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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. 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.
  2. Fenntucky Mike
    The Pick# 82b (with latent imprint) has been stuck in my head for the last few weeks. I don't know, just a feeling that I haven't investigated the note completely enough and some reservations with the capabilities of my equipment. Since I had no other 3 Karbovansti notes to compare it to I went and acquired several for a control group, they are fairly cheap for raw notes.

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

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

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

    For now the search goes on, as there is still an inkling of doubt in the back of my head on what is exactly in the PMG holder. I'm hoping a better UV source will eliminate all doubt.
  3. Fenntucky Mike
    With gold continuing its ascent towards $1,800 I had pumped the breaks on any new gold purchases about six months ago, and came to a dead stop in late March. Having just sent in, what will likely be my last submission of gold coins for awhile I was thinking I should take this opportunity to focus more on my banknote collection/collecting goals. Now appears to be an opportune time for me, with an influx of modern Ukrainian banknotes (my current focus) hitting the market at relatively low prices, or at least at what I would consider a low cost for already graded notes ($30-$40). I'm also going to take this moment to go through my raw notes and purchase a few more, then put together my first submission to PMG, which I have been putting off due to my inexperience in judging the quality of a banknote. I think I've read, studied and observed enough graded notes to feel somewhat confident in my own grading skills. I should have a submission of around 12 notes ready to go by August, we'll see. Need to start working on some descriptions for the notes I already have, but that seams more like a winter endeavor. PMG World banknotes in high grades just seem to be plentiful right now and at reasonable prices, especially when compared to gold, or even a graded world silver bullion coin from one of the many popular series.
     
    As I approach the mid way point of my Ukrainian sets I start to wonder what's next? I have a couple of Zimbabwe notes and I'll probably stay current on the new series that is currently being released (I have the $2 & $5 notes) and I really like the first series of Zimbabwe notes, P1 -12. As another member has already written, the first series notes have recently been readily available and in high grades. I've been keeping my eye on the first series notes but just haven't been able to pull the trigger on them, mainly because Ukrainian notes have been popping up like deer in my garden. I'm really looking for a country, state, province, etc. whose complete set of notes comprises 50 Pick #'s or less. I was considering Transnistria after a short article I read in Coin World about their latest commemorative note and was also considering Moldova, both of which lie in the former eastern bloc and border Ukraine. I think I'll just pickpocket a Zimbabwe note here or there (the new $10 & $20) while I'm trying to make up my mind over the next few months. Suggestions welcome.
    Some of my latest acquisitions.
     


  4. Fenntucky Mike

    Big (Dirty) Money Goes Around The World

    By Fenntucky Mike,


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

  5. Fenntucky Mike
    Recently, I've been burning up some spare funds I acquired through sales of some duplicates in my coin collections. I've been busy using some of these newly rediscovered monies to focus on gathering up several Ukrainian banknotes for my sets. I have been hitting the banknotes really hard the last two weeks due to several factors eluded to in a previous journal entry (over $1,800 an ounce on 7/8/2020).  It just so happened that several notes popped up for sale that were either perfect matches for empty slots or upgrades in my sets. Funny how when you have some extra "mad" money you find the perfect thing to spend it on fairly quickly, hmmmm. Needless to say I bid on all of the notes and won most of them (not a lot of competition for Ukrainian notes). At the time I saw the notes and even more so now, I can't help but have a feeling of being spied on. That the seller looked at my registry set, looked in his inventory and sent some notes in for grading, Bing. Bang. Boom. Notes for me and a profit for them. Good for them if that's the case, that just seems like good business and paying attention to your market if true. I noticed today when looking at the population report for Ukrainian banknotes that the total graded increased by 15 which might as well be a hundred when talking Ukrainian banknotes. Another bulk submission from this seller? I guess I'll find out, let's go for broke. 
    The latest banknotes to roll in this week, more on the way.

    Man, I need to get going on some descriptions for these notes!
  6. 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.
  7. Fenntucky Mike
    Prior to me starting a Ukrainian banknote registry set, I was well aware of two "stopper" notes in it, Pick# 50 (2 Karbowanez) and Pick #125 (50 Hryvnia). The 2 Karbowanez note I may never own or even get the opportunity to (this note has an interesting story behind it, which I will write about in a future journal), but the 50 Hryvnia I will have an opportunity to acquire at some point and that time could be very soon. The 50 Hryvnia is a manufactured rarity (I hate that), a commemorative banknote with only 1,000 being produced (S#'s 00000001 - 0001000) in 2011 to commemorate the 20th anniversary of the NBU. Two hundred were sold in a set containing a 4oz silver replica of the note, the remaining 800 were sold individually in a commemorative folder. The notes overall design is identical to the 2004 (Pick 121) 50 Hryvnia issue, the only difference being the addition of a green-to-gold SPARK patch with the phrase “НБУ 20 років” (NBU – 20 years) on the obverse. If I were to acquire this note it would easily be the most expensive in my Ukrainian set to date.

    I've been watching the 50 Hryvnia note for the last 2+ years and it just keeps going up in price and down in availability, so my conundrum is do I buy now or wait 10 years and hope it goes down in price and becomes available. A common question that many collectors struggle with and a question that can only be answered by that individual. Recently the UAH has taken a nosedive against the USD and items purchased in Ukraine are much lower in cost compared to a year ago. I have been taking advantage of this recently by purchasing several coins from some of my Ukrainian contacts at much reduced costs, I have a shipment of a dozen coins on the way as I type this. I have also been paring down some of my collections, selling off duplicates and the such. So, with a falling UAH, an influx of funds (hopefully) from selling off some items, a second quarter bonus at work (please, please, please) and a known available 2011 50 Hryvnia note in Ukraine I'm thinking the time is, well. Right now!   (Or at least in the very near future)

    To be continued.......
  8. Fenntucky Mike
    I've been toying with some of the note descriptions for my Ukrainian registry sets and I'm having trouble staying under the 5,000 word limit. My friends and family would be somewhat surprised by this revelation, as they often have difficulty extracting a coherent sentence out of me at times. I tend to be more of an observer/listener rather than an active participant in conversations, pouncing in with wise cracking comments and/or definitive statements, after which (if my commentary had the desired affect) I'll take my cue and leave on a "high note". Anyway back to the problem at hand, in my descriptions I have a basic template that I then fill in with information and descriptions, normally at least on the coin (NGC) side I almost never run over the word limit, I think I ran over maybe once, but over here (PMG) I'm finding myself running over more often than not. So instead of tapering down the descriptions I decided to make a Signature Set where I can run wild, free of all word restrictions. In the main registry set I put the basic statistics of the note along with a notation directing the reader, if they are so inclined, to visit the Signature Set for more information. Simple enough, right? Well, I wasn't a fan of dumping all those descriptions in the Slot Comment box as it didn't seem conducive to reading and made the set look "clunky", so in the Slot Comment I put another notation to click on the photo icon to read the description, now that looks better. Another reason for moving the description off of the Set Registry is that I like to add the exact text (Crylic) on the notes to the descriptions and when entering this into the registry descriptions and saving ????????'s would be displayed instead of the Crylic text, not the case in the signature set.
    I treat all of my descriptions as living documents so I'll go in and add comments, thoughts or observations as I learn them or as more updated information surfaces or if I'm wrong and need to make corrections. Now with presumably unlimited space for descriptions I can continue with my extended entries unfettered. For example, I can just copy and paste all the security feature information from the NBU into the description and go into minutia with some of the details of the notes. Also, I will be able to go back at a later date and add historical details about the notes and the state of Ukraine at the time of release, what prompted the issues, etc. giving the notes context. These were details that I was originally going to hold back so as to fit within the confinement of the 5,000 word limit. I have close to a dozen descriptions rolling right now in the registry and signature sets, which I'll go back and continue to refine. I have another 4 or 5 notes that I want to plug in right now and then I'll take a minute to think about how they read and flow, then go back and tweak before adding more descriptions. Overall I think it is a good solution, treat the registry set descriptions like the back of a baseball card and put the bulk of the detailed info in the signature set. Finally, as I'm looking at this journal, I can see it's starting to run away from me and for now I think I just need to SHUT UP!
    Side note, Why does Jam Master Jay have tinfoil covered crutches in this music video and is that a real or fake coin about 1:50 in? I'm thinking fake, just a prop.
  9. Fenntucky Mike
    Last night was a busy time for Ukrainian banknote auctions, there were eleven ending within roughly a hour of each other, from one seller. There were three lots I was focusing on in particular and the other 7 were lower on the wish list. I wasn't going to be online as the auctions were ending so I placed heavier then normal bids on the three I was really hoping to win and low ball bids on the rest of the lots. In addition to the Ukrainian notes there were also two Zimbabwe notes from the latest series, a $5 and $10, so while in a bidding frame of mind I threw a couple of low ball bids on those as well, not expecting to win. Why not, right? Well, after awakening from a sound slumber I turn on the old computer and start scrolling through emails, You Won!, You Won!, You Won! was peppered throughout several emails, uh oh better go check on the damage.  As it turns out I took seven of the eleven Ukrainian notes and one of the Zimbabwe, the $10. Yes! It's always a bit of a shock when you win things you are not expecting to, a little bit of sticker shock. So you sometimes have the Thrill of Victory and the Agony of Paying, more so I feel when you are not live bidding.  At any rate I'm thrilled to have gotten the notes that I did and it really wasn't that costly, in fact I would say that 6 of the 8 were good to exceptional deals and two I over paid. The only reason I have a little angst is because I'll be paying for this out of my "Mad Money" Pay Pal account, an account I keep for the buying and selling of coins or notes. As of last night, I did have enough to purchase the 2011 50 Hryven Commemorative banknote that I had mentioned in a previous journal entry, a note that is going to be tougher to get as time goes on, but with last nights victories I'm going to have to wait on that for a few more weeks until I sell some more items. Well enough musing and onto the results.
    The first lot was this pair of 2,000,000 Karbovantsiv (Pick# 91Br) consecutive banknotes (remainders), one with a fancy serial number, "Descending Pairs". I didn't know that PMG recognized descending pairs, anyway. These notes are not hard to find as remainders in good condition, in fact you can usually pick them up for a $1 a piece or less in bulk. I know, I already have several that I was sorting through to send in for my first submission. But to save me the trouble of submitting two on my own, plus one had a fancy serial # designation and because I wasn't going to be available to make a snipe bid at the last second, I put a larger bid on them. A bid that I think was more than they were worth. Here they are, pictures are from the seller.

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

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

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

    P.S.
    In my first journal entry I was hemming an hawing about the next set of notes to collect, Well let's end the suspense, (not that there was much) and make it official. I am now collecting new series Zimbabwe Dollars. I would like to get the complete series to date in 68 but we'll see how it goes. Currently only comprising of four denominations, it's not much of a commitment but it is as involved as I want to be at the moment on another set. 
  10. Fenntucky Mike
    Phonetics and countries aside, a moire /mwär/ is a pattern of irregular lines produced by the superposition at a slight angle (or offset spacing) of two sets of closely spaced lines. Moire patterns or moire grids are commonly used on banknotes as anti-scanning (counterfeiting) devices, how effective moires are in helping the layperson identify counterfeits or preventing counterfeiters from producing fake notes is topic for another day. At any rate, this all started with an effort to obtain better quality images of my banknotes I thought "hey why not try scanning them, brilliant!", as I was browsing through the first scans and thinking "these don't look as good as I had hoped." the subject of moires and security features popped into my head. Hmmm. Well, ok, lets dive a little deeper.
    ("I'm not going to get to involved here so I'm just going to stick with one note and one particular area of the note to hopefully get a better grasp of what a moire pattern is/does." I said to myself, knowing full well it was a lie.)
    But I will stick with one note and one area for this journal entry. The guinea pig for my moire investigation is the 2013 50 Hryven (Pick 121d) banknote from Ukraine, and the area I'll be looking at is in the upper left corner, on the front of the note, comprising of a light purple rectangle with the words НАЦіОАΛЬНИЙ ЬАИК УКРАЇНА (NATIONAL BANK OF UKRAINE) inscribed within the area along with the signature of the Governor of the NBU.  When first glimpsing this note from a distance (again focusing on the area mentioned above) a faint pattern can be discerned, it looks grid like but is hard to identify (for me). Upon closer inspection I begin to notice a repeating diamond pattern created by gaps between the lines in the (moire) grid. Ok, what else? 
    (Picture of the obverse of the note.)
                
    (Picture of moire grid, "diamond" pattern evident from a distance.)

    (Picture of gaping between lines of moire grid, creating a "diamond" pattern.)

    By now I've probably inspected this note a dozen times with and without my loupe. I'm thinking "well is that it?", nope. I take a step back from the note itself and start going through images I had previously taken, enlarging them, rotating, etc. While doing this I notice a repeating "square" pattern in the same moire grid. How the heck did I miss that! It was so painfully evident in the images that I'm embarrassed to say that I didn't see it. From a distance, it was not evident to me (still isn't), using my loupe it is visible but doesn't jump out at you, especially when I was fixated on the gaping and offset line patterns. I'm thinking it's just one of those things where some people will see "diamonds" and some will see "squares". It's basically a 3D puzzle to me at this point.
    (Moire grid appearing as "squares".)

    One more surprise left, after further inspection of the images I had taken another pattern became evident to me. This effect is a little harder to see and I haven't been able to notice this with the naked eye or loupe, only through photography so far, but the lines in the moire grid merge at a distance and form a square "maze like" pattern in the field. (Sorry about the pics, best I could do at the moment.)
    (Moire grid lines merge to form larger "maze like" patterns)

    Finally, what does the moire grid look like when scanned? After all this is the main purpose of the moire on a banknote, to prevent counterfeiting in the form of scanning and printing notes. Well, the moire grid disappears as it should (as I believe was intended), although the line breaks are still evident. To me it's a bit anticlimactic, at least for that particular moire on this note.
    (Scan of note in PMG holder.)

    To me, a moire (in this instance) is a cool feature but to call it an anti-counterfeiting is a bit of a stretch. If the moire, when scanned revealed a hidden message like "NOT LEGAL TENDER" or "DON"T F***ING ACCEPT THIS NOTE" I think that would be more effective and hilarious. One other thought, I've tried searching PMG for an article related to this. I've tried several different word and phrase combinations but am not finding anything related to this. So PMG if you're reading this HOOK A BROTHER UP and release an article about this in the near future, I'd be curious to see what you have to say about this. On a side note there are several articles out there about moires and moire fringes or patterns, all worth reading if you get a chance. 
     
  11. Fenntucky Mike

    "Choices always were a problem for you." (me).

    By Fenntucky Mike,


    Ukrainian Banknotes
    I've been putting together a group of notes for submission to PMG over the last month/s and I thought it might be interesting to get a few opinions on a couple of notes I have multiples of. The first group I have whittled down to six, these are notes that I'm torn over, notes that for the most part I consider equal using my minimal grading abilities. I know a person can't tell the condition of a note based solely on an image, I'm just looking for opinions on the things you can maybe judge like margins, serial # (fancy or not), ink quality/clarity, real or fake, paper foxing or staining etc. It is a group of six (remainders) 1,050,000 Karbovantsiv 1995 Privatization Certificates (notes), Pick# 101. I've grouped them together in two pictures, one of the obverse and one of the reverse, the notes are arranged the same in both pictures. If you want a close up image of one of the notes let me know and I'll post it. Let me know what you think the best note is and identify it by serial #, and thanks for the opinions.
    Since we're looking at these I might as well write up a quick description/history of this note. These certificates were issued during the start of the period of mass privatization in Ukraine (1995-1997), this was roughly four years after Ukraine acquired its independence from the U.S.S.R. and marked four years of trying to solve the privatization problem amidst rampant hyperinflation and cash shortages. While under Communist rule, approximately 96% of all enterprises were owned by the State, not to mention all housing and land (this figure was closer to 100%). The four years after independence was spent trying to figure out how to value and distribute these assets, that only yesterday belonged to the "People". One part of the solution was to issue every citizen "privatization certificates", every person was to receive their share of the State's property and could use/spend it as they desired. These certificates could then be exchanged for shares in companies or used to purchase any of thousands of small ventures and properties which were sold through auctions to new private owners. Well this went about as good as one would expect it to in the Wild West period of Ukraine's recent existence. The certificates dropped in value as they were being printed, were often rejected at the auctions because of the inflation and then Ukraine launched its own currency in 1996 after the Ruble Zone was dissolved. For those reasons along with other factors an estimated 3 million +, individuals did not use their vouchers. The Ukrainian Government purposely dragged its feet in regards to privatization by, allowing the certificates to drop in value, only putting up for sale companies that were essentially worthless or had no market value to discourage the use of the Certificates, provided no explanation or documentation on how to use the Certificates and all the while allowing the government cronies to snap up the certificates on the black market for a fraction of their original value. Then, when the profitable companies, businesses and properties did go up for privatization/auction take a wild guess as to who had the Certificates with which to "buy in" to these cash cows, (now enter cronies and ex Communist Regime types). As a result an oligarchy was created in the governing class of Ukraine. This, along with several other factors lead up to the Orange Revolution in late 2004-5 and then the Euromaidan Revolution in 2013-14.
                       
    I'm not even sure if PMG will grade one of these, I'll have to check prior to submitting. Even if they don't grade these, I still need to identify the best one/s. Don't worry, I wont hold anyone responsible for the grade/s if I do send one in. 
  12. Fenntucky Mike

    You need more, more, more (Stuff)

    By Fenntucky Mike,


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

     
    Reverse
     
    Crescent watermarks

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

    Side by side reverse

     
  13. Fenntucky Mike

    You're the best! Around! (70 EPQ)

    By Fenntucky Mike,


    Ukrainian Banknotes
    I wasn't planning on a Journal entry today but what the heck, I saw something that just got the juices flowing, mostly jealousy. While wrapping up my morning browsing of eBay I enter my final search "Zimbabwe PMG". Sort, "Time Newly Listed", check. Scroll, scroll, scroll,wait what! Back, back, back, ooooooh! A PMG 2019, 70* EPQ Zimbabwe $2 banknote, sweet. I hadn't seen or noticed this note earlier in the week, as it looks like it was posted several days ago, with a little over a day left in the bidding. It's listed by a seller I've purchased from before in fact this is the seller I purchased my Zimbabwe $10 note from, another listing that seemed to pop out of nowhere as I didn't see that listing until the day it was ending. Seems that I have a propensity for passing by this sellers listings, anyway. This "70" comes on the heels of a PMG 2019, 70* EPQ Zimbabwe $5 banknote that sold a few weeks back for $1,026.02. As I write this, the available "70" $2 note has a starting bid of 399.99 with no current bids. 
    (Damn it, I just did an advanced search and the current listing is the second PMG 2019, 70* EPQ Zimbabwe $2 banknote this seller listed, the first listing ended a few weeks ago with 1 bid and final price of $399.99, a steel compared to the $5 "70".)
    These "70" notes got me thinking, first that someone will or could have a chance at a real sweet "70" set, how much will this one go for, how often does a ""70" happen, better document this and wish I had a "70". In that order. The chance at a perfect "70" modern set (short set), that would be quite an accomplishment (and expense) if someone could do that. The cost of a "70" note is typically astronomical, the hammer price on the $5 note blew me away, comparatively speaking, $400 for the $2 note doesn't sound so bad. This (low hammer price, along with me consistently overlooking them) makes me think this seller is doing something wrong or eBay is screwing them, In my mind there should not be a $600 difference between the two ($5 & $2). A "70" for a modern banknote is not like having a "70" modern coin, a banknote in that grade is WAY more difficult to find, for example as I look at the PMG population report for Zimbabwe there are currently 2 listed out of 13,242 total notes graded, going back to 1980. The unlisted Picks, which include the 2019 issues, are not currently listed in the population reports (a RANT for another journal entry). In series that I collect, I like to catalog the higher grade notes that I do not own (I extensively catalog the notes in my collection), this helps me keep track of them in case I win the lottery in the future and it gives me a standard to hold my own notes to. I'll save images and sell prices for these notes and compare them to my own, this helps give me an idea of value and gives me a "70" example to compare ungraded and lesser graded notes to, theoretically honing my grading skills. Finally.... Man, I wish I had a "70" (stomping feet and crossing arms)! Nothing like having a supposedly "perfect" note (I have none), maybe someday but not this note, even though I feel there is value here if some entrepreneurial minded person wanted to invest and flip it at a later date. To whomever ends up with this note, it's a beauty and you'll have "The best! Around!". Going to watch "The Karate Kid" now, (original version)
    My highest graded note/s is/are a 68 EPQ, here is one of them. 

    P.S.
    A 2020 PMG 68 EPQ Zimbabwe $20 banknote has been proving elusive so far, they don't seem to be grading very well.Just going to have to wait it out. 
  14. Fenntucky Mike

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

    By Fenntucky Mike,


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


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

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

    Which path to take, which pawn to move?

    By Fenntucky Mike,


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

    Varieties:

    Watermarks "mushrooms":

  16. Fenntucky Mike
    Well, I finally hit the 50% completion mark in my Ukraine Complete 1917-Date, P1-Date set and here's the note that did it the humble P#81a.

    Ahhh, always feels good to hit a milestone along the way in your collecting journey. I acquired my first Ukrainian banknote back in 2017, my first TPG note in 2018 (I can't even remember which ones they were now), started my registry set here in 2019 and hit 50% completion this week. It's been a great experience so far, I've learned more about banknotes, banking/finance, history and Ukraine than I ever thought I would. I've expanded my contacts in regards to people (some in Ukraine) and places to acquire these notes (some are hard to find). The people at PMG are always nice and helpful and the people here on the Forums have been great so far, I'm getting way more out of this than I thought I would. Thanks everyone.
    Next goal? I'm thinking 75%, if I can get there in the next 2 years I'll be doing alright. I might include completing a short Zimbabwe set in that time frame as well, we'll see. I have a couple of Journal entries roughed out, I'm just waiting to get a few things back in the mail and to see how a couple of things fall in place this week. There could be some interesting developments happening in the next week with this set.
  17. Fenntucky Mike

    Know when to Walk Away

    By Fenntucky Mike,


    Ukrainian Banknotes
    Well, I can talk about this now that I'm out and the auction is almost over. A seldom seen Ukrainian bank note popped up for auction recently ( A PICK # 50!), it was in a PMG holder and was in good condition. I felt this was a good time (for me) to place a fairly serious bid on the note, I placed a minimum bid on it last week Wednesday, I was outbid by Friday then waited and bid again yesterday. My last bid was over the auction estimate but was not strong enough as I didn't overtake the current bidder. I thought long and hard about continuing to bid but I decided to put this note on hold, similar to the 50 Hryven Commemorative note (Pick 125) that I've been continually kicking down the road. Once again the main argument to myself is "more is better", meaning that there are several Ukrainian bank notes out there right now that will make for a more complete collection. As I've said previously this is one of two key notes in the series, this and  P125, are note/s I may never get. I don't feel nearly as torn passing on this note as I have on the P125, probably because the P125 is constantly staring me in the face. It's too bad, because this is an awesome note with a great story. We'll meet again Pick 50, oh we'll meet again but right now I just have to walk away.
    Here is the 1942, 2 Karbowanez note, it's a beauty.

    A brief synopsis of the story behind the note is. The note was printed and loaded onto pallets and into boxcars of an awaiting train. The train departed and was in transit from Germany to Ukraine when it was attacked and destroyed (including almost all of the notes) by Ukrainian partisans. If I ever acquire this note I'll do a proper write up on it.. Someday.
  18. Fenntucky Mike

    You say I'm just a specimen! (Yeah, pretty much)

    By Fenntucky Mike,


    Ukrainian Banknotes
    So how rare is a specimen? Well, if you collect Ukrainian banknotes not very. I've been looking at Ukrainian specimen notes for a while now, over a year, and one of the initial observations was that "wow, there are a lot available". Meaning that they are not hard to find and they are not hard to find a reasonable prices. For the modern issues anyway, 1991 to date. A quick search of ebay, lazily typing in UKRAINE SPECIMEN, nets 281 hits, of which I would say 50-75 are actual banknote specimens, seems like a lot to me. If I type in Venezuela specimen, boom, tons of hits, I can buy a complete run of 2018 Bolivares Soberanos specimens for $150.  A quick search of the PMG population report for Ukraine shows 54 specimens have been graded (including samples and proofs) out of 1,815 notes, hmm ok seems high. So how does this compare to other countries, Zimbabwe has 6 graded specimens out of 13,988 notes, Venezuela 823 of 3,917 (wow), Belarus 22 of 1,497, Lithuania 333 of 3,246, Latvia 26 of 812, Estonia 296 of 1,889 (what) and Disney Dollars 67 of 7,740 . Ok, so nothing really correlative there, just some fun statistics. Still it seems that Ukrainian specimens are easy to come by, so much so that PMG felt it prudent to create specimen sets for the registry. There is really no way to statistically determine the rarity of a specimen unless I have the number of specimen's printed, the # destroyed and total notes issued, at least as I type this I think that would be the most accurate statistic. In most cases, yes, specimens are more desirable than regular issues but don't get crazy when you see one because, yeah it's pretty much just a specimen.
    Ok, now that I'm done dumping on specimens, here's a few of mine.



    I will say this about collecting world notes and even more so, world notes that don't have a big collector base. You get the opportunity to add harder to find notes and have more comprehensive collections. You don't have nearly the struggle, competition or cost to acquire some really great notes (graded and raw). I'm not sure if there is a specimen U.S. set of any type  but I bet it would be very difficult and expensive for someone to try for a set like that. I'll stay here in the cavernous shadows of the world registry for now, I'm just having too much fun to leave at the moment.
  19. 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.
     
  20. Fenntucky Mike
    I recently read a PMG article titled "Collection Inspiration: Women Writers". In the article a Ukrainian note is referenced, the 200 Hryven banknote, featuring Lesya Ukrainka on the front of the note. In the article a brief description was given about the Poetess and the note, PMG chose to highlight the 2nd series note (good choice) and I thought I would take the opportunity to expand on the evolution of the note itself. 
    After Ukraine declared independence from the USSR in 1991 the two countries remained tethered to one another monetarily. Russian rubles circulated freely in Ukraine and were used in conjunction with the newly released karbovantes coupons (karbovantsi for 2 -4 , karbovantsiv for 5 or more). When circumstances dictated that the two countries sever all monetary ties completely, on November 12 1992, this meant that the coupons were now the sole currency in Ukraine, to be used for all transactions. An exchange rate of ruble to karbovantes was established as 1:1 and the sum of exchange was without limit. This parting of ways lead to massive inflation (up to 11,000%) with the coupons and the need for monetary reform was immediate. The Ukrainian government had been working on a national currency as early as 1991 and the first Hryvnia banknotes were designed and printed by CBNC in 1992 with a second issue in 1994 by TDLR, but finalization of the new currency and distribution wouldn't happen until September 2, 1996 when the hryvnia was officially introduced as Ukraine's national currency, the exchange rate of karbobanets to hryvnia was set at 100,000 : 1. The NBU issued 1,2,5,10, 20, 50 and 100 hryvnia banknotes into circulation, these were the 1st issued notes of hryvnia. The first issue notes were a mix match of printers, artists and designs making the fist issue seem inconsistent. There were two different designs for the 1 hryven released on the same date from two different printers (CBNC in 1992 and NBU in 1994), the 2, 5, 10 & 20 were printed by the CBNC in 1992, the 50 and 100 were printed by TDLR in (estimate) 1994 and are a completely different design from the lower denominations. Both the 50 & 100 are considered 2nd issue notes even though they were released at the same time as the 1st issue notes. The 2nd issue notes are again a mix match of printers and designs the 1, 2, & 20 were printed by the NBU the 5, 10, 50, 100 & 200 were printed by TDLR. The 200 hryven note was issued 5 years after the 2nd series was first issued, again this note was presumably printed in 1994 which would mean these notes were in a vault for 7 years prior to being released. The NBU took over all banknote design and printing in 1997 and has printed all Ukrainian banknotes since.
    So the first hryvnia series not having a 200 Hryven note means that this denomination does not have as many design changes as some of the lower value notes. (Although the 1, 2, 5 & 10 hryvnia banknotes have since been discontinued (starting with the 4th series) and replaced by coins.) Below is the first 200 hryven note, printed in 1994 and issued in 2001, it was replaced in 2007 by the 3rd series note and remained in circulation until Oct 1, 2020 when it ceased to be a means of payment and was no longer accepted as a cash payment in Ukraine. Artistic design wise, it's a good first effort but not very flattering to the subject. The portrait was taken from images of the poetess later in life. The color pattern, portrait and overall design leave much to be desired.

    Here is the 3rd series 200 Hryven note (2nd 200 hryven note), the artists and NBU pretty much knocked it out of the park with this design. This is probably the most popular modern Ukrainian note, design wise, and deservedly so.

    Finally, here is the 4th series (3rd 200 hryven note). Just some small tweaks to the overall design from the 3rd series note to this one. A toned down color palette, sharper portrait and more stylized reverse design are the major changes. 

    The subject matter of the 200 hryven note has remained the same throughout, a portrait of Lesya Ukranika on the front and a depiction of the entrance tower of Lutsk Castle (or Lubart's Castle) in Lutsk where she live for a short time.
    Born Larysa Petrivna Kosach - Kvitka, she was forced to adopt the pseudonym Lesya Ukrainka at the time of here first published poem, as Ukrainian language publications were illegal at that time in the Russian Empire. Because of this many of here Ukrainian language publications were printed in Western Ukraine, which at the time was under Austro-Hungarian rule, and were then smuggled into Kiev for distribution. She was a prolific writer of poems, plays, short stories, and sociopolitical articles and essays. Some of the early inspiration for her early writings came from the works of Taras Shevchenko and Ivan Franko, both of who are featured on Ukrainian currency, the 100 & 20 Hryven notes respectively. Ukrainka was vocal advocate for freedom of speech, women's rights and an independent Ukrainian state free from Czarist rule. On August 1, 1913 after an almost life long battle with extrapulmonary tuberculosis of the bones she died at a Georgian health resort at the age of 42, four years prior to Ukraine gaining a brief but chaotic independence starting in 1917 until 1920.
    Here is one of her poems titled Contra Spem Spero (Hope Against Hope)
    Thoughts away, you heavy clouds of autumn!
    For now springtime comes, agleam with gold!
    Shall thus in grief and wailing for ill-fortune
    All the tale of my young years be told?

    No, I want to smile through tears and weeping.,
    Sing my songs where evil holds its sway,
    Hopeless, a steadfast hope forever keeping,
    I want to live! You thoughts of grief, away!

    On poor sad fallow land unused to tilling
    I'll sow blossoms, brilliant in hue,
    I'll sow blossoms where the frost lies, chilling,
    I'll pour bitter tears on them as due.

    And those burning tears shall melt, dissolving
    All that mighty crust of ice away.
    Maybe blossoms will come up, unfolding
    Singing springtime too for me, some day.

    Up the flinty steep and craggy mountain
    A weighty ponderous boulder I shall raise,
    And bearing this dread burden, a resounding
    Song I'll sing, a song of joyous praise.

    In the long dark ever-viewless night-time
    Not one instant shall I close my eyes,
    I'll seek ever for the star to guide me,
    She that reigns bright mistress of dark skies.

    Yes, I'll smile, indeed, through tears and weeping
    Sing my songs where evil holds its sway,
    Hopeless, a steadfast hope forever keeping,
    I shall live! You thoughts of grief, away!
    (Translations will vary)
    In addition to the 200 hryven banknote Lesya Ukrainka is also featured on postage stamps, coins and medals of Ukraine, below is the 1,000,000 karbovantsiv NCLT coin.

     
  21. Fenntucky Mike

    All we (I) need is just a little patience

    By Fenntucky Mike,


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

     

     

     

     

     
    Just passed on another specimen up for auction, it went unsold auction started at $80.
  22. Fenntucky Mike
    I spent the last 3 weeks scanning all of my banknotes and updating the images in my registry sets along with reorganizing my database where I have them all cataloged. Whew! The pictures I had taken early on had always bugged me, not taken straight on, dark and just blah. While using scanned images has limitations, especially on the modern notes with their moire patterns, grids and other anticounterfeiting printing techniques that are there to deter scanning. That said I didn't let the presence of these modern features stop me, even if they can/will make scanned images seem mushy with lack of detail and clean sharp lines sometimes, on older notes this is much less of an issue. At any rate it was the lesser of two evils for me, as my photography skills and equipment are pretty much nonexistent at this time. In the end I feel a high quality image with proper lighting, equipment and technique taken from straight on would net the absolute best results. But, new photography equipment and the time needed to learn is not anywhere in my near future, so I'll happily use scanned images for now. As far as the time and effort to scan everything???? Was so damn worth it!
    Here's some before and after.
    Terrible angle. Trash.

    Dark and out of focus. Weak! 

    Dingy looking and the note crooked in the holder. Why?                                   You can see how the anti-scanning features make the modern notes look mushy sometimes.

    What the hell? Why is this one pink? Pathetic. 

     
    Well, two thing's are obvious now that I'm actually looking at these side by side. One, I put almost zero time and effort into taking pictures and two, yes, scanning all my notes was well worth the time.
  23. Fenntucky Mike

    It's not an issue (really it's not)

    By Fenntucky Mike,


    Ukrainian Banknotes
    One of the things that draws me to world banknotes, lesser known and/or collected world banknotes, is that you can find and acquire "rarities" within a series or country and typically at a fraction of the cost for a similar U.S. note or similar heavily collected notes like China. In addition to the accessibility and price points another bonus is the variety or shear volume at times of the types of "rarities" you can acquire, and the volatility present in most newer countries just adds to the diversity of notes that are available. Lets use one of my latest additions as an example.
    I recently was able to pick up a 1992, 100 Hryven unissued note, it is from the 1st series Hryven banknotes released in 1996 (if you want a little bit of the back story for the delay from the time of printing 1992 to release 1996, see my previous journal entry "It's a long way to the top, if you wanna (good looking note)"). A really fun note, printed as part of the 1st series of modern Hryven banknotes of Independent Ukraine, which in addition to the 100 included denominations of 1, 2, 5, 10, 20, & 50. The 100 Hryven was never released into circulation (along with the 50), at least not wide spread circulation. The first series notes did not last long, printed by the CBNC (Canadian Bank Note Company) in 1992 the first series was printed by dry offset method using low quality inks, this exposed the first series to massive counterfeiting problems as individuals would use chemical solutions to wash away the ink from 1 Hryvnia notes and print higher denominations on them. Between 1992 and 1996, the time from when the first series notes were printed to the time they were released, the BPMW (Banknote Printing and Minting Works) of the NBU (National Bank of Ukraine) was established and put into operation (late 1994), now Ukraine was capable of printing it's own currency and in fact did, printing the second series of Hryven banknotes (some of the second series notes were printed in England by TDLR (Thomas de la Rue)) in 1994. That always cracks me up, as they now had the first two series of Hryvnia banknotes printed and neither would be release for at least another two years as the Control Coupons were still circulating and being printed. With the establishment of the BPMW in addition to the counterfeiting issues the first series did not have a long run until the second series was released. Precisely one year to the date (September 2, 1996) the second series was rolled out and circulated with the first. The second series included denominations of 1, 2, 5, 10, 20, 50, 100 & 200 (the 200 Hryven note was printed/added to the series in 2001) the third series would not be printed until 2003. My assumption is that the first series notes were so heavily counterfeited and the second series being already printed and ready to release, the government of Ukraine did not want or now need the first series 50 and 100 Hryven notes to circulate. 
    Here is the first series 100 Hryven note.

    It is not known (by me anyway) how may were printed but based on the serial number and current availability of such notes I would wager a minimum of 1,000 notes were/are floating around out there. On the front of the note is a portrait of Taras Shevchenko with the word UKRAINE printed above and the denomination (One Hundred Hryven) as text below. On the back is printed a landscape with the building of the Verkhovna Rada (parliament of Ukraine or translated "Supreme Council of Ukraine") in the center, above is written National Bank of Ukraine below the denomination in text. The note has visible green security fibers along with UV visible fibers, the watermark is a trident or tryzub repeating. I'm not sure why the watermark was not included on the label or why the printer is sometimes omitted.  (A Journal for another day) The note is perforated across the lower center, the perforations spell out НЕПЛАТІЖНА or NON-PAYMENT. This brings me to the point where I disagree with PMG on the use of the word "SPECIMEN" to describe this note, I tend to feel it was printed for circulation and then canceled. The perforations are perfectly aligned to the note so it does seem as if it was done by machine and not a manually operated or hand held punch, which (I think) goes against my opinion of not calling this note a specimen. I have no doubt that the holes were done after printing as I can see pieces of paper around the edges that did not cut cleanly and were dragged down into the perforations with ink still on them and where the punch made a clean cut, no ink on the walls of the perforation. I don't know, printed at the same time as the rest of the first series, perforated after printing, existing notes have varying serial #'s, no other (issued) first series specimen notes were perforated in this way and some un-canceled notes known to exist. There's just to many factors for me to call this a specimen, I would think "CANCELED" and/or "NOT ISSUED" would be more appropriate terms for this note. 
    There is another specimen (I guess I'll call it a second specimen since PMG is calling the perforated note a specimen) with diagonal red overprint ЗРАЗОК (SAMPLE). There is a red overprinted number on the lower right corner of the back, presumably the number of the sample, the note below is numbered 0926. I have seen this number as high as 2489 on the first series 50 Hryven note and as these were printed at the same time I will assume the 100 Hryven is numbered at least that high as well (of course they (the uncut sheets) could have been run through sequentially, the 50 & 100 maybe even the rest of the series. Hmm.). The serial number of the specimen note below is 0000000000 which is typical of most modern Ukrainian specimens.

    There are also known proofs of this note, the proofs are stamped SPECIMEN on the front and back with black ink and may or may not contain handwritten notations on the bill.

    I recently thought I'd see if PMG would create a slot for this note in one of the registry sets, I received the anticipated response of "this is more suitable for a custom PMG set". Lol, looking back at the email PMG sent it's kind of funny, the title of the email is "Registry submission REJECTED" ha! When I first saw the email it kind of stunned me/scared me, all I saw was rejected in all caps, I thought one of my ongoing projects had been declined (better read the whole title next time). I do tend to agree with the decision to not allow the note into an existing registry set as it was presumably not issued to the public. I just thought I'd give it a try since there are I think five or so graded by PMG, sometimes the number graded will make the difference. So I'll eventually be creating a Signature set to house this note along with the 50 Hryven and the variants of each. So if you want to see this note again you'll either have to go back to this Journal entry or look in the signature set but don't worry, it's really not an issue. 
    For reference here are the first and second series notes.
    First series, printed 1992 released 1996                                                       Second series, printed 1994 released 1997 (missing the 200 Hryven note which was added/printed in 2001)
                         
    UPDATE:
    I was rereading this journal entry and I noticed one additional item worth noting. The 50 and 100 Hryven 1st series notes (unissued notes) are the only two of that series to have a holographic patch on them, meaning they have an added anticounterfeiting device. It appears to have been applied prior to printing or at least the ink being applied as there are numerous reflective flakes around the patch but none appear to be on top, on the surface, of the ink. So they inked over the patch? I'm not quite sure of that, I'll have to do further research. That patch makes me wonder if those denominations weren't printed at a later date or possibly the patch added later. If the counterfeiting was as widespread as implied did they hold up the release of the 50 & 100 to add this patch or possibly scrap out notes printed in 1992 and reprint in 1996 to add the patch? I think my imagination maybe getting away from me.

    We'll see.....
  24. 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

  25. 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.