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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

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

    Sweet it looks great! Or does it? Something not quite right here... 
    To clarify things a little, the major difference between 82a and 82b is a Latent Imprint (amongst other things). The Latent Imprint is visible under UV light and displays the denomination "3 КРБ" on the left front of the note, directly behind the depiction of the statue of Lybid (mythical sister of Kyi, Schek and Khoryv. The founders of Kyiv). Here's a few images of a 10 Karbovantsiv (84b) with Latent Imprint, the 3 Karbovantsi should look the same except with "3" displayed instead of "10".
           
    Ok, easy enough. I don't do this with every note I own but I'd say at least 75% of the time I'll examine the note/s under UV light. So let's take a look, uh oh. That stinks, no Latent Imprint where it should be.
        
    A mechanical error. Dang it. 
    Don't get me wrong, I don't have the best equipment so I could be mistaken but I'm feeling pretty confident I'm correct. This is not my first "mechanical error" on a label, hey people make mistakes, no big deal. PMG/NGC are always super helpful and with something like this they will be more than happy to take a look at it and reholder it with a new label at no charge if the label is incorrect. I've had a label corrected before, with a coin, easy peasy. PMG/NGC also guarantee the grade, so if the label is changed the grade will stay at 68 and that is actually pretty awesome because if it is a P-82a that means it would be the highest graded, by 2 points! I'll absolutely be sending this in to be reexamined. But until I have a submission ready to send this note with I'll be housing it in a signature set, so that I don't forget about it. 
    That leads me to the final question. I'm not going to put this note in any of my competitive sets but what about the other P-82b's that were in the same submission, like I said there are at least 3 and up to 5 notes that were sent in together. Doesn't mean that they were all mislabeled or that the notes are all 82a's but the possibility is there. Good thing I know where two of the other notes went, HEY, @Perfect-70 and @Bonezdogg check your P-82b's they might be mechanical errors. Hope they're not mechanical errors and that they are correct. But you should check them out tonight under the pale UV light.
    Good Luck,
  2. Fenntucky Mike

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

    By Fenntucky Mike,


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


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

    The (note) is HIGH but I'm holding on

    By Fenntucky Mike,


    Ukrainian Banknotes
    I've previously mentioned I wasn't planning on upgrading any notes, except for replacing a few AU notes and that I would consider an upgrade for a +2 note. I've been sticking to my guns but it's been much less of a choice to do so as the popularity of Ukrainian notes as increased. PMG graded Ukrainian banknotes have been increasing in popularity, number and price over the past year, with the largest price increases being seen for the higher grade notes. I'll have to go back through my records but some notes have seen increases of 150%. Below are a few banknotes that recently sold at auction. 
    Top Pop 1/0, total graded 2. Somewhat hard to get raw, availability drives price on these.
    Top Pop 2/2, total graded 23. High denomination helps drive price on these.
    Pop unavailable, believed to be Top Pop with several other examples available in same grade. High denomination
    Top Pop 1/0, total graded 2. Again somewhat rare ungraded.
    All of these notes saw spirited bidding with multiple bidders, healthy hammer prices and all are great notes. The 106a is one of my favorites, I think the reverse is the best amongst all Ukrainian notes. I have no doubt that all of these notes would have sold for much less a year ago. I have seen these notes with the same or similar varieties/Picks and grades sell for between $40 - $80 in the past, it's great to see an increase in interest with these notes. Congratulations to all the winners!
    I'm going to have to be much more strategic with any future acquisitions, especially if I'm looking at HIGH NOTES. 
     
  4. Fenntucky Mike
    Uh oh...
    The new UV lights arrived earlier this week, I ordered both through Amazon, one a fluorescent UV light from Banknote World the other a LED UV flashlight. Both seem to be of good quality and I would have no problem recommending either one of them, depending on what you are using them for. Buuuut, we're talking banknotes here and one is better than the other, which will bring the question of "whether or not the label for anP82b in PMG holder is accurate" to a close. For reference, I initially examined the note using a single LED UV light mounted to a loupe. 
    The first test was with the LED UV flashlight, it has a 2 inch array consisting of 51 LED's and emits light with a wavelength of 395 nanometers. Light at a wavelength of 400nm or less is considered invisible (or UV) and is below the visible spectrum. Violet being the color with the shortest wavelength, between 380 - 450nm, is the last color in the visible spectrum, hence UV or beyond violet. It's also of note that just because a light is rated at 395nm not all the light emitted is at that wavelength, there will be a range +-, meaning that some of the energy or light will be in the visible spectrum at this ratting (395nm).  So, I took my five raw "control" notes and examined them in a dark room with the LED UV flashlight. The fluorescence of the latent imprint was clearly visible, especially when compared to the single UV LED in my loupe. The security fibers were much more identifiable along with the background fluorescence in the center of the note. The paper also has a slight red tint using this light. So far so good.
              With LED UV flashlight                                                       With single LED UV light in loupe                                                       Red tint to paper under UV and fluorescent background, gold in color.
                                                                      
    Next is the Banknote World UV light and stand with a 4W 6 inch fluorescent bulb. There was no information on the tube but all similar fluorescent UV light tubes I researched had a wavelength of 365nm, which makes sense, as there is a difference between the 395 LED and this light. I examined the "control" notes under the fluorescent light and the results were even better. The latent imprint was even more visible along with security fibers and fluorescent background. The red tint appearance of the paper is much less/gone.
                    With Loupe                                          With LED UV Flashlight                                         With Fluorescent UV Light, background vivid, latent imprint clear and crisp, all security fibers clearly visible.
                   
    So it seems that a UV light that emits strongest at 365nm is the way to go. The wavelength range for the 365nm tube remains below the visible spectrum so as to not "washout" the note in visible light diminishing the effectiveness of the UV light/fluorescence of the features on the note. Also the LED lights seem to "spotlight" more, whereas the fluorescent tube emitted a more diffused light, more evenly lighting the note. Now, my conclusion has to be that my original method *vigorously inhaled" and I'd better check that P82b again with the better equipment. Here we go.
                  
    The label on the PMG graded note is correct!
    Well, I was wrong about the P82b in the holder. Sorry everyone, false alarm.
    The good news is that this was a lot of fun, I got to learn some new things, I upgraded my light situation, I can now put the note in my registry sets, I didn't send the note in for a label correction which would have been even more embarrassing and PMG was correct. The world makes sense again.
        
  5. Fenntucky Mike
    This is a follow up to a previous Journal entry where I mentioned a story about "borrowed" specie, see Journal entry "But it was obsolete before I opened the box" for additional info on The Bank of Allegan and Michigan "wildcat" banks in general. 
    Here is an Obsolete banknote from another wildcat bank, The Bank Of Singapore (Michigan), organized Dec. 7, 1837, closed 1839. The settlement of Singapore was established in 1836 and subsequently abandoned by 1875 when the last saw mill was moved. Nothing visible remains of the settlement as anything that was left behind including buildings was buried by the shifting dune sands located along Lake Michigan. 

    The Bank of Singapore issued notes in denominations of $1, $2, $3 & $5, which was common for the time period and type of bank. The bills were printed by Rawdon, Wright & Hatch of New York, the denominations were printed on one side of a single sheet, these sheets were then shipped to the Bank and stored as remainders, as notes were needed the sheets were cut then signed and dated by the Cashier (Rob Hill) and Bank President (Daniel S. Wilder), both signatures are present on this note. It is common to find 1837 notes dated Dec 25 and Jan 1, this note is dated Jan 10, 1838. Records indicate that banknotes valued at $15,952 were put into circulation, this would be equal to about 1,450 sheets or roughly 5,800 individual bills if complete sheets were cut. The hard money or specie reserve (which should have totaled $15,000 based on the bank's capital stock, but probably wasn't even when it was present) was kept in the vault in an old nail keg.
    As was common at this time Banks pooled their specie and shipped it from bank to bank ahead of the inspectors who were there to verify these banks had enough specie on hand to back the notes being issued, this leads to the story mentioned in a previous Journal entry. The Bank of Allegan and the Bank of Singapore being "neighbors" commonly pooled their specie, after the state bank inspector viewed and counted the pooled specie at the Bank of Allegan the bag of gold was quickly packed up and given to a local Native American, who loaded it into his canoe to transport it down the Kalamazoo River to The Bank of Singapore, which was the inspectors next stop. The inspector was in route to Singapore via horseback and roads being nonexistent in those days, traveling by canoe down the river was the fastest mode of travel. The Native American, paddling swiftly to beat the bank inspector, hit an obstacle in the river and capsized. The bag of gold sank to the bottom in a particularly deep part of the river, the man righted his canoe and rushed ahead to tell the Bank officials at Singapore what happened, immediately a plan was devised. The local blacksmith began to fashion a drag hook to retrieve the gold, in the meantime a dispatch was sent to the town of New Richmond, centrally located between the two banks at a ferry crossing. The inspector was plied with food and drink, a party was staged and night's logging offered. Meanwhile, downstream the men of Singapore were using the hook on the end of a dragline to recover the bag of gold from the river, the gold was pulled from the river and sent to the bank to dry out. Word was sent that the inspector could proceed and a short time later (maybe the next day) the inspector and specie met again at the Singapore Bank. 
    Another story involved a local merchant who purchased a supply of boots, boots being in short supply and the locals being desperate for them tried to pay with banknotes from The Bank of Singapore, the merchant refused to accept the notes. This did not suit the officers of the bank so they promised to redeem their bills from the merchant with eastern money in time for him to remit to his dealers. The parties agreed and the entire stock of boots was sold out, amounting to about $600. On the day the Bank was supposed to redeem the money, they were unprepared and pushed the date back, this went on for over a month. Having run out of time and at his wit's end the merchant knowing where the cashier resided and suspecting he carried the "good money" of the bank with him decided to wake him one morning. The merchant went to the clerks room, entered and locked the door, then woke the clerk, laid the wildcat bills on the bed, drew his pistol and demanded the exchange be made then and there. Suffice to say the clerk made the exchange, having raised his pillow and removing a roll containing about $1,000 (the total genuine capital of the bank), $600 was given to the merchant leaving the bank with $400 of good money.
    The charter of the Bank of Singapore was formally annulled by the Michigan Legislature on February 16, 1842, along with charters of most of the other wildcat banks of Michigan. One evening several locals were invited to the home of one of the officers of the Bank of Singapore to witness the destruction of the bills on hand at the bank at the time of suspension. There was a 4" x 4" table covered with bills in packages lying in piles from three to six inches deep. These were burned in a stove and "sufficed for boiling a tea kettle twice", or so the story goes.
    Remainders are fairly common with these notes, including uncut sheets. I've read stories and first hand accounts of people lining their boots with uncut sheets or stuffing them into the cracks of walls to keep drafts out or pillows. Signed notes are much harder to come by as most (it seems) were destroyed. It's not a bad looking note, with a depiction of Justice & Liberty on the left, a factory and canal on the right and a depiction of a port in the center. They definitely didn't skimp out on the ink for these notes. 
     
     
  6. Fenntucky Mike
    In addition to foreign banknotes I also collect Obsolete and NBN's from the State of Michigan and I recently picked up this beauty.

    It's not in the best shape but the price was right and the $3 notes are always hard to find because of the "nonstandard" denomination (the $3's are the most popular because of this and harder to find). It's not a real attractive note in regards to the design, a simple geometric design wreathed in a stylized floral design was used for the left and right dies, then a depiction of an eagle for the center image. The eagle is not well depicted, with an overly large body in relation to the wings and to put it politely is "ratty' looking. Especially when compared to a similarly depicted eagle on say a 1918 FRN.

    These "Wildcat" Banks began popping up in 1837 (Michigan was admitted to the Union on March 15, 1837) shortly after the first Michigan State Legislature session ended (March 22nd).  During the first session the General "Banking Law" was passed and went into effect on March 15, this law authorized any 12 persons to make an application to the treasurer of the State for a bank. The capital stock had to be at least $50k and not more than $300k and 30% of this capital had to be in specie by the time of commencing operations. But due to economic hardship, over-trading and mismanagement a large amount of debt, nationally, was accrued, as a result the specie would not meet the outstanding debt. Reacting to this, eastern banks got their states to suspend specie payments this caused a drain of specie out of the State of Michigan so on June 22, 1837 specie was suspended by the Michigan banks enabled by an act of the Michigan legislature. The suspension of specie payments meant that unscrupulous individuals could open a bank/s without having to redeem the bank notes until May 16, 1838 when specie payments were to resume. The state legislature sought to curb this by appointing three bank commissioners instead of just one and have them examine the books and specie of said banks. The examiners found that instead of actual gold and silver, specie certificates were being used and were given by bank officers as a receipt of specie being held on deposit. Also "borrowed" specie was often used and then returned by a fast courier. One such instance of borrowed specie involved another Allegan County wildcat bank, a local Native American was transporting the needed specie, to present to an examiner, from one bank to another but the canoe he was traveling in capsized and the specie fell to the bottom of the Kalamazoo River (another story for another Journal entry). The Bank of Allegan (Organized Dec 30, 1837 - closed 1839) was one of many banks that began operation during this time, it was formed using "borrowed" specie. The opening and closing of this bank falls nicely into the "wildcat" timeline, around $100k was "poofed" when the bank closed.