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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike

    Ballers!

    By Fenntucky Mike,


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

    $1,600.00 (PMG, 63)

    $2,300.00 (PMG, 64)

    $2,550.00 (PMG, 64)

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

    $1,075.00 (PMG, 65 EPQ)

    $900.00 (PMG, 66 EPQ)

    $860.00 (PMG, 66 EPQ)

    $788.00 (PMG, 66 EPQ)

    $720.00 (PMG, 66 EPQ)

    $721.00 (PMG, 65 EPQ)

    $650.00 (PMG, 67 EPQ)

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

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

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

    Secret Secret I've Got A Secret (Part 2)

    By Fenntucky Mike,


    Unlisted Varieties
    In further researching the subject of Type 1 & 2 notes of the second series control coupons of 1992, 500 Karbovantsiv notes only, and acquiring and examining roughly 75 circulated notes and a dozen uncirculated, in addition to viewing another 100 or so examples online, there appears to be additional identifying markers between the two variants. Whether these markers are due to plate, ink or production variations is not known, by me anyway,  but they have so far held true when used with the original fractional prefix denominator number ranges given in my previous Journal entry for T1 & 2 notes and the initial indicators used i.e., gapping between prefix and serial number and light or dark shading in the area of the prefix and serial number. 
    In addition to the original diagnostics, it would appear that the T1 notes with denominators of 5,6,7,8 &15 were more heavily inked, or a darker ink mix was used in certain areas, specifically, on the face, the word КУПОН (COUPON) and the numerical denomination 500 located immediately below, on the back, the ornamentation has the same light and dark variations. On the face of T1 notes the word КУПОН is darker than on the T2 notes, as is the numerical denomination below, and on the back of the T1 notes the ornamentation around the numerical denominations is lighter than on the T2 notes, also, the central ornamentation on the back of T1 notes is again lighter than on the T2 notes. Also, all replacement notes (denominator 99) seem to be universally of the T2 variety, having the same diagnostics that are associated with the T2's.

    T2 notes (including replacements) are much more easily found in uncirculated condition which would suggest a common printing date/production after the T1 notes and this would follow an ascending numbering sequence for the denominators. T2 notes with denominator 28 seem to be rare at best, as I have yet to cross paths with one. Of the 75 circulated notes I have 48 are T1's and 27 are T2's, this falls in line with the number of denominators used for T1 and T2 circulating notes, five denominators for T1 notes and three for T2 notes, 5:3, assuming all production runs with unique denominators were of roughly the same size.

     
    Unfortunately, even though additional diagnostic markers have been found to differentiate between T1 and T2 notes I am no closer to figuring out what is going on with the UV ink in the numerical denomination and background on the face of the note, as all of the circulated notes either have none or only slight traces of UV in those areas. Most of the circulated notes show no signs of UV, leaving me to believe that it has worn off? The uncirculated notes that I have are too few to come to any conclusions on what notes may have UV ink and which do not. The only notes of this type that have had UV ink in the denominator and background every time are the replacement notes, this would lead me down the path that all T2 notes would also have UV ink since they share everything else in common and yet the circulated notes do not reflect this assumption.   More on that later, I hope, as I have another hundred circulated notes from a different source on the way. 
    Just for fun I took a pic of the face and back of a mix of twenty-four T1 and T2 notes, not having been previously identified in this journal entry, and I wonder if anyone wants to take a shot at identifying the T1 and T2 notes in the image. Most of the prefix and serial numbers are covered up so you'll have to use the second set of diagnostics given in this Journal entry to identify them.   Although I guess you could go back, using the totals and notes I've already posted, to come up with the numbers.  So no cheating.  I'll post the answer key later in the week, all notes are in the same location in each picture. Good luck. 

  3. Fenntucky Mike
    **WARNING:READING THIS JOURNAL ENTRY MAY CAUSE SEVERE BRAIN PAIN, DO NOT READ THIS ENTRY IF YOU WANT TO LEARN ANYTHING WORTH RETAINING.**
    I was looking at my Ukrainian banknotes yesterday and after inspecting the reverse of the 1992 5 Hryven note I couldn't help but say to myself "Damn, that's one crazy stash! What's with all the hair on these notes?". Yep, that thought was all the encouragement my brain needed to leap from the structure of reality and plunge frontal lobe first into the "default mode network". Now having fully left reality I start to wonder if the portrait of Bogdan Khmelnytsky turns into a younger version of him if you turn the bill upside down, kind of like the old "before 10 beers / after 10 beers" joke. Ehhhh No. But the stash did give the feathers a run for their money. 

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

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

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

    If you made it this far the short answer is, NO! I do not know how to unread this, blank your memory or poke out your minds eye. All I can say is that I'll be going to the liquor store in about five minutes, in an effort to wipe this from my memory banks. Two days without the structure of work is apparently to long a period for my brain to handle. 
    Feel free to share some Bad Hair Day Banknotes.
    GOOD LUCK forgetting this and don't say I didn't warn you.
  4. Fenntucky Mike
    ...NOT!  Even if it was, I'm not sure it would be enough to pick up any of these beauties. 
    As is the norm, I'm striking out on some really sweet notes but at least I've have had the pleasure of seeing some awesome bills go up for auction. It seems more and more rarities and harder to find notes are coming out of the woodwork and are realizing sky high prices at auction. In addition to the rarities, fancy number notes are receiving more attention, an uncirculated 2007, 200 Hryvnia note with radar serial number 6698966 is currently bid up to 97 Euros. Whoa!  Common notes are holding steady unless a variety or condition rarity and banknotes in general seem to continue to pick up steam. Below are some of the highlights from the past few months.
    Two fantastic color trial notes went up for auction, along with an amazing printer's design note! I really wanted to snag one of these, especially that printer's design.  Unfortunately, all three slipped through my grasp as I was the underbidder on two and matched on one but my bid was deemed to have been placed after the other bid. 
    $537


    $600


    $685


     
    A couple of 2011, 50 Hryven commemorative notes were auctioned off recently. These notes are a manufactured rarity, with only 1,000 being produced, 200 of which were encased in acrylic blocks leaving only 800 available to collectors. This note annoys me to no end. Granted, with only 800 notes there are not many to go around but 800 examples available is not a low number for a note. It was sold specifically to the collectors market and the survival rate would be very high, probably 800/800, and I have a hard time believing that there are over 800 collectors, or speculators, out there willing to pay the prices these notes tend to achieve. There are just so many rarer Ukrainian notes out there that I'm surprised people go gaga over these, but that's not to say I wouldn't like to purchase one, I absolutely would, just not at these prices. 
    €1390 ($1546.86 USD)


    $4312.50 Wow!


    The 2 Karbowanez notes of 1942 are slightly annoying to me as well, mainly because I see so many go up for auction. It is supposed to be an uber rarity, which it is a rarity, but I've documented at least 26 of these notes by serial number in auctions over the last 2-3 years, with some notes being sold more than once. I see these more than the 2011, 50 Hryven commemorative notes above. At any rate they have an interesting history/story and are tied to WWII and Nazi Germany, which probably helps elevate prices as well. I was a little surprised at the prices realized for the first two notes as their condition is less than stellar, apparently condition didn't play much of a factor as they both sold for Princely sums. 
    €4236.4 ($4714.48 USD)


    €2880 ($3205 USD)


    The next two are currently available to bid on.
    Starting Bid €3200 Euros, ends 5/5

    Starting Bid €1800 Euros, ends 5/5

    Besides the big two there were many other strong prices realized for Ukrainian notes. 
    €884.5 Euros ($984.23 USD)


    €1081.20 Euros ($1203.11 USD)


    €4609.20 Euros ($5128.89 USD)


    €2767.2 Euros for the pair ($3079.20 USD). Rare prefix letter "B".


    €4105.20 Euros ($4588.06 USD), Uniface specimen.

    €4683 Euros ($5211.01 USD), Uniface Specimen

    €4969.20 Euros ($5529.48 USD), Uniface Specimen

    There were a few notes sold in a Katz auction today that brought strong prices, I'll post those in a reply to this Journal entry as I've maxed out the available space for images. 
  5. Fenntucky Mike

    Peace Sells... But Who's Buying?

    By Fenntucky Mike,


    2023 Commemorative Banknote "We Will Not Forget! We Will Not Forgive!"
    On February 23, 2023 the NBU issued into circulation the commemorative ₴20 banknote "WE WILL NOT FORGET! WE WILL NOT FORGIVE!", Andriy Pyshneyy, Governor of the NBU, presented the new banknote during a press conference earlier in the day. The commemorative note will have a limited run of 300k, all the notes will have prefix ЗС and be dated 2023 with Pyshneyy's signature donning the face. Serial numbers will range from 0000001 to 0300000, with 200k being available in folders and the other 99,900 in envelopes, per the NBU. The selling of commemorative banknotes in souvenir packaging and/or envelopes is typical of the NBU in recent years, and the shortage of 100 notes from the total availability of the envelopes is, presumably, either an error in the press release or some notes were held back to be distributed amongst a few individuals and institutions. The commemorative notes were available for purchase on February 24, through all the standard distributor banks of the NBU, as well as on the NBU's website. The security features are similar to those found on other circulating notes of Ukraine but are design specific to the note, a unique watermark, SPARK feature, micro-text, UV and IR features, etc. can all be found on the note. I'll take a wild guess and say that I expect Pick # 133a to be assigned to this note, or possibly P# CS4.

    The description of the banknote from the NBU is as follows:
    "The main image of the front of the note are three Ukrainian soldiers who are hoisting a Ukrainian state flag (photo entitled “Ukrainian soldiers are hoisting a flag” by Oleksandr Smirnov) against the backdrop of fragments of a map of [Eastern] Ukraine [and Crimea] and the flags of the countries that support Ukraine. [The flags of the United Kingdom, European Union, United States and Canada are visible] Above are the following texts (with a laurel wreath between them) in Ukrainian and English: "24 лютого 2022 року повномасштабним вторгненням російської армії розпочався новий етап збройної агресії проти України. Народна війна за незалежність і суверенітет України триває з 2014 року. Це також війна за цивілізаційний вибір: Україна відстоює свою приналежність до європейської цивілізації і водночас – ті засадничі цінності, права і свободи, що лежать в основі західного світу; On 24 February, a new stage of armed aggression against Ukraine began with a full-scale invasion of Ukraine by the russian army. The people’s war for the independence and sovereignty of Ukraine has been going on since 2014. This is also a war for a civilizational choice: Ukraine is defending its place in European civilization, and at the same time fighting for the fundamental values, rights and freedoms that underpin the Western world". Under the laurel wreath are the legend І НА ОНОВЛЕНІЙ ЗЕМЛІ ВРАГА НЕ БУДЕ... (And on the renovated land, there’ll be no enemy...) and a polymer thread containing the symbol of the hryvnia, the logotype of the National Bank of Ukraine, the shoulder patch of Ukraine’s Armed Forces, the emblem Ukraine’s Armed Forces and the legend СЛАВА УКРАЇНІ, ГЕРОЯМ СЛАВА (Glory to Ukraine, Glory to the Heroes). The banknote’s face value 20 is beneath to the left, while the vertical legend ДВАДЦЯТЬ ГРИВЕНЬ (twenty hryvnias) is to the right of the soldiers. There is also a stylized steppe with poppies symbolizing Ukraine’s dead defenders."
    Photo by Oleksandr Smirnov below.

    "The main image of the back of the note is a stylized composition that symbolizes the physical and mental suffering of Ukrainians under occupation – hands tied behind a person’s back, against the background of crumpled cloth, behind which a figure with a bullet wound in the form of a poppy is suggested (designed by Serhii Mishakin); on both sides of the figure are stylized wings made from candle flames; above, against the backdrop of the outlines of destroyed houses is a crown of thorns that stands for martyrdom; to the right of the crown is a security feature – a colored composition consisting of a guilder rose and an anti-tank hedgehog. The back of the note also features the legend “ПАМЯТАЄМО! НЕ ПРОБАЧИМО! НІКОЛИ!” (We will not forget! We will not forgive! Never!) (under the crown of thorns), while also depicting a kind of illusion – stylized poppies that stand for bloody bullet wounds." The banknote was designed by one of the NBU's go to artists, Volodymyr Taran. 
    In May of 2022 the commemorative banknote was scheduled for release in December of that year but was delayed/pushed back to February of 2023, presumably due to production/design difficulties brought on by the war and to coincide with the 1-year anniversary of the Russian invasion. Also, if you didn't know already, the NBU's next commemorative note is currently scheduled for release in December of '23, entitled "Long Live Ukraine". I expect that the commemorative ₴20 banknote in December will be a completely new design as well. 

    With a print run of 300k I wouldn't call this note scarce but being a completely new design, with powerful imagery and context, I expect this note to be in high demand, as opposed to the ₴500 Skovoroda commemorative note issued in December of 2022 which was comprised of 2021 dated notes with the previous Governor's signature and OVI overprint in the form of the festival logo. With a much smaller run of 50k the (2022) commemorative Skovoroda notes are still readily available at reasonable prices. The "WE WILL NOT FORGET! WE WILL NOT FORGIVE!" commemorative notes are currently available as various online selling platforms in the $20 range, not including shipping, but can be found for much more reasonable prices if dealing direct with Ukrainian sellers. Prices have climbed since the first listings were posted on the 23rd. Who's Buying?

    The new commemorative banknote measures in at 80 x 165mm making it the largest banknote issued by the NBU, both length and width, since Ukraine declared its independence from the Soviet Union in 1991. The previous "largest" banknote was the circulating ₴1000 with dimensions of 75 x 160mm. This is also the first vertically oriented banknote issued by the NBU in modern times, with the only other vertically oriented notes being the postage-stamp currency of 1918, the Shahiv. In 2020 the NBU released a souvenir (fantasy) note celebrating the first astronaut of Independent Ukraine, Leonid Kadeniuk. The souvenir was not intended for circulation and carried no value, but it was vertically oriented and measured 80 x 170mm, making it slightly larger than the new commemorative, with similar orientation. The NBU also released a test note in 2008, horizontally oriented with no value, that measured in at a whopping 95 x 180mm making it the largest "note" the NBU has released in modern times.


  6. Fenntucky Mike
    The Forum is back up and working again for me! Yes! 
    Anyway, there has been some news from Ukraine over the 4-week break. In the past month two new notes were released, with one sporting the signature of the new Governor of the NBU, Andriy Pyshnyy. 
    On Dec. 12 the NBU put into circulation 100 Hryven notes dated 2022 and bearing the signature of the newly appointed Governor. This was a quick turnaround from appointment, Oct. 7th, to new notes, Dec 12th, I'm sure some U.S. collectors would be jealous at the quick turnaround although it did only take three months once new Treasure Malerba was sworn in. The note is of the same design as previous 100 Hyrven notes, design of 2015, and is the only denomination issued so far with the Pyshnyy signature. We'll see how quickly the other denominations are released and if any others will be dated 2022 or if the rest will be dated for the current or upcoming years. I have to say that the Pyshnyy signature is fantastic, bold, flowing, legible, probably the best signature to date on modern Ukrainian notes. This should end up being Pick # 126d once one is assigned.

    Signature of Governor Pyshnyy.

    The second new note released (Dec. 29th) was the 500 Hryven banknote commemorating the 300th Anniversary of Hryhoriy Skovoroda's birth. The commemorative note is of the same design as previous 500 Hryven notes, design of 2015, and bears the official symbol of the 300th anniversary celebration. The celebration symbol/logo is located directly over the watermark, similar to the 30th anniversary notes of 2021, and was applied by screen printing with optically variable ink. The logo depicts a silhouette of the sage/poet Skovoroda along with the text СВІТ СКОВОРОДИ (The world of Skovoroda). Interestingly enough the notes are all dated 2021 and bear the signature of the previous NBU Governor Kyril Shevchenko, I suspected that these notes would have Shevchenko's signature but thought that they would be dated 2022. I'm not sure why notes dated 2021 were used, must of just had some laying around.  I believe this note will be assigned Pick # 132a when the dust settles. 

    The Skovoroda commemorative has a print run of 50k, with 30k being sold in souvenir packaging, 554 UAH ($15.06), and 20k sold in plain NBU envelopes, 541 UAH ($14.71). All notes have the prefix ГС with the serial numbers ranging from 0000001 - 0050000, I'll be looking for some fancy # notes, binary specifically. 
    Other Ukrainian banknote news includes the NBU bumping the release of the planned 20 Hryven commemorative banknote "The Russian-Ukrainian War. We Will Not Forgive!" from December 2022 to February 2023, I imagine this note will have the Pyshnyy signature and be dated 2023 but we'll see. Also scheduled in 2023 is another 20 Hryven commemorative banknote "Long Live Ukraine", the anticipated release is in December with a run of 300k.
    It's good to be back. 
  7. 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. 
  8. 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.
     
  9. Fenntucky Mike

    No, Not Another Souvenir!

    By Fenntucky Mike,


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

    Six denominations with matching serial numbers.

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

    These sets do not leave much for fancy number collectors to look for, due to the 30,000 limit, the seven digit number employed by Ukraine, and the number ranges used for the sets I can only think of five sets that would contain all fancy numbers. All are radars with the eight thousand number being a radar-rotator, (0005000, 0006000, 0007000, 0008000,0009000) I couldn't find any fancy sets.  The sets were again available through the NBU's website but judging by the number of online complaints the sets sold out in a matter of minutes, with multiple site crashes peppered in, and many people missing out. So, all you U.S. Mint collectors (me included), you're not alone. 
    I ended up picking up one of each set on Monday, via one of my go-to sellers in Ukraine, and really wasn't too much more than having purchased the individual notes. I should have just waited for the sets,  but I was able to pick up several fancy numbers from the individually released notes, including some matching fancy numbers, those were well worth the effort. A complete set of matching numbers outside of the ranges given for the sets would really be something and if one could pull that off with a fancy number, WOW! In the meantime, I'll be keeping an eye out for such things while waiting for my notes to arrive, as shipping from Ukraine has slowed to a snails pace the past month or two. 
    Both sets are currently available on the secondary market and can be still purchased for a reasonable price, but you'd better hurry because there are not a lot available. And I swear this is it for these commemorative notes. 
     
  10. Fenntucky Mike
    As the year comes to a close it saw an unprecedented amount of activity coming from the NBU BPMW, twelve new releases including six new commemorative notes, and while I'm not entirely ruling an additional release prior to the new year or postdated issue in 2022 I feel now is a good time to wrap this all up. So, I'm combining this year's new varieties, commemoratives, and my speculations into a single Journal entry, and saying adieu to 2021. 
    First let's wrap up the commemoratives.
    On December 22, the NBU released the 50 & 1,000 UAH commemorative banknotes completing the special 30th Anniversary of Ukraine's Independence commemorative series of notes, that included all six current denominations (20, 50, 100, 200, 500 & 1000). The latest releases are similar to the previous in that the banknotes have the prefix ЯА with an issue limit of 30,000 and are of the current design with the 30th Anniversary Logo added to the open area, to the left of the portrait, where the watermark is placed. Also, like the previous commemorative notes, the logo was added via screen printing and is optically variable with the colors coinciding with the color pallet of the note. As has been the case previously the NBU lists the smaller denomination first and as such I would expect the next available Pick number to be assigned to the 50 UAH first, then the 1000. The new commemoratives, as with all 2021 issued notes, sport the signature of the new Governor of the NBU, Kyrylo Shevchenko. His arm must be tired. 
    The 50 UAH, 2021, commemorative banknote.


    30th Anniversary Logo.

    The 1000 UAH, 2021, commemorative banknote.


    30th Anniversary Logo.

    All Six Commemorative notes.

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

    50 UAH 2021 banknote with Shevchenko signature and 2021 date.

    This has been an eventful year for Ukrainian note collectors, twelve new varieties/releases is a boat load and the cost associated is not miniscule. Especially when one does not live in the country of origin. I'm ready for things to slow down now, but there was a press release from the NBU stating that 30th Anniversary commemorative sets, containing all six notes, will be released in 2022! Will they be the exact same notes, with the same prefix, date and design? All the commemoratives had a cap of 30,000 notes, will the NBU go over? Things should shakeout early next year. In the meantime, wrap the 2021 grands up and take a breath, albeit a short one.
    Merry Christmas! 
     
  11. Fenntucky Mike
    Back at the auction frontlines.... I'm still striking out, but there were a few interesting occurrences and a high end note that sold. 
    In late September/early October a Ukraine P50 was listed at HA, I believe the preauction estimate was $1,500 - $2,000. I wasn't seriously bidding on this and placed a midrange preauction bid, when the day of the auction arrived I had been out bid by $700  and sat and watched the note sell for $4,320 with BP! I was never a contender on this one. I wasn't surprised by the preauction estimate, as that is right in the ballpark for what this note typically sells for, but to double the estimate. WOW!  
    I always think of this note as the MAD Magazine note, because of the depiction of the young boy reminds me of MAD Magazine's fictitious mascot Alfred E. Neuman (no relation to Eric P. Newman ). I just know that if the cap was removed from his head two giant ears would be revealed. You read it here first P50 is now going to be referred to as the "MAD" note. 



    I've been tracking "MAD" notes for a while now and the trend has not been good, for me, the price has been going up based on the limited data that I've put together. Overall, along with everything else, prices realized for Ukrainian notes have been trending upward.  The other interesting thing is that all the notes are within 2 digits of each other so far, of all the MAD notes saved I wonder what the serial number spread is? All of these were probably from the same brick of notes and all have graded 64 to date...

    Next on the list of swings and misses was a 200 Karbowanez from the same series, 1942 issue, being offered by S&B. This note was graded PMG 58 EPQ with a preauction estimate of $100-$200. The preauction estimate, again, was a fair number when compared to grades and prices realized on other notes I've seen. I placed a pre-bid slightly above the high estimate and waited to see what happened. Well, I eventually lost and was outbid prior to the auction, the note ended up selling for $312 including BP. Again, a pretty healthy price for that note considering that note, graded PMG 50, sold at HA for $132 with BP not that long ago. I guess the higher grade and EPQ designation would account for most of that increase but I saw a 63 EPQ go for less around 3 months ago. Anyway, I lost again. 


    Finally, this past Thursday I was outpaced on a couple of lots over at World Banknote Auctions. One a P115 (PMG 68 EPQ) and a P114a (PMG 67 EPQ), both with auction estimates of $30 - $40, again a fair estimate. I have both notes graded already but each would have been an upgrade, so I placed a pre-bid slightly above the high estimates for both and sat back and waited for the news.  Yep, out bid again. Looks like the P115 sold for $69 with BP and the P114a for $63.25 with BP. I also noticed that one of these notes ended up in the registry set of a fellow collector, well done my friend. I doff my cap to you. 




    On a side note I did have a few big wins in regards to auctions containing raw notes and I'll have a Journal entry or two about those in the next week, in the meantime, back into the meat grinder for me and we'll see what happens as the next lots of Ukrainian banknotes go up for auction. Hopefully I don't get Chewed Up and Spit Out again. 
  12. Fenntucky Mike

    We Chew And Spit You Out!

    By Fenntucky Mike,


    Auctions
    Well, the trend of getting crushed at auction has continued in earnest this last week with major disappointments, for me, on several fronts. First there was a Ukraine P1b (inverted back, which is the normal orientation for this note. Pick 1a, standard orientation, is the much rarer/harder to find note for this issue.) with a preauction estimate of $400 - $500, it is a lovely note in the old PMG Gen 2 holder with the blue-green tint, I already had a graded example of this note but at a lower grade so I was semi-interested in this note. I bid it up to $450 which was my limit for this one, in the end it sold for $757.50 (price includes BP and shipping). Bye bye P1b. 


    Next were some Zimbabwe notes a P64* (PMG 68 EPQ) and a P64 (PMG 68 EPQ). I wasn't going hard on the P64* but I put what I thought was a healthy bid on it, in the end it sold for $129.50 (shipping and sales tax not included). A few days after the P64* auction ended the regular issue P64 was closing, this note I was really keen on getting, more so than the P64* as it would complete my Zimbabwe Agro Check set all in 68 EPQ and all standard issues (no replacements). Again, I put what I thought was a healthy bid on the note and woke up the next morning to find that someone else valued it more than me, the note ended up selling for $88 (shipping and sales tax not included). Sigh.


    Next up on the Crushed list were 6 lots of Ukrainian WWII German issued banknotes, I bid on all of the lots but really only wanted two. Three of the lots were duplicate notes that were in the same grade or lower than my current notes, but I was hoping to get a deal, the fourth lot was a note that I didn't own but was not in the condition that I wanted so I lowballed that one as well. Not surprisingly I lost those four lots. Three of the four lots went for just under auction estimates and the fourth went over by $100, no real loss there. Of the two remaining lots I was actually interested in one was a two-note lot both of which would have been upgrades for me, so I bid the lot up to just over $100 above auction estimate and walked away. When I had woke up the next morning to view the results I had lost the auction by $1, with BP the lot had sold for $307.20 (not including shipping). Again, not a crushing blow as I already have these notes, but it would have been nice to have won that lot. The final lot was the note I was really gunning for a Ukraine P 57 and there was a little something special about this note! I wasn't going to mention this but what the heck the person who won this probably already knows but if they don't here you go, the note was an unlabeled Super Radar! Whomever submitted the note must not have paid to have this checked and added to the label or it just got missed at any rate the serial number was 2171712 and I thought since it was not attributed on the label I might get a really good deal here (Wrong!), I was also willing to bid higher than I normally would have for this note because of the fancy serial number. So, we have a P 57 super-radar, Top Pop 66EPQ banknote from 1942 that I don't currently have in my collection. Oooo, so excited! The auction estimate was $250 + I pre-bid it up to $350 and I'm winning the auction, a few days later I'm out bid and I place a few more bids finally stopping at $600.  I just couldn't justify going any higher than that, super-radar or not. With BP the note sold for $750 (shipping not included). 


    I guess it was just my week to get chewed up and spit out in the auction circuit and loosing just doesn't feel good most days. So, to ease my pain I went out and picked up a few raw notes.   A new 100 UAH commemorative banknote with binary serial #, another 100 UAH commemorative with a ladder serial number (not a true ladder but as close as that note can get with only 30,000 being printed and the serial number being 7 places), and a complete set of Shahiv banknotes.  All for a LOT less money than I would have spent on the auctions that I lost.




    Oh, I picked up a 2021 silver, 30th anniversary 1 hryvnia coin to go with the 30th anniversary banknotes and a couple of 2021 Ukrainian 1/10 gold Archangels as well.  It was too good of a deal to pass up.
    I guess that the high prices realized on these notes is a good thing in the end, that is if I ever choose to sell any of my notes, but I have a feeling I'm really only bidding against a handful of collectors and that these notes will be available again very soon and at much lower prices. At least that has been my experience to date. We'll see. 
  13. Fenntucky Mike
    That empty slot for the P-125, 50 Hryven commemorative is sticking out like a sore thumb now that I have all the slots surrounding it filled. 

    I've had so many opportunities to purchase this note raw but other things keep popping up, the latest was an Isle of Man half sovereign last week. I have had the funds several times, I know were one is. Why can't I pull the trigger on this note!?  Well, I'm in the same position I was almost a year ago, waiting to accumulate funds to purchase this note. For the now the note and slot are just sitting there, available, empty and endlessly mocking me.
  14. Fenntucky Mike

    All we (I) need is just a little patience

    By Fenntucky Mike,


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

     

     

     

     

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

    Which path to take, which pawn to move?

    By Fenntucky Mike,


    Ukrainian Banknotes
    So I'm really torn here. As some may know I've been selling off some of my duplicate coins to acquire funds to purchase a particular banknote (Pick 125, 2011 50 Hryven Commemorative), see Journal entry "Right now! Catch that magic moment, do it right here and now?". I've been wrestling with this since July, I've hit the total needed to get this note probably 3 times and each time something else came up, i.e. a coin or a run of banknotes, etc.. We'll here I am again, I hit the target amount to buy the 50 Hryven note and guess what, a slew of notes pop up from multiple sellers that would be great in my collection/s, aghhhhh!  Soooo, now what?  Do I get the 50 Hryven, bid on about 8 different banknotes that are now available in auctions or both. Then if I buy the 50 and place bids on the others, do I make serious bids to try and get all the notes? This is killing me, why, why, why! I think the most sensible thing to do is, again, pass on the 50 Hryven note and place serious bids on the notes I'm eyeballing. I know the 50 will wait but my big fear is that it will continue to climb in price, last I checked it was running around $650. I hate pushing the 50 to the end of the line again, but I think it's the right move, right now. 
    On a side note, one of the latest additions to my collection was this 1920 (No Date) 5 Hryven note with "P" on the back. There are a few varieties/errors with this note. Variety one, large ПЯТЬ (FIVE) on the reverse (about 16mm in length). Variety two, small ПЯТЬ (FIVE) on the reverse (about 13mm in length) which is what my note is. Error one, "P" missing from ГРИВЕНЬ (Hryven) on the back, which is why "With "P" on Back" is denoted on the label of my note. Finally error two, where the Obv and Rev images are inverted. There are no known specimens of this issue, the paper has "mushroom" watermarks. I haven't looked but I'm assuming that Krause does not have a watermark listed for this note and that is why PMG did not call it out on the label. This always bugs me to no end, that PMG and Krause (or whomever) don't communicate more on their own in regards to improving descriptions and/or discoveries (rant over). 
    Note in PMG Holder:

    Varieties:

    Watermarks "mushrooms":

  16. Fenntucky Mike

    You need more, more, more (Stuff)

    By Fenntucky Mike,


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

     
    Reverse
     
    Crescent watermarks

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

    Side by side reverse

     
  17. Fenntucky Mike

    Big (Dirty) Money Goes Around The World

    By Fenntucky Mike,


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

  18. Fenntucky Mike
    Moving past the you/you'll lyric debate, , and now having grabbed all the low hanging fruit of Ukrainian banknotes, I'm realizing that further progress will be slow in the acquisition department. In my Ukrainian 1917-Date set I have 37 slots left to fill, out of 112, two of those empty slots (Picks 50 & 125) are $1,000 + notes in any grade so I don't really consider them required for completion. Another two slots (Picks 87A & 87B) were never printed/issued, other than proofs and specimens, so I don't see those as required for the set either. Not to mention I have never even seen either one of those two notes available, anywhere, ever. Just to be clear I'm not advocating for the removal of those slots, they should absolutely stay. If anything I'd like to see a few more slots added and more sets added to the Ukrainian registry but that's a topic for another day. So, that leaves me with 33 slots that I would consider required to complete the set and I'm thinking I'd be very lucky to fill 6 of them with purchases of already graded notes this year. In true obsessive collector fashion I've been scouring the depths of the internet for graded notes/sellers and have found a few new potential sources/opportunities, one an old acquaintance from Ebay, we'll see what comes of these new found sources if anything. More to come later if I do end up getting anything, got to keep all buying activity on the hush hush for now , the bidding on Ukrainian notes has been very active.
    In the meantime I've been scratching the collecting bug itch by purchasing a few random notes here and there, along with contemplating a few signature set ideas. I haven't decided to focus on another area yet, mainly just floating along and picking up pieces that I like. I'll probably knuckle down and start updating the descriptions of my Ukrainian notes along with more in depth research, I have a lot of material to go through, but I will also continue to pick up ungraded examples of notes I don't have for a future submission. A submission that will probably wrap up most of my Ukrainian sets but that is probably a year or more away. For now I'm happy to be adrift for a little bit, enjoying my notes, researching, writing descriptions and realizing I'll just have to wait.
    Here's an ungraded specimen I picked up awhile ago. Printed by TDLR


    Just pulled the trigger on this one today, these are the sellers pics. Printed by ISBF


  19. Fenntucky Mike

    Take A Look At My New Toy!

    By Fenntucky Mike,


    Ukrainian Banknotes (Security Features)
    In part to help enhance a Journal entry I'm currently working on, also to "level up" my current banknote skills and what the heck because it's fun and cool I've added a new contraption to my banknote collecting arsenal, an IR Camera. I've been reading up on Infrared, lights, wavelengths, and cameras for a few weeks now along with researching the IR ink features on banknotes. I was considering constructing my own Infrared station for banknotes but since I had a bunch of Rewards Points through Amazon I figured I'd try this out first.

    The Royal Sovereign Dual Band Infrared Camera! On sale and Available now from Amazon. https://www.amazon.com/Royal-Sovereign-Infrared-Counterfeit-RCD-4000D/dp/B00S1IKHEC/ref=sr_1_1?dchild=1&keywords=Royal+Sovereign+Dual+Band+Infrared+Camera+Counterfeit+Detector+(RCD-4000D)&qid=1616956248&sr=8-1 
    It's nothing special and very lightly made, as most things are today but what do you want for under $35. The only negative would be the size, it would be nice if it was bigger and/or had a taller pedestal so you could view the whole note for imaging purposes. Other than that it's been working great. Dual Band, I'm assuming this means it emits IR on both the 850nm and 940nm wavelengths but in true guy fashion I opened everything up, removed the parts, threw all the packaging out including instructions and then put it together.  I'll never outgrow this instinct. At any rate for modern note collector's equipment such as this is invaluable, one for counterfeits and two to enjoy notes on a whole new level if you want. The first thing that gravitates me towards a note is the design/artistic appeal, then history of the design or subject, security features and finally the economics. 
    So now armed with my books, loupe, UV and IR lights I'm feeling pretty well prepared for now and think I need to simmer down for a few days. But I still want to build my own desk, area or whatever it turns out to be for banknotes that includes bigger/better UV and IR light stations and I might as well work photography in there while I'm at it. More to come...
    Here are a few examples (images) of banknotes placed under UV and IR lighting and scanned. All three of which will display security features on modern notes.
    2020, Zimbabwe $20
    Scan

    UV Light

    IR Light

     
    2005, Ukraine 100 UAH
    Scan

    UV Light

    IR Light

    Ok, there goes my day. Pfft, whom am I kidding, there goes my week. I'll be busy using this thing for a while.
  20. Fenntucky Mike
    Written 10/24
    Well, here we are. The End...
    A few weeks ago, approximately on or around Oct. 1, the seller who had originally listed the first lot of 4 Shahiv banknotes listed two more, 10 & 20 Shahiv banknotes. I was excited to see these listed, and therefore justified my incessive PMG Population Report watching, kind of, but I felt little excitement in wanting to acquiring either of the two notes.  The 10 Shahiv note was a lower grade than the first, the first being graded 55 EPQ and the second 50 EPQ, the 20 Shahiv was a higher graded note than the first one listed, the first being a 35 EPQ and the second a 58 EPQ! Having already purchasing the first 20 Shahiv note I wasn't particularly keen on getting the second at a much higher price, so I decided to wait, and the 10 Shahiv is a note that I don't currently have a graded example of ,but I decided to pass on this note as well.  What's going on?
    I watched the two notes expecting to see two additional notes listed, the 30 & 40 Shahiv notes, which were graded at the same time as the others making two groups of four notes each. The groups consisting of 10, 20, 30 & 40 Shahiv banknotes at varying grades. Well the two additional notes never appeared and the 10 & 20 Shahiv notes went unsold in the first go around. 

    I'm just not excited about paying a high price when I have nongraded examples that are in better condition, that being said I'm just not going to do it. No.  Ukrainian notes in general have been getting pricy and I'm too the point where it makes more sense to submit my own notes instead of paying a premium for already graded notes. I've been picking up raw examples of notes for a while now in anticipation of the availability of graded notes not being there, but now due to increasing prices for graded notes (which I didn't see coming) I'm ramping up the raw note purchasing. I have a hard time believing that there are a ton of Ukrainian collectors out there that will continue to drive demand, and prices, for graded notes continually up but I'm hitting the pause button on graded note purchases. That's not to say that I'm not hoping for more Ukrainian collectors, I AM, but these factors are facilitating a change of direction in my collecting. Raw notes are readily available, or at least they were,  and I've been gathering them up like crazy in anticipation of sending them off to PMG. 
    Since the second 10 & 20 Shahiv notes were listed, they've been relisted twice and the 10 Shahiv is now listed at a Buy It Now price of $94. Pfft, think they'll accept an offer of $87?  If these notes get down around to the $40 range I'll think about it but so far this seller has seemed resilient, and has yet to budge much (if at all) on any of the prices for the Ukrainian notes listed, including the 100 & 250 Karbovantsiv notes that were listed at around the same time as the first four Shahiv notes. 
    Tracking the Pop reports is a useful tool and it seems I was correct in anticipating a second set of four notes and determining their relative grades, all good stuff, but I find the end a little anticlimactic. I haven't completed the Shahiv short set, I've 180'd in buying any of the second group notes and I'm pretty sure I've Done A Bad Bad Thing. Probably several. 
    P.S.
    If you've managed to get through all 5 parts of this journal entry and still have basic motor functions I applaud you.  This drivel would have turned most individuals brains to mush after the first paragraph of the second entry. 
     
  21. 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?
  22. Fenntucky Mike
    The Pick# 82b (with latent imprint) has been stuck in my head for the last few weeks. I don't know, just a feeling that I haven't investigated the note completely enough and some reservations with the capabilities of my equipment. Since I had no other 3 Karbovansti notes to compare it to I went and acquired several for a control group, they are fairly cheap for raw notes.

    Upon their arrival and inspection they looked as they should, in regards to the latent imprint, under normal lighting you can faintly see the imprint. A slightly off white/tan image is just barley visible behind the image of Lybid, so far so good. 

    Next, UV light. I lay the notes out and see how the latent imprint "pops" under UV. Hmmm, not as clear/bright as I would have hoped.
                                
    Ok, back to the graded P# 82b. Still nothing but now I think I'm seeing the outline of the latent imprint, probably pareidolia, but the UV light did not illuminate the latent imprint as I had hoped on the raw notes. Just to clarify I'm using a 40X loupe with UV light to inspect these notes. The UV light is small so you can't flood the entire note unless you are 6" away and it's not particularly powerful. So I'm still a little skeptical and I need an upgrade anyway. 

    Having a few Amazon points available I pulled the trigger on a few new UV lights. One is sold by Banknote World (you can buy it direct if you want) the second is a flashlight type (I'm all set for scorpion lookout now). I haven't done a bunch of research into UV light (yet), the different bands/wavelengths, types, etc. but if anyone has some suggestions on a type of UV light to use or an article let me know. 

    For now the search goes on, as there is still an inkling of doubt in the back of my head on what is exactly in the PMG holder. I'm hoping a better UV source will eliminate all doubt.
  23. Fenntucky Mike

    Upgrade my system (sets) at least twice a day.

    By Fenntucky Mike,


    Ukrainian Banknotes
    Not really, but.... 
    Most of the Ukrainian notes coming up for auction/sale as of late are duplicates of examples I already have but some would be upgrades for me. So do I take the opportunity to replace a few low grades in my set or not, I'm not so sure right now. There are many factors in a decision to upgrade your collection, as a collector you would of course want the best examples available (that are within your means). I'm definitely not upgrading anything unless it's a 2+ increase in grade, I do have a few AU notes I would like to get in BU condition. Those are the easy decisions but most of the current notes I'm seeing are only a 1 or 2 tier increase in grade, all BU examples. Those are the notes that I'm having trouble with, I just can't seem to generate enough enthusiasm to want to upgrade those notes. Added to my lack of "want to" is the cost of such upgrades and that I'm currently concentrating on the coin side of my collecting endeavors. 
    This question (to upgraded or not) and the number of upgrades available is a bit of a reflection of my collecting style, meaning that I'll tend to grab the best available note for my sets knowing that there are better notes out there (I religiously check population reports). I tend not to wait, at some level this question is self inflected and also unavoidable. So many factors, the increased popularity of Ukrainian notes is yet another. With more collectors will more notes become available? Do I now practice patience and wait? The thought process being, more newly graded notes will become available in the very near future because sellers will have more graded as this latest class of notes are snapped up by new collectors. Then of course there is the question do I submit raw notes, modern Ukrainian notes are readily available raw and in good condition, I'm thinking this will be the route I take in the very near future, especially with the harder to obtain notes (I already have a healthy stash of raw notes). At this time I'm going to wait it out and pass on nonsignificant upgrades, holding out for notes that will complete my collection. Waiting will also have the added benefit of allowing me to focus on the coin side for the moment and to allow me to do some more in-depth research into the Ukrainian notes I currently have. 
    Can't have a Journal entry without a picture of a note, got these a few weeks back.


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

    Sweet it looks great! Or does it? Something not quite right here... 
    To clarify things a little, the major difference between 82a and 82b is a Latent Imprint (amongst other things). The Latent Imprint is visible under UV light and displays the denomination "3 КРБ" on the left front of the note, directly behind the depiction of the statue of Lybid (mythical sister of Kyi, Schek and Khoryv. The founders of Kyiv). Here's a few images of a 10 Karbovantsiv (84b) with Latent Imprint, the 3 Karbovantsi should look the same except with "3" displayed instead of "10".
           
    Ok, easy enough. I don't do this with every note I own but I'd say at least 75% of the time I'll examine the note/s under UV light. So let's take a look, uh oh. That stinks, no Latent Imprint where it should be.
        
    A mechanical error. Dang it. 
    Don't get me wrong, I don't have the best equipment so I could be mistaken but I'm feeling pretty confident I'm correct. This is not my first "mechanical error" on a label, hey people make mistakes, no big deal. PMG/NGC are always super helpful and with something like this they will be more than happy to take a look at it and reholder it with a new label at no charge if the label is incorrect. I've had a label corrected before, with a coin, easy peasy. PMG/NGC also guarantee the grade, so if the label is changed the grade will stay at 68 and that is actually pretty awesome because if it is a P-82a that means it would be the highest graded, by 2 points! I'll absolutely be sending this in to be reexamined. But until I have a submission ready to send this note with I'll be housing it in a signature set, so that I don't forget about it. 
    That leads me to the final question. I'm not going to put this note in any of my competitive sets but what about the other P-82b's that were in the same submission, like I said there are at least 3 and up to 5 notes that were sent in together. Doesn't mean that they were all mislabeled or that the notes are all 82a's but the possibility is there. Good thing I know where two of the other notes went, HEY, @Perfect-70 and @Bonezdogg check your P-82b's they might be mechanical errors. Hope they're not mechanical errors and that they are correct. But you should check them out tonight under the pale UV light.
    Good Luck,
  25. 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.