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Fenntucky Mike

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Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike
    Written 10/24
    Well, here we are. The End...
    A few weeks ago, approximately on or around Oct. 1, the seller who had originally listed the first lot of 4 Shahiv banknotes listed two more, 10 & 20 Shahiv banknotes. I was excited to see these listed, and therefore justified my incessive PMG Population Report watching, kind of, but I felt little excitement in wanting to acquiring either of the two notes.  The 10 Shahiv note was a lower grade than the first, the first being graded 55 EPQ and the second 50 EPQ, the 20 Shahiv was a higher graded note than the first one listed, the first being a 35 EPQ and the second a 58 EPQ! Having already purchasing the first 20 Shahiv note I wasn't particularly keen on getting the second at a much higher price, so I decided to wait, and the 10 Shahiv is a note that I don't currently have a graded example of ,but I decided to pass on this note as well.  What's going on?
    I watched the two notes expecting to see two additional notes listed, the 30 & 40 Shahiv notes, which were graded at the same time as the others making two groups of four notes each. The groups consisting of 10, 20, 30 & 40 Shahiv banknotes at varying grades. Well the two additional notes never appeared and the 10 & 20 Shahiv notes went unsold in the first go around. 

    I'm just not excited about paying a high price when I have nongraded examples that are in better condition, that being said I'm just not going to do it. No.  Ukrainian notes in general have been getting pricy and I'm too the point where it makes more sense to submit my own notes instead of paying a premium for already graded notes. I've been picking up raw examples of notes for a while now in anticipation of the availability of graded notes not being there, but now due to increasing prices for graded notes (which I didn't see coming) I'm ramping up the raw note purchasing. I have a hard time believing that there are a ton of Ukrainian collectors out there that will continue to drive demand, and prices, for graded notes continually up but I'm hitting the pause button on graded note purchases. That's not to say that I'm not hoping for more Ukrainian collectors, I AM, but these factors are facilitating a change of direction in my collecting. Raw notes are readily available, or at least they were,  and I've been gathering them up like crazy in anticipation of sending them off to PMG. 
    Since the second 10 & 20 Shahiv notes were listed, they've been relisted twice and the 10 Shahiv is now listed at a Buy It Now price of $94. Pfft, think they'll accept an offer of $87?  If these notes get down around to the $40 range I'll think about it but so far this seller has seemed resilient, and has yet to budge much (if at all) on any of the prices for the Ukrainian notes listed, including the 100 & 250 Karbovantsiv notes that were listed at around the same time as the first four Shahiv notes. 
    Tracking the Pop reports is a useful tool and it seems I was correct in anticipating a second set of four notes and determining their relative grades, all good stuff, but I find the end a little anticlimactic. I haven't completed the Shahiv short set, I've 180'd in buying any of the second group notes and I'm pretty sure I've Done A Bad Bad Thing. Probably several. 
    P.S.
    If you've managed to get through all 5 parts of this journal entry and still have basic motor functions I applaud you.  This drivel would have turned most individuals brains to mush after the first paragraph of the second entry. 
     
  2. Fenntucky Mike
    A group of 42 Ukrainian specimen banknotes graded by PMG were listed individually and put up for auction on ebay last week, all starting at $0.99 and all ending within an hour of each other this afternoon. While listing all of the notes at the same time with auctions starting at $0.99 is fair and honest, I just wonder if the seller is leaving money on the table? These notes were not previously listed on ebay and I have to believe that higher prices could have been achieved for most of the notes if listed with a Buy It Now price. Not to mention that it makes it real hard for me to acquire all the notes I would like to get when a large group like this is auctioned off all at once.   Regardless, I was able to pick up five of the twelve or so notes I was really keen on, one of them being somewhat of a rarity.   The stars are next to the notes I won.

    Overall, most of the winning bids were in line with what one would expect to pay for similar examples being offered for sale with a BIN price tag hanging from it. The group of 42 realized $3,708.00 with a per note average of $88.29, average grade of the notes 65.57 with a high of 68 and low of 55, six notes did not receive EPQ designation. Two notes sold for over $200, eleven over $100, twenty-two for over $50 and eight sold for under $50. What does that all mean? Nothing really. 
    Two two highest prices realized were for a P# 107As (67 EPQ) that sold for $238.00, which is not a bad price, that is typically under what you could buy those for raw. Just under. I imagine that the price could go up for these once the P#'s are sorted out and it's better known that these are the rarer of the two varieties. That was a good pick up by someone, there could be value there. The other $200+ note that sold was P#127as, the sell price was a little high considering the grade (66 EPQ) and that the variety with English language "SPECIMEN" in red-overprint is the rarer of the two, this note being the Ukrainian language variety. PMG does not currently differentiate between the two.   Best deal, $48 for P#109as (66 EPQ), $40 for P# 109bs (65 EPQ), and $26 for P# 108as (58 EPQ), you can't buy those note raw for those prices. 
    My wins, P# 85s(2), 95s1, 117as, 116as & 126(a)s, I feel like I got a good deal on the P# 85s1, as it is extremely difficult to find one, the first I've seen that wasn't in a book. My other pickups were fair deals ticking towards overpaying, but not significantly so. Sellers pictures below.
    P# 85s2 (red-overprint), label is missing the "2". Five years in and I now have specimens with red-overprint for four of the seven denominations from the first series coupons. Love this note. 


    P# 95s1 was an upgrade purchase, 64 to 67


    P# 117as filled a slot.


    P#116as, also an upgrade. Replaces a 63 no EPQ note, I hate when a note doesn't have EPQ.


    P# 126(a)s, missing "a". This note also fills a slot and looks great based on the pics. 


    Now the wait, the seller usually ships notes out right away and I wouldn't be surprised if they were delivered by the end of the week but there's always a little apprehension until they arrive. 
    Also, as I sit here writing this, I realized that I didn't enter the serial numbers on the PMG submission forms that I just sent out.  I'm probably going to be charged a $10 fee for that one. 
  3. Fenntucky Mike
    With some grading credits in-hand I sent off a couple of submissions to PMG to help fill out some of my sets, mainly my specimen sets. Since I had the credits, I decided to send in a couple of duplicates, tried for a few upgrades and sent in some notes that are not worth the cost of grading. All-in-all the results were pretty good with no real disappointments or surprises, and PMG updated their Pick #'s to correctly identify all the notes. 
    The first submission consisted of four notes/certificates with a denomination of 1,050,00 Karbovantsiv, listed as Pick # 101, two of the notes were "issued" and two were remainders. These are large pieces and required the oversized holder which further drove up the cost of the submission, but I definitely wanted to send in at least one example each of a used certificate and a remainder, I sent in two remainders in hopes of improving my odds of a higher grade and I sent in the second used certificate because why not.  The SCWPM did not list a # 101r, for a remainder, in the last edition so I wasn't sure how PMG would label the notes, since I had sent in examples of "issued" and remainder certificates my hope was that PMG would generate/request a new P# for the 101r. Knowing that it probably didn't exist I entered 101r for the P# on the submission form and sent them in, well, PMG pulled a new P# and labeled the certificates correctly whether how I submitted the notes had anything to do with it I don't know, but I'll take it.  I will say that this seemed to delay the submission for a few weeks as when the notes were first entered and scheduled for grading the following message was attached to the remainders description "N/A X332X due to various cases This note label has been manually entered Please contact Customer Service if you feel that this is an error", eventually this was replaced by UKE101r 1995 1,050,000 Karbovantsiv Ukraine. I imagine that the additional time was to acquire a P# and update their system. 
    The remainders graded 66 & 67, the "issued" notes were both 58 EPQ.


    The next submission was a group of modern specimen notes.
    First up was a 1991 5 Karbovantsiv note, a tough one to find, and I was worried that PMG wouldn't label this note correctly as they have typically labeled other specimens from this series with only an "s" after the P#. The SCWP does list two different specimens for this note P# 83s1 (SPECIMEN, perforated) and 83s2 (SPECIMEN, red overprint), there are actually five different specimen variants, six if you include the printer's design, and with PMG having previously labeled my P# 81s2 as 81s I was a little nervous. Thankfully the note was labeled correctly and made its way through grading unscathed. I think some recent submissions from other individuals of the s1 notes and possibly my inclusion of both current P#'s in my registry set, may have helped with this. The only problem now is that there are several notes out there with incorrect labels and the PMG population report is lacking in information. Anyway, here's the note!


    Next was a 10 Karbovantsiv note from the same series. I had the same concerns with this note as the P# 83s2 but this one made it through and was accurately labeled as well. 


    Next up is P# 88s, this note filled in a hole in my NBU - 1991-1995 Issue, P81-P100, Specimen, Complete set. As did the previous two notes. 


    Next up was an attempt at an upgrade but the note fell short. 


    Another hole filler here in the same set, a tough note to find and I'm happy with a 64 EPQ.


    Another try at an upgrade, this one worked out and replaced a 66.


    Another upgrade, this one replaced a 65 EPQ. I actually sent in two of these, both graded 66 EPQ, if anyone is looking for one let me know we can probably work out a deal. 


    Another successful attempt at an upgrade, this note replaced a 64 EPQ.


    The rest of the notes are after the banking reform in Ukraine and are denominated in Hryvnia, I have to see if I can get the registry to expand the specimen sets for these issues to include varieties, otherwise most of these notes won't have a home.
    Someone wrote "UKRAINE" in pencil on the note, I knew about it but since I had the credits, I sent it in anyway.


    Pick # 118as


    Pick # 119as. I actually sent in two of these as well, both graded 66 EPQ.


    Pick # 119As


    Pick # 120as


    Pick # 121as. I sent in two of these as well, both graded 66 EPQ.


    Finally, Pick # 122as


    I want to start adding to my 1917-Date Ukraine type set and will probably start pulling together notes to send for a submission in early summer, but you never know what else might pop up in the meantime. 
  4. Fenntucky Mike
    On Oct 4th, 2022 the Governor of the National Bank of Ukraine, Kyrylo Shevchenko, submitted, to Ukrainian President Zelenskyi, his letter of resignation siting health issues.  Shevchenko has headed the country's Central Bank since July 16, 2020 when he was tapped by Zelenskyi and appointed by the Verkhovna Rada of Ukraine. In the past 27 months Ukraine has issued new circulating banknotes in all denominations with his signature, as well as commemorative notes in all denominations of the 30th Anniversary of Ukraine's Independence with his signature, plus the upcoming, 500 Hryven, 300th Anniversary of Hryhoriy Skovoroda's birth commemorative banknote, also with his signature. In his brief tenure as head of the NBU, Shevchenko has sought to modernize the banking system and bring Ukraine more inline with international standards and regulations, he has also overseen the NBU over one of its most volatile times since the country gained independence in 1991, the Russian invasion in February of this year and subsequent war, which is still raging. Shortly after Shevchenko submitted his resignation the Verkhovna Rada approved, on October 6th, resolution No. 8104 dismissing Shevchenko's from all duties, his effectiveness as Head of the NBU will be scrutinized and debated in the years to come but his legacy will forever live on with the 13 banknotes that his signature resides upon.

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

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

  5. Fenntucky Mike

    [Notes] Without A Face (Part 2)

    By Fenntucky Mike,


    Control Coupons
    As previously mentioned in Part 1 we're comparing three different Ukrainian P # 83x notes with one another, hopefully they are authentic, and with a control note. We previously examined scans of the four notes now let's take a look at all of the notes under UV. 
    The control note displays all the typical UV features that are to be expected, UV security fibers, background on the face and latent imprint to the left of the depiction of Lybid. There are varieties of notes with and without the latent imprint and the reddish ting in the image, particularly at the top, is due to the UV light reflecting on the PMG holder. Also, unique to the control note is the mix of gold and blue security fibers that are visible on the face, I (literally just now) viewed several other 5 Karbovantsiv notes under UV, including two other certified notes, and the two different colored security fibers seems to be unique with the light face, dark back ink variety. At this point I'm not going to ignore the fact that the missing face print notes do not have the two different colored security fibers that are visible on the control note, and am wondering if I haven't stumbled across an new variety or a way to identify it. 

    The note returned as QA displays the fibers but is missing all of the UV ink on the face, including the latent imprint. The smudge at the top left-center of the face is still visible and on the righthand side, where the UV visible background would be, is a little streak or blotches of what looks like a match to the gold color UV background, or it could be possible contamination, but the gold-color makes me think not.

    The second missing face print note appears similar to the first, with the only noticeable variance being a smudge at the bottom center on the back of the note. It's lighter in color and is only visible under UV, possibly a UV ink smear or something else that is on or touched the note. It's typical to see smudges that appear under UV at the edges of these notes, possibly from handling but this smudge does not appear to be consistent with handling. 

    The third note does not appear to have any unusual smudges, smears, or otherwise curious marks under UV.

    I'm not a big fan of the visible smudges and ink in central locations of some of the notes but I wouldn't call any of these deal breakers. I am however very excited at noticing the gold-colored security fibers in the control note, and am looking forward to further investigating that. I love when a new lead turns up while investigating something completely unrelated. 
    Next, I'll backlight the notes and we can check out the watermarks.
     
     
  6. Fenntucky Mike
    Written 8/7
    The auction for the 30 Shahiv banknote ended and I didn't place a bid , with only one bidder and a $158 starting price I just couldn't justify the risk of bidding and ending up with this note. That's not to say the note was not worth the price, Top Pop, it's the harder to find "b" variety with the Gray-Violet ink and it's the only note of this variety currently graded (all pluses) but I just couldn't do it. The note just didn't have the good vibrant ink/color that I would like to have with this note, (although the Gray-Violet version is notoriously light when it comes to color) no EPQ designation was a drawback as well but wasn't necessarily the determining factor, I just wanted a note with more color.



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

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


    Now, the agony of waiting in anticipation of the second set of Shahiv notes.