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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike
    After a 2-3 month stint stretching through the dog-days of summer/numismatics and a tumbling Euro, English Pound, and virtually every other currency, against the USD, there were several auctions being held across the globe in recent weeks with heaps of top notch world notes in them. Most have now come to fruition and with mixed results for me. In the world of Ukrainian banknotes top notch notes, the rarest of the rare, including rare varieties, are still commanding strong prices (surprisingly), having stared inflation, a shrinking economy and global currencies falling against the Dollar, squarely in the face and shrugging them off. Condition rarities also did well but were not as strong when compared to rarer notes and auction location, U.S. or World, did not seem to matter although the selection of notes in auctions held worldwide was much better, which is to be expected. 
    Let's start off, shall we. 
    This 1 Karbowanez note graded PMG 66 sold for a little over $300! Winner me!  Somewhat rare to find these in that condition, currently there is only one graded higher at 67, it was an upgrade for me and the first auction win I've had in quite some time. The price was strong, and I went over what I was hoping to spend but... 


    An uber rare 200 Karbowanez specimen was auctioned off a few days later, it had a starting price of $350 with an estimate of between $800-1000. This note is right up my alley and having been saving all my pennies for a while now I took a stab at it but had to sheepishly bow out at $1,300 and then sat back and watched this note skyrocket to a final price of $3,840 with BP. All internet bids on this one. An awesome, awesome note for someone. 


    Next up we have a 500 Karbowanez note, PMG 64 EPQ, that would complete my set of issued Karbowanez notes quite nicely. I've been waiting a long while to pick one of these up, years, and the prices haven't been softening. Recent auction sales have consisted of a PMG 64 EPQ, sold at HA this year for $564, a PMG 66 EPQ went for $750 at HA in 2021, a PMG 63 (no EPQ) sold for $264 at HA in 2020, another PMG 64 (no EPQ) went for $456 at SB in 2021 and a couple different PMG 55 (no EPQ) notes went for €516 and €298 respectively in 2021 & 2022. The paper is a little dark on this one but it's uniform with a small smudge in the upper left margin, but all in all a nice note and since I've been tired of getting stepped on lately, I went full throttle on this and took it for just over €600. Ouch! This was just under my max bid by a few dollars, but it completes my 1942 set of issued notes! I finally finished a set! Now I just need to save up for a 2 Karbowanez (P50) note, good luck with that. 


    There was also a 500 Karbowanez, PMG 66 EPQ, Top Pop 1/0, note that was for sale in a separate auction held in The Netherlands but the note looked questionable for the grade and the auction house noted "inconsistencies" with the holder, it looks like the holder was damaged somehow and the note with it. There is some darkening in the upper margin and lower corner, and what looks like a crease on the right face margin, back left. No thanks, I'll pass. That note sold for €350.


    Next up for me a 1918, 1000 Hryven banknote in a PMG 58 EPQ holder. Fifty eight is one of those grades where a note can be undervalued or under-graded and there is sometimes good value in AU notes.  It's a good looking note with slightly rounded corners and not so great centering. Ok, probably not an under graded note here but a decent enough hole filler so I threw a bid down on this note and took it for just over €200. Nice! There was a 64 EPQ that sold for the same price a few months ago that I missed out on but I'll take this as a consolation prize. I didn't have a good feel for what the market price was on graded examples of this note as I watched the 64 EPQ sell, I obviously felt it was high at the time, since graded examples rarely come up for sale, but as it turns out I should have jumped on the 64 EPQ when I had the change but...   No regrets though, as this note is an excellent example on its own. 


    Next up we have a 1918, 1000 Karbovantsiv note, raw, with GREAT ink, you seldom see these with the ink as vibrant as it is on this note, I have never viewed a note of this type with the blue ink so intact.  Typically, the blue background has faded to a light grey, brown, or a barely distinguishable light blue, and to see one with such original ink is amazing! It really makes the floral patterns, rays and background designs pop with the added contrast between the blue and brown color schemes!  It's great to see a 100+ year old note as it would have appeared straight off the presses. The note is in AU condition with some staining in a lower corner, slightly rounded corners and a faint corner fold. I ended up taking this note for €114 , this was a very strong price for the note in the condition it is in. I'd typically expect this note to sell in the €60 range, but the fabulous ink/color drove the price up. I think. 


    Moving right along, we come to a 1918, 25 Karbovantsiv note, it was in Fine condition with several folds, a few tears, etc.. I took a flier on it at €60 but it ended up going for €114, again, a strong price for a note in this condition. 


    For the next two notes my butt was firmly planted on the sideline, as they were the uber rare (or so it is believed, although I have documented over 20 individual notes so far ) and highly coveted unissued 2 Karbowanez banknotes, one raw and one graded PMG 53. The PMG graded note was the better looking of the two, even though it had been previously passed on at The New York Sale back on 1/13/2021, held by Ira & Larry Goldberg Auctioneers, it was raw at that time, but I digress. In the end the raw note sold for €3720 and bidding for the PMG graded note is up to $900 (includes BP) with 12 days to go until close. This is the THIRD 2 Karbowanez banknote, the PMG 53, to be sold by HA this year. UPDATE: the PMG note sold for $2040 at HA on 10/20/2022.




    There were also several additional Ukrainian specimens that drew strong prices, a 1918, 2 Hryven specimen in excellent condition sold for €2881. I graciously bowed out at €1000.


    A front and back pair, set, of 1000 Karbovantsiv uniface specimens which went for. €3910, with me, again, making a speedy exit from the bidding. This is an amazingly strong price as a similar specimen set, graded PMG 50 (face) & 55 (back), sold in January of this year for $2592. The condition of both specimen sets was similar with the PMG graded notes having been previously mounted but the ungraded notes having a center fold. 


    Finally, a front and back pair, set, of 500 Hryven uniface specimens which went for €3841. Woah! I was a surprised this lot climbed to that level, especially with both notes having been previously mounted and folded in the center.


    Ok, a few more since I'm having great luck with getting a bunch of images into this post!  A couple of 1000 Karbovantsiv notes of 1917, in two separate auctions both P# 1b, one in a PMG 64 EPQ holder and the other a raw AU note with a small tear in the margin. The PMG 64 EPQ note went for €775 and the raw AU €506. A PMG 65 EPQ example sold for $1,380 back in July of this year.


    Raw Pick # 1b.


    As mentioned, rare varieties did extremely well with several pulling in four figure prices, here a few highlights.
    A 1918, 10 Hryven prefix В variety sold for €1741.


    A 1918, 2 Hryven prefix Г variety sold for €2820.


    The 1918-21, 1000 Karbovantsiv prefix AЖ with wavy lines of varnish variety realized a sound €457.


    All in all a busy few weeks for Ukrainian banknotes, with many amazing notes finding new homes and some lucky new owners. All the Ukrainian notes pulled strong prices and there were NO deals to be had, anywhere, in any of the half dozen or so auctions comprising around 200+ lots of Ukrainian notes. My hope of acquiring a few notes at reduced prices from some of these auctions because of a strong Dollar and slowing economy was completely crushed.  I wonder how many bidders were based in the U.S. vs World locations and how many were dealers? I'll post more of my winnings from these auctions in the "Post Your Latest Addition" thread on the Chat Boards as they arrive. 
  2. Fenntucky Mike
    Moving past the you/you'll lyric debate, , and now having grabbed all the low hanging fruit of Ukrainian banknotes, I'm realizing that further progress will be slow in the acquisition department. In my Ukrainian 1917-Date set I have 37 slots left to fill, out of 112, two of those empty slots (Picks 50 & 125) are $1,000 + notes in any grade so I don't really consider them required for completion. Another two slots (Picks 87A & 87B) were never printed/issued, other than proofs and specimens, so I don't see those as required for the set either. Not to mention I have never even seen either one of those two notes available, anywhere, ever. Just to be clear I'm not advocating for the removal of those slots, they should absolutely stay. If anything I'd like to see a few more slots added and more sets added to the Ukrainian registry but that's a topic for another day. So, that leaves me with 33 slots that I would consider required to complete the set and I'm thinking I'd be very lucky to fill 6 of them with purchases of already graded notes this year. In true obsessive collector fashion I've been scouring the depths of the internet for graded notes/sellers and have found a few new potential sources/opportunities, one an old acquaintance from Ebay, we'll see what comes of these new found sources if anything. More to come later if I do end up getting anything, got to keep all buying activity on the hush hush for now , the bidding on Ukrainian notes has been very active.
    In the meantime I've been scratching the collecting bug itch by purchasing a few random notes here and there, along with contemplating a few signature set ideas. I haven't decided to focus on another area yet, mainly just floating along and picking up pieces that I like. I'll probably knuckle down and start updating the descriptions of my Ukrainian notes along with more in depth research, I have a lot of material to go through, but I will also continue to pick up ungraded examples of notes I don't have for a future submission. A submission that will probably wrap up most of my Ukrainian sets but that is probably a year or more away. For now I'm happy to be adrift for a little bit, enjoying my notes, researching, writing descriptions and realizing I'll just have to wait.
    Here's an ungraded specimen I picked up awhile ago. Printed by TDLR


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


  3. Fenntucky Mike

    Peace Sells... But Who's Buying?

    By Fenntucky Mike,


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

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

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

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

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


  4. Fenntucky Mike
    As the year comes to a close it saw an unprecedented amount of activity coming from the NBU BPMW, twelve new releases including six new commemorative notes, and while I'm not entirely ruling an additional release prior to the new year or postdated issue in 2022 I feel now is a good time to wrap this all up. So, I'm combining this year's new varieties, commemoratives, and my speculations into a single Journal entry, and saying adieu to 2021. 
    First let's wrap up the commemoratives.
    On December 22, the NBU released the 50 & 1,000 UAH commemorative banknotes completing the special 30th Anniversary of Ukraine's Independence commemorative series of notes, that included all six current denominations (20, 50, 100, 200, 500 & 1000). The latest releases are similar to the previous in that the banknotes have the prefix ЯА with an issue limit of 30,000 and are of the current design with the 30th Anniversary Logo added to the open area, to the left of the portrait, where the watermark is placed. Also, like the previous commemorative notes, the logo was added via screen printing and is optically variable with the colors coinciding with the color pallet of the note. As has been the case previously the NBU lists the smaller denomination first and as such I would expect the next available Pick number to be assigned to the 50 UAH first, then the 1000. The new commemoratives, as with all 2021 issued notes, sport the signature of the new Governor of the NBU, Kyrylo Shevchenko. His arm must be tired. 
    The 50 UAH, 2021, commemorative banknote.


    30th Anniversary Logo.

    The 1000 UAH, 2021, commemorative banknote.


    30th Anniversary Logo.

    All Six Commemorative notes.

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

    50 UAH 2021 banknote with Shevchenko signature and 2021 date.

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

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

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

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

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

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

    These notes were very heavily counterfeited, and I have at least a dozen or so in my collection. Being able to identify a counterfeit is important when assembling a set of Shahiv notes, especially when dealing with the 50 Shahiv denomination. 
    So, any guesses as to how many of the six notes from my collection are counterfeits?
    More reading on the 50 Shahiv note below, along with the all Shahiv notes in general. Hmm, quite a bit of material there. I might have to go back and compile everything into a comprehensive document one day. Maybe. 
     
  7. 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


  8. Fenntucky Mike

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

    By Fenntucky Mike,


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

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

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

  9. Fenntucky Mike

    Who Are You! (A Variety?)

    By Fenntucky Mike,


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

    Small Text - Large Tryzub. (2020786-042)

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

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

    Sizing variation. 

    Text cropped and enlarged for easier viewing.

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

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


    I'm very confident both notes are authentic and that PMG has graded each of the variations is additional verification, but there is always a chance that one could be a counterfeit and until I can find additional confirmation in a reference, or a second set of eyes to verify, or get PMG to recognize the varieties it's not a done deal. I'm also looking for this same variation in the other Shahiv denominations but it seems that the ST - LT variety is dominant throughout the other issues. Although, I have seen images of the 40 Shahiv note with these back design varieties. I now only have one question, why? A reprint at a later date? An unauthorized issue? A modern counterfeit? Personnel? Equipment? Etc......  All I know is that I'm adding a new variety to my Shahiv variety list until proven otherwise. 
     
  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 2)

    By Fenntucky Mike,


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

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

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

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


    No need to guess as to what the Pick #'s will be for the next two commemoratives, P131a & P132a, and I can't wait for them to come out early next month. I'm really excited for the 1,000 UAH note as that is also a really great looking note. I'd be a little surprised if the BPMW of the NBU issues a 2021 circulating note for the 1,000 UAH, but stranger things have happened. I would however expect a new run of 50 UAH to coincide with the release of the last two commemoratives next month. We'll see. 
    Psst. I was able to acquire a few fancy number 200 UAH commemoratives, more on that later.
  12. Fenntucky Mike

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

    By Fenntucky Mike,


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

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

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

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




     
    I have the three banned banknotes in my collection, they are very attractive notes and the 2015 note fits into one of my signature sets I'm working on, but I have to admit that I feel a little conflicted about it. My affinity for Ukrainian coins and banknotes gives me pause about collecting these, but they are part of the modern history of Ukraine and a vital part of any comprehensive Ukrainian banknote collection that strives to tell a complete narrative. A narrative that may see Ukraine Back In The U.S.S.R. sooner rather than later, but hopefully not.  
  13. Fenntucky Mike
    That empty slot for the P-125, 50 Hryven commemorative is sticking out like a sore thumb now that I have all the slots surrounding it filled. 

    I've had so many opportunities to purchase this note raw but other things keep popping up, the latest was an Isle of Man half sovereign last week. I have had the funds several times, I know were one is. Why can't I pull the trigger on this note!?  Well, I'm in the same position I was almost a year ago, waiting to accumulate funds to purchase this note. For the now the note and slot are just sitting there, available, empty and endlessly mocking me.
  14. Fenntucky Mike
    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.
  15. Fenntucky Mike
    A  Feature Photo/album/album cover art work to get everyone in the Holiday mood. 
    I was scouring the world for Ukrainian banknotes the other day and one auction, at a major overseas auction house located in Prague, had 39 PCGS graded Ukrainian banknotes!  I've come across PCGS graded Ukrainian banknotes many times, so it's not like it's unusual to see them but typically PMG graded notes out number PCGS graded notes BY A LOT!  A quick search of ebay lists 217 PMG graded notes and 21 PCGS graded notes, a roughly 10:1 difference, and this spread is typical of what I normally see on a daily basis. That's why a listing of 39 PCGS graded notes is shocking to me! The group of notes is IMPRESSIVE, with five Karbowanez issues, several specimens and error notes, the error notes are worth the time just to look at. Here are a few of the more dramatic ones.





    The fold errors are cool but those inverted overprints are AMAZING!  I've a few error notes, including a fold error, but man those overprints are fantastic. I'm super jealous right now, one day though. 
    The PCGS holders look good and have more information on the labels compared to identical notes graded by PMG. I'm not planning on switching to PCGS graded notes, HELL NO, but I do have a couple that I'm planning on crossing to PMG and the new PCGS holders are an improvement over the old ones. In addition to the 39 notes I have also been seeing a ton of PCGS graded Ukrainian coins, more now than in the last five years combined, right now on ebay there are 116 Ukrainian coins  graded by NGC and 63 PCGS graded coins. A much closer spread than the banknotes. 
    The graded notes and coins have me wondering, how big of a play (if at all) is PCGS trying to make in the world market and the banknote market in general, PMG currently has a strangle hold on graded notes in general and NGC is the king of the hill in the world/ancient coin markets.  Did this auction house submit these and do they have an exclusive deal with PCGS in regards to who they send coins and notes to for grading or were these from a collection and consigned to auction by a collector? I don't know, but it's interesting to see the increase in PCGS graded items in my collecting areas and hopefully it will mean more items get shook loose and hit the auction blocks. A bunch of PCGS graded notes is actually a blessing in disguise as they typically bring less at auction than their PMG counterparts, and the Karbowanez probably will sell for below typical pricing, but the specimen and error notes will be an exception, as the holder they are in should not affect the pricing. I expect these to realize pretty good prices. Especially those overprints. 
    Happy Halloween! 
  16. Fenntucky Mike

    We Chew And Spit You Out!

    By Fenntucky Mike,


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


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


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


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




    Oh, I picked up a 2021 silver, 30th anniversary 1 hryvnia coin to go with the 30th anniversary banknotes and a couple of 2021 Ukrainian 1/10 gold Archangels as well.  It was too good of a deal to pass up.
    I guess that the high prices realized on these notes is a good thing in the end, that is if I ever choose to sell any of my notes, but I have a feeling I'm really only bidding against a handful of collectors and that these notes will be available again very soon and at much lower prices. At least that has been my experience to date. We'll see. 
  17. Fenntucky Mike
    ...as I'm bowing out of these auctions. 
    Timing was never something that seemed to worked in my favor, neither was luck, but with both being somewhat out of my control I can only sit back and watch as more amazing notes hit the auction block.  Namely, three color trials and a printer's design being auctioned by the same seller who listed the 42 specimens only a few weeks ago. I suppose having a severe case of not wanting to let go, a set discretionary budget, and an acute lack of patience probably doesn't help my cause either. 
    First is a 1993, 2000 Karbovantsiv color trial note. This is the fourth such note that this seller has listed, the first three being graded 67EPQ x 2 and another 66EPQ by PMG. The 67s went for $600, not including taxes and shipping, and an offer was accepted on a $999 BIN price for the second. The previous 66EPQ was listed with a BIN price of $999, with an offer being accepted for the note earlier this year. Bidding on the below note is currently over $500. Hopefully this seller has a few more up their sleeve and I'll be in a position to bid on them.
    EDIT TO ADD: HAMMERED AT $720


    Next is a 1992, 100 Karbovantsiv color trial note. I don't have any records of this note, or another, being auctioned, making this note a first time offering of the type. Bidding is currently up to $505 on this note as well, but it should go much higher. 
    EDIT TO ADD: HAMMERED AT $710


    Also, we have what I believe to be another color trial but it is labeled as a P#88s. A #88s is a 100 Karbovantsiv specimen of the second series coupons with red-overprint "ЗРАЗОК" on the face and back with solid zero prefix and serial number, the color palate is orange, violet and grey, the note below appears to be a first and second printing red ink color trial. The color trial notes are typically identified by the color variations when compared to specimens or an issued note. The color trial notes of this denomination will also have a solid zero prefix and serial number, same as a normal specimen note, and no red-overprint "ЗРАЗОК" on the face and back. There are additional color trial notes with "SPECIMEN" in block letters stamped vertically in red on the left side of the face, these are very rare. Unfortunately for me the label isn't fooling anyone as bidding has reached $510 for this note. 
    EDIT TO ADD: HAMMERED AT $700


    Finally, a 1992, 50 Karbovantsiv printer's design. I love this note! I also have no record of this note, or any other, being made available. Currently unlisted in Pick, the seller must not have paid for variety attribution , it is listed in at least one other reference but not most, and none list this color. This note is great, an unreleased denomination for this issue, an unlisted color variety with printer's annotations, and the first time it's been available for purchase. This is possibly a unique note.  Of course, the seller may list several other after this note is sold, who knows.  Bidding is currently at $500 and should climb from there.
    EDIT TO ADD: HAMMERED AT $710
     

    It's difficult to say how rare some of these color trials and printer's design notes are, especially as it seems PMG does not list these notes, P#'s, separately and possibly lumps them all together under the series and denomination specimen P#, making the Pop Report even more worthless than it already is.  The one thing I do know is that there is a LOT of unique paper out there, especially for the coupons of '91-95.
    It's the eternal question of do you dig deep and go for these or establish a limit? Well, I've hit my limit and am going to have to let these pass, no matter how much I would like to keep going, at least I'm able to document them in my records and have decent images as well. I'm currently saving and selling off some coins in hopes of acquiring a U.S. NBN of all things.  It's doubtful that I will win that note either but I'm going to give it a try, I already have my limit established, and if I don't win that note I will be left with a sizeable stash of mad money for the next note. As there always seems to be another note on the horizon. 
     
  18. Fenntucky Mike
    In late 2019 the NBU announced that it was reviving it's annual "Banknotes and Coins of Ukraine" catalog. They followed that announcement with the free release of the catalog for the years 2015 - 2019 in .pdf format, 2014 being the last year the catalog was released prior to 2019. Now here we are, 2020, and the NBU has remained true to their word, releasing the 2020 catalog just a few days ago.  They had some big releases in their commemorative coin line up but the banknote issues/releases were relatively quiet in 2020 beyond the issue of a souvenir note commemorating Ukraine's first astronaut. The only new issue was the 200 Hryven banknote from the latest series of notes, way back on February 25. The catalog is free to download in English language and is again in .pdf format. Check it out. https://bank.gov.ua/en/news/all/banknoti-i-moneti-ukrayini-2020-rik 
    I'll save those of you the suspense of downloading the entire catalog just for the banknote section, here it is.


  19. Fenntucky Mike

    No, Not Another Souvenir!

    By Fenntucky Mike,


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

    Six denominations with matching serial numbers.

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

    These sets do not leave much for fancy number collectors to look for, due to the 30,000 limit, the seven digit number employed by Ukraine, and the number ranges used for the sets I can only think of five sets that would contain all fancy numbers. All are radars with the eight thousand number being a radar-rotator, (0005000, 0006000, 0007000, 0008000,0009000) I couldn't find any fancy sets.  The sets were again available through the NBU's website but judging by the number of online complaints the sets sold out in a matter of minutes, with multiple site crashes peppered in, and many people missing out. So, all you U.S. Mint collectors (me included), you're not alone. 
    I ended up picking up one of each set on Monday, via one of my go-to sellers in Ukraine, and really wasn't too much more than having purchased the individual notes. I should have just waited for the sets,  but I was able to pick up several fancy numbers from the individually released notes, including some matching fancy numbers, those were well worth the effort. A complete set of matching numbers outside of the ranges given for the sets would really be something and if one could pull that off with a fancy number, WOW! In the meantime, I'll be keeping an eye out for such things while waiting for my notes to arrive, as shipping from Ukraine has slowed to a snails pace the past month or two. 
    Both sets are currently available on the secondary market and can be still purchased for a reasonable price, but you'd better hurry because there are not a lot available. And I swear this is it for these commemorative notes. 
     
  20. Fenntucky Mike
    I changed computers a few weeks ago, and have been having trouble connecting to the National Bank of Ukraine website, so imagine my surprise when I saw these two notes popup on ebay. Freshly printed notes with new signatures!  New runs of the 200 and 20 hryven denominations were issued and I have to believe that the commemorative versions of these notes are not far behind. This is the second signature variety for each note of the current design.
    20 Hryven 
     2019, PICK # A 126, Smoliy signature.
     
     2021, PICK # UNL, Shevchenko signature.
    200 Hryven
     2019, PICK # A 127, Smoliy signature.
     2021, PICK # UNL, Shevchenko signature.
    The NBU Banknote Printing and Minting Works is in overdrive this year, with printing 30k runs of six different commemoratives and runs of 500, 200 & 20 hryven circulation notes to date. There probably won't be any additional print runs for circulating notes this year but in 2022 look for the 1,000, 100 & 50 to have new printings.  As far as new Pick #'s for these new notes,  your guess is as good as mine, I'm going to go with A 126b and A 127b.
     
  21. Fenntucky Mike

    Ballers!

    By Fenntucky Mike,


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

    $1,600.00 (PMG, 63)

    $2,300.00 (PMG, 64)

    $2,550.00 (PMG, 64)

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

    $1,075.00 (PMG, 65 EPQ)

    $900.00 (PMG, 66 EPQ)

    $860.00 (PMG, 66 EPQ)

    $788.00 (PMG, 66 EPQ)

    $720.00 (PMG, 66 EPQ)

    $721.00 (PMG, 65 EPQ)

    $650.00 (PMG, 67 EPQ)

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

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

    Overall, quality available notes seem to be drying up as the last few auctions had either very slim pickings and/or common moderns add to fill up the auction. I realize that as my collection becomes larger and more complete there will be fewer notes that I would want to acquire, leaving only "key" notes for me to find. Not acquiring new notes is I suppose it's a blessing in disguise as I'll be able to increase my funds and possibly pick up a few of the rarer notes, but not adding some Ukrainian notes is killing me and to it the frustration of having to watch these beauties pass by on my computer screen.  At least I was able to pull images and information for all of them from the auction listings and add it to my records.
    In the meantime, I've been picking up a few low-cost notes from other countries to fill the void and hopefully the timing will be right in the near future for the key notes. 
  22. 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. 
     
  23. Fenntucky Mike
    The International Journal of Central Banking, often referred to as Central Banking, a well respected global publication for policymakers and researchers in the field of monetary policy has announced the winners for the 2021 Central Banking Awards. An annual event recognizing "excellence in a community facing difficult monetary policy and financial stability challenges that will need to be tackled and effectively communicated, while prudently embracing technological change in reserves, financial services, payments, currency management and data." That's a mouth full. The awards are presented yearly and currently consist of 29 awards in two categories, Market Practitioner Awards & Central Bank Awards, the awards range from Governor of the year, Central Bank of the year to Green Initiative, Transparency & Website of the year. The Central Banking Awards began in 2014 with the inaugural event. It's an interesting publication and one worth checking out if you have the time and are interested in such things, here's a link to the 2021 awards article.   https://www.centralbanking.com/awards/7815281/central-banking-awards-2021-winners-in-full#cxrecs_s   FYI, The FED won Central Bank of the year.
    Drumroll please. May I have the envelope, this year's winner for Best Currency Manager.... Oh geez, can't open it [zip].... The National Bank of Ukraine! For having taken decisive steps to upgraded it's series of banknotes. Here to accept the award on the NBU's behalf, Viktor Zaivenko, director of the NBU's Cash Circulation Department. "Over the last few years, the National Bank of Ukraine has put a lot of effort into the large-scale optimization of Ukrainian currency notes and coins. Having researched the best global practices, we started to implement gradual and systemic changes aimed at improvement of the cash cycle." It may not have happened exactly like that.
    In 2014, after being allowed to float to meet IMF requirements the Hryvnia dropped from .12 to below .04 on the dollar, and remains at that level today,  prompting an evaluation of the monetary system in place. After exhaustive study a decision was made and plan put into motion. In 2018 the NBU began implementing the currency reform initiative when the 1 & 2 Hryvnia coins were introduced into circulation and banknotes of the same denomination began to be withdrawn, the process culminated in October of last year, 2020, when all 25 Kopiika coins were withdrawn from circulation and all banknotes printed prior to 2003 ceased to be legal tender. Reducing the number of denominations from 16 to 12 and making the 1st & 2nd series Hryvnia notes obsolete. If you care to read more here is a link to the 2021 Currency Manager Award article,  https://www.centralbanking.com/awards/7744481/currency-manager-national-bank-of-ukraine and here is a link to the NBU's response to winning the award. https://bank.gov.ua/en/news/all/natsionalniy-bank-otrimav-nagorodu-central-banking-awards-za-osuchasnennya-natsionalnoyi-valyuti
    And since I hate having a Journal entry without at least one image of a banknote here you go, bye bye 1st & 2nd series and 1, 2, 5 & 10 Hryvnia banknotes. 




    RIP
              
     
  24. 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. 


  25. Fenntucky Mike

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

    By Fenntucky Mike,


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






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