Fenntucky Mike

When a note has incorrect information on the label it is called a "Mechanical Error" by PMG. You should email PMG, service@pmgnotes.com, explain the situation and provide the cert # and some images. PMG will send you a shipping label and re-holder the note at no charge with correct label if they determine that it is in fact a Mechanical Error.

Since it seems PMG is now calling the perforated notes unissued and not specimen's, which I agree with, there is no need to try and get a new P# assigned for them. I'm not sure if this is a new development or if PMG went back to how they've labeled these in the past, could be that it was a mechanical error scenario run wild for a short time as well. I wish I had tried to get the perforated notes labeled as unissued and canceled when I sent mine in, with PMG mislabeling all those notes it just never crossed my mind.

I have never seen a set of notes and Pick #'s be so mismanaged in all my years as the 100 & 50 Hryven notes of 1992. I recently viewed a 1992, 100 Hryven note up for auction and I was surprised to see the labeling on the note. It was a cancelled note with perforation and listed as Pick # 107B on the label which I agree with for the most part. The reason the labeling was a surprise to me is that TPG's have been calling perforated notes specimens for years now and this was the first time I had viewed a perforated note having not been labeled as a specimen. 'Bout time! I have tracked at a minimum five notes of both denominations having been incorrectly labeled IMO, either as a specimen or specimen with the notation "unissued". These are the facts as I see them. The last edition of the SCWPM only lists Pick #'s 107A & B for these denominations in this series, no specimen P#'s are listed. The SCWPM uses images of specimen notes with red overprint for P#'s 107A & B, this may or may not have lead to some confusion. Especially when showing an image of a specimen but not listing a P# for one. Notes with ЗРАЗОК (SPECIMEN) in red overprint on both sides of the note are specimens and should be labeled as Pick #'s 107As & 107Bs respectively, which they typically are. Notes perforated with "НЕПЛАТІЖНА" (NOT PAYABLE/NON-PAYMENT) are unissued notes that were canceled and sold in commemorative sets. These should be labeled Pick #'s 107A & 107B respectively and should be noted as being "CANCELLED" on the label. Notes that are not perforated and not a specimen are unissued notes that were not cancelled and somehow made it out of the NBU's vaults. These also should be labeled as Pick #'s 107A & 107B respectively. The TPG's are so close to getting the labeling correct, the last piece of the puzzle is for them to label the perforated notes as being Unissued - Canceled or Unissued - Perforated - Canceled, something along those lines, and the labeling would finally be correct IMO. Not much can be done about the notes currently out in the world with bad labels but I have probably one or two of each denomination and I think I'll see if PMG will agree to changing the labels due to a "Mechanical Error", if not I may just cut them out and resubmit. I've previously written about the 50 & 100 Hryven notes of 1992 here:

Can you post a picture of it?

Nice find! A true binary! The note is not worth having graded as the condition is too poor, condition is still the major factor in value despite the note having a fancy S#. It's definitely a keeper and worth a small premium above face, I'd say in the $10-$20 range.

The note is indeed P81a, the date that is on the note is not particularly import as there will be many different dates, the signatures are what differentiate the pick numbers not the dates. Also from what I'm seeing the SCWPM is missing several signature varieties but not yours. I'd ballpark the grade at an 8 - 10.

Not that I'm aware of. The SPMC keeps a database of NB's but I don't think they keep track of if a note is graded.

(CONTINUED FROM JOURNAL ENTRY ABOVE)

During the final years of World War I and spanning the timeline of the Russian Revolution, 1917 – ’23, the region of Ukraine enjoyed a brief moment of autonomy. A time when governments were formed, felled, and reformed. A time of art on currency and the creation of a 100 Hryven banknote for the people. Shortly after the February Revolution in Petrograd (now Saint Petersburg) on February 23, 1917 [O.S.], the territory of Ukraine formed the Central Rada (Council) as the representative governing body. After the abdication of Nicholas II, the Russian Provisional Government came into power and recognized Ukraine’s right to autonomy and the Central Rada as a legitimate representative body. After the Bolshevik coup in Petrograd, The October Revolution, relations between Ukraine and Russia deteriorated rapidly and on November 20, 1917 the Ukrainian People’s Republic (UPR) was established. Soon after the UPR was formed the Central Rada adopted a law to take over control of the Kyiv office of the State Bank of Russia and transform it into the Ukrainian State Bank. With a Central Bank and newly appointed government it was time to create a National Currency, Karbovanets, which were equal to one Russian Ruble. Soon after its establishment, on January 5, 1918, banknotes with a face value of 100 Karbovanets were put into circulation. Despite the fact that the Government had no gold standard, one Karbovanets was declared equal to 17.424 Dolya or parts of fine gold, which is equal to .766656 grams (1 Dolya = .044 grams). Soon after the first banknote’s release the Ukrainian State Bank was commissioned to generate a new currency without gold backing. The establishment of the Karbovanets as the national monetary unit was short lived as on March 1, 1918 a new law was adopted making the Hryvnia the new national currency. Two Hryvnia was equal to one Karbovanets and the 1/100 was called a Shah or Shahiv. The new currency law provided for the issuance of 2, 5, 10, 20, 50, 100, 500 & 1,000 Hryvnia notes, however no 5, 20 or 50 Hryvnia notes were ever printed and only six denominations went into actual circulation. A 5 Hryven note was issued later in 1919/20, but is not part of the first issue Hryvnia notes. While new Hryvnia banknotes were being designed and printed, provisional banknotes denominated in Karbovanets were still being produced to bridge the gap and to keep commerce flowing. The Ukrainian Government called upon prominent Ukrainian artists to design new banknotes, artists such as Vasyl Krychevsky, Anthon Sereda, I. Mozolevsky and Georgy Narbut. Narbut designed 13 of the 24 banknotes issued between 1917 and ’20, including the initial 100 Karbovanets note, many stamps, the National Coat of Arms, seals, letterhead, etc., but the 100 Hryvnia banknote of 1918 is considered by many to be his greatest contribution to the new State. The 100 Hryvnia banknote of 1918 (Pick #22) was part of the inaugural issue of Hryvnia banknotes, the notes were printed in Berlin at the Reichsdruckerei on white paper with Kreuzringelmuster (Cross & Ringlet) watermark. Presumably, the job of printing the new Hryvnia notes was outsourced to Berlin due to printing houses in Ukraine being utilized for the printing of Karbovanets while the Hryvnia notes were being produced, or fear of capture while war was raging, or perhaps as a political gesture to Germany who had backed the fledgling State and in late February of 1918 forced the Bolsheviks out of Ukraine after they had seized the city of Kyiv earlier in the month. Whatever the reasoning may have been, in the end, the Reichsdruckerei did not disappoint and notes were quickly printed, shipped to Ukraine, and put into circulation by no later than October 17, 1918. Which by that time the governing body of Ukraine had been displaced and a new regime installed. By April of 1918 the German forces had successfully aided the Ukrainian Army in removing the Bolsheviks and, under orders from the German government, promptly staged a coup, after which the Central Rada was removed and Gen. Pavlo Skoropadsky installed as Hetman of Ukraine. On May 9th the Hetman ordered that the official National monetary unit be converted back to Karbovanets. The exchange rate remained the same as when Karbovanets were removed in favor of the Hryvnia, 2:1 Hryvnia to Karbovanets. Denominations of both monetary unites remained in circulation and were accepted through the remainder of an Independent Ukraine’s existence. The 100 Hryven banknote of 1918 would have been one of the workhorses of the economy, being one of the higher denominated notes and large quantities having been printed, some estimates put the total number printed/authorized at 350,000 or more, it would have been one of the most used and available notes in Ukraine at the time. The large quantity printed would also account for the great number of surviving notes and many in uncirculated condition. Three varieties were printed at the time, Pick #22a (as viewed in image 2) has the same design as the other varieties but with the prefix (A) and serial number oriented vertically on the back of the note, this is the most common variety and easily obtained. Pick #22b is slightly larger in size than #22a and the prefix (Б) and serial number on this variety are oriented horizontally on the back of the note, this variety is extremely rare. The final variety, Pick #22?, (Pick does not list this variety) has the same dimension as #22a (180 x 118 mm) but has the prefix (A) and serial number oriented horizontally on the back of the note, this note is rare. Once it was clear that the Central Powers, Skoropadsky’s sponsors, were going to lose WWI the Hetman formed a new cabinet of Russian Monarchists. In response, on November 14, 1918, the Ukrainian socialists formed a new revolutionary government, the Directorate of the Ukrainian People’s Republic, which ousted the Hetman and took back control of the government of Ukraine. On January 4, 1919 the Directorate proclaimed the Hryvnia the sole legal currency (along with Karbovanets) throughout Ukraine, and all other currencies (Russian, German, Austro-Hungarian or Romanian) forfeit. The Directorate did manage to issue five notes before its dissolution in November of 1920 but none were as elaborate or rich in national symbolism as Nabut’s design for the 100 Hryven note of 1918. The designs of Narbut, particularly that of the 100 Hryven banknote of 1918, have endured long after his death in 1920 at the age of 34. The 100 Hryven note’s design is a lasting symbol, representing the working class and the best of Ukrainian heritage which can still be seen today on Modern Ukraine’s currency. On the face of the note Narbut has placed a female figure in traditional dress holding a sheaf of wheat and clasping a scythe to the left an elaborately wrought central wreath, to the right of the wreath is a male figure with a wide-blade plow or hammer dressed in clothing representative of the proletariat. Both figures stand casually on a low mound of soil, with movement expressed in the folds of their garments. The design on the back of the note is devoid of figures, showcasing a cornucopia of Ukraine’s bounty capped by Narbut’s tryzub. Two Ionic-styled columns positioned against a mesh background create a stark impression softened by the interplay of two tones of blue. Narbut utilized the bust of the female figure used on the 100 Hryven note in other note designs such as the 30 Shahiv postage stamp currency (P8) and the 500 Hryven (P9) note in the same series. Narbut’s design was also used to fund the Government in exile by being reimagined by other artists and sold as limited-edition prints, such as the drawing done by Pyotr Kholodny (P10) and issued by the Government of Lviv in 1923. In 2018, to mark the centenary of the Ukrainian Revolution of 1917-’21 and the first Ukrainian paper money, the National Bank of Ukraine issued a commemorative banknote (P11) featuring the design used on the first 100 Hryven banknote of 1918. However, perhaps the biggest testament to the enduring legacy of the design of the first 100 Hryven banknote is that elements of it are still used today on Ukraine’s circulating 50 Hryven banknotes (P12). There is little doubt that Narbut’s design used on the 100 Hryven note is one of the most iconic in Ukraine’s history. (SEE THE FIRST REPLY TO THIS JOURNAL ENTRY TO VIEW IMAGES OF THE NOTES REFERENCED IN THE LAST PARAGRAPH)

Yes, I believe it does. They treat them the same as an issued note when submitting and I believe it's ok to have a mix of specimens, proofs, and issued notes. You can post this question in the Ask PMG section of the forum as well or email service@pmgnotes.com

https://www.wizardcoinsupply.com/products/currency-sleeves/

Uncut sheet

From PMG: "Archival Photographs – These were taken during the development of a design to document each stage of the process. In most cases, the final design reached at the end of the process would be used for notes issued for circulation. These photographs can include engraved and/or hand-drawn sections as well as attached parts of the design (such as serial numbers and signatures) that make up the proposed design. Many of the stages shown in Archival Photographs will resemble, but not exactly match, a Pick number. These black-and-white photographs show only the front or back of the note. They were typically mounted on card stock for storage in the archives of various printing operations. "Archival Photographs" are not to be confused with bromide prints/images that we do not grade." They are rare, possibly unique, and price is driven by the popularity of the series in general.

I just picked up the middle note and it fits in with this group of notes, Pick #5a, in displaying the printing progression. First note missing second printing, second note missing third printing, third note complete. Now if I can only find a blank back note, or even a uniface specimen of the back, I would have a complete set of progressive printing notes. I'll probably look around for a complete AKII 207 block note as well to better match up with the missing print error notes.

Good luck!

That is a small run but I was easily able to find notes from that run in similar condition, in the price range mentioned. Condition is big factor. No, not even close. Well within BEP tolerance. Depending on the type of note, number, condition, etc., it's possible for a two digit serial number note to hit 1k but the note in the OP isn't one of those notes. I'd still estimate $50-$100, possibly a little more, but who knows what could happen at auction.

Welcome to the forum, It's a 100 Lire banknote issued by the Allied Forces during the invasion of Italy, the note was printed by the U.S. Bureau of Engraving and Printing. They are not particularly valuable, looks like they are selling for a few dollars each in that condition on ebay.

Neat find. It's in circulated condition and if I go online I can find series 2013, L block, star notes fairly easily and in the similar condition people are asking around $5. The serial number does add some value to the note on top of that, it's not a true binary note which would have a serial number consisting of only 0's and 1's but is binary in the sense that it has only two types of numerals in the serial number, the real value is that the serial number is pretty low and 66 seams to be a more popular number. Hard to say what it might go for in an auction, maybe between $50 - $100. Put it in an auction on ebay and start the bidding at 1¢, see where it ends. It's not a gas pump, not close really. For a "gas pump" note to have any value there needs to be more of a difference in the digits, typically collectors want to see part of the digit missing before they'll pay a premium.