note fell short. 


    Another hole filler here in the same set, a tough note to find and I'm happy with a 64 EPQ.


    Another try at an upgrade, this one worked out and replaced a 66.


    Another upgrade, this one replaced a 65 EPQ. I actually sent in two of these, both graded 66 EPQ, if anyone is looking for one let me know we can probably work out a deal. 


    Another successful attempt at an upgrade, this note replaced a 64 EPQ.


    The rest of the notes are after the banking reform in Ukraine and are denominated in Hryvnia, I have to see if I can get the registry to expand the specimen sets for these issues to include varieties, otherwise most of these notes won't have a home.
    Someone wrote "UKRAINE" in pencil on the note, I knew about it but since I had the credits, I sent it in anyway.


    Pick # 118as


    Pick # 119as. I actually sent in two of these as well, both graded 66 EPQ.


    Pick # 119As


    Pick # 120as


    Pick # 121as. I sent in two of these as well, both graded 66 EPQ.


    Finally, Pick # 122as


    I want to start adding to my 1917-Date Ukraine type set and will probably start pulling together notes to send for a submission in early summer, but you never know what else might pop up in the meantime. 
  22. Fenntucky Mike

    In and/(or) Out Of Love/(The Registry Set)?

    By Fenntucky Mike,


    Compensation Certificates
    The Ukrainian Compensation Certificates issued in the early 90's are a bit of an odd duck, not really a banknote and not really currency. The presence of them in the PMG Registry is a bit iffy but I suppose an argument can be made that they belong, although I'm not so certain that they do. 
    After the fall of the U.S.S.R and Ukraine's independence, which was ratified in August of 1991 by the Central Rada of Ukraine, there was an immediate need to separate and create new financial institutions and businesses. In addition to new financial entities all businesses previously owned by the government, all businesses were owned by "The People" under the previous Communist regime, had to be "Privatized" and shares auctioned to the public. After the breakup of the Soviet Union the Ruble was in freefall and as a result all savings held in Banks and other entities were worth significantly less than when they were deposited. In a response to this a Presidential Edict (No. 138/92) was issued on March 6, 1992, revaluing all savings accounts, and increasing them by 100% based on their balance on January 2, 1992. The compensation amounts were not deposited into individuals existing savings accounts, but instead new privatization accounts were created in the newly established Savings Bank of Ukraine and held, until a time came where the National Bank of Ukraine and Ukrainian government would release them.

    As it was being decided on how to distribute these funds Coupons with zeros being added every printing were circulating, inflation was still massively out of control, and a mere two plus years later on November 24, 1994 a new Edict was issued. Edict N 698/94 was, again, an effort to compensate individual Ukrainians for monetary losses due to depreciation as the funds were sitting in the Saving Bank of Ukraine. In the Edict all accounts were increased (based on their balance on January 2, 1992) 2,200%! Also, unlike previously, the money would be distributed in the form of "indexation certificates" which would be issued with a nominal value multiple of 1 million rubles (karbovantsiv), all accounts would be rounded up to the nearest multiple of 1 million. Here's the kicker, "To establish that certificates issued for the amount of indexation (hereinafter - certificates) are freely traded and used for privatization of state property, except for integral property complexes of small state enterprises, which are privatized in accordance with the Law of Ukraine.". The certificates were meant to be used to purchase shares of former state-owned businesses that were being auctioned off publicly.

    I'm assuming due to public outcry a third and final Edict was issued on July 20, 1995 in which, was laid out the procedure for accrual of compensation in the institutions of the Saving Bank. People were paid their interest based on several factors which varied "depending on the use of computer technology". Also in the Edict was the nail in the coffin for the compensation certificates, accrual would only continue until August 10, 1995 after which there would be no more money added to the accounts. 

    After August 10, 1995 no more funds would be added to private savings accounts and with the ratification and release of a new monetary system in August - September of 1996 I expect that most if not all compensation certificates were gone by early 1997. According to the NBU, compensation certificates in the amount of UAH 3,335 million, with a minimum face value of UAH 10 (1 million karbovantsiv), were issued. Citizens of Ukraine received 30% of the total number issued certificates (i.e., 97.3 million units). On August 25, 1996 the Hyrvnia (UAH) was adopted as the official monetary unit of Ukraine replacing karbovanets, the exchange rate was established at 100,000 : 1 (UAH 1 = 100,000 rubles (karbovanetsiv)), then on September 2, 1996 banknotes and coins were released into circulation. The privatization of Ukrainian state-owned assets continues to this day with 22 of Ukraine's 3,644 state-owned enterprises scheduled to be auctioned off in 2021. Here's a link to the large scale properties/businesses being auctioned this year. Large privatization Категорія | Privatization in Ukraine I wonder if I could place a bid or buy a few shares of a mining company with one of these still.   Oh, wait! Nope they expired on July 1, 1997 according to the fine print on the back of the certificates. 

    A little clarification Ukrderzhstrakh, used in the front and rear descriptions, is not gibberish, although it may look like it,  it is an acronym for The Ukrainian State Insurance Commercial Organization. It makes more sense if seen in the Ukrainian language, Українська державна страхова комерційна організація or the acronym Укрдержстраху which translates to Ukrderzhstrakh. Yep, still looks like nonsense.  The insurance agency was liable for insurance clams and the payouts established prior to January 2, 1992 which had to be adjusted for inflation, similar to the savings accounts.
    I'm not quite sure of the process for distributing these but there are at least three different stages of the note, remainder, issued and canceled. I imagine that you would go to a bank and withdraw the money form the savings account established for you, the bank would count out the balance in remainders and then have you sign them (or maybe the teller did) then they stamped the certificates with a that branch's ID/number. Once in hand they would then be used, at an auction presumably, then stamped again and cancel punched. Just me speculating.
    1 & 2 million compensation certificates.


    1,000,000 Ukrainian Karbovantsiv remainder.


    1,000,000 Ukrainian Karbovantsiv issued.


    1,000,000 Karbovantsiv canceled.


    There are many, many stamp and signature combinations. The ink stamp typically consisted of the name of the bank on the outer band, the bank branch location and number on the inner band and an operations number in the center with the National coat of arms above. Here are a few that I have in my collection. 

    So, should they be In or Out of the current registry set?
  23. 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.

  24. Fenntucky Mike

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

    By Fenntucky Mike,


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



    This is the knock off of the 100 Kronen



    P.S.
    I bought some more fake or fantasy notes yesterday, I think I may have a problem here. 
  25. Fenntucky Mike

    Is This Just Fantasy? Umm, Yes. (Part 2)

    By Fenntucky Mike,


    Matej Gabris Fantasy Banknotes
    I picked up some more Matej Gabris (he's like the Dan Carr of banknotes ) fantasy notes a few months back to compliment the set I purchased last year. These latest notes are an earlier series having been printed in 2002, the previous series of notes I purchased were dated 2003. I believe these are based, loosely, on Austrian notes towards the end of the Austro-Hungarian Empire (1867-1918). The ornamentation, the position of the profiles, the background patterns, etc. have a very close resemblance to Austrian notes of that period. As Gabris likes to base his work, at least in part, on the historic events or times of the subject Nations, the time period of 1917-1920 is an excellent one to draw from for Ukraine as it was a period of brief independence and the Golden Age of Ukrainian banknotes.
    These are some of the best fantasy banknotes I've seen, they hit the mark in regards to aesthetics, capturing a moment in time and plausibility, they are lovely pieces of art and an excellent addition to my collection. Fantasy notes are a nice break or gap filler to my main collecting interests, when things are slow I'll pick a few up to pass the time. 






    My previous Journal Entry on Gabris fantasy notes.
    Some Austrian notes from 1919.