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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike
    It's been a slow start to the summer so far, granted this is only day 5 , but with the unofficial start being Memorial Day and the year being somewhat slow with NEWPS for me, it's been a real drag so far. I put together a submission to PMG and shipped it off yesterday. The submission consisting of the 1992, 50 & 100 Hryven red-overprint and perforated varieties and a few proofs, or at least I hope they are, I wouldn't be surprised if the proofs came back as QA. Once the 50 & 100 Hryven varieties are received, authenticated, and assigned new P#'s all will be right with the world except that there will be 26 PMG graded notes out there with obsolete labels. There is not much that can be done about that although, because I've been tracking these for some time, I do have a pretty good grasp of how many red-overprint and perforated notes have been graded by PMG and PCGS so far. That these two varieties were treated as the same note still boggles my mind. 


    More on these here.
    I picked up the "proofs" from Katz over the last several months and I sent them off for authentication because, well, I'm unsure of them myself.  Assuming they are authentic, I've requested that they be encapsulated in the PMG multi-note holder, with them being uniface it would only make sense that they be housed together. Whether or not they make it through authentication is going to be a matter of great angst for me, I'm hoping they pass weather as a proof, color trial, scrap or whatever. I'll take anything other than QA. 


    The auctions over the last few months have been less than impressive and I'm hoping things will pick up in August with the WFM kicking things off as we start getting closer to the holiday season and the end of the year. In the meantime, I'll be storing up nuts for the winter in hopes of acquiring a big score before the end of the year and selling off some of my coins in series that I no longer pursue and acquiring examples that in series that I do. Coin acquisitions have kept me busy during this nocturnal note phase. 
    One last note.  My favorite pickup as of late, at least the one that I am the most excited about, is this lovely commemorative note from Abkhazia, images from Banknote News. I read an article on it in recently, loved the look of it, and just had to add it to my collection. It's in route and I can't wait to see it in hand. 


  2. Fenntucky Mike

    The Paper Money's Whirling By

    By Fenntucky Mike,


    New Banknote Release
    On April 25, 2023, the NBU released into circulation new 500 Hryven banknotes bearing the signature of the new Governor Andriy Pyshnyi and dated 2023. The release is "part of a planned issuance to ensure the cash circulation of 500 Hryvnia banknotes to replace worn and damaged banknotes," per the NBU. The new note will end up being Pick # 127d, once one is assigned, and will be the 6th issuance of a 500 Hryven note of the new series which began in 2014 with the 100 Hryven banknote. The notes are available to purchase, raw, from several sellers.

    As previously mentioned, this is the 6th issuance for this denomination, four for general circulation and 2 commemorative issues. The six varieties are more than any other denomination of the current series, and the four (d) printings for general circulation is tied with the 100 Hryven banknote, of which the fourth general issue was just released in December of 2022. 

    The 100 & 500 Hryven banknotes of the current series have more signature varieties than any other denomination in the same series, currently twice as many, as they were the first denominations printed (2014 and 2015 respectively) and they are the first Pyshnyi signed notes to be released. All other denominations of the new series were first printed in 2018-19, roughly four years after the 100 & 500, and as a result the 100 & 500 Hryven denominations will probably always have at least one more signature variety than the rest of the denominations in this series. 
    One could also assume that these are the most heavily used notes in everyday commerce/transactions by the public, and I'm sure the war in Ukraine is playing a factor as several banks defaced many bricks of notes which would need to be replaced, and now could be a good time as things have currently stalled on the front. The current inflation rate of around 24% probably isn't helping matters either, causing lower denominated bills to have less purchasing power and requiring more of them per transaction, which would make larger denominations more desirable. The 100 & 500 Hryven notes seem to be the workhorses of the Ukrainian economy, unfortunately I haven't been able to find printing figures but if I were to go by the number of different prefixes used for each denomination those notes stand head and shoulders above the rest. 
    The 2021 (2022) 500 Hyrven Commemorative is a quirky little note. It was released with the signature of the previous Governor and postdated, for circulating notes this would be the norm for a period of time until new plates are made with the new Governor's signature, but since it was a commemorative, a onetime issue, it kind of sticks out in the series of notes. The 2021 dated notes with the signature of the previous Governor (Shevchenko), have an additional screen-printed design on the face, over the watermark area, which is the logo for the 300th Anniversary Celebration of the birth of Hryhoriy Skovoroda. The logo helps peg the release date of the note at 2022 (Skovoroda's date of birth being Dec. 3, 1722), print and release dates from the NBU verify this as well, and that it overlaps the current Governor's tenure by a few months just kind of makes it a little more fun to me. The notes were probably already printed prior to Pyshnyi being appointed Governor of the NBU in early October of '22, or too far along to stop production and make new plates. The timing just didn't allow for a change, I guess. The notes were released in late December, the month of Skovoroda's birth, and one has to wonder if Shevchenko didn't drag his feet a little to get one more note out with his signature. Probably not but it's fun to speculate on such things, mainly because that thought would have crossed my mind if I were in the same position. Kind of an "up yours!" or one finger salute on my way out the door. 
    On a side note, I don't see PMG labeling notes with release dates after the date (year) printed on the note, (postdated notes) much if at all anymore. For example, the 2022, 500 Hryven Commemorative would have in the past been labeled 2021 (2022) on the PMG holder. I think? I wonder if they've stopped labeling notes with postdates like that? 
    Varieties by denomination.

    Signatures

    Currently, new notes are being printed as needed, or so it seems, and there is no telling when the remaining denominations will be updated to include the Pyshnyi signature and new date (year). In 2021 there was a mass printing of every denomination for general circulation, including a separate commemorative in every denomination, with all being released from March to December of that year. In 2021 the order of release was 500, 100, 200, 20, 1000 & 50 Hryven notes, that order could be similarly repeated in 2023, or close to it. If I'm correct in my speculation I would expect to see additional print runs of the higher denominations before the lower ones and I think we may see a new run of each of the remaining denominations, last printed in 2021, before the end of the year. This would be an additional five Pick #'s, including the commemorative scheduled for release in December 2023, that could be potentially released throughout the remainder of the year. 
  3. Fenntucky Mike

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

    By Fenntucky Mike,


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

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

    50 & 100 Hryven notes printed by TDLR.

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

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

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

    Perforations:

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

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

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

    [Notes] Without A Face (Part 3)

    By Fenntucky Mike,


    Control Coupons
    Having compared scans of the notes, as well as images of the notes under UV light, we'll take a look at the notes with backlighting.
    All four notes display similar qualities. The parquet watermarks are clear with blocks of four lines running diagonally alternating 90 degrees every other block of four and the back ink is clearly visible through the face and appears violet. I don't particularly see anything off about any of the notes when backlit. 
    Control note.

    QA note.

    Second P # 83x

    Third P # 83x

    I've also viewed all the notes under IR but the results are the same as the backlighting test, all appeared to be the same with no IR features and no visible ink, blemishes or alteration. I don't have a good way to capture IR images yet so I won't be posting them, you'll just have to take my word on the results.  If someone REALLY wants me to post IR images of the notes let me know and I'll see what I can do.  I will also add that the notes all measure the same and the paper quality seems to be on par with other 5 Karbovantsiv notes from 1991.
    In the end I see nothing conclusive and can't say whether or not these notes are genuine. Some of the smudging and staining could lead one to believe that these notes were altered but I tend to think not, I also find the possibility of these notes being missing print errors a stretch. To me the more likely possibility is that these were purposely printed on only one side but for what purpose.  The back design seems to be an exact match to other notes, granted it is a simple design and could be easily counterfeited I just don't feel that is the case with these. I might give these another go with PMG but I will have to contact them and see if sending in all three examples, and a certified note if that helps, would be beneficial and perhaps if I submitted them as something besides P # 83x (missing face printing error). We'll see. My best guess at this point is that these are a printer's proof or scrap. 
    Now to see what's going on with the two different security fibers on the control note. 
  5. Fenntucky Mike

    Secret Secret I've Got A Secret (Part 1)

    By Fenntucky Mike,


    Control Coupons
    Not really, but I thought I'd share a few of the lesser-known varieties of Ukrainian Control Coupons from the second series, what I consider the second series (P#88-93, excluding 91A & 91B, issued 1992, '93 & '95), not found in the Standard Catalog Of World Paper Money and draw a few conclusions along the way.
    Descriptions of the second series from the latest, probably last printed, edition of the SCWPM. 2019, 25th edition, try to ignore the notations I've added many more since this image was taken. 

    One day while searching for Ukrainian notes I stumbled across a listing for two 1992 500 Karbovantsiv banknotes, nothing unusual about that per se, but upon further examination of the seller's listing they provided an image of both notes under UV lighting where one of the notes mas missing some UV features when compared to the other, in addition the seller was offering to send a free article on two, unlisted, varieties (I checked to verify) and I was sold. I picked up the two notes forthwith, the asking price was miniscule, and requested a copy of the article which the seller sent without hesitation. Nice!
    Images of the two 500 Karbovantsiv control coupons under UV lighting and scanned.


    The note with serial number 236/27 414059 is lit up like a Christmas tree when compared to note 088/6 316174. The fractional prefix and serial number (236/27 414059) are much more illuminated under UV, the repeating pattern behind the numeric denomination and the word КУПОН (COUPON, not illuminated) along with the numeric denomination (500) are also illuminated under UV, while those features are completely missing on the top note (088/6 316174). What's going on?
    The article I received was written by Dmitry Zagorenko and Evgeniy Likhatsky, sorry if I got your names wrong guys, it is written in Russian/maybe Ukrainian (I translated it both ways and the Russian translation from Google was more coherent, I kind of mashed bits of both together in my English version ), and I had to translate it so there might have been a few of the finer details lost in translation but for the most part the translation was a success. I'll be referencing this study several times here and will refer to it as the "article" moving forward, if anyone wants a copy of the original or my English translation let me know and I'll send you a copy. 
    In the article there is no mention of a difference between varieties involving the UV features but instead lists two other differences between the notes along with numerator and denominator ranges for the Type 1 (S# 236/27 414059) and Type 2 (S# 088/6 316174) notes. In short, the article details a contrast difference between the T1 & 2 notes in the background behind the prefix and serial number, and a spacing difference between the fractional prefix and serial number. Also mentioned in the article is that T1 & 2 notes are not confined to this denomination and that they are also found in the 100, & 1000 Karbovantsiv notes of this series (issue) as well. T1 & 2 notes of the 200 Karbovantsiv denomination in the same series are reported to exist but had not been confirmed at the time of the article's publishing and they did not include the 2000 or 5000 denominated notes in the study, although early research on my part indicates that the same "varieties" exist in those denominations and perhaps the third series notes as well. T1 notes have a lighter background behind the fractional prefix and serial number and wider spacing between fractional prefix and serial number, T2 notes have a darker background behind the fractional prefix and serial number and closer spacing between the fractional prefix and serial number.
    I'm only going to detail the 1992 dated, 500 Karbovantsiv second series notes in this Journal entry, as space for images is limited. The lightening of the background mentioned in the article is present in the note with serial number 088/6 316174, along with wider spacing between the prefix and serial number. The note with serial number 236/27 414059 exhibits the darker background behind the prefix and serial number and closer/no spacing between the prefix and serial number that was described in the article. The note with S# 088/6 316174 is a T1 variety and the note with S# 236/27 414059 is a T2 variety. 
    The background behind the prefix and serial number has been clearly lightened on both varieties, presumably to increase the visibility of the prefix and serial number, with an approximately 38 x 3-millimeter rectangle relieved in that area of the design. The authors of the article speculate that the original lightening of the design was not sufficient to improve the visibility of the prefix and serial number and a second attempt at lightening the design was undertaken. I don't necessarily disagree that the lighter background was done after the original relief, but I would have changed the variety designation in that regard, calling the darker background note T1 and the lighter T2. Regardless, I think their thinking is sound in the order of how these were printed.

    Composite image of the area between the prefix and serial number of the T1 note.

    Composite image of the area between the prefix and serial number of the T2 note.

    Some might question that the plates were modified and suggest the application of the ink is the reason for the lightening of the area behind the prefix and serial number but that does not appear to be the case to me. At least I'm not sure how it could be done by solely adjusting the ink in a 38 x 3mm rectangle during production? Purely a guess on my part but my initial thought on how the printing plate was/could have been modified would be that the engraving was lowered/relieved lessening the ink transfer in that area.? Having to modifying every single point in the engraving seems like a nightmare to me and something I would try to avoid.  Or maybe some sort of chemical, or wax(?), was applied to that area of the plate to limit the amount of ink that adhered to it, thereby further lightening the area behind the prefix and serial number? If that was the case I would still lean towards a variety. Just thinking out loud...
    The second difference noted in the article is the spacing between the fractional prefix and serial number, in the T1 notes there is a noticeably wider gap between the fractional prefix and serial number, almost one complete digit or one complete digit. This does seem to ring true overall, based on the small sample size of notes in my collection, three dozen or so, and images of other notes available online, although the spacing is not consistent. Without knowing the sequence of steps in the printing process for these notes it's difficult to say with any certainty the reason for the gap variance but my initial theories would include that the fractional prefix was overprinted independently of the serial number and the serial numbers added after the prefix, (whether the process was retooling and running the sheets through again or maybe that the tooling for the prefix and serial number applications were inline but independent of one another) or that both were applied via a numbering wheel with a fractional prefix attachment where the spacing varied. Of the two I would think the prefix and serial number being added separately in some manner is the most likely due to small variances within the large and narrow gap varieties, which would most likely be a result of the printed sheets being slightly misaligned or "floating" as the prefix and serial numbers were added. It is a very normal thing to see serial number placement on notes vary and float around in the general location that they should be in. I'm not completely sold on the spacing between the prefix and serial number being a 100% accurate identifier for T1 & 2 notes as it does not seem consistent enough to my liking. More on that in a future journal entry.

    In addition to the two variations already mentioned between T1 & 2 notes, the authors of the article try to identify within which fractional prefix ranges the T1 & 2 varieties exist/were produced. In the article they identify all T1 notes as having a numerator of between 001-108 and all T2 notes with numerators between 201-250. The authors also give a range of denominators, series, in which the T1 &2 varieties exist for each denomination, below are two tables from the article.
    Below, table of denominators of T1 notes.

    Below, table of denominators of T2 notes.

    This would mean that for the 500 Karbovantsiv control coupons dated 1992 all T1 notes would have numerators between 001-108 and denominators of 5,6,7,8 and 15, all T2 notes would have numerators between 201-250 and denominators of 26,27 and 28. These number ranges seem to be accurate based on my small sample size of notes but there is much work to be done in this area in regards to refining the ranges for all denominations. 
    The article also touches on specimens (of which there have been no T1 & 2 varieties found within the same denomination), replacements (for which both varieties have been found, T1's being rarely found in uncirculated condition and T2's being rarely found in circulated condition), and tries to correlate the serial number (first three digits) with either how/where they were produced, order of release and which bank branches the were sent to, but I'm not going to touch on any of those topics at this time. All in all the article was an interesting read, with some interesting thoughts on these notes, and I enjoyed it. The real question is are the T1 & 2 notes really varieties? I tend to lean towards yes based on what seems to be a modification to the printing plates, not so much the prefix and serial number spacing, and time will tell if these become accepted as such. If the T1 & T2 note varieties are verified and do become accepted/collected in by individuals then that will mean there will be at least three new varieties in need of Pick #'s, for the 100, 500 & 1000 denominations, and in all likely hood based on what I'm seeing new Pick #'s for the 200, 2000 & 5000 as well. This will mean six new Control Coupon varieties. Time to add some new notations to my copy of the SCWP. 
    Now, back to the missing UV ink on the T1 note, prefix and serial number 088/6 316174! Where is it and is this note another variety? Well, it seems to have nothing to do with the T1 & 2 varieties of these notes, which I had initially thought when first purchasing them, as I have sufficient T1 & 2 notes WITH the UV features. So my only conclusions are that the non-UV note is either an error with missing UV ink, or the UV ink was intentionally removed to make it appear as an error, or the UV ink faded somehow. I see no evidence of tampering at this time, and I've not heard of the UV ink fading/waring over time, so in my mind that really only leaves one option. An error. That's how I'll be labeling it in my collection at any rate, along with the T1 designation and maybe a question mark or two on the label. 
    I went ahead and picked up a few quarter bundles of 1992, 500 Karbovantsiv banknotes, fifty notes total, and they are all circulated with varying prefix and serial numbers. I figure that this will give me a better sample size and with the notes in hand I'll be able to examine them and place all of them under UV. I'll report back if I find anything interesting. 
  6. Fenntucky Mike
    Most of my graded notes are in PMG holders, like 99.9%, but on occasion I will pick up a note from an "off brand" slabber or PCGS, not because there is a great note housed in the holder but for the holder itself.  Buy the note not the holder, not in these instances.   I just find it interesting/funny/weird when I see Ukrainian notes housed in "off-brand" holders and since they are all dirt cheap, I'll pick them up from time to time and add them to my collection. 


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

    Just why? 
    Anyone have any notes in atypical holders? Post'em if you do!
  7. Fenntucky Mike
    ...will the National Bank of Ukraine stick to it's current product schedule?
    I've been tracking the NBU product release schedule closely, I always keep an eye on it regardless but more so now, and it has been changing on a monthly basis, even prior to the Invasion. They have been paring the gold issues down since the initial release of the schedule in Nov-Dec of 2021, and now there is no gold commemorative or bullion issues on the latest iteration. Even the silver issues have been cut way back including halving the anticipated mintage of the 1 UAH Silver Archangel to 10,000, a mintage that would be the lowest since the initial release of the series back in 2011. Currently there is no release date for the Archangel which makes me think that these are in serious jeopardy of being cut from the production schedule unless the tides of war start to swing in Ukraine's favor. 

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


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

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

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

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

  8. Fenntucky Mike

    Leave Out The Fiction. Heck No!

    By Fenntucky Mike,


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


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




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


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








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



    There are more fantasy notes out there and I could not possibly list all of them here, but I imagine there are even more to come. Even some commemoratives from the NBU. 
  9. Fenntucky Mike

    It's Never Enough (For Me!)

    By Fenntucky Mike,


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

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

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

     
    SECURITY FEATURES: Baroque Design, wavey lines and a repeating design of 100 in a circle on the back. 
    NOTES:     The first banknote issued by the newly formed Ukrainian National (People’s) Republic (UNR) in 1917, with a denomination of 100 Karbovantsiv. The Central Rada, the legislative branch of the Ukrainian government, passed a provisional law regarding the issuance of the Ukrainian National Republic’s banknotes. Passed on December 19, 1917, it read in part: “Banknotes shall be issued in karbovantsi, one Karbovanets containing 17,424 dolias of pure gold and having 2 hryvnias or 200 shahs.” The dolia is an old imperial Russian measure of weight, equal to approximately 44 milligrams or .044 grams or .0016 ounces. The note was designed by a talented graphic artist (G)Heorhii Narbut, who would go on to design several of the fledgling Republic’s banknotes and stamps. Narbut designed the note using Ukrainian Baroque stylistic elements, though which were depicted many important ideological messages that reflected key aspects of state-building, such as the use of the Tryzub (Trident) and the various depictions of Flora symbolizing strength, unity and growth. The ornate detail of the design on the note along with the decorative fonts and colors used (particularly on the front of the note) earned it the nickname “fried eggs” amongst the people. The 100 karbovantsiv notes were printed by the Kulzhenko Print Shop in Kyiv on ordinary thick paper, which made them vulnerable to forgery. When the 100 karbovantsiv note entered circulation on December 23, 1917 it included the first-ever official representation of the Tryzub (Trident), 52 days ahead of its legislative adoption as the state emblem of the UNR. The appearance of the Tryzub on the country’s first paper money became a major impetus for the adoption of Grand Prince Volodymyr’s (958 – 1015) emblem as the UNR’s coat of arms. The (non-numerical) denomination of the note (100 karbovantsiv) was printed in four languages on it, Ukrainian on the front then Russian, Polish and Yiddish on the back. This was done to convey and affirm the UPR’s policy of equal treatment of the country’s ethnic minorities, which constituted one-quarter of Ukraine’s population at the time. Unfortunately the note was pulled from circulation/declared non-legal tender after less than a year of circulation, as the retreating Red Army left the city of Kyiv in 1918 they took with them, along with their loot, the cliché (stereotype) for making the banknotes of 100 karbovantsiv of the 1917 series. Therefore the UNR announced the exchange of the 100 karbovantsiv banknotes for others (Namely the new hryvnia banknotes as the Karbovanets denominations were replaced by the hryvnia for a short time, much as they would be again in 1996.)  up until November 1, 1918 after which they would not be accepted. 
    At the time there existed a confusing dual currency system in Ukraine, the Karbovanets was the original choice of the Central Rada in 1917 but it was soon replaced by the hryvnia. The Karbovanets was reestablished as a state currency by the Hetmanate in 1918 and after which there existed dual currency system where 2 hryvni were equal in value to 1 karbovanets. This currency duality was indicated on several banknotes of the period. 
    The Standard Catalog of World Paper Money lists the Pick # as 1b (Back Inverted), where as most other references list this note as 1a (Back inverted). This note is most commonly found with the inverted back in as much as this is the most common way in which this note was printed. An inverted back may not be proper or it may even have been a mistake, regardless as the most produced and most common example I would have expected it to be listed as 1a. 
    Sources:
    Wikipedia
    National Bank of Ukraine, Money Museum
    Ukrainian Paper Money – Dmitri Kharitonov - print date 11/30/2000
    Paper Money of Ukraine – Maxim Zagreb / Sergey Yatsenko - print date 2019  
    FULL CIRCLE / Ukraine’s Struggle for Independence 100 Years Ago 1917 – 1921 -Yurii Savchuk – print date 2019       
    The Ukrainian Weekly, Vol. LXI No. 5 – Article: NUMISMATICS: The “new” Hryvnia banknotes – not a first for Ukraine – Borys Zayachkivsky - Printed 1/31/1993
  10. Fenntucky Mike
    I've said this a few times, that the Standard World Catalog of World Paper Money is a great reference, and that all collectors, especially beginners, would benefit from having a copy. That being said, it's not the be all end all of information, also something I've mentioned previously, and to that point here are a few more examples of Ukrainian notes not referenced in the SCWPM.  
    In 2018 banknotes of the denominations 1 hryvnia and 2 hryven were printed. With plans already in progress to eliminate both denominations by March 1, 2020, the printing of these notes may have been needed as a stop gap until the transition to the 1 hryvnia and 2 hryven coins, but a 1 hryvnia coin has been in circulation/produced since 1992 and a 2 hryven coin since 2018. If you are going to eliminate the 1 & 2 denomination banknotes and replace them with coinage why print more notes? The coinage was already in place, along with the schedule for removal of the notes, yet more were printed. While I don't have concrete evidence of this my best guess is that these were produced for "souvenirs" to sell to the public, coinciding with the removal of these denominations. The only fault in that thought process is that no 5 & 10 hryven banknotes were produced in 2018, which were also being eliminated in early 2020.
    In 2018 there were already 5 & 10 hryven coins in circulation, along with the 1 hryvnia & 2 hryven, and there was apparently no need to produce more of these notes.  Granted that the 1 & 2 denominated notes had not been produced since 2015 & 2014 respectively, but the 5 & 10 notes hadn't been printed since 2015. I'm just having a hard time buying that the 2018 notes needed to be produced with their imminent removal from circulation on the horizon, already circulating coins, redesigns to all future denominations that were to remain in circulation for added security and rising inflation partially facilitating the removal of lower denomination notes and the introduction of a 1,000 hryven note. I'm not saying that some of these notes didn't circulate, but my thought is that their production was mainly facilitated as a means to produce added revenue from the sale of souvenirs in the form of uncut sheets and the like.
    Uncut sheet of two.


    Uncut sheet of six.


    Uncut sheet of 10


    Full Sheets, 60 notes.

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

    I Just Want To Celebrate! (Part 1)

    By Fenntucky Mike,


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

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




    Presumably Pick numbers will be assigned according to release date and denomination and as such I would think that the 100 UAH should end up being Pick # 129, total guess, with the 500 UAH being Pick # 130. Similar commemorative notes have been assigned completely new pick numbers even though the notes had the same base design and since it is a "circulating" note a "C" (Commemorative) Pick number is probably not in the cards either. Guess I'll have to wait and see how that turns out, some of the new Pick #'s for Ukrainian notes have been a little weird at times.
    While I'm not completely on board with commemoratives I feel like I can embrace these as they have a respectable print run, low price and (so far) have been easy to acquire. I'll be picking up the remaining four denominations as they become available, and we'll see what next year brings. If the NBU starts commemorating events like the 250th Anniversary of traveler's checks or the 212th anniversary of P. T. Barnum's birth in 2022, I'm out.  Lastly, since these are officially new notes, with a new signature (on the 100) and technically design, there's really only one thing left to do. 
  12. Fenntucky Mike
    During the final years of World War I and spanning the timeline of the Russian Revolution, 1917 – ’23, the region of Ukraine enjoyed a brief moment of autonomy. A time when governments were formed, felled, and reformed. A time of art on currency and the creation of a 100 Hryven banknote for the people.
    Shortly after the February Revolution in Petrograd (now Saint Petersburg) on February 23, 1917 [O.S.], the territory of Ukraine formed the Central Rada (Council) as the representative governing body. After the abdication of Nicholas II, the Russian Provisional Government came into power and recognized Ukraine’s right to autonomy and the Central Rada as a legitimate representative body. After the Bolshevik coup in Petrograd, The October Revolution, relations between Ukraine and Russia deteriorated rapidly and on November 20, 1917 the Ukrainian People’s Republic (UPR) was established.
    Soon after the UPR was formed the Central Rada adopted a law to take over control of the Kyiv office of the State Bank of Russia and transform it into the Ukrainian State Bank.  With a Central Bank and newly appointed government it was time to create a National Currency, Karbovanets, which were equal to one Russian Ruble. Soon after its establishment, on January 5, 1918, banknotes with a face value of 100 Karbovanets were put into circulation. Despite the fact that the Government had no gold standard, one Karbovanets was declared equal to 17.424 Dolya or parts of fine gold, which is equal to .766656 grams (1 Dolya = .044 grams). Soon after the first banknote’s release the Ukrainian State Bank was commissioned to generate a new currency without gold backing.

    The establishment of the Karbovanets as the national monetary unit was short lived as on March 1, 1918 a new law was adopted making the Hryvnia the new national currency. Two Hryvnia was equal to one Karbovanets and the 1/100 was called a Shah or Shahiv. The new currency law provided for the issuance of 2, 5, 10, 20, 50, 100, 500 & 1,000 Hryvnia notes, however no 5, 20 or 50 Hryvnia notes were ever printed and only six denominations went into actual circulation. A 5 Hryven note was issued later in 1919/20, but is not part of the first issue Hryvnia notes. While new Hryvnia banknotes were being designed and printed, provisional banknotes denominated in Karbovanets were still being produced to bridge the gap and to keep commerce flowing.

    The Ukrainian Government called upon prominent Ukrainian artists to design new banknotes, artists such as Vasyl Krychevsky, Anthon Sereda, I. Mozolevsky and Georgy Narbut. Narbut designed 13 of the 24 banknotes issued between 1917 and ’20, including the initial 100 Karbovanets note, many stamps, the National Coat of Arms, seals, letterhead, etc., but the 100 Hryvnia banknote of 1918 is considered by many to be his greatest contribution to the new State.
         
                                                                                                                                                    
    The 100 Hryvnia banknote of 1918 (Pick #22) was part of the inaugural issue of Hryvnia banknotes, the notes were printed in Berlin at the Reichsdruckerei on white paper with Kreuzringelmuster (Cross & Ringlet) watermark. Presumably, the job of printing the new Hryvnia notes was outsourced to Berlin due to printing houses in Ukraine being utilized for the printing of Karbovanets while the Hryvnia notes were being produced, or fear of capture while war was raging, or perhaps as a political gesture to Germany who had backed the fledgling State and in late February of 1918 forced the Bolsheviks out of Ukraine after they had seized the city of Kyiv earlier in the month. Whatever the reasoning may have been, in the end, the Reichsdruckerei did not disappoint and notes were quickly printed, shipped to Ukraine, and put into circulation by no later than October 17, 1918. Which by that time the governing body of Ukraine had been displaced and a new regime installed.



    By April of 1918 the German forces had successfully aided the Ukrainian Army in removing the Bolsheviks and, under orders from the German government, promptly staged a coup, after which the Central Rada was removed and Gen. Pavlo Skoropadsky installed as Hetman of Ukraine. On May 9th the Hetman ordered that the official National monetary unit be converted back to Karbovanets. The exchange rate remained the same as when Karbovanets were removed in favor of the Hryvnia, 2:1 Hryvnia to Karbovanets. Denominations of both monetary unites remained in circulation and were accepted through the remainder of an Independent Ukraine’s existence. The 100 Hryven banknote of 1918 would have been one of the workhorses of the economy, being one of the higher denominated notes and large quantities having been printed, some estimates put the total number printed/authorized at 350,000 or more, it would have been one of the most used and available notes in Ukraine at the time. The large quantity printed would also account for the great number of surviving notes and many in uncirculated condition. Three varieties were printed at the time, Pick #22a (as viewed in image 2) has the same design as the other varieties but with the prefix (A) and serial number oriented vertically on the back of the note, this is the most common variety and easily obtained. Pick #22b is slightly larger in size than #22a and the prefix (Б) and serial number on this variety are oriented horizontally on the back of the note, this variety is extremely rare. The final variety, Pick #22?, (Pick does not list this variety) has the same dimension as #22a (180 x 118 mm) but has the prefix (A) and serial number oriented horizontally on the back of the note, this note is rare.

    Once it was clear that the Central Powers, Skoropadsky’s sponsors, were going to lose WWI the Hetman formed a new cabinet of Russian Monarchists. In response, on November 14, 1918, the Ukrainian socialists formed a new revolutionary government, the Directorate of the Ukrainian People’s Republic, which ousted the Hetman and took back control of the government of Ukraine. On January 4, 1919 the Directorate proclaimed the Hryvnia the sole legal currency (along with Karbovanets) throughout Ukraine, and all other currencies (Russian, German, Austro-Hungarian or Romanian) forfeit. The Directorate did manage to issue five notes before its dissolution in November of 1920 but none were as elaborate or rich in national symbolism as Nabut’s design for the 100 Hryven note of 1918.
    The designs of Narbut, particularly that of the 100 Hryven banknote of 1918, have endured long after his death in 1920 at the age of 34. The 100 Hryven note’s design is a lasting symbol, representing the working class and the best of Ukrainian heritage which can still be seen today on Modern Ukraine’s currency. On the face of the note Narbut has placed a female figure in traditional dress holding a sheaf of wheat and clasping a scythe to the left an elaborately wrought central wreath, to the right of the wreath is a male figure with a wide-blade plow or hammer dressed in clothing representative of the proletariat. Both figures stand casually on a low mound of soil, with movement expressed in the folds of their garments. The design on the back of the note is devoid of figures, showcasing a cornucopia of Ukraine’s bounty capped by Narbut’s tryzub. Two Ionic-styled columns positioned against a mesh background create a stark impression softened by the interplay of two tones of blue.

    Narbut utilized the bust of the female figure used on the 100 Hryven note in other note designs such as the 30 Shahiv postage stamp currency (P8) and the 500 Hryven (P9) note in the same series. Narbut’s design was also used to fund the Government in exile by being reimagined by other artists and sold as limited-edition prints, such as the drawing done by Pyotr Kholodny (P10) and issued by the Government of Lviv in 1923. In 2018, to mark the centenary of the Ukrainian Revolution of 1917-’21 and the first Ukrainian paper money, the National Bank of Ukraine issued a commemorative banknote (P11) featuring the design used on the first 100 Hryven banknote of 1918. However, perhaps the biggest testament to the enduring legacy of the design of the first 100 Hryven banknote is that elements of it are still used today on Ukraine’s circulating 50 Hryven banknotes (P12). There is little doubt that Narbut’s design used on the 100 Hryven note is one of the most iconic in Ukraine’s history. 
    (SEE THE FIRST REPLY TO THIS JOURNAL ENTRY TO VIEW IMAGES OF THE NOTES REFERENCED IN THE LAST PARAGRAPH)
  13. Fenntucky Mike
    With some grading credits in-hand I sent off a couple of submissions to PMG to help fill out some of my sets, mainly my specimen sets. Since I had the credits, I decided to send in a couple of duplicates, tried for a few upgrades and sent in some notes that are not worth the cost of grading. All-in-all the results were pretty good with no real disappointments or surprises, and PMG updated their Pick #'s to correctly identify all the notes. 
    The first submission consisted of four notes/certificates with a denomination of 1,050,00 Karbovantsiv, listed as Pick # 101, two of the notes were "issued" and two were remainders. These are large pieces and required the oversized holder which further drove up the cost of the submission, but I definitely wanted to send in at least one example each of a used certificate and a remainder, I sent in two remainders in hopes of improving my odds of a higher grade and I sent in the second used certificate because why not.  The SCWPM did not list a # 101r, for a remainder, in the last edition so I wasn't sure how PMG would label the notes, since I had sent in examples of "issued" and remainder certificates my hope was that PMG would generate/request a new P# for the 101r. Knowing that it probably didn't exist I entered 101r for the P# on the submission form and sent them in, well, PMG pulled a new P# and labeled the certificates correctly whether how I submitted the notes had anything to do with it I don't know, but I'll take it.  I will say that this seemed to delay the submission for a few weeks as when the notes were first entered and scheduled for grading the following message was attached to the remainders description "N/A X332X due to various cases This note label has been manually entered Please contact Customer Service if you feel that this is an error", eventually this was replaced by UKE101r 1995 1,050,000 Karbovantsiv Ukraine. I imagine that the additional time was to acquire a P# and update their system. 
    The remainders graded 66 & 67, the "issued" notes were both 58 EPQ.


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


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


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


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


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


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


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


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


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


    Pick # 118as


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


    Pick # 119As


    Pick # 120as


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


    Finally, Pick # 122as


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

    Driving Towards The (Sketch Pad) Light

    By Fenntucky Mike,


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

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



    Nice!  This is a BIG improvement, it's flat, sits on a table, the light (brightness) is adjustable, it's hands free, I can easily use a loupe and take pictures..... Yeah, this is WAY better. The only thing that is a little weird is that you see more of the opposite side of the note, which is not a big deal. You see the opposite side of the note when back lighting a note regardless, I just see more of the other side than normal because the note is so much better back lit, but I also see the watermarks ten times better. It's just something I'll adjust to after a short while and be better off for it. 
    I like my banknote "gadgets", UV light, IR light and now this sketch pad. All things that I use often and because of them get a whole new level of appreciation for banknotes, enjoying them that much more. A notes design is something to behold, (not just the artistic aspect) the layout, the security features, the hidden little gems. A note really comes alive when you peel back the layers, especially moderns. 
  15. Fenntucky Mike
    I was taking a scroll through the NBU's website this morning and stubbed my index finger on the headline "OFFICIAL DENIAL: The 1,000 Hryvnia Banknote Does Not Depict an Unlicensed Font", well now you have my attention! It appears that the NBU Had a minor controversy in regards to the font used on the new 1,000 UAH banknote released in October of last year. There were questions raised as to origin and use of the font on the reverse of the banknote, specifically the phrase "One Thousand hryvnia"  (see below) and an Adobe copyrighted font called Bickham ---script. The Cyrillic versions (see below) were published in 2016. 
     
    It's been a little difficult to follow but here is the gist of it, or at least as I understand it. Bickham ---script was created in 1997 and licensed by Adobe, Bickham ---script was then pirated by a well known Russian font thief who slightly modified it and passed off several versions as original, this stolen and modified font was then apparently found on the NBU Banknote Printing and Minting Works network and was used on the new Ukrainian 1,000 hyvnia banknotes, of which 5 million were printed. Supposedly Adobe confirmed the unlicensed use of the font but I have not been able to find an official statement from them. Now, these news stories are not from what I would call mainstream media outlets so I'm taking all of this info with a grain of salt but there was enough of an outcry that the NBU actually responded to the accusations. The NBU released an official statement basically claiming Multiple Discovery. In their statement the NBU explains that "all the images on the banknotes are author's graphics. Artists who work on their design do not use ready-made drawings or fonts. They themselves create vector graphic design elements, including the lettering of the denomination of the banknote." read the official denial from the NBU here https://bank.gov.ua/en/news/all/sprostuvannya-na-banknoti-1000-griven-nemaye-nelitsenzovanogo-shriftu .
    Stories like these are one of the reasons I really enjoy collecting the notes and coins of Ukraine, it's like the wild west over there. I have to think that this is not the first time a question has been raised in regards to the font used on a banknote. Not necessarily from Ukraine but in general from all countries, feel free to let me know of any examples. You can bet I'll be paying attention to the next series of 1,000 Hryven banknotes to see if anything changed.

    Hmmmm, my photog skills suck.
    The 1,000 Hryven Banknote was one of 22 nominated for note of the year (2019) by the International Bank Note Society. The Central Bank of Aruba was awarded the top prize for their 100 Florin bill.
  16. Fenntucky Mike
    Turn over at the executive/legislative level always seems to be high, whether due to term limits, scandal or forced retirement and the NBU is no exception. On July 16, 2020 the Verkhovna Rada of Ukraine confirmed Kyrylo Shevchenko's appointment as Governor of the National Bank of Ukraine, replacing Yakiv Smoliy.  The process is much the same as it is here in the States, the President taps someone on the shoulder, they are grilled before a committee and then a vote to confirm. The previous Governor of the NBU was an old regime appointee and, according to him, was forced to resign. Since the establishment of an Independent Ukrainian government in 1991 there have been 12 sitting Governors averaging a whopping 2.5 years per term. Although, the average term length for the U.S. Secretary of the Treasury is only slightly longer at 2.9 years but it has been more stable in recent decades. At any rate the appointment of a new Governor means the same thing to Ukrainian note collectors as a new Secretary of the Treasury means to U.S. note collectors.... A new signature.

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


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

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

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

    Which means we'll have a second note of this series/denomination with an unlisted Pick #. If I was to use common sense, I would guess that the 2018 note would eventually become #127b and the 2021 note #127c but some of the new Pick #'s being assigned to the new series notes have been kind of screwy and the registry slots aren't making sense to me yet with separate slots available, in the 1917 - Date Issued Notes Complete set, for the Pick #127a and the UNL (2018) 500 Hryven note. This is most likely due to the delays with Pick #'s, so I'm just going to wait it out for now until they are assigned for the two newest notes of this series. I feel like I've walked a thousand miles for this note,  havering the whole way.
  17. Fenntucky Mike
    Banknotes, when playing Guess The Grade.
    As you go along your collecting journey it is almost impossible to NOT end up with a few duplicate notes, whether do to buying a bulk lot that contained a note you already owned, upgrades, winning an auction with a lowball bid, you purposely wanted a second note or you were running up the bid and got stuck with it. Ahem!  No matter the reason I really enjoy having duplicates as it give me an opportunity to further study and learn about the note. My most recent duplicate was a Ukrainian 1918, (Pick# 23) 500 Hryven PMG graded banknote. You don't get to see two of these in the same room very often so I was very pleased when I won this on a lowball bid. When it arrived the first thing I did was measure the thickness of the holder because it felt very thin/flimsy to me and because I'm a maniac.  Turns out the new holder (current generation) was the same thickness as the old (previous generation) holder.  The reason it felt floppy to me is the size of the note/holder, the OD of the holder measures 8 x 6.5. I measured the thickness using my Starrett calipers.
    Make sure the jaws are clean and measure between the note and the weld on the edge
    Don't touch the weld with the jaws.

    The measurement, .025, in that location.

    Anyway, where was I? Oh yeah, duplicates. Side by side comparison is the major reason I don't mind having a few duplicates, you can measure the notes, log S/Ns, compare the ink and printing qualities, watermark positions, overprint size, ink and positions, characteristics of the notes in relation to the S/N, etc.. The other reason I enjoy graded duplicates is that it gives you an opportunity to hone your grading skills. So lets get to the game. Below are scans of the two PMG graded notes, front and back. Any guesses? 
    Note #1


    Note #2


  18. Fenntucky Mike

    I'm a sucker for (Fake Banknotes).

    By Fenntucky Mike,


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

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


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

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

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

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

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

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


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

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

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

  20. Fenntucky Mike
    Uh oh...
    The new UV lights arrived earlier this week, I ordered both through Amazon, one a fluorescent UV light from Banknote World the other a LED UV flashlight. Both seem to be of good quality and I would have no problem recommending either one of them, depending on what you are using them for. Buuuut, we're talking banknotes here and one is better than the other, which will bring the question of "whether or not the label for anP82b in PMG holder is accurate" to a close. For reference, I initially examined the note using a single LED UV light mounted to a loupe. 
    The first test was with the LED UV flashlight, it has a 2 inch array consisting of 51 LED's and emits light with a wavelength of 395 nanometers. Light at a wavelength of 400nm or less is considered invisible (or UV) and is below the visible spectrum. Violet being the color with the shortest wavelength, between 380 - 450nm, is the last color in the visible spectrum, hence UV or beyond violet. It's also of note that just because a light is rated at 395nm not all the light emitted is at that wavelength, there will be a range +-, meaning that some of the energy or light will be in the visible spectrum at this ratting (395nm).  So, I took my five raw "control" notes and examined them in a dark room with the LED UV flashlight. The fluorescence of the latent imprint was clearly visible, especially when compared to the single UV LED in my loupe. The security fibers were much more identifiable along with the background fluorescence in the center of the note. The paper also has a slight red tint using this light. So far so good.
              With LED UV flashlight                                                       With single LED UV light in loupe                                                       Red tint to paper under UV and fluorescent background, gold in color.
                                                                      
    Next is the Banknote World UV light and stand with a 4W 6 inch fluorescent bulb. There was no information on the tube but all similar fluorescent UV light tubes I researched had a wavelength of 365nm, which makes sense, as there is a difference between the 395 LED and this light. I examined the "control" notes under the fluorescent light and the results were even better. The latent imprint was even more visible along with security fibers and fluorescent background. The red tint appearance of the paper is much less/gone.
                    With Loupe                                          With LED UV Flashlight                                         With Fluorescent UV Light, background vivid, latent imprint clear and crisp, all security fibers clearly visible.
                   
    So it seems that a UV light that emits strongest at 365nm is the way to go. The wavelength range for the 365nm tube remains below the visible spectrum so as to not "washout" the note in visible light diminishing the effectiveness of the UV light/fluorescence of the features on the note. Also the LED lights seem to "spotlight" more, whereas the fluorescent tube emitted a more diffused light, more evenly lighting the note. Now, my conclusion has to be that my original method *vigorously inhaled" and I'd better check that P82b again with the better equipment. Here we go.
                  
    The label on the PMG graded note is correct!
    Well, I was wrong about the P82b in the holder. Sorry everyone, false alarm.
    The good news is that this was a lot of fun, I got to learn some new things, I upgraded my light situation, I can now put the note in my registry sets, I didn't send the note in for a label correction which would have been even more embarrassing and PMG was correct. The world makes sense again.
        
  21. Fenntucky Mike

    Where did you come from?

    By Fenntucky Mike,


    Ukrainian Banknotes
    So this was part of another journal entry I was writing but I got completely sidetracked in researching/writing this aspect of the entry and it just doesn't fit or stay within the theme of the original anymore. Viola! A second journal entry. 
    In 1991 the newly Independent Ukraine was accepting bids to print its new currency the Hryvnia. CBNC (Canadian Bank Note Company), one of the bidders, is based in Ottawa. At the time Canada had a population of just over 27 million, 1 million of which were of Ukrainian descent, this gave CBNC a competitive edge in the bidding for the contract. In February of 1991, Shirley Arends of CBNC took a call from a Ukrainian-Canadian in Ottawa who had been asked by the Ukrainian Parliament in Kyiv to advise how the emerging nation could produce and circulate a new currency. CBNC then expressed interest in bidding for the contract, after which a delegation of Ukrainians arrived to discuss the contract further. The conference went well and after which each group hired a Canadian-Ukrainian law firm to represent themselves. Lawyers from the Toronto office of Fasken Martineau Davis represented the CBNC and the firm of Smith, Lyons, Torrance, Stevenson and Mayer represented the NBU (National Bank of Ukraine). The two parties signed a letter of intent in New York City in September but the deal was not publicized until November 14, 1991 when the contract was approved by the Supreme Council of Ukraine the Verkhovna Rada. The terms of the contract were that Ukraine would place a $5 million USD down payment in hard currency, not in Hryvnia, the CBNC was then to print the first series of Hryvnia banknotes after which the balance of the contract was to be paid. The contract was worth $35 million USD and the total number of bills to be printed was 1.5 billion in denominations from 1 to 100. This new contract was a coup for CBNC, the printing deal with Ukraine was instrumental in more than doubling the companies revenues from 91 to 92. CBNC also worked closely with the NBU in establishing the BPMW (Banknote Printing and Minting Works) of Ukraine. At one point the two entities were to co-own the facility giving CBNC a Kyiv based manufacturing facility from which they could tender bids and produce new currencies and other items for the newly emerging countries of the old Soviet Union. The concept/plan did not come to fruition, in fact TDLR (Thomas De La Rue) and ISBF (Imprimerie Speciale de Banque, "France") were printing Coupons at this same time, TDLR would go on to print some of the second series Hryvnia notes as well. (Maybe in part that's why the 50 & 100 denominations were not issued, or why CBNC did not print any additional notes for or with the NBU, there was a falling out of some kind?) Continued below images......
                                                          (First Series Notes, issued)                                                                                                                          (First Series Notes, not issued)

    Printing began in January of 1992 and the CBNC committed to a delivery date at the end of June but being in no rush to receive the newly printed notes (the first issue notes would not be released into circulation until 1996) and not wanting to spend the extra money on air freight the Ukrainian government decided to ship the notes via overseas freight. Once production was complete a freight ship, along with 8 officers of ALPHA (Ukrainian Secret Service (ex KGB) now called SBU) disguised as sailors,  was sent from the port city of Ilyichevsk in the Black Sea (now Chornomorsk, due to a 2015 law requiring settlements established under Soviet/Communist control to be renamed). After a month's time the vessel arrived in Montreal, where it waited until the notes were removed from the CBNC vaults and loaded into shipping containers, the containers were then loaded onto railcars and departed CBNC headquarters in Ottawa by train. On September 13, 1992 the ship "Peter Aleynikov" was loaded with the 105 containers of banknotes and departed in route to the island of Malta where an additional 23 containers of cargo were loaded. On October 2, the cargo ship returns to Ukraine and docks in the port city of Nikolayev (now Mykolaiv) near the mouth of the Dnieper River in the Black Sea. The containers were then transferred to the general cargo ship "Slavutich - 17" (commissioned in 1991) and two other similar vessels. Once loaded the three ships navigated up the Dnieper River to Kyiv where the containers were offloaded and delivered to the NBU (National Bank of Ukraine) where they were held in underground vaults until their release on September 2, 1996.
                                                          (Slavutich-17, present day)

    It's pretty amazing that you can find information and details like that, even a picture of the ship that transported the notes. Read enough books and do enough "searching", you'll be amazed at what you find.
  22. Fenntucky Mike

    Big Money Make Mistakes?

    By Fenntucky Mike,


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

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



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

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

    Here's the KM #33 included with the set

  23. Fenntucky Mike

    The (note) is HIGH but I'm holding on

    By Fenntucky Mike,


    Ukrainian Banknotes
    I've previously mentioned I wasn't planning on upgrading any notes, except for replacing a few AU notes and that I would consider an upgrade for a +2 note. I've been sticking to my guns but it's been much less of a choice to do so as the popularity of Ukrainian notes as increased. PMG graded Ukrainian banknotes have been increasing in popularity, number and price over the past year, with the largest price increases being seen for the higher grade notes. I'll have to go back through my records but some notes have seen increases of 150%. Below are a few banknotes that recently sold at auction. 
    Top Pop 1/0, total graded 2. Somewhat hard to get raw, availability drives price on these.
    Top Pop 2/2, total graded 23. High denomination helps drive price on these.
    Pop unavailable, believed to be Top Pop with several other examples available in same grade. High denomination
    Top Pop 1/0, total graded 2. Again somewhat rare ungraded.
    All of these notes saw spirited bidding with multiple bidders, healthy hammer prices and all are great notes. The 106a is one of my favorites, I think the reverse is the best amongst all Ukrainian notes. I have no doubt that all of these notes would have sold for much less a year ago. I have seen these notes with the same or similar varieties/Picks and grades sell for between $40 - $80 in the past, it's great to see an increase in interest with these notes. Congratulations to all the winners!
    I'm going to have to be much more strategic with any future acquisitions, especially if I'm looking at HIGH NOTES. 
     
  24. Fenntucky Mike
    This is a follow up to a previous Journal entry where I mentioned a story about "borrowed" specie, see Journal entry "But it was obsolete before I opened the box" for additional info on The Bank of Allegan and Michigan "wildcat" banks in general. 
    Here is an Obsolete banknote from another wildcat bank, The Bank Of Singapore (Michigan), organized Dec. 7, 1837, closed 1839. The settlement of Singapore was established in 1836 and subsequently abandoned by 1875 when the last saw mill was moved. Nothing visible remains of the settlement as anything that was left behind including buildings was buried by the shifting dune sands located along Lake Michigan. 

    The Bank of Singapore issued notes in denominations of $1, $2, $3 & $5, which was common for the time period and type of bank. The bills were printed by Rawdon, Wright & Hatch of New York, the denominations were printed on one side of a single sheet, these sheets were then shipped to the Bank and stored as remainders, as notes were needed the sheets were cut then signed and dated by the Cashier (Rob Hill) and Bank President (Daniel S. Wilder), both signatures are present on this note. It is common to find 1837 notes dated Dec 25 and Jan 1, this note is dated Jan 10, 1838. Records indicate that banknotes valued at $15,952 were put into circulation, this would be equal to about 1,450 sheets or roughly 5,800 individual bills if complete sheets were cut. The hard money or specie reserve (which should have totaled $15,000 based on the bank's capital stock, but probably wasn't even when it was present) was kept in the vault in an old nail keg.
    As was common at this time Banks pooled their specie and shipped it from bank to bank ahead of the inspectors who were there to verify these banks had enough specie on hand to back the notes being issued, this leads to the story mentioned in a previous Journal entry. The Bank of Allegan and the Bank of Singapore being "neighbors" commonly pooled their specie, after the state bank inspector viewed and counted the pooled specie at the Bank of Allegan the bag of gold was quickly packed up and given to a local Native American, who loaded it into his canoe to transport it down the Kalamazoo River to The Bank of Singapore, which was the inspectors next stop. The inspector was in route to Singapore via horseback and roads being nonexistent in those days, traveling by canoe down the river was the fastest mode of travel. The Native American, paddling swiftly to beat the bank inspector, hit an obstacle in the river and capsized. The bag of gold sank to the bottom in a particularly deep part of the river, the man righted his canoe and rushed ahead to tell the Bank officials at Singapore what happened, immediately a plan was devised. The local blacksmith began to fashion a drag hook to retrieve the gold, in the meantime a dispatch was sent to the town of New Richmond, centrally located between the two banks at a ferry crossing. The inspector was plied with food and drink, a party was staged and night's logging offered. Meanwhile, downstream the men of Singapore were using the hook on the end of a dragline to recover the bag of gold from the river, the gold was pulled from the river and sent to the bank to dry out. Word was sent that the inspector could proceed and a short time later (maybe the next day) the inspector and specie met again at the Singapore Bank. 
    Another story involved a local merchant who purchased a supply of boots, boots being in short supply and the locals being desperate for them tried to pay with banknotes from The Bank of Singapore, the merchant refused to accept the notes. This did not suit the officers of the bank so they promised to redeem their bills from the merchant with eastern money in time for him to remit to his dealers. The parties agreed and the entire stock of boots was sold out, amounting to about $600. On the day the Bank was supposed to redeem the money, they were unprepared and pushed the date back, this went on for over a month. Having run out of time and at his wit's end the merchant knowing where the cashier resided and suspecting he carried the "good money" of the bank with him decided to wake him one morning. The merchant went to the clerks room, entered and locked the door, then woke the clerk, laid the wildcat bills on the bed, drew his pistol and demanded the exchange be made then and there. Suffice to say the clerk made the exchange, having raised his pillow and removing a roll containing about $1,000 (the total genuine capital of the bank), $600 was given to the merchant leaving the bank with $400 of good money.
    The charter of the Bank of Singapore was formally annulled by the Michigan Legislature on February 16, 1842, along with charters of most of the other wildcat banks of Michigan. One evening several locals were invited to the home of one of the officers of the Bank of Singapore to witness the destruction of the bills on hand at the bank at the time of suspension. There was a 4" x 4" table covered with bills in packages lying in piles from three to six inches deep. These were burned in a stove and "sufficed for boiling a tea kettle twice", or so the story goes.
    Remainders are fairly common with these notes, including uncut sheets. I've read stories and first hand accounts of people lining their boots with uncut sheets or stuffing them into the cracks of walls to keep drafts out or pillows. Signed notes are much harder to come by as most (it seems) were destroyed. It's not a bad looking note, with a depiction of Justice & Liberty on the left, a factory and canal on the right and a depiction of a port in the center. They definitely didn't skimp out on the ink for these notes. 
     
     
  25. Fenntucky Mike
    In addition to foreign banknotes I also collect Obsolete and NBN's from the State of Michigan and I recently picked up this beauty.

    It's not in the best shape but the price was right and the $3 notes are always hard to find because of the "nonstandard" denomination (the $3's are the most popular because of this and harder to find). It's not a real attractive note in regards to the design, a simple geometric design wreathed in a stylized floral design was used for the left and right dies, then a depiction of an eagle for the center image. The eagle is not well depicted, with an overly large body in relation to the wings and to put it politely is "ratty' looking. Especially when compared to a similarly depicted eagle on say a 1918 FRN.

    These "Wildcat" Banks began popping up in 1837 (Michigan was admitted to the Union on March 15, 1837) shortly after the first Michigan State Legislature session ended (March 22nd).  During the first session the General "Banking Law" was passed and went into effect on March 15, this law authorized any 12 persons to make an application to the treasurer of the State for a bank. The capital stock had to be at least $50k and not more than $300k and 30% of this capital had to be in specie by the time of commencing operations. But due to economic hardship, over-trading and mismanagement a large amount of debt, nationally, was accrued, as a result the specie would not meet the outstanding debt. Reacting to this, eastern banks got their states to suspend specie payments this caused a drain of specie out of the State of Michigan so on June 22, 1837 specie was suspended by the Michigan banks enabled by an act of the Michigan legislature. The suspension of specie payments meant that unscrupulous individuals could open a bank/s without having to redeem the bank notes until May 16, 1838 when specie payments were to resume. The state legislature sought to curb this by appointing three bank commissioners instead of just one and have them examine the books and specie of said banks. The examiners found that instead of actual gold and silver, specie certificates were being used and were given by bank officers as a receipt of specie being held on deposit. Also "borrowed" specie was often used and then returned by a fast courier. One such instance of borrowed specie involved another Allegan County wildcat bank, a local Native American was transporting the needed specie, to present to an examiner, from one bank to another but the canoe he was traveling in capsized and the specie fell to the bottom of the Kalamazoo River (another story for another Journal entry). The Bank of Allegan (Organized Dec 30, 1837 - closed 1839) was one of many banks that began operation during this time, it was formed using "borrowed" specie. The opening and closing of this bank falls nicely into the "wildcat" timeline, around $100k was "poofed" when the bank closed.