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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike
    Written 7/30
    The third of four Shahiv banknotes was ending today, the 40 Shahiv banknote, and as planed I would place a lowball bid to hedge against the possibility of me being incorrect in using the Population Reports to determine the seller has another 40 Shahiv banknote that they will post soon after the auctions for the first set end. The bidding started at $43, the note was graded Choice Very Fine 35 by PMG, no EPQ designation, and no bids had been placed as of yet. Since the auction was ending early afternoon I decided to go with a lowball snipe bid, auctions ending during the day give me the rare opportunity to snipe.  As the clock wound down I placed my bid and won with no other competing bids.  I have a feeling that having no EPQ designation may have had something to do with this or have others came to the same conclusion as me? Tracking the population reports or worse yet tracking my updates.  As stated before this note has a total population of three and the note for auction had the lowest grade of the three, and was stated in the auction item description (1/2). One collector of two, whom I consider competition in acquiring Ukrainian banknotes, already had this denomination in a higher grade and the other is a very careful shopper typically only going for the highest quality.  That makes the most sense for the lack of competition on this note as there is really only three individuals typically interested in Ukrainian notes and/or where I see any activity in the PMG registry. 
    Pictures are from the seller.




    PMG used to put postage stamp currency in an additional envelope before sealing them in the holder, I kind of liked that, it helped to keep these tiny notes from floating around inside the holder. Oh well. The note is worthy of its grade and lack thereof an EPQ designation but it's still a fun little note and fills an empty place in my collection allowing me some flexibility for the next set of Shahiv banknotes from this seller (if I'm correct) as I'm now only missing the 10 & 30 Shahiv notes of this series. Only having two of the five notes to focus on means I don't have to worry about acquiring graded examples of the others and upgrading these is just not really important or under consideration at these prices, $300 for one of these is not what I want to spend my collecting budget on. Just one more auction to go and the first set (I think) will be done. The final note is the 30 Shahiv banknote, Top Pop of three graded an Uncirculated 62 but no EPQ designation, the bidding started at $158 and there is currently one bid. So now the question is do I bid this up a little and do a Bad Bad Thing again? 
    P.S.
    Bidding up a note is note necessarily a bad thing, the person who REALLY wanted to win did, the seller gets a better price encouraging them to continue to submit notes or put them up for sale meaning more notes for everyone and I could weaken my competition for the next note which could be even better. Yeah, I'm feeling less bad and if I'm right about whom I was up against/bidding up, even more so. The strange thing is that I won the 40 Shahiv, two different people won the 10 & 20 and there is a fourth bidder who is currently winning the 30 Shahiv auction, is it possible I'm not just going up against my two closest rivals?
  2. 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.   

  3. Fenntucky Mike

    Damage, Inc.

    By Fenntucky Mike,


    NBU Defaces Banknotes In Time Of War
    With the war in Ukraine having entered its six month, and with the taking and retaking of territories within Ukraine, there has been a need by nonmilitary personnel to get out of said areas quickly, as the need arises, sometimes at a moment's notice. That being said, such evacuations mean that there is little time for preparation and items must be left behind and along those lines the NBU has instructed the banks in the warzones to deface/deliberately damage all banknotes in the event of an evacuation. The statement from the NBU reads as such, "Taking into account the conduct of military (combat) actions or their possible threat, in accordance with the requirements of the regulations of the National Bank, in case of impossibility to take out cash, banks must damage it in order to bring the banknotes into non-payment condition.", in addition to being ordered to deface/damage the banknotes the NBU has also given instructions as to the methods for the defacing/destruction of the notes, "Banknotes can be damaged mechanically (cutting off at least half of the banknote and destroying it; cutting it in half or into three parts; drilling three or more holes in the banknote) or by using special solutions or other coloring substances with coloring of at least 50% of the total area of the banknote.".  See the press release from the NBU here. https://bank.gov.ua/ua/news/all/pid-chas-rozrahunkiv-gromadyanam-krasche-vidmovlyatisya-vid-banknot-z-otvorami-ta-inshimi-poshkodjennyami 

    It is also illegal to spend such banknotes once they have been defaced/deliberately damaged, and that seems to be an issue in areas near the war zones. As occupying forces move in they, or others of an unscrupulous nature (looters), will confiscate the defaced/damaged notes and ether intentionally put them back into circulation in hopes of destabilizing the local economies or spend them as if they were their own.  The 500 Hryven banknotes in the image above, taken from the NBU press release, are of the old design last used in 2015 (3rd generation Hryvnia) meaning that both old and new notes (4th generation) could be, were, defaced/intentionally damaged. It is unknown at this point if the NBU has serial number ranges for new notes that were defaced/intentionally damaged at occupied/abandoned banks, but I assume that information is available to them, nor is it known if there are records for older notes pulled from circulation that were defaced/intentionally damaged, but it's doubtful. 
    Please, if you see such notes online, specifically for sale, report them and the sellers as these notes are illegal to own at this time and directly impact innocent people. Furthermore, any jamoke or jabroni can pop three or four holes into a banknote, or deface it in any manner described above, and claim that it is the real article. Stay away from these folks! 
  4. Fenntucky Mike

    I've Been Everywhere Man! (Supplemental, Part 2)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    I have yet to figure out the reason for the existence of the "black" prefix and serial numbers on some 1,000 Karbovantsiv notes of 1918-21, and as such I've been collecting data on the subject in the form of additional notes with the "black" prefix and serial number variety/error/damage.  Not that I needed a reason to collect more notes.  In my current mania I've managed to acquire several more examples of this phenomenon and I think I'm starting to lean heavily towards the existence of these being either due to environmental causes/improper storage of the note (ink oxidization), improper mixing/application of the ink used or contaminated ink or mid-printing ink change, and/or intentionally done after printing/an altered note. The end answer can be anyone or a combination of all three, I just don't know at this point, but I am getting closer to an answer....maybe. 
    Among my more recent acquisitions were two more 1000 Karbovantsiv notes with the prefix АГ and serial number in "black" ink. This would bring my total notes with the same prefix in "black" ink to five, but more importantly one of the notes was printed on connected/linked-stars watermarked paper! My second, and both cherry-picked from sellers not listing the watermark.  Anyway, on a side note, the new АГ prefix note is only, sequentially, 794 notes away from my other connected/linked-star watermark note. Assuming that they were printed in the same run, notes of this prefix were printed at all three sites but only Kamianets-Podilsky is listed as printing on the connected/linked-stars watermarked paper, this would mean that I'm narrowing the number range in which these were produced. My first note with connected/linked-star watermark had prefix and serial number АГ 802463, my latest note is АГ 803257, meaning that, possibly, only notes of АГ 802463 or higher were printed on the connected/linked-stars watermarked paper. If you like making assumptions and using nice round numbers like me, I would make the argument that sharp-eyed collectors out there should be looking for notes with the prefix АГ and a serial number above 799999 in hopes of acquiring a watermark of this type.  My next closest note with АГ prefix is 691175, which has wavy lines or Rhine-waves as a watermark. 

    Ok, back to the "black" ink. The other intriguing thing about these two notes, with the connected/linked-stars watermarks, is that the prefix and serial numbers were (presumably) applied using two different inks despite a miniscule gap of 794 between the numbers and both being from the same print run (presumably).  This relatively small gap has me very suspicious as, if accurate, the color shift would have happened mid-printing at the same facility/location. This being based on the paper having identical watermarks and all other notes with the АГ prefix, printed at Kyiv and Warsaw, having different qualities such as Rhine-wave watermarked paper, or no watermark, or lines of varnish, etc., in addition to using information available in current references. 

    There are some possible font differences, especially with the prefix on the upper-left and lower-left images in the above but it's hard to tell if the font is different or if there was an over or new application of ink to the type as there is evidence of over inking or a new application of ink with the "black" prefix and serial number note, with excess ink visible around the prefix and serial number on that note. I'm leaning towards excess ink as a possible cause for the appearance of possible variations, which makes sense to me as the red prefix and serial number seems to be lacking in ink with narrowing of lines, gaps, and missing ink in spots.
    For clarification, I now have five of these notes with prefix АГ and serial number in "black" ink. Serial numbers АГ 183743, АГ 263394, АГ 400451 & АГ 513625 with Rhine-wave watermark (Kyiv notes) and АГ 803257 with connected/linked-stars watermark (Kamianets-Podilsky note). 

    As mentioned, I've picked a few of these notes with "black" ink and serial numbers, well, the next two notes are going to throw a wrench into the mix.  A 1000 Karbovantsiv note with prefix and serial number АВ 404371 in "black" ink and another with prefix and serial number AE 004043 in "black" ink/partial "black" ink. I have never seen or heard of the "black" ink variety being present anywhere other than on 1000 Karbovantsiv notes with the prefix АГ, and in addition the AB and AE notes are both associated with different printing facilities/locations. The AB being commonly accepted as a Kyiv note and the AE a Warsaw note. 
    АВ 404371 note below, with prefix and serial numbers enlarged. Attributed to Kyiv as printing location, Rhine-waves watermark, Brown back, AB prefix.

    AE 004043 note below, with prefix and serial numbers enlarged. Attributed to Warsaw as printing location, zig-zag lines of varnish (front), "W" on front of note, Brown Back, no watermark.

    The AE prefix note is particularly interesting as the right prefix and serial number display blotches of "black" ink on all digits and letters, with red being the primary color and the left prefix and serial number being predominately "black".
    Also, one thing that I overlooked in previous Journal entries is that while the ink for the serial number is "black" the overprinted seal on all of these notes is red, as it is throughout the entire issue of these notes. While the seal and prefix/serial numbers may not have been applied at the same time, they would have both been applied after the printing of the main designs, as there is no design for the seal on the lithography stones (see journal entry I've Been Everywhere, Man (Part1)), and in quick succession to one another. Yet only the prefix and serial number have this "black" ink.  Of course the seal could have quite literally been stamped by hand or printed by an entirely different process to how the prefix and serial numbers were applied. Meaning a different ink or mix could have been used for the seal.
    I also have questions as to the color of some of the "black" ink notes as it appears to vary. The АГ 183743 has more of a purple tint to it than higher numbered notes in the same sequence, does this indicate a recent changeover from red to "black" ink? As the next three notes, АГ 263394, АГ 400451 & АГ 513625, are all much darker in color, some closer to coal black. There is little doubt that АГ 803257 could have been a recent changeover as well, with it also having a purple tint and a previously numbered note, with only a 794 gap between numbers, being all red. The same question arises with note AE 004043 as well, more of a purple tint and a mix of red and "black". Changes on the fly?
    While there is still no definitive answer or explanation for the "black" prefix and serial numbers, nor has anything been ruled out, I feel like I'm closer to a solution than I was previously. Fortunately, there is more work to be done, more gathering of information and notes,  plus more speculation on my part.  More to come when available....
    If you made it all the way through my, probably, incoherent ramblings congrats! I barely finished it myself,  but if you feel like bashing your head up against a brick wall some more, or are a glutton for punishment, here are some more of my Journal entries on these notes.
     
  5. Fenntucky Mike

    I've Been Everywhere, Man! (Part 2)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    With three different production sites, dwindling supplies, war on several fronts and a desperate need for banknotes to circulate among the public, compromises were made and as a result several varieties of 1,000 Krabovantsiv banknotes exist. Below we will touch on what I consider major varieties. 
    KYIV
    With Kyiv being the first and most stable location, the notes printed there were of good quality and consistency. As a result, there are no major varieties that can be directly link to the printing offices at this time. The Kyiv notes are currently Pick # 35a in the SCWPM, GI (Standard Catalog of World Paper Money, General Issues 16th Edition) although not noted as Kyiv notes in SCWPM these notes best fit the description "Watermark: Wavy lines.". All notes were produced on the same paper with identical watermark and inks used, there were four series of notes printed at this location and, if collecting by prefix, will provide four minor varieties to acquire. The four prefixes are AA, AB, АБ & АГ all in red ink, along with the serial number. The Kyiv notes are normally found with excellent color, the dark reds and greens really coming through. I also typically see two different sizes of type used for the prefix and seral numbers, small and large, but I don't currently have enough data to speak on this as of yet in regards to determining varieties.  Specimens were produced and were two uniface pieces, front and back, with ЗРАЗОК (SAMPLE) printed diagonally across the unprinted side in black ink with the prefix and serial number in red ink, PP888899 (Pick 35as1 and 2). There is also a two-sided specimen with ЗРАЗОК printed diagonally on both sides in red ink, with the prefix and serial number in black ink, PP000000. Both are extremely rare with the two-sided specimen exceptionally so. 
    Kyiv prefix varieties. Notes printed on paper with wavy line watermark, no "W" on the front of the note, prefix in red ink.

    Specimen, uniface front, Pick 35as1.

    Kamianets-Podilsky
    The next print location for the 1,000 Karbovantsiv banknote was Kamianets-Podilsky where we encounter two major varieties. As previously mentioned, in my prior Journal entry, a lack of supplies led to at least a paper change but also some other interesting varieties. The Kamianets-Podilsky notes are where we see watermark and ink variations. While it cannot be said if it was a lack of supplies, time, or talent that led to the varieties produced at this location, most likely it was a combination of all three, the times in which they were produced absolutely played a part. The first variety was a change to the ink used for the back of the first two series of notes printed. While the paper used in Kyiv was used to produce the first two series of notes in Kamianets-Podilsky, prefix AH & AO (wavy line watermark), the ink used/mixed was violet in tone as opposed to the previously used brown toned ink. This color change was previously noted in the SCWPM but was not assigned a separate Pick #, as of the latest printing this color variance is no longer mentioned.

    Prefixes used for the violet back, note the type size difference between the two series as noted on other series and within series.

    The next variety is the linked star watermark which, as previously mentioned in Part 1, was facilitated by a lack of supplies. Notes printed with prefix AA, AB, АБ & АГ, (the same prefixes were used on the Kyiv notes) in Kamianets-Podilsky were the only 1,000 Karbovantsiv notes to be produced on this paper. These notes were previously Pick # 40b (kind of) in the SCWPM, although none of the linked star watermark notes have violet backs. Pick 40 has since been removed from the SCWPM and combined with Pick # 35, there are no current varieties assigned for the linked star watermark or the violet back notes. At least not in the 16th addition (2016). 

    SCWPM 12 Edition, Pick 40.

    WARSAW
    The third and final print location for the 1,000 Karbovantsiv banknote produced one Major variety and several small ones. Most 1,000 Karbovantsiv notes printed in Warsaw display the letter "W" to denote the location of printing, two series were produced in this way, AE & AI, on paper containing no watermark but with zig-zag lines of varnish applied to the paper. The varnish can be present on the front, back or both and runs diagonally either left or right depending on the paper's orientation during application of the varnish. The varnish lines appear to sit on top of the lithography to my eye, and if correct would have been applied after printing. Prefix AE and AI were only used on Warsaw notes with "W" on the front.
    View, magnified, of Zig-Zag lines of varnish.

    Below image, prefix for Warsaw notes with varnish, note the varnish present on prefix AI which runs vertically through the "A" and the "2", diagonally between the 0 and 6 and diagonally between the 4 and 8. Also note the lack, or no, varnish on prefix AE. Prefix are located on the front of the note only, as they were on all series issued.

    There was also a third series of note printed in Warsaw on paper with no watermark and wavy lines of varnish present on the back. Prefix АЖ was used for these notes, with an estimated run of 1,000 notes. 
    UNKNOWN
    The final major variety is another ink variation, black ink was used for the prefix and serial number. All notes are from series АГ, printed on paper with wavy line watermark. The print location is unknown as both Kyiv and Kamianets-Podilsky, at one time, had printed notes using this prefix and had produced notes using the wavy line watermark paper. Although Kamianets-Podilsky printed АГ series notes they were on linked star paper but notes of other prefix were printed on wavy line paper at the same location, meaning that, there was an opportunity for these to have been printed at Kamianets-Podilsky. These are rare and either facility could have produced a limited run of notes with black ink, although it is thought that Kamianets-Padilsky is the more likely printing location due to the lack of supplies and poor production quality. One other possibility it that these were printed using captured lithography stones, but there is a lack of documentation to support that. Note, the example below has unbalanced prefix with the left prefix type being much larger than the right, the serial numbers are of the same size. The embossed emblem is also extremely faint on this note.

    As it stands, there are six major varieties worthy of a Pick number, in my opinion. The Kyiv notes (P #35a). The Kamianets-Podilsky notes, violet back (P #UNL), and linked stars watermark (P #UNL). The Warsaw "W" notes with zig-zag varnish (P # 35b), and wavy lines of varnish (P #UNL). And the black ink prefix notes (P #UNL). It would have been nice if the Pick #'s for these could have been assigned in order of printing/location, but that ship has probably sailed at this point. With that said, hopefully we'll be seeing P #35c for the violet back notes, P #35d for the linked star watermark notes, P # 35d for the wavy lines of varnish note, and P #35e for the black ink prefix and serial number notes in the future. There is a P # 35c listed in the PMG population report, although I do not know what that variety is as there is no 35c listed in the last edition of the SCWPM or on Numismaster. While I do have at least one each of all the major varieties in my collection, all notes pictured are from my collection except for the specimen which is currently up for auction at Stack's Bowers , I am missing one prefix and a couple of the linked star watermark notes (by prefix).
    If you're looking to collect all varieties by prefix, lookout, you're looking at 21 notes, but if I can get some more examples of the large and small type used on prefix and serial numbers and include the direction of the varnish this list could double.

     
  6. Fenntucky Mike

    I Just Want To Celebrate! (Part 2)

    By Fenntucky Mike,


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

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

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

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


    No need to guess as to what the Pick #'s will be for the next two commemoratives, P131a & P132a, and I can't wait for them to come out early next month. I'm really excited for the 1,000 UAH note as that is also a really great looking note. I'd be a little surprised if the BPMW of the NBU issues a 2021 circulating note for the 1,000 UAH, but stranger things have happened. I would however expect a new run of 50 UAH to coincide with the release of the last two commemoratives next month. We'll see. 
    Psst. I was able to acquire a few fancy number 200 UAH commemoratives, more on that later.
  7. 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.
     
  8. Fenntucky Mike
    Sometimes opportunities come along in quick succession and if you had taken advantage of the first you are then faced with the difficult decision, sometimes, of whether or not to "go in" on the second. A typical dilemma that all collectors face, and at its core is all about patience. Well, fortunately for me this recent dilemma required very little thought, or money, and I went "in" on my latest acquisition. 
    I've been on a shahiv kick recently and have been rewarded with some fun and unique acquisitions as of late. While searching ebay I saw 5 new listings for Ukrainian shahiv notes, each for a single note of varying denominations which if all purchased would make a complete set. Not having need of a new set, or even individual notes, I wasn't expecting much and was quickly scrolling past until the 40 shahiv note caught my eye. It looked terrible, printing wise, and deserved closer inspection. 
    Images from ebay seller.

    Similar to the 50 shahiv note I purchased a week earlier, the design and printing of this note looked subpar and lacked all the detail and sharpness an actual 40 shahiv note would have. All the details were mushy, the edges of the ink were inconsistent and not sharp, the design was inaccurate with the shape, placement and size of the images off. The single line boarder on the back was crooked with no straight lines, messy corners and thickness variances all over, the text and trident, inaccurate. This looked like another contemporary counterfeit, the second one in two weeks that I had come across, after not having seen any for over two years.  Well, I went ahead and spent the $11.99 it would cost me to purchase this note and patiently waited for its arrival.  
    Upon further inspection, once the note was delivered, it's not even close. Not that there was much doubt in the first place. A contemporary counterfeit of poor quality and a solid new addition to my collection. 


    That there was a need to produce these, I say need as I believe that these counterfeits were most likely produced out of a need to survive by people or as a means of disruption by an enemy at a time of war and not as a way of profiting from them, is interesting. As, to date, there are only known counterfeits of the 40 and 50 shahive notes, the largest denominations, and that counterfeiters didn't seem to waste their time with the lower denominations is an indication of the "value" of these at the time they were issued. Meaning they were almost worthless and were quickly replaced by higher denomination notes in short order. 
    A contemporary counterfeit is not listed in the Standard Catalog of World Paper Money but is listed in at least two other references in my library. Notes not listed in the SCWPM or by Pick is not unusual, especially for collectors of notes from less popular countries, but that's part of what makes collecting from countries that do not have a large base fun as you can find all kinds of "unlisted" notes or rarities with just a little effort, and they aren't going to break the bank. I imagen that this note will be listed as P 10x, similar to P 11x, and I guess would be considered a discovery note in the U.S..  Interestingly enough there are no images of a counterfeit 40 shahiv note in any of the references that list it, I don't know if it is because the author/s or publishers just didn't have any notes or images of a counterfeit or if was just known with no current examples. 
    Paper Money of Ukraine, 40 shahiv counterfeit listed with no image.


    Ukrainian Paper Money, 40 shahiv counterfeit listed with no image.


    This is a super fun series to collect with several varieties still out there waiting to be discovered, and you can bet I'll be looking for them. Even ones that ain't the real thing. 
  9. Fenntucky Mike
    Recently, I saw an auction popup on eBay, a couple of Ukrainian shahiv "postage stamp currency" notes. What initially caught my eye was the 20 shahiv, which was missing the perforated edges.? The Standard Catalog of World Paper Money does not currently list an unperforated variety for this note, although they are known to exist, and if real it would be a great find. But after looking at the images more closely it just didn't look right to me, not that it wasn't genuine, but I was pretty sure it was trimmed. The only thing that was still a little misleading was that it was close in size to the 50 shahiv it was pictured next to, which had perforations.  Since I wasn't 100% sure of whether it was trimmed or not, I decided to still pick up the lot if the price was right. These don't typically sell for much, especially in less than stellar condition.
    Images from eBay seller.


    After finishing with the 20 shahiv I now turned my attention to the 50, and it looked bad. The printing looked like garbage, the front design mushy and lacking details, the back the same and with incorrect text, font and size. I believed the 50 to be a contemporary counterfeit! This lot was now piquing my interest, a possible nonperforated 20 (but probably not) and a counterfeit,  I decided I was now going to place a more aggressive bid on these. A few days later, as the auction was ending, I placed a snipe bid and won the lot for $11.61, $12.60 total with the shipping.  
    The notes arrived and I sat down and inspected the 20 shahiv. I first overlaid the nonperforated 20 over a perforated example I had, the nonperforated note was smaller than the perforated. Not good but not a deal breaker since if a sheet of nonperforated notes came off the press it would have to be cut into individual notes and if the cuts were off or done by hand the note could very well be smaller. Next, I looked at the cut quality, again not good, jagged, stops and starts and a large chunk in the lower left corner. Definitely looks like it was cut by hand, and that larger piece still attached in the lower left corner is probably the connecting tab between perforations. The final nail in the coffin was an examination under magnification in which remnants of the perforations are still visible. Well, not a shocker and a note that will just go into a top load and be labeled as "Trimmed" in my collection. Still an interesting piece, and I have a feeling it was trimmed at the time of issue or shortly after as the coloring of the edges seems to be consistent with the rest of the note.
    Overlaid, trimmed over perforated.

    Side by Side, perforated left, trimmed right.

    Remnants of perforations still visible under magnification.

    With the trimmed or nonperforated debate over on the 20 it was time to focus on the 50 shahiv note to determine whether or not it was counterfeit. In a side-by-side comparison to an authentic note in my collection the results were definitive. The printing on the suspected counterfeit was sloppy with lots of bleeding of ink throughout, there was a sever lack of details, especially in the background and wreath, the text was sized improperly and the font incorrect, and the paper used was of a lesser quality. The back suffered from all of the same symptoms that the front did, despite only containing a single line boarder (the boarder is just sad), Tryzub, and text. There is no doubt that this note is a counterfeit. The question of "is it contemporary" is still hanging out there, but I believe it to be as it has the look and feel of others that I've seen. Nice! 
     

    This was well worth the investment to acquire these, not that a trimmed/damaged 20 shahiv and a counterfeit 50 shahiv are worth anything, they're not, but the goodtime had in examining these notes and the knowledge gained was priceless. Plus the contemporary counterfeit is going to look great in my shahiv collection,  it's listed in the SCWPM as Pick # 11x. For more on Ukrainian shahiv banknotes see my journal entry "Shahiv It Up, Baby, Now". 
     
  10. 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. 
  11. Fenntucky Mike
    Written 9/11
    On Friday (9/3) the 10 & 20 Shahiv notes showed up in a registry set, followed by a slot being added to the Registry and the 30 Shahiv being added to the same set on Tuesday (9/7). As I suspected, one of my fellow Ukrainian collectors in the Registry picked up 3 of the 4 notes (myself having acquired the fourth), the 10 & 30 Shahiv having sold for moon money ($281 & $158 respectively) and the 20 Shahiv selling for considerably less. I had purchased the 40 Shahiv (PMG 35) for $43. One of the strange things about this odyssey so far is that the winning bidder ID for the three notes I did not win, and are now all currently residing in the same registry set, is different for each auction but all three ID's have the same amount of positive feedback. Even the 30-Day Bid History is identical.? I'm not sure if this due to some sort of sniping software or something similar meant to give a bidder an advantage. I guess I never understood the need to do such things, I get waiting to place a snipe bid but even doing that has mixed results both good and bad. In the end you need to determine what you value something at and place that bid at the opportune moment. 
    So far my "predictions" have been on the money, the last piece of the puzzle, the most critical piece to my (hopefully) acquiring all of the Shahiv notes, is that the ebay seller has and will soon list the other graded Shahiv notes.  If not then  but even if the other Shahiv notes graded at the same time as the first batch listed don't become available I still would not have acquired the 10 & 30 notes as I was not willing to pay the prices the notes sold for. So instead of spending BIG money I picked a few notes to add to my collection.
    They were all under $40 and one day might end up at PMG for grading. The are all AU - EF and didn't put a hit on my wallet. 
  12. Fenntucky Mike

    Shahiv It Up, Baby, Now

    By Fenntucky Mike,


    Shahiv Issues
    The Ukrainian Postage Stamp Currency of 1918, with denominations of 10, 20, 30, 40 & 50 Shahiv, are odd little ducks but not in the context of the times. World War I would rage most of the year until the Armistice Agreement on November, 11, the Spanish Flu pandemic was beginning, the Russian Revolution was in full swing and the newly established People's Republic of Ukraine (June, 1917) was toppled via coup d'etat complements of the Imperial German Army which was occupying Kyiv at the time and then promptly installed Pavlo Skoropadsky as Hetman in April 1918 for an exchange of supplies expropriated from the people of Ukraine in order to fight the Bolshevik Red Army which was on the doorstep of Kyiv. There was a sever lack of supplies, a sever need for currency and a new Dictator/Government. The Ukrainian People needed banknotes issued by the new Government now. The quickest solution (in lieu of coin as there was a metals shortage at the time) was to issue Postage Stamp Currency until new larger denomination notes could be produced in Berlin. Karbovanets were the official monetary unit of Ukraine at the time with 1 Karbovanets = 2 Hryvni = 200 Shahiv, the Postage Stamp Currency was essentially, pocket change. 
    Forms, 1 = Shah, 2 - 4 = Shahy, 5+ = Shahiv
    Printed on card stock, in April of 1918, the Shah notes were the first circulating currency of the new regime. Although now a Dictatorial State under the control of Hetman Skoropadsky the previous title of Ukrainian People's Republic (UPR) was still used on all currency issued during his reign along with the National Symbol, The Tryzub. There are several known varieties along with a specimen consisting of the five fronts of the different denominations and a single reverse printed on a cardboard sheet measuring 260 x 185 mm with Ukrainian and Russian descriptive text, which strangely enough uses the description Ukrainian State as opposed to UPR and only depicts a single reverse design when two were used. All denominations contained the same text on the front and back, the only significant change (excluding the artwork/design) was the numerical display of the denomination. 

     
    The text on the back which, according to Microsoft Translator, says "Walks on par with the ringing coin." could also be translated as "Is on par with the ringing coin." or "On par with the ringing coin.". The phrase "ringing coin" is interesting to me as I wonder if it has some other significance beyond the obvious that when coin is dropped on a hard surface is makes a ringing sound? Or does it refer to something else like a specific type of metal or coin characteristic, maybe it was just a generic phrase or something else?  Ukraine did not mint or have any coins minted of its own until after its Independence in 1991, so what is this phrase referring to? Possibly, it is referring to being "on par" with Russian coinage, specifically a 1/2 kopek which was also referred to as a Shah at the time and freely circulating.
    There are five denominations of Shahiv (10, 20, 30, 40 & 50), with the Standard Catalog of World Paper Money listing three varieties. Below is a list of all varieties, including those not listed in the SCWP and those assumed to exist but are not yet known. There are potentially 20 notes, including varieties and counterfeits, to be collected for this issue.

    Perforated Varieties.

    The designs of the Shahiv were done by two of the greatest Ukrainian graphic artists of the time, maybe the greatest ever, Heorhii Narbut who designed the 30, 40 & 50 Shahiv notes and Antin Sereda who designed the 10 and 20 Shahiv notes. Heorhii Narbut was one of the founders of the first Ukrainian Art Academy and built the printing technologies unit from scratch. Narbut designed the government's logo (Tryzub) and seals, letterhead for it's charters and official stationery. He also created a line of postage stamps and designed 13 of the 24 banknotes issued between 1917 - 1920 for the fledgling Nation. Antin Sereda studied under Narbut at the Art Academy and later illustrated the cover to the catalog of a posthumous exhibition of Narbut's works in 1926. I'll have a Journal entry exclusively on Narbut in the near future.
    There are two different reverse designs for the series, although the designs are (so far) specific to certain denominations. A double box used on the 10, 20 & 30 Shahiv notes and a single box used on the 40 & 50 Shahiv notes. The specimen print displays only the double box reverse as would be expected as the first three denominations used this design and are presumed printed first. Although none are known to exist I would not be surprised if examples of both reverses on all denominations exist, especially at the transition between the 30 & 40 Shahiv notes. I would expect that a 40 Shahiv double box or 30 Shahiv single box reverse would be the most likely to have been produced.
    10, 20 & 30 Shahiv double box reverse.

    40 & 50 Shahiv single box reverse.

    Stamps of the same obv design were issued in July of 1918 on very thin paper and gummed back with no printing. The first edition was imperforated when issued but individual businesses and post offices would perforate the sheets on occasion. Later editions may have been released with perforations.


     
    With inflation running rampant the Shahiv banknotes were quickly forgotten as new higher denomination banknotes of up to 1,000 karbovantsiv were issued. In November of 1918 Skoropadsky was removed from power in an uprising led by socialist Symon Petliura after the withdrawal of German forces from Kyiv. Eventually on December 14, 1918 Skoropadsky abdicated and fled to Berlin and the Ukrainian People's Republic was restored with power vested in a Directoria, a provisional government of five directors as opposed to the Central Rada that formed the legislative branch in the previous incarnation of the UPR. An independent Ukrainian Government would exist in some form until 1921 but the Shahiv were long forgotten by then, a grain of sand in the hourglass that was Ukraine's brief Independence at the beginning of the 20th Century. 
  13. Fenntucky Mike
    Written 8/7
    The auction for the 30 Shahiv banknote ended and I didn't place a bid , with only one bidder and a $158 starting price I just couldn't justify the risk of bidding and ending up with this note. That's not to say the note was not worth the price, Top Pop, it's the harder to find "b" variety with the Gray-Violet ink and it's the only note of this variety currently graded (all pluses) but I just couldn't do it. The note just didn't have the good vibrant ink/color that I would like to have with this note, (although the Gray-Violet version is notoriously light when it comes to color) no EPQ designation was a drawback as well but wasn't necessarily the determining factor, I just wanted a note with more color.



     
    The 30 Shahiv note concluded the seller's auctions of all their listed Ukrainian notes, all 4 Shahiv notes sold, the 100 & 250 Karbovantsiv notes did not and the seller has since relisted them. The 100 Karbovantsiv at a Buy Now price and the 250 is again up for auction with a starting bid of $138. I'm watching both and neither will sell, I think, although I did receive an offer from the seller of $10 off on the 100.  The Shahiv notes all sold for pretty good money especially the 10 Shahiv,   and now I'm just waiting for the seller to hopefully list the next four in the near future.

    On a side note the 40 Shahiv I won showed up and it's a real beauty with better than expected ink.  It's only graded 35 but I think it's strong for the grade, similar to how I though the 30 Shahiv looked weak for it's grade. When is a Fourth Party going to show up with fancy stickers to place on the holders to make these determinations?  Like CAC for banknotes,  it will probably happen in the future, if it hasn't already. 


    Now, the agony of waiting in anticipation of the second set of Shahiv notes.
  14. 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.......
  15. Fenntucky Mike
    Written 7/29 
    The events to the overall theme of this Journal entry will be playing out over the span of a few weeks and since that is the case and since posting "real time" Journal entries could affect the overall outcome of these events (negatively for me) I'll be logging Journal Entries and then posting them once the chain of events has ended. Here we go.
    I just bid up a note (actually two), BIG TIME, for no good reason other than too (1) be a jerk.  (2) test a theory based off of data I've been gathering from tracking the weekly PMG, Ukrainian Population Reports of graded banknotes. (3) Acquire a higher graded banknote at a lower price. See my Journal entry "Where have all the (Ukrainian banknotes) gone.?" for my population report tracking entries and comments.
    The note/s in question were a Ukrainian 10 Shahiv and to a lesser extent a Ukrainian 20 Shahiv banknote, both were being auctioned off by the same seller along with 40 & 30 Shahiv banknotes and 100 & 250 Karbovantsiv banknotes. The 40 & 30 Shahiv are of the same series and type as the 10 & 20, the 100 & 250 Karbovantsiv are a completely different animal from the Shahiv but would fit nicely into my set along with the Shahiv notes.  I felt all the notes were a little pricey as none were below $43 and two started at over $148 but we'll see if they all sell. The Shahiv are the same size, shape and design of stamps of the same period, most are perforated, but without glue, on thicker paper and the national symbol, Tryzub or Trident, on the back. The postage stamps that circulated at the same time as the notes did not have the Tryzub displayed on the back and were adhesive backed for placement on envelopes, neither were they perforated as they were cut from sheets. Shahiv were issued in denominations of 10, 20, 30, 40 & 50.
    Stamps - imperforated, no Tryzub, adhesive backed, on thin paper.

    Banknotes - perforated, Tryzub, no adhesive, on thick paper.

    These Shahiv issues are well known to me and with the addition of monitoring the Population Report, I feel that I have a pretty good grasp of the situation at hand. This seller listed 10, 20, 30 & 40 Shahiv notes at the same time, since I've been tracking the Population Report there was an increase in the population of the 10, 20, 30 & 40 Shahiv banknotes graded by PMG. On the weekly update of June 15 there was an increase of +2 in each of these categories, along with an increase of +1 in the 100 & 250 Karbovantsiv banknotes. The increase in population along with all the holders having matching PMG Submission numbers indicates to me the possibility that the seller might be holding back additional Shahiv banknotes. The timing is right, listed June 15 in the Population Report then listed on ebay a month later, there was only one graded of each note prior to June 15th and the chances of another individual having graded the exact same Shahiv notes at the same time is slim to none. The person who listed the notes is absolutely a seller, one from whom I've purchased before, and is probably holding back duplicates.  I went ahead and made the assumption that this seller had two each of the Shahiv banknotes graded and was only listing one set at a time. If true I should be able to determine if the seller is holding back higher, lower or identical grade notes. The 20 & 40 Shahiv notes that are being auctioned have populations of 1/2 (one with two graded higher), according to the Population Report, so both are the lowest graded notes of those denominations. Similarly, I'm able to deduce that the 30 Shahiv listed is a Top Pop (1/0). The 10 Shahiv is 1/1 meaning that since there are three graded it is in the middle, so if the seller is holding back another note I don't know if it is a higher or lower grade. I have a feeling that the seller listed two high and two low notes, a total guess on my part.  

    Based on this info and a quick look at my Ukrainian set and I knew that none of these notes were really on my radar if better notes were to be had in a few weeks but to hedge my bet I placed a few bids on the two notes whose auctions were ending today, both of which would be either an upgrade or fill a hole in my collection. I was thinking a few lowball bids just to be safe, one per note, if I loose no big deal as there should be another note right behind this one. If I win I get to check a note off the want list or upgrade, what can go wrong.  The first note had a starting bid of $43 and one current bidder, I already had this note but it would be a slight improvement, I placed a bid of $57 which was not enough to beat the current bid so I shrugged my shoulders and moved on.
    The names have been removed to protect the innocent.

    The next note is a pretty good note and one that I currently don't have a graded example of, the starting bid was $86 with one bidder who had placed two separate bids. Ok, sticking to my lowball guns I place a bid of $97. "Huh. It wasn't enough to overtake the first of two bids from the same individual? Well, I should place at least one more bid to see if I can leapfrog the lower of the two bids and I do need this note. I can go a little higher." I thought to myself and placed another bid. Then another and again and so on until I was up to $281 having still not passed the first of two bids by my now hated rival. Well I had enough at that point and not wanting to get stuck with this note now and kind of feeling a little bad for having driven the price to what I thought was an unreasonable level I left frustrated, relieved, curious and feeling a little bad all at the same time. Why was this note so important to this individual?

    Now with two of the four Shahiv notes gone and not in my collection I'm really hoping I'm right about this seller having duplicates of these in higher grades. There is another Shahiv ending tomorrow and no one seems to be interested in it as there are no current bids on it. It's a note I don't currently have and it's low grade with no EPQ designation but again to hedge my bet that there are more I'll place a lowball bid on it and see what happens.  To whomever won the 10 Shahiv note I apologize, bidding up that note was a bad bad thing.
  16. Fenntucky Mike
    I was rearranging my books and making/installing a new shelf for them in my office at work, the ones that I keep there anyway, and it got me thinking about why I decided to acquire the books that I did for my Ukrainian banknote collection. The rhyme and reason behind my acquisitions of these tomes has swung wildly from start to present, I say present because I'm not done building my library and currently have two more references on the way after winning two auctions last night.  In the beginning my purchases were of the very general type, The SCWPM (modern issues), Banknote Book and The Catalog of Paper Money of Ukraine to name a few of the firsts and since I was really only focusing on the modern issues I didn't purchase any references that included notes prior to 1991. As my collection has expanded so to has my library, which now includes such references as Museum exhibit catalogs, biographies of artists, newspapers and out of print references dating back to 1953. Not to mention my multitudes of articles, images and documents I've accumulated from online sources and stored away like literary nuts for winter. (HA! literary nuts.)
    Newest books on the way, both are from the early 70's.

    Another thing that has struck me is how one book/reference has led to another, for example. I was reading an article in The Ukrainian Weekly which mentioned a museum exhibition that led me to purchasing the exhibition catalog Full Circle - Ukraine's Struggle for Independence 100 years ago, this in turn leads me to purchasing In Metal, On Paper and Narbut which was quickly followed by Money on Paper and finally the chain was broken when I picked up this note, just because I fell in love with the design when I saw it in Money on Paper. 


    I now realize that most if not all of my book purchases are connected in some similar manner. I would say a third of my Ukrainian reference books are in languages I can't read without my phone translator or hours spent typing out sentences in a Word document and then copy and pasting to an internet translator when the phone translation is not making complete sense but each book has proven invaluable to me in my collecting endeavors.
    It's funny, your library grows as your collection grows and that's just the way of the world but it really hadn't dawned on me until I had to find a place to put all these dang books.  No matter how many times I heard or read someone say it, I just never thought it would happen to me.  
    Let's see everyone's libraries, here's what I have going on at work!


    I'm working on getting rid of that stupid cable, just need to pick up an extension and it's gone. 
  17. Fenntucky Mike

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

    By Fenntucky Mike,


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






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

  18. Fenntucky Mike
    In late 2019 the NBU announced that it was reviving it's annual "Banknotes and Coins of Ukraine" catalog. They followed that announcement with the free release of the catalog for the years 2015 - 2019 in .pdf format, 2014 being the last year the catalog was released prior to 2019. Now here we are, 2020, and the NBU has remained true to their word, releasing the 2020 catalog just a few days ago.  They had some big releases in their commemorative coin line up but the banknote issues/releases were relatively quiet in 2020 beyond the issue of a souvenir note commemorating Ukraine's first astronaut. The only new issue was the 200 Hryven banknote from the latest series of notes, way back on February 25. The catalog is free to download in English language and is again in .pdf format. Check it out. https://bank.gov.ua/en/news/all/banknoti-i-moneti-ukrayini-2020-rik 
    I'll save those of you the suspense of downloading the entire catalog just for the banknote section, here it is.


  19. Fenntucky Mike
    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
              
     
  20. 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.


  21. 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.....
  22. Fenntucky Mike

    Is This Just Fantasy? Umm, yes. (Part 1)

    By Fenntucky Mike,


    Matej Gabris Fantasy Banknotes
    I just find this stuff interesting as hell for some reason, anyway....
    I picked up some more Ukrainian fantasy banknotes a few weeks back. After some haggling with the seller and discovering that there was a set of six, not just the three I was initially making offers on, I pulled the trigger on them. I had seen some of these before, selling in auctions (typically hammer for around $20 - $25 each) but I knew absolutely nothing about them. Once the notes arrived I gave them a quick onceover and notice the text "M. GABRIS FEC. 2003" printed at the bottom of the note, ok let's start with that. After a little research it appears that M. Gabris (Matej Gabris) is a graphic designer from Czechoslovakia and designing/creating and printing fantasy banknotes is one of many interests/hobbies. He has quite a portfolio of fantasy notes, if you like that sort of thing. Typically his notes will be inspired by a bit of history, myth or legend associated with the country. Using those topics he will create the artwork for the note, his vision of the country that the note is designed for whether that be in the form of a tribute or a touch of irony. If you're interested in this kind of thing just do an internet search of him (add the word banknote in the search) and you can check out his work. I'm pretty sure his banknotes are on ebay as well, just be sure to check "worldwide" in item location when searching. 
    Banknotes like these always make we wonder if the person/s are crossing a line in regards to, are notes like these deceitful, forgeries, knock offs, works of art, something else or a little bit of everything. To me, notes like these fall solidly into the "Fantasy" category, imaginative fiction. They do not resemble, at all, any past or present Ukrainian banknotes in terms of design, subject or security features, the majority of the text is in Czech and for the lack of a better word whimsical. The only thing Ukrainian about these notes is the text ΓРИΒЕΗƄ (HYRVEN) for the denomination. I see a lot of Russian iconography including a two headed eagle and standing bear with stars and one of the portraits is a straight knock off of a 1912-1919 100 Kronen, Austria-Hungry note. All of which is interesting as both empires (Russia, Austria-Hungry) controlled parts of Ukraine during that time period (1912-19), and the artwork on the notes, to me, screams Art Deco which would also fit into that time period. Maybe that is what the artist was going for, that time period, that piece of history? Hmm, interesting. No doubt to me that these are just fantasy.



    This is the knock off of the 100 Kronen



    P.S.
    I bought some more fake or fantasy notes yesterday, I think I may have a problem here. 
  23. 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.
  24. 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.
  25. 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.