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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. 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. 
     
  2. Fenntucky Mike
    It's been a while since I've last talked about the hammer prices of Ukrainian banknotes, and coins for that matter, both continue to command strong prices at auction. This is due to many factors no doubt, such as inflation, individuals still high on the hog with Covid money or generating additional income due to Covid, the war in Ukraine generating interest and sympathy, along with a collector base/demand in general that has been slowly growing, even prior to any of the previous factors already mentioned. As a result of all of this some fantastic notes have come out of hiding along with some collections going up for auction, and now is a fantastic time to see, bid on and sell Ukrainian banknotes. That being said, I've continued to take a beating at auctions but have also come away with some wins. 
    Losers: 
    A nice 25 Karbovantsiv (37a) without serial number or prefix that went for fifty plus. I was outbid by $1 on that one. 

    A 25 Karbovantsiv (P2a), I went with a $150 snipe bid but got beat. 

    I lowballed on this one ($250), and no surprise it went for close to double my bid. Another P# B126b PMG 70 went for very near the same price prior to this one.

    Threw a lowball on this on as well, again it went for more than double my bid of $2,300. A beauty, and EPQ too boot! I thought hard about being more aggressive with my bidding on this one but decided to go a different direction. Whoever got this note did well, this note is better looking than the PMG 64 notes I've seen, and EPQ to boot. 

    This one shocked me, I seriously considered selling my collection for about 30 seconds when I saw this result. Over $250 per, with the juice. 

    2021, 1000 Hryven PMG 68, went for just shy of two hundo. 

    I could continue with many more examples of Ukrainian notes pulling strong prices but time for the wins. 
    Winners:
    I did end up winning a P2a later. It went for more than the fist but stayed under $200 and is in much better condition. 

    Instead of the P37a without serial number I won a P 37a with serial number, an uncirculated note and a beauty! Around $150.

    Instead of being more aggressive with the P 50 (2 Karbowanez) I decided to go for a P4 and a P5 ,uniface front, specimen and won both lots. There was very strong bidding for both lots, the total was north of 500 euros, combined, even with the back specimen not being auctioned.


    Finally, I was able to pick up a 2015, 500 Hryven P# 127as. There were two specimens produced for this issue, one with SPECIMEN in English a second with SPECIMEN (ЗРАЗОК) in Ukrainian. The English version is the much tougher of the two to find, last one I saw was in 2019. The seller was asking moon money and it sat for a few weeks, I made an offer for significantly less and they accepted. Should have gone lower.  Even though my offer was accepted, I was still on the high side of what this note is probably worth but when you only see a note every 4 years or so you have to make a decision. Just over $300.

    How's everyone else doing at auction? Are prices still rising or have they plateaued? 
  3. 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. 
  4. 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
              
     
  5. Fenntucky Mike

    The Paper Money's Whirling By

    By Fenntucky Mike,


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

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

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

    Signatures

    Currently, new notes are being printed as needed, or so it seems, and there is no telling when the remaining denominations will be updated to include the Pyshnyi signature and new date (year). In 2021 there was a mass printing of every denomination for general circulation, including a separate commemorative in every denomination, with all being released from March to December of that year. In 2021 the order of release was 500, 100, 200, 20, 1000 & 50 Hryven notes, that order could be similarly repeated in 2023, or close to it. If I'm correct in my speculation I would expect to see additional print runs of the higher denominations before the lower ones and I think we may see a new run of each of the remaining denominations, last printed in 2021, before the end of the year. This would be an additional five Pick #'s, including the commemorative scheduled for release in December 2023, that could be potentially released throughout the remainder of the year. 
  6. 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


  7. Fenntucky Mike
    I was taking a stroll through the internet, a week or so ago, searching for information on the paper used by the National Bank of Ukraine - Banknote Printing and Minting Works for banknote production, and stumbled upon a really wonderful document titled Banknote Paper Deterioration Factors: Circulation Simulator Method, authored by Tetiana Kyrychok, Anatolii Shevchuk, Victor Nesterenk, and Petro Kyrychok. Normally I like to skim over items such as this, gleaning what I think is pertinent to my field of interest, but after "skimming" I saw that a Ukrainian banknote was used for testing in the simulator, I was hooked (a 2 Hryvnia, pre 2014 issued note was used, as the banknote paper composition has been changed by the NBU since publishing). The paper is 15 pages of technical jargon and I loved every word of it.  
    While the paper strictly focuses on banknote "Deterioration" I think that it also translates well to other areas of banknote collecting, for example. Knowing how/why the breaking down (deterioration) of notes happens and the root causes help with grading (I think), in that you are better able to identify problem areas such as types of waviness, changes in color in certain areas of the note and in certain color spectrums, yellowing, brightness, effects of thermal effects, UV degradation, weight loss and on and on and on.. It also helped shed more light on (again for me) proper storage, mainly what not to do, and how climate/storage area will effect notes. 
    While the simulation results are probably not going to be relatable to most notes as banknote paper composition is frequently changing, polymer is becoming evermore popular, and the results are no longer valid for post 2016 Ukrainian notes as the paper makeup was changed at that time but the reasons for deterioration all remain valid. Below are a couple of charts from the paper showing general methods of deterioration and factors from circulation.

     
    If you have a free moment or a quite evening this paper is definitely worth checking out. 
    Banknote paper deterioration factors: Circulation simulator method :: BioResources (ncsu.edu) 
    Ukraine 2013 issue 2 Hryven banknote. This series was printed from 2004 - 2013, presumably this series note was used during testing.


  8. 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. 


  9. 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.
     


  10. Fenntucky Mike
    On Oct 4th, 2022 the Governor of the National Bank of Ukraine, Kyrylo Shevchenko, submitted, to Ukrainian President Zelenskyi, his letter of resignation siting health issues.  Shevchenko has headed the country's Central Bank since July 16, 2020 when he was tapped by Zelenskyi and appointed by the Verkhovna Rada of Ukraine. In the past 27 months Ukraine has issued new circulating banknotes in all denominations with his signature, as well as commemorative notes in all denominations of the 30th Anniversary of Ukraine's Independence with his signature, plus the upcoming, 500 Hryven, 300th Anniversary of Hryhoriy Skovoroda's birth commemorative banknote, also with his signature. In his brief tenure as head of the NBU, Shevchenko has sought to modernize the banking system and bring Ukraine more inline with international standards and regulations, he has also overseen the NBU over one of its most volatile times since the country gained independence in 1991, the Russian invasion in February of this year and subsequent war, which is still raging. Shortly after Shevchenko submitted his resignation the Verkhovna Rada approved, on October 6th, resolution No. 8104 dismissing Shevchenko's from all duties, his effectiveness as Head of the NBU will be scrutinized and debated in the years to come but his legacy will forever live on with the 13 banknotes that his signature resides upon.

    A new Governor of the NBU has already been appointed, Andriy Pyshnyi, who was nominated by Zelenskyi on Oct 7th and appointed by the Verkhovna Rada the same day, making him the 12th Governor of the NBU since Ukraine's Independence in 1991. Pyshnyi promised to continue "ensuring that the central bank remains an independent regulator with strong institutional capacity.", along with focusing on "macroeconomic stability" in the short term. He will also have the monumental tasks of ensuring that the banking system in Ukraine continues to run in a smooth uninterrupted manner during wartime and securing the needed international funding and support from the IMF, U.S. and others for reconstruction and recovery after the war and acceptance into the EU. The schedule for the next production run of banknotes is not known at this time but when they are printed, Pyshnyi's signature will most likely be on them.

    I suspect it is to late to alter or have new plates made for the scheduled 500 Hryven Skovoroda and 20 Hryven "WE WILL NOT FORGET! WE WILL NOT FORGIVE!" commemorative banknotes slated for December but we'll see what happens. I have crossed paths with some 2022 commemorative Skovoroda notes being offered but have yet to see an official press release from the NBU on the subject so I can't confirm their authenticity at this time. Buyer beware.   

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

    Sweet it looks great! Or does it? Something not quite right here... 
    To clarify things a little, the major difference between 82a and 82b is a Latent Imprint (amongst other things). The Latent Imprint is visible under UV light and displays the denomination "3 КРБ" on the left front of the note, directly behind the depiction of the statue of Lybid (mythical sister of Kyi, Schek and Khoryv. The founders of Kyiv). Here's a few images of a 10 Karbovantsiv (84b) with Latent Imprint, the 3 Karbovantsi should look the same except with "3" displayed instead of "10".
           
    Ok, easy enough. I don't do this with every note I own but I'd say at least 75% of the time I'll examine the note/s under UV light. So let's take a look, uh oh. That stinks, no Latent Imprint where it should be.
        
    A mechanical error. Dang it. 
    Don't get me wrong, I don't have the best equipment so I could be mistaken but I'm feeling pretty confident I'm correct. This is not my first "mechanical error" on a label, hey people make mistakes, no big deal. PMG/NGC are always super helpful and with something like this they will be more than happy to take a look at it and reholder it with a new label at no charge if the label is incorrect. I've had a label corrected before, with a coin, easy peasy. PMG/NGC also guarantee the grade, so if the label is changed the grade will stay at 68 and that is actually pretty awesome because if it is a P-82a that means it would be the highest graded, by 2 points! I'll absolutely be sending this in to be reexamined. But until I have a submission ready to send this note with I'll be housing it in a signature set, so that I don't forget about it. 
    That leads me to the final question. I'm not going to put this note in any of my competitive sets but what about the other P-82b's that were in the same submission, like I said there are at least 3 and up to 5 notes that were sent in together. Doesn't mean that they were all mislabeled or that the notes are all 82a's but the possibility is there. Good thing I know where two of the other notes went, HEY, @Perfect-70 and @Bonezdogg check your P-82b's they might be mechanical errors. Hope they're not mechanical errors and that they are correct. But you should check them out tonight under the pale UV light.
    Good Luck,
  12. 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.
  13. Fenntucky Mike
    Uh oh...
    The new UV lights arrived earlier this week, I ordered both through Amazon, one a fluorescent UV light from Banknote World the other a LED UV flashlight. Both seem to be of good quality and I would have no problem recommending either one of them, depending on what you are using them for. Buuuut, we're talking banknotes here and one is better than the other, which will bring the question of "whether or not the label for anP82b in PMG holder is accurate" to a close. For reference, I initially examined the note using a single LED UV light mounted to a loupe. 
    The first test was with the LED UV flashlight, it has a 2 inch array consisting of 51 LED's and emits light with a wavelength of 395 nanometers. Light at a wavelength of 400nm or less is considered invisible (or UV) and is below the visible spectrum. Violet being the color with the shortest wavelength, between 380 - 450nm, is the last color in the visible spectrum, hence UV or beyond violet. It's also of note that just because a light is rated at 395nm not all the light emitted is at that wavelength, there will be a range +-, meaning that some of the energy or light will be in the visible spectrum at this ratting (395nm).  So, I took my five raw "control" notes and examined them in a dark room with the LED UV flashlight. The fluorescence of the latent imprint was clearly visible, especially when compared to the single UV LED in my loupe. The security fibers were much more identifiable along with the background fluorescence in the center of the note. The paper also has a slight red tint using this light. So far so good.
              With LED UV flashlight                                                       With single LED UV light in loupe                                                       Red tint to paper under UV and fluorescent background, gold in color.
                                                                      
    Next is the Banknote World UV light and stand with a 4W 6 inch fluorescent bulb. There was no information on the tube but all similar fluorescent UV light tubes I researched had a wavelength of 365nm, which makes sense, as there is a difference between the 395 LED and this light. I examined the "control" notes under the fluorescent light and the results were even better. The latent imprint was even more visible along with security fibers and fluorescent background. The red tint appearance of the paper is much less/gone.
                    With Loupe                                          With LED UV Flashlight                                         With Fluorescent UV Light, background vivid, latent imprint clear and crisp, all security fibers clearly visible.
                   
    So it seems that a UV light that emits strongest at 365nm is the way to go. The wavelength range for the 365nm tube remains below the visible spectrum so as to not "washout" the note in visible light diminishing the effectiveness of the UV light/fluorescence of the features on the note. Also the LED lights seem to "spotlight" more, whereas the fluorescent tube emitted a more diffused light, more evenly lighting the note. Now, my conclusion has to be that my original method *vigorously inhaled" and I'd better check that P82b again with the better equipment. Here we go.
                  
    The label on the PMG graded note is correct!
    Well, I was wrong about the P82b in the holder. Sorry everyone, false alarm.
    The good news is that this was a lot of fun, I got to learn some new things, I upgraded my light situation, I can now put the note in my registry sets, I didn't send the note in for a label correction which would have been even more embarrassing and PMG was correct. The world makes sense again.
        
  14. Fenntucky Mike

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

    By Fenntucky Mike,


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


    They're basically stamps and there a few unlisted variants, they also have a cool history/story that I'll share one day. 
  15. Fenntucky Mike

    Want You To Sign Your (Banknote) (Part 1, 2021)

    By Fenntucky Mike,


    100 Hryvnia, New Signature.
    For the second time this year the NBU has updated the signature on a circulating banknote, the 500 hryvnia in March was the first, and the 100 hryvnia is the latest note to receive the signature of the new Governor of the NBU, Kyrylo Shevchenko. The 100 hryvnia banknote was designed in 2014 and measures 75 x 142mm, this is the third signature to grace the 2014 design and is the fourth different pick # to date. The new 100 hryvnia banknotes were put into circulation on Sept. 7, 2021.
     PICK # 126a
     PICK # 126b
     PICK # UNL
     PICK # UNL
    It'll be interesting to see what they do with the Pick #'s, do they assign P# 126c to the commemorative note which was released first, or to the regular circulation note? My guess would be the commemorative receives a separate Pick #, something like 126A and the latest note gets 126c. I'm also going to take a wild guess and say that in addition to the four remaining commemoratives scheduled to be released later this year, that we'll also see the release of a 20 hryvnia circulating note with new signature. A new run of 20 hryvnia banknotes has not been released/printed since 2018. We'll see, updates to come when available. 
  16. 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.
     
  17. 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. 
  18. Fenntucky Mike
    Back at the auction frontlines.... I'm still striking out, but there were a few interesting occurrences and a high end note that sold. 
    In late September/early October a Ukraine P50 was listed at HA, I believe the preauction estimate was $1,500 - $2,000. I wasn't seriously bidding on this and placed a midrange preauction bid, when the day of the auction arrived I had been out bid by $700  and sat and watched the note sell for $4,320 with BP! I was never a contender on this one. I wasn't surprised by the preauction estimate, as that is right in the ballpark for what this note typically sells for, but to double the estimate. WOW!  
    I always think of this note as the MAD Magazine note, because of the depiction of the young boy reminds me of MAD Magazine's fictitious mascot Alfred E. Neuman (no relation to Eric P. Newman ). I just know that if the cap was removed from his head two giant ears would be revealed. You read it here first P50 is now going to be referred to as the "MAD" note. 



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

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


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




    On a side note I did have a few big wins in regards to auctions containing raw notes and I'll have a Journal entry or two about those in the next week, in the meantime, back into the meat grinder for me and we'll see what happens as the next lots of Ukrainian banknotes go up for auction. Hopefully I don't get Chewed Up and Spit Out again. 
  19. 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.
  20. Fenntucky Mike

    Where have all the (Ukrainian banknotes) gone.?

    By Fenntucky Mike,


    Ukrainian Banknotes
    Where'd they go? Oooh I know, in Bonezdog registry set! JK 
    But seriously this is a good problem to have. I keep an eye on the population reports and Ukrainian banknotes have been making big strides. While the pace has slowed in recent weeks I fully expect a large increase in the near future, an expectation such as that wouldn't exist without multiple collectors out there acquiring these graded notes, it's a simple matter of supply and demand. With out the demand it would be just me sending in only the notes I needed or deemed worthy for grading and greedily hiding them away in my collection/s. Having multiple dedicated collectors looking for notes really helps to shake them loose from collections and sellers. Not just common notes but also higher quality notes and harder to find notes. In the last month I've watched two P #50's go up for auction, a note that is not often seen, multiple specimens became available along with unissued notes and quite a few of the early Pick #'s have started popping up. All good things. As far as my roll in this I hope to convince PMG to add some short sets to the Ukrainian registry, right now they only have two short sets along with two large sets comprising over 100 notes. A 100+ note set is a daunting task to take on, and typically contains a few unattainable notes for the average collector. I feel if a few short sets could be added (specifically for the modern Hryven issues) that would draw in even more collectors. Hopefully, if more collectors gravitate towards Ukrainian banknotes even more great notes will become available, I have a feeling they will. So Bonezdog, Perfect-70 and all you other Ukrainian banknote collectors out there, bring it on! I love seeing new collectors and especially passionate ones and you can bet your last dollar that I will be there when the last Ukrainian note is gone.
    Here's some of my latest additions, I got a really good offer/deal from one of the sellers of some of these. An offer I couldn't refuse. I'm sure glad nobody else seems to be going after the earlier notes or specimens, more for me. 





  21. 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":

  22. 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. 
     
  23. Fenntucky Mike

    Who's BAD? (Me?)

    By Fenntucky Mike,


    Ukrainian Banknotes
    Ok, time to fess up.
    A month or so ago a Ukrainian banknote went up for auction but not just any note a P 125! A note I've been pining over for the last few years and a note whose acquisition has been proving most difficult, so much so that I will have another journal entry about in the near future. A NOTE THAT......OH WAIT A mechanical error. A mislabeled note, the seller had it described as such, interesting.  Now, being the narcissistic panophobic conspiracy theorist that I am, my first thoughts go to "What if someone were to purchase this note and use it in a registry set (against me if I'm being honest here) unknowingly or worse yet on purpose.  I better pick this note up!". It's a 5 day auction on Ebay and as the days tick by a token bid rolls in then silence, with one day to go I see that the auction is scheduled to end a 11AM EST. Perfect! That's a wonderful time, for me,  to jump in and snipe bid this note. As the clock tics down I place my bid with four seconds to go and I WIN, out bidding two others with snipe bids. The price paid was what I would have expected to pay if the note was labeled correctly so I don't think anyone was placing a premium on this note other than me.
    The "mechanical error" note

    Now, I have no intention of placing this note in any of my sets, although the thought had crossed my mind for a fleeting second, mainly as a curiosity of whether or not the system would accept it, never intending to leave it there for more than a minute. However I do have a feeling that there are a few more of these out there, the PMG population report shows 11 graded and I'm severely skeptical of that number. For one I seem to remember a significant jump in notes graded for that Pick # about a month prior to the auction, although that was before I started tracking such numbers,  and with only a 1,000 printed I doubt that many notes were submitted from overseas persons. As graded collectables is more of a U.S. thing, although certification does seem to be growing in popularity overseas. At any rate the highest grade for Pick 125 is 68, which this note is, so I guess the only other question is if there are more "mechanical errors" out there and if someone participating in the registry purchased one, stuck it in there registry set and it was the one note that moved their set past mine would I use the "mechanical error" note and/or would I try to boo-hoo to PMG? Well I say no to both but feel free to let me have it if I welch, now that I've rejected the thought of this.  Not that it is a very likely scenario, I'd say that there is a less than 1% chance of that happening but you never know and I like contemplating such things. So now with my mind at ease and the mislabeled note safely tucked away awaiting the day that I might return it to PMG for a correction there is really only one question left to be asked. Am I a bad guy?
    The actual P 125, only 1,000 printed.


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

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

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

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

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


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

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

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

  25. Fenntucky Mike
    Sigh..... Well, I did it again. Went and completely shot myself in the foot AGAIN. Arrghh! 
    A few weeks ago I wrote a journal entry about how I have been getting skunked at auctions lately and I also eluded to a group of Ukrainian notes being auctioned by Heritage Auctions, a group of WWII issued karbowanez banknotes. Journal entry here...
    I had bid up the notes that I was going for (Way UP!) and had put noncommittal bids on the other lots. Well guess what? While scouring ebay I came across a group of Ukrainian notes. Karbowanez notes. Very familiar looking notes and all new listings. Yep, the same notes I had bid on at the Heritage auction!  Well, this just vigorously inhales! Someone I was bidding against bought these notes to resell on ebay to a Ukrainian banknote collector, like me!  The notes were listed on Sept. 22.

    The 10 and 20 karbowanez were sold as a single lot by Heritage and I wasn't particularly interested in acquiring them so I placed a lowball bid on this lot, hence the winning bidder got these for a decent price and was able to list these on ebay for a reasonable price. The 10 karbowanez has already sold and the 20 will follow soon. I wasn't particularly interested in the 50 karbowanez either as it was not in a grade I wanted, and no EPQ is a bit of a deal breaker for me, so I placed a lowball bid on this note as well. The note sold at Heritage for a low price and is listed on ebay for a fair asking price. This note will probably sell after the 20. The 100 karbowanez is a very attractive note with the grade to prove it, I bid this one up to a respectable price level and it sold at a slightly higher price than others in similar condition, a fair price, but maybe $40 more than I would have expected it to sell for. Since the bidding was higher at Heritage for this note the Buy It Now price on ebay is probably $100 above what I would expect. This note will probably sit for a while but may eventually sell. Finally the 50 karbowanez, one of the three lots I bid way up, a note I would have liked to of won at Heritage but unfortunately lost, and am now forced to look at it on ebay at a ridiculous price.  Well, I currently have zero intention of purchasing this note at that price but I will keep an eye on it and maybe, just maybe if it sits unsold for an extended length of time the seller will drop their price or will be willing to deal, but I doubt it. If I hadn't bid this note would have sold for a lot less, I'd bet over $100 less.
    Yah see, I don't mind a guy or gal trying to make a buck, and I would have gladly paid that buck if I hadn't bid big bucks causing me to not have enough bucks to buy the karbowanez bucks. See.  I probably screwed two people over on this one, me and the seller. I wonder about me sometimes.....