Fenntucky Mike

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.

It's a comment, stating that the note has an "as made wrinkle". Some collectors who are looking for perfection may avoid a note like this, others may find it interesting and pay a little extra. It depends on your taste and what you are trying to achieve with your collection. To me I find it interesting and would not necessarily shy away from a note like this, I might even choose the note pictured over a 64 with no EPQ for example. If you don't like the look of the note then I would sell it and look for another example. Thanks for posting the pics.

Hello and welcome to the forum. That's an interesting comment, my understanding is that it is something that happened during printing and is not necessarily a problem note. Here is a quote from Jennifer at PMG on the topic. "The term "as made" means that it was something that occurred during the printing and manufacturing process and did not happen later on. In this case, it was a wrinkle in the note that occurred during printing of the note itself. It might not have been severe enough for us to list as an actual error but enough to at least notate it on the label." Love to see a pic of your note.

Welcome to the forum. I have no experience crossing PCGS to PMG but from what I've read from others is mixed, it seems they cross at the same grade more often than not but not as frequently as say coins. At least that's my impression. You can write CROSSOVER on the submission form and PMG won't encapsulate the note unless it crosses at the same or higher grade, problem is that it seems PMG won't encapsulate the note if it's determined it won't cross at the same grade once removed from the holder. Not sure if you've seen this but here is an article from PMG on crossover submissions. Personally, my first instinct is to leave them in the PCGS holders but I understand the attraction to crossover to PMG. https://www.pmgnotes.com/news/article/7213/ Good luck.

A very cool note and interesting story. The best way to determine the note's value is to find some examples that sold at auction, if you can't find any then I would probably value it at $300 or below so that I could submit this note under the Modern Tier. That's assuming that you have much less into the note. If you paid more I would value it at whatever that amount was, plus a little extra. Just because a note is identified as "rare" doesn't necessarily mean it is valuable, there needs to be a demand for it as well, Philippine notes seem to have a strong collector base so I think you do have a pretty nice find there. As far as your unlisted notes I would contact PMG directly and see what they say. My guess is that you would just have to pay for the additional Variety fee, $10 per note, then PMG will take a look at them and make a determination when they receive the notes for grading. 1-877-PMG-5570 toll free(+1) 941 309 1001(+1) 941 309 1002 faxService@PMGnotes.com

Missing front printing error.

+23 = 3,256 10 Hryven +4 20 Hryven +5 100 Hryven +1 200 Hryven +4 1000 Hryven +1 2000 Hryven +1 1,000,000 Karbovantsiv +4 100 Karbowanez +1 200 Karbowanez +1 200 Karbovantsiv +1

Four.

This is going to take a few posts to get all the images in.

Well good luck my friend, I'll keep my eyes peeled for one of these notes. My finders fee is 1% FMV, but I'll take being able to be in the presence of the note in lieu of payment. BYOB of course and you might want to protect/guard the note in some fashion. Agreed, but those are a deal breaker for some signature fanatics . Not me, I like a big bold signature as much as the next guy but not that much. At least not enough to pay a large premium for it when there is perfectly good remainder just waiting for me, but I don't run into that problem/choice very often, or at all, with my current interests. That's an awesome 5 pesos note BTW.

I waited a long time to pick one of these up with EPQ and a decent grade, only 16 of the 38 notes graded have EPQ, roughly 42%. A really great looking note, I'm a little surprised it didn't grade slightly higher. Anyway, a welcome and long awaited addition.

Wow! Only three left, maybe. Are there any known? If so are they in private hands or museum displays?

That's a big negative! The 500 pesos is a real looker but with such a low printing (I read 200?), it would probably be out of my budget. It's always interesting to me that a great looking specimen, remainder, etc. can often be many multiples less than a really ratty note that was issued/circulated. I understand the attraction and the premium attached with a circulated note of this type and similar notes, but am more often than not pretty content with my specimen, remainder, etc. It's all about the looks with some people.

I've been surprised that they've essentially remained open and uninterrupted this entire time, especially in the beginning when Russian troops were on the outskirts of Kyiv. There were some issues early on with cash availability, exchanges and so on, but for the most part the NBU seems to have done an admirable job in doing what needs to be done.

That is very cool! I would keep them just the way they are and maybe put them in a hard case like this one. I'm not a collector of these notes but individually they don't appear to be worth much more than $1-$2 each based on sold listings on ebay, there could be some added value with this being a complete strap but I'm not sure how much more than the $1-$2 a note it would be. My guess would be probably not much. I don't think you have any fancy serial numbers in that strap based on the top note, but if there were those would have a small premium above the rest, how much would depend on the fancy number. Graded notes go for more but the risk/reward, money spent vs return, doesn't seem to be worth it to me on these, unless you are very confident in your grading skills and can cherry pick a couple of gem notes. Here's what the notes look like if anyone was wondering.

Fantastic notes! Good luck with the auction.

+48= 3,233 5 Chervontsiv +1 2 Hryven +5 10 Hryven +6 20 Hryven +10 50 Hryven +5 500 Hryven +1 2000 Hryven +1 1 Karbovantes +5 3 Karbovantsi +5 5 Karbovantsiv +5 50 Karbowanez +2 500 Karbowanez +2 The increase for the 5 Chervontsiv is interesting as the only one previously graded was just auctioned off a few weeks ago where it sold for just over 21k, it was graded at 30 the new note is a 50. The notes from this issue are notoriously hard to find.

...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.

There is certainly a lot of them out there, and they've been around for a long time. I know, my problem isn't conception it's execution.

Since the Invasion of Ukraine there have been several fantasy issues released by private entities. The sellers motives aside, some are quite attractive and of high quality with all the typical modern security features, while some are lacking in those areas and were seemingly "Xeroxed" on plain paper. Regardless, I thought it would be interesting to list a few here that caught my eye and see what others thought about them and of thier existence in general. I've posted this one already in the Latest Edition thread and it's a high-quality note with all the latest bells and whistles. A nice note with 100% of the proceeds going to relief for Ukraine when purchased direct from the printer. I've already posted the regular images so I'll post images of the note under UV here. Next we have a 0 Euro note, this one is of good quality as well with UV, security strip, etc.. Since I have the UV light out, I'll post pics of this note under UV as well. Next, we have someone taking the image from a recently released Ukrainian stamp and sticking it on a fantasy note. On lower quality paper, with watermark, UV fibers and not much else, with the print and ink also being of lower quality as well. More notes from the same seller as the previous note, I don't have, nor have I seen any of these in hand but I imagine they are of the same quality as the previous note. Seller's images below. .... and on and on and on, this seller has/has had many many notes like these and I cannot fit them all in this entry. I have no plans on picking any of these up. The last note posted is a depiction of one of the entries for a commemorative coin contest that the NBU had a month or so ago. The image may very well end up on a official coin or banknote of Ukraine, along with the stamp image. More on that in a future Journal entry. Finally, as I'm running out of space in this entry are these three notes. Again, I have not seen these in hand, and I won't be getting any, but they look of similar to lower quality of the previous notes. Seller's images below. There are more fantasy notes out there and I could not possibly list all of them here, but I imagine there are even more to come. Even some commemoratives from the NBU.

Condition, a Fancy Number and an error can all add value to a note, unfortunately the one pictured does not check any of those boxes, the serial number is not a fancy serial number. If the 0 was a 2 then you would have a radar [fancy] serial number (22622622). If the note did have that fancy number it would increase the value minimally, couple bucks maybe, the condition of the note would prevent it from being worth more. Some fancy numbers are somewhat common, radars are one of them, and really don't bring much of a premium unless the note is pristine, sometimes not even then. Others like a serial number of 10 or less or solid 9's are much rarer and bring much higher premiums, regardless of condition. Here is a link to an article from our hosts on what serial numbers are considered fancy with examples of the numbers. Not every fancy number is listed in the article but it gives you a good idea of what to look for. https://www.pmgnotes.com/news/article/5901/Fancy-Serial-Numbers-On-Currency/