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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. 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. 
  2. Fenntucky Mike
    The Forum is back up and working again for me! Yes! 
    Anyway, there has been some news from Ukraine over the 4-week break. In the past month two new notes were released, with one sporting the signature of the new Governor of the NBU, Andriy Pyshnyy. 
    On Dec. 12 the NBU put into circulation 100 Hryven notes dated 2022 and bearing the signature of the newly appointed Governor. This was a quick turnaround from appointment, Oct. 7th, to new notes, Dec 12th, I'm sure some U.S. collectors would be jealous at the quick turnaround although it did only take three months once new Treasure Malerba was sworn in. The note is of the same design as previous 100 Hyrven notes, design of 2015, and is the only denomination issued so far with the Pyshnyy signature. We'll see how quickly the other denominations are released and if any others will be dated 2022 or if the rest will be dated for the current or upcoming years. I have to say that the Pyshnyy signature is fantastic, bold, flowing, legible, probably the best signature to date on modern Ukrainian notes. This should end up being Pick # 126d once one is assigned.

    Signature of Governor Pyshnyy.

    The second new note released (Dec. 29th) was the 500 Hryven banknote commemorating the 300th Anniversary of Hryhoriy Skovoroda's birth. The commemorative note is of the same design as previous 500 Hryven notes, design of 2015, and bears the official symbol of the 300th anniversary celebration. The celebration symbol/logo is located directly over the watermark, similar to the 30th anniversary notes of 2021, and was applied by screen printing with optically variable ink. The logo depicts a silhouette of the sage/poet Skovoroda along with the text СВІТ СКОВОРОДИ (The world of Skovoroda). Interestingly enough the notes are all dated 2021 and bear the signature of the previous NBU Governor Kyril Shevchenko, I suspected that these notes would have Shevchenko's signature but thought that they would be dated 2022. I'm not sure why notes dated 2021 were used, must of just had some laying around.  I believe this note will be assigned Pick # 132a when the dust settles. 

    The Skovoroda commemorative has a print run of 50k, with 30k being sold in souvenir packaging, 554 UAH ($15.06), and 20k sold in plain NBU envelopes, 541 UAH ($14.71). All notes have the prefix ГС with the serial numbers ranging from 0000001 - 0050000, I'll be looking for some fancy # notes, binary specifically. 
    Other Ukrainian banknote news includes the NBU bumping the release of the planned 20 Hryven commemorative banknote "The Russian-Ukrainian War. We Will Not Forgive!" from December 2022 to February 2023, I imagine this note will have the Pyshnyy signature and be dated 2023 but we'll see. Also scheduled in 2023 is another 20 Hryven commemorative banknote "Long Live Ukraine", the anticipated release is in December with a run of 300k.
    It's good to be back. 
  3. 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.
     
  4. 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.....
  5. Fenntucky Mike

    Driving Towards The (Sketch Pad) Light

    By Fenntucky Mike,


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

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



    Nice!  This is a BIG improvement, it's flat, sits on a table, the light (brightness) is adjustable, it's hands free, I can easily use a loupe and take pictures..... Yeah, this is WAY better. The only thing that is a little weird is that you see more of the opposite side of the note, which is not a big deal. You see the opposite side of the note when back lighting a note regardless, I just see more of the other side than normal because the note is so much better back lit, but I also see the watermarks ten times better. It's just something I'll adjust to after a short while and be better off for it. 
    I like my banknote "gadgets", UV light, IR light and now this sketch pad. All things that I use often and because of them get a whole new level of appreciation for banknotes, enjoying them that much more. A notes design is something to behold, (not just the artistic aspect) the layout, the security features, the hidden little gems. A note really comes alive when you peel back the layers, especially moderns. 
  6. 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. 
  7. Fenntucky Mike

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

    By Fenntucky Mike,


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

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


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

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

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

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

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

    Below, table of denominators of T2 notes.

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

    I've Been Everywhere Man! (Supplemental, Part 1)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    For the first time in quite a while I was able to sit down and spend some time with my collection. With temps in the low 40's yesterday, and a constant drizzle staring me in the face as I looked out the window, it wasn't a difficult decision.  Even though I've not had time to sit down and enjoy my notes that doesn't mean I haven't had time to make a few additions, and I've been busy. More on that later in a future Journal entry.  One of my recent purchases was another Ukrainian 1,000 karbovanstiv, P35, banknote with black ink used for the prefix and seral number. (Pictured below) The color difference of the background from front to back is due to the scanner, it was giving me some heartburn today. 

    I won this one at auction for a really good price and this is the second one in my collection. As is typical of me, once I acquire a duplicate, I will compare the two, or three or....  and in doing so I often notice some variances, or something will catch my eye, and this time was no exception. (My first black ink serial number note below.)

    Upon inspection of the new note, I noticed some red ink around the prefix and seral number. It wasn't much, but I could see a few spots and kind of a red halo effect around a couple of the numbers. See Red arrows.

    The red ink looks kind of light brown in the above image, some of that could be due to the black, but it is definitely red when inspected in hand. I also noticed that there were some strange markings that seemed to match the number font, you can see them in the image above, most noticeably at the top of the numbers. See Blue arrows. I thought perhaps embossing but they appear to be raised. Extra ink from printing? Possibly. I'm now wonder if the overprint was done twice. Printed in red, then again in black.?  Back to the first note!

    Well snap! Red Ink! So, what does this mean?  Time to make a list of possible causes for the "black" ink.
    1)     A modern counterfeit/altered note?
    2)     A contemporary counterfeit/altered note?
    3)     The red ink reacted/faded and changed color (black)?
    4)     The black ink reacted/faded and changed color (red)? 
    5)     Environmental conditions / improper storage?
    6)     A reaction to a substance or thing contacting the note and altering the color?
    7)     The same prefix and serial numbers were reprinted over the originals?
    8)     Red ink remnants after black ink was applied?
    9)     They ran out of red ink during printing?
    10)   The wrong typeset/font was used and had to be redone?
    11)   Printing method was changed?
    12)   This is actually purple ink that turned black/red?
    13)    Purple ink that reacted/faded and changed color (black) or darkened?
    14)    I'm seeing things?
    Well, the paper of both notes appears authentic when compared to other notes with red prefix and serial numbers. Both are printed on paper with wavy lines (Rheinwellen or wellen) watermark and have the АГ prefix as they should, if the black ink variety, per available references and my own research. Also, the print quality seems to match other notes and I placed both notes under UV and IR lighting with everything looking good there.
    My observations are that the red ink appears to be under the black, and that the red ink is much 'thinner' or weaker than the black, and in fact is much thinner than what is normally found on notes with red ink exclusively used on the prefixes and serial numbers. I don't believe that the font has changed, from the red to the black, and I tend to think that the same type was used as I can see red at the edges of some of the black prefixes and numbers as well as those raised areas of ink (I think) in the body of the same digits and letters. The black ink appears to have flaked off (possible due in part to the red ink below) from serial # 263394 or was insufficient or didn't adhere to the paper, in part due the red ink below. I tend to think it flaked off, when comparing the common numbers between the two notes, 2, 3, and 6, you can see what the numbers looked like fully inked and what they look like with the missing ink, in addition the edges of where the ink stops on those numbers appears jagged and in places sporadic, but I suppose that insufficient ink could appear similar. I also notice quite a bit of blue ink around some of the numbers
    My conclusions, based on the above observations, is that red ink was used for the first overprint application of prefix and serial numbers, then at some point the supply of red ink or application was exhausted or insufficient and it was decided (after the red ink had dried) to reapply the overprint, this time with black (maybe purple) ink as there was no more red. This narrative fits in with the supply issues at the printing facilities in Kamianets-Padilsky, after the move from Kyiv, but is far from being substantiated. The next possible scenario would be that this is some sort of contemporary counterfeit or unauthorized printing similar to the 100 Karbovantsive notes of 1917 or the Odessa, 50 Karbovantsiv notes (pictured below) printed by General Denikin of the White Russian Army using the captured clichés. The Denikin notes are identified by the serial number used, serial numbers AO 209 and lower were authorized by the Ukrainian Government, serial numbers AO 210 and higher were printed by Denikin and quickly denounced by Ukraine.  Another theory is that this is not really black ink but purple that has turned, I say this based on the presence of blue ink on both notes in the areas of the prefix and serial numbers, this again would suggest these notes being printed at Kamianets-Podilsky as there was already produced a "violet" back variety at that location.  

    While there are still other possibilities such as these notes being modern counterfeits, I need a second opinion to completely rule that out, I feel pretty good about the conclusions I've drawn so far. Next, I need to get more familiar with how the overprint was applied to these notes, as there may be more information to be gleaned there. It's worth checking out at any rate. With that being said I welcome input from other collectors. I've probably left out a possible scenario or reason the black or purple ink was applied or not or am completely off base with my thinking.  Bring it on people.
    I'll probably send these off to PMG at some point, but first I need to see if they will even consider this a variety (black ink variety) or if there is already a Pick # assigned for it. If there is not a Pick # or if PMG won't consider the black ink as a variety, then I'll probably forgo sending them. We'll see.
     
  9. Fenntucky Mike
    ...will the National Bank of Ukraine stick to it's current product schedule?
    I've been tracking the NBU product release schedule closely, I always keep an eye on it regardless but more so now, and it has been changing on a monthly basis, even prior to the Invasion. They have been paring the gold issues down since the initial release of the schedule in Nov-Dec of 2021, and now there is no gold commemorative or bullion issues on the latest iteration. Even the silver issues have been cut way back including halving the anticipated mintage of the 1 UAH Silver Archangel to 10,000, a mintage that would be the lowest since the initial release of the series back in 2011. Currently there is no release date for the Archangel which makes me think that these are in serious jeopardy of being cut from the production schedule unless the tides of war start to swing in Ukraine's favor. 

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


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

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

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

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

  10. Fenntucky Mike

    Here We Go Again

    By Fenntucky Mike,


    Banned Banknotes In Ukraine
    Ever since the forcible annexation of the Crimean Peninsula by Russia in 2014 the NBU has banned any currency depicting "illustrated maps, symbols, buildings, monuments, archaeological sites, landmarks, landscapes, or any other objects, situated in the territory of Ukraine occupied by Russia.", and for obvious reasons the NBU has now banned the use of all Russian and Belarusian rubles in Ukraine. This most recent ban took effect on February 24, 2022, the day of the invasion, and was an amendment to Resolution No. 18, passed by the Board of the National Bank of Ukraine, "On the operation of the banking system during the introduction of martial law". https://bank.gov.ua/ua/legislation/Resolution_24022022_21 In part the document reads:
    17. Authorized institutions are prohibited from making any currency transactions operations:
      1) using Russian rubles and Belarusian rubles;
      2) the participant of which is a legal entity or an individual having a location (registered/permanently resides) in the Russian Federation or the Republic Belarus;
      3) to fulfill obligations to legal entities or individuals who are located (registered/permanently reside) in Russia Federation or in the Republic of Belarus.
    As mentioned, prior to the war, there were already several Russian banknotes banned from use in Ukraine, mainly those depicting scenes and/or maps of annexed Crimea, (see Journal entry "Back In The U.S.S.R.?" for further details on those coins and notes https://boards.pmgnotes.com/blogs/entry/1412-back-in-the-ussr/ ) and Russia's 2022 100 ruble banknote is another that would have been banned even if the current events in Ukraine had not unfolded. The newest series of banknotes is part of a complete teardown/redesign of the current series originally issued in 1997, with new notes scheduled to be released from 2022 - 2025. The 100 ruble notes were supposed to be the first notes of the new series to be introduced and released into circulation on June 30th of this year (2022).

    On the face is depicted Spasskaya Tower, Ostankino Television Tower, The Soaring Bridge in Zaryadye park, Zaryadye concert hall, and the main building of Moscow State University. On the back is a depiction the 82ft tall statue located at the Rzhev Memorial to the Russian Soldier complex, along with white storks, an aerial view, and a map of Russia/Russian Federation. The map, as with previous map depictions on recent issues of Russian ruble notes, depicts the Crimean Peninsula as part of the RF.  Circled in blue below.

    In The Bank of Russia's eagerness to stay on schedule they seem to have ignored advise/requests to delay the announcement of the release, as the new 100 ruble notes were/are unable to circulate in large quantities due to Western companies, who maintain Russia's ATMs, point of sale terminals, and cash registers, leaving or refusing to update the machines with the required software needed for the new notes to be accepted. The refusal to cooperate with the Central Bank in the updating of equipment by these companies is due to Russia's war with Ukraine and the sanctions imposed on Russia by a good portion of the world. Several articles state that it could take the Central Bank/Russia six months to a year before the updates are complete and the 100 ruble note can be issued or widely circulate. In the meantime, there are reports that 100 ruble notes of the 2022 design are being trickled into circulation, there are also reports that all issuance of these notes has stopped but in either case these will not be widely released or produced in large quantities until the adaptation of all banking equipment is complete or nearly so.
    Several questions still remain, such as. With the need to delay the release due to a lack of equipment updates, will all subsequent releases in the new series be delayed six months to a year as well? If that is truly how long it takes to reset the system. Why weren't the updates made or a new plan laid out prior to the official announcement of the release of the 100 ruble note? Will these notes be scrapped and/or designs updated if Russia seizes more territory in Ukraine? The Bank of Russia has removed images and descriptions of the note from their website, at least from the 2022 banknote selection, and who knows what will happen next.
    I'll be adding this note to my Banned in Ukraine collection of paper money, I'm not planning on including all of the current or upcoming series of rubles, only notes that fit the NBU's criteria prior to the war. These notes are currently available from a few select sellers but the prices are a little stratospheric at the moment, once these are released in full the price should drop considerably. 
  11. Fenntucky Mike
    ...NOT!  Even if it was, I'm not sure it would be enough to pick up any of these beauties. 
    As is the norm, I'm striking out on some really sweet notes but at least I've have had the pleasure of seeing some awesome bills go up for auction. It seems more and more rarities and harder to find notes are coming out of the woodwork and are realizing sky high prices at auction. In addition to the rarities, fancy number notes are receiving more attention, an uncirculated 2007, 200 Hryvnia note with radar serial number 6698966 is currently bid up to 97 Euros. Whoa!  Common notes are holding steady unless a variety or condition rarity and banknotes in general seem to continue to pick up steam. Below are some of the highlights from the past few months.
    Two fantastic color trial notes went up for auction, along with an amazing printer's design note! I really wanted to snag one of these, especially that printer's design.  Unfortunately, all three slipped through my grasp as I was the underbidder on two and matched on one but my bid was deemed to have been placed after the other bid. 
    $537


    $600


    $685


     
    A couple of 2011, 50 Hryven commemorative notes were auctioned off recently. These notes are a manufactured rarity, with only 1,000 being produced, 200 of which were encased in acrylic blocks leaving only 800 available to collectors. This note annoys me to no end. Granted, with only 800 notes there are not many to go around but 800 examples available is not a low number for a note. It was sold specifically to the collectors market and the survival rate would be very high, probably 800/800, and I have a hard time believing that there are over 800 collectors, or speculators, out there willing to pay the prices these notes tend to achieve. There are just so many rarer Ukrainian notes out there that I'm surprised people go gaga over these, but that's not to say I wouldn't like to purchase one, I absolutely would, just not at these prices. 
    €1390 ($1546.86 USD)


    $4312.50 Wow!


    The 2 Karbowanez notes of 1942 are slightly annoying to me as well, mainly because I see so many go up for auction. It is supposed to be an uber rarity, which it is a rarity, but I've documented at least 26 of these notes by serial number in auctions over the last 2-3 years, with some notes being sold more than once. I see these more than the 2011, 50 Hryven commemorative notes above. At any rate they have an interesting history/story and are tied to WWII and Nazi Germany, which probably helps elevate prices as well. I was a little surprised at the prices realized for the first two notes as their condition is less than stellar, apparently condition didn't play much of a factor as they both sold for Princely sums. 
    €4236.4 ($4714.48 USD)


    €2880 ($3205 USD)


    The next two are currently available to bid on.
    Starting Bid €3200 Euros, ends 5/5

    Starting Bid €1800 Euros, ends 5/5

    Besides the big two there were many other strong prices realized for Ukrainian notes. 
    €884.5 Euros ($984.23 USD)


    €1081.20 Euros ($1203.11 USD)


    €4609.20 Euros ($5128.89 USD)


    €2767.2 Euros for the pair ($3079.20 USD). Rare prefix letter "B".


    €4105.20 Euros ($4588.06 USD), Uniface specimen.

    €4683 Euros ($5211.01 USD), Uniface Specimen

    €4969.20 Euros ($5529.48 USD), Uniface Specimen

    There were a few notes sold in a Katz auction today that brought strong prices, I'll post those in a reply to this Journal entry as I've maxed out the available space for images. 
  12. 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.
  13. 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.

     
  14. 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. 
  15. 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. 
  16. Fenntucky Mike
    I sent off a second submission of specimen notes to PMG and I have to say that the team at PMG did a fantastic job as the notes arrived just prior to hurricane Ian and were sent back shortly after Ian passed. Even though PMG had to shut down due to Ian, the submission was processed well under the stated turnaround time. Amazing job! 
    Unlike my first submission, in which all the notes straight graded, it seems that I had a few problem notes in my second, one I knew of and two I didn't. In addition to the low points there were also some "high notes" which are worthy of celebrating. I'll go through all the notes in the submission with some short comments on each, and a dedicated Journal entry on one note to be forthcoming. 
    Right off the bat the first note in the submission was body-bagged.  It was labeled as QA (Questionable Authenticity).  I have a request into PMG to see if there were any graders notes for this one and I'm also waiting for two more of these notes to arrive from sellers in the U.K. and the Czech Republic which I recently picked up. If you haven't already guessed I'll be writing about this one later once I have more info, for now it's a note that PMG won't encapsulate. Ouch! I was not charged the grading fee for this note. 


    Next up was a note that finished out the Control Coupon registry set that PMG has. It's always a good feeling to finish out a set!  I'll have more on these notes later and what I think constitutes a complete set, including varieties. Hopefully I'll get PMG to agree to adding a few, unlisted at the moment, varieties and expand that set even further. The back of the note is of the same design as the note above but in green ink and with the numerical denomination 50.

    Notes 3-5 were all additions to my 1991-'95 specimen set, specifically the 2nd through 5 series coupons, all three received numerical grades in the range I expected with two being towards the high end and one being graded 68 EPQ! Sweet!  There was one slight disappointment in this group though, the 1994 100,000 Karbovantsiv note came up short and did not receive the EPQ designation.  It's a tough note to find and the condition wasn't on par with the others, but I was hoping to squeeze out an EPQ designation on this one. It's the only note in the set without exceptional paper quality, I'll be keeping my eye out for another example, but it will probably be a long while before this note pops up again. 


    Pick # 97s2 has the same back design as the note above, 96s3.

    Now this is one sweet note, one of the very few Ukrainian specimen notes with the specimen overprint on only one side. Pick 98s2 in my set is also graded 68 EPQ making a matching set, quality wise, for me.


    The rest of the specimen notes are denominated in Hryvnia and are the first such notes I've submitted. Again, there is some highs and lows in here but nothing as dramatic as the first five notes above. All in all not bad, but I need to pay more attention to what I send in for grading. Gotta hone my skills a bit more.
    Not a great result on this one but more are easily had and are relatively inexpensive.


    Note #7, not too bad. 


    Notes 8 & 9 are duplicates, the note with the "Tears" annotation was a little disappointing but I should have caught that one. Serves me right for being in a hurry and not examining the notes further prior to submitting. Live and learn.



    Notes 10 & 11 are of the same series but different signature varieties. The grades are on par with the rest of the Hryvnia denominations.



    Finally a couple of 20 Hryven notes from the same series with signature/date varieties.



    All in all, not bad results and it'll be interesting to see what PMG says about the first note, that is if they say anything, but if I could change one grade it would be to give P97s2 an EPQ designation. It really bugs me to see all the EPQ notes in that set and then run into this one none EPQ note, it makes the set feel unbalanced.  I'll just have to live with it for now. On another note, I managed to find a 100 Karbovantsiv specimen note to bring me closer to finishing out the 2nd - 5th coupon series notes and I'm contemplating sending in some of my older Ukrainian notes to fill out the front half of my type set. We'll see when I get around to that though as I'd like to see some changes made and I'm not sure PMG is going to agree with me on them, probably not. 
  17. 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! 
  18. 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. 
  19. 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". 
     
  20. Fenntucky Mike

    [Notes] Without A Face (Part 3)

    By Fenntucky Mike,


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

    QA note.

    Second P # 83x

    Third P # 83x

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

    [Notes] Without A Face (Part 1)

    By Fenntucky Mike,


    Control Coupons
    On my last submission I mentioned that one note came back as QA "Questionable Authenticity" (1991, 5 Karbovanstiv, Pick # 83x), while not completely shocking I was a little surprised and disappointed. Not so much in that it was not authenticated but that there wasn't a cut and dry decision made, if it had come back as a not genuine, counterfeit or altered note, no problem, but now the note is hanging out in limbo with no clear designation. While the Questionable Authenticity tag does give me a path to go down, meaning I need to try and validate the note, there were no additional comments made which means I'm starting off with pretty much what I had prior to submitting the note which is not much.   After the note was returned from PMG I did reach out in hopes of there being some graders notes or other information that they may have logged in their system during evaluation/grading, but no such luck there either. So, what's a collector to do? Well Obviously, acquire more examples of the same note of course.  

    I had actually found another example of this note while the first note was at PMG and as luck would have it I found a third example shortly after the submission was returned, so let's do some side-by-side comparison of the three notes and of the three notes to an authenticated note with face printing.  The first four images are scans of the face and back of each note with a black background, #1 is the control note, #2 is the note returned by PMG, #3 is my second example and #4 is the third. 
    Control note, authenticated by PMG, with face printing. Light blue face, dark blue back variety. (Not currently recognized)

    The first note, returned as QA, has some smudging/staining, possibly ink, on the face. The parquet watermark is clearly visible on both sides and the back printing seems authentic. The note has an overall dingier appearance than the other two but not as much as the below scan makes it seem.

    The second note, while overall a cleaner example, is very similar in appearance to the first. There is no smudging/staining on the face but beyond that an almost identical note. Some of the color variances in the images are due to variation from scanning, in hand there is not a noticeable color variation on the back printing and the watermarks are just as visible as the first note under normal lighting. 

    The third note is much the same as the second with no discernable differences between the two.

    I think one of the issues with these notes is that for the face printing to be completely missing the sheet would have had to miss two printings. I'm assuming that the back of the note was printed first, followed by the face printing and finally the third printing with UV ink. For these notes to be true errors I would expect that they would have been released into circulation and missing two printings doesn't seem very possible, add to the mix that the notes seem to be normally found in uncirculated condition. It seems more likely that these could have been printer's proofs or scraps. 
    I can't fit all the images that I would like into one Journal entry so I will be posting two more entries on these notes shortly. The next entry will include images under UV lighting. 
    If anyone notices any differences in the notes let me know, I'm hoping we can crack this. 
     
  22. Fenntucky Mike

    Leave Out The Fiction. Heck No!

    By Fenntucky Mike,


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


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




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


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








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



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

    Write Me Up For 125

    By Fenntucky Mike,


    Signatures
    On October 24th the NBU released into circulation 20 Hryven notes dated 2023 with the signature of the current NBU Chairman, Andrii Pyshnyi. The new notes are the third date and signature variety in the current series and will undoubtedly be assigned Pick # A126c. The current 20 Hryven design has also been used on two separate occasions for commemorative issues, once in 2016 and again in 2021, the 2016 notes having different security features but the same artistic design as the others. According to a recent study, 20 Hryven notes of the current design account for 6.3% of all notes currently in circulation in Ukraine, that's 169,200,000 notes worth approximately ₴3,384,000,000 Hryvnia or $93,935,000.88 USD.  With the release of the new 20 Hryven notes the only other denominations not bearing the current Chairman's signature are the 50 & 200, and I expect those to be printed very soon.

  24. 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. 
  25. 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?