Fenntucky Mike

This month saw the sale, by StacksBowers, of the Rosenmann and Ellicott Collections of Latin American banknotes at the NYINC. These were extremely impressive collections, both in rarity and grade, however given some of the prices realised completion of this Set may be more Impossible than I thought . At the moment, earlier Brazilian and Venezuelan notes also seem to be very popular everywhere with my bids not even coming close to the final price.
For some unknown reason I had also missed Costa Rica off the country list, odd, as I have some notes in my collection from there with the modern ones being very colourful. This ‘oversight’ would also not have helped in completing the Set!
Current status of the Impossible Set can be found at:-


https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list This month saw five more examples added to the Set, these were from Brazil-Banco Central do Brasil, Chile-Banco de Curico, El Salvador-Banco Central de Reserva de El Salvador, Nicaragua-Banco Agricola-Mercantil and Peru-Banco de Arequipa. This brought the total number of notes to 20, so at this rate 30 or 40 years should do it . The Chilean note was my first note with counterfoils attached and thus very different to the way things are done now. One of the things I find interesting about this period is the numerous currencies and the odd denominations that you sometimes get – the Peruvian note is for 40 centavos and is still my only note of this value.

Putting the comments together for the Banks, and the individual notes, has just highlighted that the information gaps in the usual references are not restricted to the small, short-lived banks – means lots of work to do but that is part of the fun, hopefully descriptions will improve as the Set progresses.


 

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.
 
 

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. 
 

How’s everyone been lately, hopefully the holidays have been treating you well and the weather hasn’t been too bad. It’s been pretty quiet around here lately, although I had problems accessing the chat boards during December. I figured I would post an update. The last couple months have been slower months for my banknote collection, mostly just acquired a few odds and ends. The Latvia note fits into my collection as I would like to work on expanding my Latvia set since I collect Latvia coins as well. The Somaliland note was just a fun purchase, I watched a video about the country and went searching and thought it looked cool.

I’ve been contemplating sending in a submission of mostly Czechoslovakia banknotes, and I’m thinking I might send it in sometime in the next couple months, I currently have an NGC submission of Moderns being graded so probaly sometime after those come back. I currently have about 15 or so notes that I have been acquiring over the past year that would fit into my sent and fill it out nicely. Most of the notes that I have to submit are ones that I don’t really see for sale graded or if they are available, they are asking way more than I’d like to pay. Maybe when I get my submission ready, I’ll highlight some of the notes I’m excited to send off.

This month has seen the ‘Impossible set’ grow by four notes making a grand total of 15.

The new additions are from French Guiana – Banque de la Guyane, Paraguay – the 1870 Argentine Occupation and Suriname – Centrale Bank van Suriname. The fourth addition is from the Bank of Guyana, Guyana for which I have already posted a Journal Entry as it completed the country!

These notes cover former British, Dutch, French and Spanish colonies and thus represent some of the fascinating history of South America. I have also finally managed to add some brief information on the ‘bank’ and the representative example for the original notes, which started the Set. Although I still have a few relevant notes to add these will have to be a few at a time. Hopefully, a few more will also be acquired creeping, albeit very slowly, closer to the impossible total whatever that may be.

Just added a $5000 note from the Bank of Guyana to my Impossible Set.
As Guyana has only been independent since 1966 the Bank of Guyana has been the only source of currency and therefore Guyana is complete
The back of the note shows the typical landscape in Guyana and the national bird – the hoatzin, which I had never heard of. This species seems to be unique in the bird world with blue skin and a fascinating adaption to life in the rain forest meaning it is also referred to as the ‘Stink Bird’!
At the moment $5000 is the highest value note issued by Guyana and it was great to be able to get one for the collection, however following the prices being obtained at some recent auctions I expect that overall the smallest available denomination will feature much more

One of the goals for my collection is to put a Set together made up of a note from the Revolutionary Period for each State in Mexico - a total of 30 notes. I think this is achievable, and is proving a great way to learn about the region, and the Set is ticking along nicely. Some States had multiple Banks, for example Yucatan had El Banco Mercantil de Yucatan, El Banco Yucatecco, then El Banco Pennisular Mexicano plus a range of later private, military, state and municipal issues so there is plenty of choice for the 'banks' and denominations which could make up this Set providing some much needed flexibility.
This diversity meant that Mexico had 100's of Institutions that issued currency before centralisation of the banking system in 1923 and one note from each would probably be considered 'impossible' - is there already such a collection?
I have bought a few group lots, whilst also working on another set , which meant that I have ended up with an increasing number of notes from across Latin American which prompted a quick look at the SCWPM:Specialist Issues catalogue. This has ~50 Bancos listed for Mexico (does not include the later issues), >100 from Argentina, even more for Colombia although for Nicaragua only 4 are mentioned, and then there is the main catalogue which adds even more.

As the saying goes 'go big or go home' I decided my 'impossible' banknote set would be one example from each bank/issuing authority for the whole of Central and South America!
As an example of every catalogue number is just being silly this Set provides some sort of focus, not much but my justification anyway, as it still needs 1000's of notes.  I expect some of the earlier/local issues are probably 'impossible' in their own right and this means there will always be a gap somewhere. As a long time collector of die numbered Victorian coinage (1864-1879) and Napoleonic medals I am no stranger to 'impossible' Sets so adding a 'paper' set to my never to be completed collection seemed like a logical thing to do!
So I have started a Signature Set with just a few notes to sort out the format etc. Extra notes and information will be added over the next hundred years or so
https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list
 
 
 
 

My first graded banknote was a 'dos caritos' issued during the Mexican Revolution in Chihuahua and I promised myself that I would not attempt acquiring all the combinations of control letters, dates etc as there are more than a 1000 known.

As there is always an exception to every rule I had decided that if some of the interesting varieties appeared cheaply then I would snap them up and this note ticks that box.

It is still a 20 pesos note (S537b, M926f) with black scalloped Treasury seal and a new date/control letter combination (6-10-15; MIN-S) which was nice but it was the extra stamp that drew my attention. During the war the fortunes of the various factions embbed and flowed necessitating the issue of new, territory restricted, currency to pay the troops. The easiest way to do this was to revalidate captured existing notes rather than trying to print new ones and this note is an example of this.

Postcard depicting Nogales and the US border ca. 1915 (geo-mexico.com).
The seal was used from 28 May 1915 in Nogales, a small town in Sonora on the border with the US. The stamp is round, in violet ink, with an eagle in centre and ‘SECRETARIA PARTICULAR DEL GOBERNADOR DEL ESTADO DE SONORA’ around the edge. According to papermoneyofmexico.com this revalidation had nothing to do with Secretario Particular and the stamp was used as it was the only one available, there also seemed to be a shortage of ink as it is also known in green, blue and black suggesting issuing currency was critical and they used what ever was lying about..
Even more interesting are the initials above the MIN-S, these are RM and stand for Remigo Montoya who appears to have been quite a character. As an 'official' currency expert for the neighbouring state of Chihuahua he was arrested just across the border in Tucson, Arizona having been caught stamping $500,000 of potentially counterfeit notes as genuine. During the chaos of war he surprisingly seems to have escaped prison and even retained his tresury job - I am sure the investigation of the counterfitting operation identifying a number of Mexican government officials and influential Sonoran businesman had nothing to do with this.
I love it that every coin and note is the chance to learn something new.
 

I don't know about most people but I prefer to have physical copies or coin and banknote books for reference. And while the Standard Catalog of World Banknotes is a great resource sometimes it leaves some to be desired. For a while I have been looking for a book that is specifically about Czechoslovakia, unfortunately a book like that simply doesn't exist in English. I have great resource for Latvian Banknotes by Lee Gordon. It is in English, readily available, and has large full color photos of notes as well as specimen and test sheets.

A few months ago through probably a few rabbit holes I discovered that a new book covering Czechoslovakian, Slovak, Czech, Bohemia and Moravia, and even earlier Austro-Hungarian notes had been published by Aurea Numismatika and Pavel Hejzlar in the Czech Republic. It was available through aukro.cz which is basically Czech eBay, and after finding a seller that shipped internationally and wiring money to them to pay for my book and waiting about 3 weeks it arrived. 

Now from the beginning I knew that there would be a barrier between using this book to its fullest. I do know some Czech, not enough to hold a conversation but enough to read words here and there. I will say this is a fantastic book, it goes into great detail about individual notes. It includes pictures or varieties as well as the placement of specimen stamps and their rarities. The values are fairly accurate as the book is recently published.


Sometimes finding country specific books can be difficult but the hunt continues. All in all I am glad that I was able to find this resource and while it still isn't quite as useful as it could be it is a wonderful addition to my book collection.

https://notes.www.collectors-society.com/registry/notes/mysets_listing.aspx?PeopleSetID=34594
This year has seen a couple of milestones in my collection, the first dealing with coins and the second banknotes. After more than a decade, I finally managed to complete my NGC Registry Set consisting of the main types of Napoleonic Francs and, much to my surprise, I have also managed to complete my first PMG set, this was much quicker but then it was 5 notes rather than 30 coins!

The Set consists of the 5 to 100 pesos notes issued by the Banco de Tamaulipas in Mexico from 1902 to 1914 with all denominations represented by remainders* as these were available in high grades to allow appreciation of the design. My collection also has a 1000 pesos specimen note although it still lacks an example of the 500 pesos note and then there are the notes from earlier and later periods issued in the State, all with fascinating designs and history. You have to start somewhere and Tamaulipas appears to have been it as very few of my Banco Sets corresponding to the other Mexican States (pre and post revolution) have even been started and those, which are actually underway in my collection typically, comprise a single note. Then there is the rest of Central and South America so I have no idea where completed PMG Set No. 2 will come from.
 
* Collecting issued notes by Series, signatories and dates appears to be possible and would make an impressive reference collection but would probably drive me mad. If anyone is considering this, look at the information on ‘papermoneyofmexico.com’ first and then change your mind!

In further researching the subject of Type 1 & 2 notes of the second series control coupons of 1992, 500 Karbovantsiv notes only, and acquiring and examining roughly 75 circulated notes and a dozen uncirculated, in addition to viewing another 100 or so examples online, there appears to be additional identifying markers between the two variants. Whether these markers are due to plate, ink or production variations is not known, by me anyway,  but they have so far held true when used with the original fractional prefix denominator number ranges given in my previous Journal entry for T1 & 2 notes and the initial indicators used i.e., gapping between prefix and serial number and light or dark shading in the area of the prefix and serial number. 
In addition to the original diagnostics, it would appear that the T1 notes with denominators of 5,6,7,8 &15 were more heavily inked, or a darker ink mix was used in certain areas, specifically, on the face, the word КУПОН (COUPON) and the numerical denomination 500 located immediately below, on the back, the ornamentation has the same light and dark variations. On the face of T1 notes the word КУПОН is darker than on the T2 notes, as is the numerical denomination below, and on the back of the T1 notes the ornamentation around the numerical denominations is lighter than on the T2 notes, also, the central ornamentation on the back of T1 notes is again lighter than on the T2 notes. Also, all replacement notes (denominator 99) seem to be universally of the T2 variety, having the same diagnostics that are associated with the T2's.

T2 notes (including replacements) are much more easily found in uncirculated condition which would suggest a common printing date/production after the T1 notes and this would follow an ascending numbering sequence for the denominators. T2 notes with denominator 28 seem to be rare at best, as I have yet to cross paths with one. Of the 75 circulated notes I have 48 are T1's and 27 are T2's, this falls in line with the number of denominators used for T1 and T2 circulating notes, five denominators for T1 notes and three for T2 notes, 5:3, assuming all production runs with unique denominators were of roughly the same size.

 
Unfortunately, even though additional diagnostic markers have been found to differentiate between T1 and T2 notes I am no closer to figuring out what is going on with the UV ink in the numerical denomination and background on the face of the note, as all of the circulated notes either have none or only slight traces of UV in those areas. Most of the circulated notes show no signs of UV, leaving me to believe that it has worn off? The uncirculated notes that I have are too few to come to any conclusions on what notes may have UV ink and which do not. The only notes of this type that have had UV ink in the denominator and background every time are the replacement notes, this would lead me down the path that all T2 notes would also have UV ink since they share everything else in common and yet the circulated notes do not reflect this assumption.   More on that later, I hope, as I have another hundred circulated notes from a different source on the way. 
Just for fun I took a pic of the face and back of a mix of twenty-four T1 and T2 notes, not having been previously identified in this journal entry, and I wonder if anyone wants to take a shot at identifying the T1 and T2 notes in the image. Most of the prefix and serial numbers are covered up so you'll have to use the second set of diagnostics given in this Journal entry to identify them.   Although I guess you could go back, using the totals and notes I've already posted, to come up with the numbers.  So no cheating.  I'll post the answer key later in the week, all notes are in the same location in each picture. Good luck. 

After my wife bought all three of the Rhodesian pennies I was looking to maybe get with my collecting money for my birthday () I had some cash available to me, and then I saw a 68EPQ P106 note for Zimbabwe pop up from one of my favorite dealers that I've gotten most of the new notes from this series from.
They were listing it for $35+$5 shipping so I decided to try for it. No one else bid and I took it.


Unfortunately I can't add it to my signature set right now because it appears the PMG servers in Florida that the site needs to confirm the cert# are down.
I'm hoping everyone out there with PMG and NGC are doing okay. My wife works remotely with a Florida-based company that's in Gainesville. From what she tells me they have all made it through okay but some are also without power.
I already have a description / commentary written up for it to go into my signature set with it once the servers are back up and I get another chance to add it.
This note makes me caught up with this series for probably the first time in a year or more. I didn't get the $50 until this one was coming out and I've just been constantly behind on this while I focused on Venezuelan, Zimbabwean and Italian coins. So it feels good to finally get caught up again.

Mike may note that the grade is a 68. Now that I'm reaching pretty happy, stable points with some of the coin sets, I'm likely to take a break from some of those for a while, until next year when I start to prepare another submission.
I'm starting to feel the temptation and maybe have the budget to put towards upgrading some of those 67s and 66s in this set to 68s as notes become available at prices I'm okay with.

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. 

Not only is this another country from Latin America to add to the collection but it attracted me for a couple of reasons. First the cancellation holes are square - I thought that was a bit different as most seem to be round.

 
In my collection I have a Guatemalan 1 peso with Cybele riding a chariot being pulled by two lions whereas this time she seems to have gained a passenger in Mercury, which is no doubt why it now takes four lions to do the hard work!
It is no surprise to see Mercury on a banknote as he is the god of commerce however it seems that his chariot is usually pulled by two roosters - I wonder if this is on a banknote anywhere? He has also regained the caduceus from the Mother Goddess.

 

This past week all I've been doing is trying to figure out what to sell. I have some, that I wish I never would have purchased. 1 is a Peru note, it graded nicely but doesn't turn me on anymore. To be honest, it's a nice looking note, but I like nice vignettes showing buildings and historical scenes. Once I get the set started, if anyone is interested in the Peru, Dominican Republic and Czechoslovakia notes, let me know. The Peru isn't a Specimen. I also have a lot of raw notes that aren't worth grading, but I do like them. Especially the Mexican, Argentina etc. and a couple of other South American notes. I have enough to do for the next week or so, and I'll try to keep everyone updated thru my journals.
One thing I have to do is update my World Catalogs. Hint, Hint: if anyone has maybe a 3 year old set of all 3 catalogs, I'd be interested if the low price is right. Here is why: in one of the lots I bought there was several Mexican notes I didn't have, but there was also some Russian notes included that consisted of 2 different designs; one I believe is an 1898 variety and the other, a bigger vertical note is a 1909 date. One of my problems is my eyes aren't near as good as they once were, so even with a loupe or madnifyer I cannot see any differences in the notes. Some of the differences are different names for the signatures, and I can't tell them apart. I'd sure like to get the CORRECT pick numbers for each
Ok, here's where I try to put in the scans, would you all keep your fingers crossed!!!
 

I think I had better stop here, as I know if I try anything else, will really be pushing my luck.
Thank you all for reading and helping out.
Brian

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. 

Well, after a few years of talking about it I finally sent a submission into PMG. I wanted to test the waters first, so I only sent in a batch of 10 specimen notes. Notes that I feel are properly listed in the Standard Catalog of World Paper Money with appropriate Pick #'s and accurate descriptions. Some of the notes would fill holes in my PMG registry set, others don't currently have homes in the registry but hopefully PMG will create them when I request some new sets. We'll see.  I didn't have time to take images of the notes prior to submitting them, I wanted to for a little guess the grade, but I'll try to make that happen next time. At any rate, they've gone and returned already, ahead of the projected turnaround time listed by PMG, and they are looking great in their new holders. 
The first batch of specimens were from the early years, shortly after Ukraine's break from the USSR. The first notes issued by the newly independent Republic were several series of coupons, or control coupons as they are often referred to, denominated in karbovanets. The first series specimens (printed, 1991) are the least common of the four, and the most simplistic in design and security features. There is currently no registry set for these. 


I've decided to go with a black background for the imaging (scanning) of all the notes, I like it.  It's much better than a white background for these, as the boarders of the notes tend to blend in with a white background making distinguishing where the edge of the note stops and starts very difficult at times. A big improvement for these, I think, and it really makes the notes POP.
The second series coupons (first printing, 1992) received a new design but were printed on similar paper, with identical watermark, and cut to same dimensions as the first series. The back design is identical on the three notes from the submission, other than the denomination and color ink used, so I'm only posting the back of one of the notes. These are not to terribly hard to find, as I see them somewhat regularly, and no varieties helps. There is currently no registry set for the second series specimens. 




The 2000 Karbovantsiv note below is somewhat of a transitional note, while this note is grouped with the Third series notes (first printing,1993) the design is more in line with the second series notes (1992) as the major design elements, size and watermark are identical to that series of notes. The only things this note has in common with the third series notes is the shield with Tryzub on the face of the note and being dated 1993. 


Next we have the third series notes, with these notes we have yet another design change, plus a size change to go along with the new design, the notes became larger. If you haven't noticed the values have been increasing steadily with each new issue, inflation was riding roughshod over the entire Nation at the time facilitating the need for ever higher denominations of coupons in Ukraine. There are multiple varieties for most of the notes in this series and this series has the most denominations meaning that notes from this series are often seen, but there are a few key date varieties that are very difficult to find. There is a specimen set in the PMG registry for the third and fourth series notes and the six eligible notes from this submission are now located in their new registry set homes. 




The fourth series notes, at least what I'm calling the fourth series notes, were issued starting in 1994, with more design changes and ever-increasing denominations. These don't hit the auction blocks very frequently but are more common than the first series. These are included in the same registry set as the third series notes, and with only three notes comprising the fourth series, I'm in complete agreement with that set configuration. 
 The 1,000,000 karbovantsiv note was printed in 1995 and is listed as a standalone issue in the SCWP, which is based on issue date, but if we were categorizing based on issue dates alone then the 200,000 & 500,000 karbovantsiv notes of 1994 should be the fourth series and the 1,000,000 karbovantsiv of 1995 the fifth series. My preference would be to classify these by design/series and that would mean the 2000 karbovantsiv note posted above would move to the second series (1992) notes, along with the 5000 karbovantsiv note of '93, then the two hundred thousand, five hundred thousand and one million karbovantsiv notes would be the fourth series. But that's an argument for another time/journal entry. 




I am very pleased with the job done by PMG and all of the grades seem fair/accurate to me, they are at least within a range that I thought the notes would grade at. At any rate, these specimen sets are all about completing the set, including all varieties, as these notes don't come up for sale very often. Now that I'm nearing the end, with fewer slots left to fill, the task becomes even more difficult in finding the notes needed. I currently have six empty slots left in my registry set but I have three of the notes required raw and will be submitting them soon, I forgot to include them with this batch , and I know of a note going to auction in the near future that would also fit in nicely. If all goes according to plan, I will have only two notes missing from the set by the end of the year, which would be a major coup for me, and who knows maybe those other two elusive notes will show up as well. 

I have several steps in my journey back. First will be my Mexican notes, I'll only will be able to grade (at most) 5 notes at a time. I know I have one early German note to do, will probably start a Signature Set for what few I'll have. My dad brought back a few from France (this registry set has 26 notes, if I counted correct). I'll probably grade those and then look to buy a bunch. Same way with the German AMC's he brought back also. However, the German  set has about 30 slots, so frankly I don' know what I'll do. I may just get one of each type. Mexico is a big bunch of notes, at least to do some ABNC notes. One set I looked at only has 7 notes, so that may be a good, don't know how expensive they will be.
Then I have at least 2 Sig Sets I want to do. Then there is a 1953 Silver Certificates to do and possibly a $2 note set. Then at least 2 Canadian sets and a couple of Canadian coin sets and maybe a Sac dollar set I have started. Guess it will depend on how much cash I can raise.
The big task right task now will be to figure out the new Journal format. Looks to me like PMG changed it enough since April, I'm lost on how to do it. Tonight however I have 2 notes I'd like to attach to show how nice my new scanner is. If I get stuck with this entry, I hope one of you top posters will help me out. I'm kinda/sorta embarrased because in 2006 and 2011 I did get a plaque each year for best journals.
OK her goes the notes to be attached and then relax and watch some TV.
Well couldn't bring my notes over, hope someone can give me a hand.

I'm putting this up as what I'm calling my 2022 update to the Zimbabwe set. When I got into this in 2015 I thought it would be done and that I would just get to build the sets and the descriptions and be done. It has been very interesting and an unexpected journey to have this new series that started in 2019 (2016 if you count the bond notes) and having to update and revise to reflect the timeline moving forward, but it's something I've enjoyed following immensely, carrying the set forward.
The timing of this update is spurred partially by my wife buying me a graded example of the $50 (P-105) note for the series as part of my father's day present and also the announcement the RBZ made last week. My last major update to this set was in May 2021, a couple of months before the $50 note was released, so my $20 note description still said I thought the $20 note would be the last of the series. So an update was needed.
The Reserve Bank of Zimbabwe announced in early April 2022 that they would be releasing a new $100 bill. At the time, inflation was running about 6-7% a month and about 66-72% a year. The RBZ committee at the time talked about how it needed to “remain focused on inflation reduction” while also pointing to rising global inflation and the Russia-Ukraine conflict – which had started only about 1.5 months prior at the time.  


The design of this note will look familiar to those familiar with Zimbabwean money. The front of the note is more or less identical to the other notes in the series with the exception of the color and the denomination and even the color seems very similar to the $50 note that immediately precedes it in the series. The reverse of the note features the Great Zimbabwe Ruins, which have not been featured previously in this series but they have been featured on the national coins and currency over and over again dating back to 1980 with the $1 coin. I think the first appearance of the ruins on a note was on the $50 bill of the 2nd series of the 1st dollar (P-8), which was released in 1994. 
Every time the ruins are introduced or featured in a new series of notes it is done with new artwork but the artwork always seems to focus on this one structure or feature of the ruins. I think this new design is notable also for the prominent placement of the milkwood tree. I bring up the old $1 coin from 1980 in part because, of all the prior artwork, this new note most reminds me of that old $1 coin. 
By Jun 2022, just two months after this note was released, annual inflation had spiked from 72% to 192%. 
Forever behind the curve with this series, the RBZ once again released a new note that could not even buy a loaf of bread when it was released. For all the jokes that got made about the $100 Trillion dollar note (P-91) at the time of its release, that bill was worth about $2 officially at release and could buy bread – and if you sold it to tourists at the airport for more than it was actually worth you could get a loaf of bread or maybe two. But these notes, at release, didn’t even buy you bread. 
Just two to three months after this note was released, in June and July 2022, you have some developments that are perhaps the most damning inditements of this new currency, the surest signs that this experiment in restarting a national currency has failed, and that this series may actually, finally, be close to an end. 
In June 2022, the country announced that the US Dollar and other foreign currencies would once again be legal tender in the country and would remain so for at least the next 5 years. This is an official return to the multi-currency system that reigned from 2009-2019 and which was brought to an end by the government outlawing domestic use of foreign currencies and the forced conversion of bank balances to the new dollar in 2019. This comes less than three years after the RBZ stated repeatedly in October 2019 that there was absolutely zero chance that they would return to the multi-currency system. 
One month after that, in July 2022 - last week -the country announced that they would start issuing gold coins later that month that could be purchased for the value of the coins + production cost and used in domestic transactions or kept as an inflation hedge.  
Actual gold coins, struck possibly even for circulation. Can you even believe it? If it happens I think that might be one of if not the first time that gold coins have circulated in nearly 100 years.
I'm looking for pictures.... I wonder what they'll look like.... I need one of these things. Like Seriously. I'm going to have to get one.
But... they're still supporting this zombie currency. It's dead. The people have rejected it. They've brought the multi-currency system back and they think they'll get to just take it away again in 5 years?
 
Edited to add:
My wife's father's day present to me also included 2 other notes.
One is a 65 EPQ graded P-18 that Noteshobby had listed recently. I showed her the check / linked her to it (and the P-105, and the Congo note) recently when she was looking for ideas for a present for me because she considers me hard to shop for. This 65 EPQ example is better than the 63EPQ and 64EPQ I'd gotten graded last year. So it upgrades my "best possible set" of these checks but I'm not actually putting it in a competitive set with my other "best" checks. I'm putting it in my incomplete set that contains the now 3 of these things that I've bought from elsewhere. I just like the idea of those other two sets being entirely self-graded too much to introduce a pre-graded, bought note into them and ruining those -001 to -006 runs I worked so hard to make. I don't need to fight currently to have the highest ranked set of these so I like the style of keeping those other two sets "pure." But this note is now with all the others in the signature set I made to highlight these specifically. 


The Congo note goes towards my elephant note set - which I may get more seriously off the ground one day. I'll have to do some research for this one ... one day... as I have time.

The quest towards a note from each of the Mexican States continues and I am now able to add Guerrero as State No.4, the list so far:-
1   Chihuahua
2   Tamaulipas
3   Veracruz
4   Guerrero

Guerrero is in the southwest of Mexico and is named after Vicente Guerrero Saldana (the chap on the front) who, having joined the Mexican revolutionary forces in 1810, progressed to the rank of General with control of the southern forces. As a result he played a key role in Mexico gaining her independence from Spain in 1821 and went on to serve in the provisional government which was established in 1823 following Agustin de Iturbide's failed attempt at the introduction of a monarchy. Later on in 1829 he became President, with his most notable achievement being the abolishment of slavery in Mexico. This office proved shortlived as he was deposed by his vice president Anastasio Bustamante, subsequently captured and executed by firing squad in 1831.
My note is a 50 pesos, printed by the ABNC, for the Banco de Guerrero which is the only 'Banco' for the state which began operations in 1906 with its first branch in Iguala, My note is cancelled with a needle punched 'AMORTIZADO' and it seems to be common for the Guerrero issues that the tops of the letters are missing - I guess they couldn't be bothered to fix the punch.  It is a Series B note which was printed in 1914  and it appears that serial numbers 10001 to 14000 were issued yet the remainder of the run 140001 to 20000 was not, no doubt due to yet another revolutionary war. Liquidation of the bank, and many others, followed in 1921.
The back of the note is a scene overlooking the largest city and major port of Acapulco - which entered popular culture as the playground of the rich and famous and the only place I was aware of in the State, sadly, this appears to be no longer the case.
Examples of the 5, 10, 20 and even the 100 pesos notes are also available as remainders with issued notes being much more scarce, a 500 pesos issued note is a 'holy grail' item - anybody have one?
 
 
Standard Catalog of World Paper Money. Specialised Issues 12th Edition.
Mexican Paper Money 2017
Papermoneyofmexico.com (usmex.org)
Flag of Guerrero: https://commons.wikimedia.org/w/index.php?curid=7551425
 

So recently Mike has been sharing a lot of contemporary counterfeit Ukrainian notes and so I figured that I would share kind of along the same lines. 
The Czechoslovakia P#5 1000 korun which is an Austrian 1000 korun with a red stamp printed onto the Hungarian side of the note. This stamp turned the old currency of the Austro Hungarian Empire into "new" Czechoslovakian currency. These were issued in the newly founded nation for a short time period in 1919 and 1920 before new banknotes were printed and issued.

Counterfeit bills were handstamped with an additional stamp over the red stamp that read "BANK UR MIN FIN PRAHA", (Banking Office of the Ministry of Finance Prague. This was to indicate that these bills were not legitimately stamped. I'm unsure if they were stamped with the extra stamp to make them legal currency or help identify them later when the new banknotes were swapped out . But it makes me wonder why they were stamped as opposed to being pulled from circulation.
My example of this note is heavily circulated and damaged but the ink of the handstamp is still mostly visible. I don't know if this damage was from circulation under Czechoslovakia or Austria. Or just improper storage later.

I am unsure what the total population of these notes is and how many survive to today. They were issued for a very short time period in the new nation of Czechoslovakia and they were a high denomination that was not used as much as smaller currency. Currently only 1 has been graded by PMG and no counterfeit notes have been graded, and these do not come up for sale very often. 

When I started collecting coins I was drawn to the discovery of new varieties as I found this fascinating, more so as it turned out that the standard reference books for world issues don't usually contain much, if any, information concerning such details. It transpires that the situation is much the same for medals.
So, having recently added banknotes to my collection it rapidly became apparent that 'paper' was no different and records concerning Series, control letters, dates, signatures etc was surprisingly difficult to come by for some issues. (See my Journal posts on some Mexico Revolutionary issues  'A pile of tatty notes' which highlighted control letters on Durango notes and 'It's made of paper' which mentioned the Chihuahua dos caritas series).
I have also acquired quite a few Latin American notes beyond Mexico as the fortunes of individual countries are intimately linked to those of the wider region. Compared to the intricate designs and vignettes of the early Banco issues I was attracted to the simplicity of this readily available 1 colon note from El Salvador- and not just that it had an extra date on the back  (17-Aug-1973 in this case).

 
So for a single Pick number (115a) it appears there are different signature combinations, front and back, and multiple series, dates etc with no mention of what these are in the SCWPM issue that I have and El Salvador is one of the several Latin American countries missing from the 2014 Banknote Book volumes. Numista records 24 different dates but these are not linked to the Series letters so this prompted a quick look at auction records etc and it was great that the sequence of Series letters used rapidly became apparent with the serial numbers suggesting 1 million notes per Series for 1972-1977.
GN - GW
QA - QJ
HQ - HZ
PK - PT
IA - IJ
UB - UK
EF - EO
RK and RL
However the examples that I could find were still very limited (26 out of the possible 72) and the situation with the linked issue dates is even worse. Some Series have several issue dates so I wouldn't be surprised if the number of dates was nearer to 100!
This collecting lark is a very slippery slope as I now have to look at all the other 1 colon issues and also the other denominations. Fortunately this can all be worked out electronically as auction lots now have pictures, and it keeps my wife happy as she says it keeps me out of trouble - it doesn't  .
 

"Pop quiz hotshot". How many of these notes are authentic?
 

Since we covered the 50 Shahiv I thought I'd pull out some of my 40 Shahiv contemporary counterfeits and give them the same treatment. Plus, I'm boooored right now (rainy day here in Michigan) and why not spend some time looking at banknotes! Let's get to the hints. 
Front:
As always, we're looking for quality, in the artistry/production of the note and the three "S's" sharpness, separation, and spacing are key in differentiating between a contemporary counterfeit and authentic notes. I'll point out a few areas that I look at first. Similar to the 50 Shahiv, the 40 has anti-counterfeiting grids in the four corners surrounding the central design, these grids should be well defined with straight lines that are evenly spaced forming well defined boxes. The grids will be separated from the wreath by a gap which conforms to the design of the wreath, this gap should be of even thickness as it winds around the wreath.
The central design is of the Ukrainian National Emblem, the Tryzub, and within the two outer prongs is another grid, a diamond matrix with symbol in the upper tip of the diamonds. I believe the symbol to be a Ʌ symbol similar to the Ʌ's on the middle prong of the Tryzub but due to their size they more often than not look like a misshapen circle or blob. As with the anti-counterfeiting grids in the four corners, we are looking for straight lines, even spacing and well-defined diamonds/boxes here as well, along with the symbol being present at the top of each diamond. 
Also, within the Tryzub design is another fine detail, the shading of the Tryzub is broken with fine "feathering" apparent at the base. The feathering lines, unprinted areas within the shading, should be well defined with no ink breaking in and they should be no wider than .5mm. There are two types of these feathering lines, a longer/taller one that extends 3/4's into the shading and a shorter line that extends 1/4 into the shading, these feathering lines will alternate long, short, long short and so on. 
Finally, the wreath surrounding the Tryzub should be full, flowers, seeds, fruits, leaves should be sitting on top of one another, overlapping. The design elements should NOT be as individual components, standing alone. The wreath should form a nearly perfect circle around the Tryzub and should be shaded by the circle on the righthand side starting at 2 o'clock and continuing down to the 7 o'clock position. 
As is normal there are more design elements and things to look for when separating contemporary counterfeits and authentic notes such as the perforations, the type of paper used, the notes dimensions, looking at the rest of the design, etc. but counterfeits of this period are of poor quality and are easily identified using the above diagnostics. I would be very surprised if there was a contemporary counterfeit of a 40 Shahiv note that was of such excellent quality that the decision came down to those type of details. 

Back:
The back is identical to the 50 Shahiv, there is no back design variety that I've seen for this note, all are of the large Tryzub/small text design. So far. 
The boarder is the first thing to look at on the back as counterfeits are often lacking in this department and it is a quick identifier. The boarder should be clean, the line/s making up the boarder should be a consistent thickness, the vertical and horizontal lines parallel to one another, the corners should form right angles, it should be well aligned and parallel with the perforations/edge of the note, and any general sloppiness or varying of the boarder is a red flag. Centering on authentic notes is typically not great and as such should not be used as an identifier. 
The Tryzub should have a level of detail to it, if split in half the left and right should mirror each other perfectly, or very close to it.  Again, any general sloppiness or lack of detail here is a warning sign. 
The text should be level as if written on lined writing paper, the font should be consistent with no variation in sizing, the spacing between letters should not vary along with the vertical spacing between words. Counterfeits often have poorly spaced and sized text, on occasion the text will be illegible and/or at a slant

Soooo... Which of the notes from my collection, posted at the beginning of the Journal entry, are counterfeits?
The SCWPM does not list a counterfeit for this note currently, not that I know of at any rate, and if added I would expect it to be Pick # 10x. I don't believe that different counterfeits receive different Pick #'s but this note and the 50 Shahiv were absolutely counterfeited multiple times by different people/groups.  A list of the different types of contemporary counterfeits for these notes could be an interesting project for me or signature set here. 
If anyone is looking to dip their toe into Ukrainian banknote collecting, I can't recommend starting with these notes enough. They are fun, interesting, there is more to be discovered about them, don't take up a lot of room, and they are dirt cheap!
 

It's been a while since I've last talked about the hammer prices of Ukrainian banknotes, and coins for that matter, both continue to command strong prices at auction. This is due to many factors no doubt, such as inflation, individuals still high on the hog with Covid money or generating additional income due to Covid, the war in Ukraine generating interest and sympathy, along with a collector base/demand in general that has been slowly growing, even prior to any of the previous factors already mentioned. As a result of all of this some fantastic notes have come out of hiding along with some collections going up for auction, and now is a fantastic time to see, bid on and sell Ukrainian banknotes. That being said, I've continued to take a beating at auctions but have also come away with some wins. 
Losers: 
A nice 25 Karbovantsiv (37a) without serial number or prefix that went for fifty plus. I was outbid by $1 on that one. 

A 25 Karbovantsiv (P2a), I went with a $150 snipe bid but got beat. 

I lowballed on this one ($250), and no surprise it went for close to double my bid. Another P# B126b PMG 70 went for very near the same price prior to this one.

Threw a lowball on this on as well, again it went for more than double my bid of $2,300. A beauty, and EPQ too boot! I thought hard about being more aggressive with my bidding on this one but decided to go a different direction. Whoever got this note did well, this note is better looking than the PMG 64 notes I've seen, and EPQ to boot. 

This one shocked me, I seriously considered selling my collection for about 30 seconds when I saw this result. Over $250 per, with the juice. 

2021, 1000 Hryven PMG 68, went for just shy of two hundo. 

I could continue with many more examples of Ukrainian notes pulling strong prices but time for the wins. 
Winners:
I did end up winning a P2a later. It went for more than the fist but stayed under $200 and is in much better condition. 

Instead of the P37a without serial number I won a P 37a with serial number, an uncirculated note and a beauty! Around $150.

Instead of being more aggressive with the P 50 (2 Karbowanez) I decided to go for a P4 and a P5 ,uniface front, specimen and won both lots. There was very strong bidding for both lots, the total was north of 500 euros, combined, even with the back specimen not being auctioned.


Finally, I was able to pick up a 2015, 500 Hryven P# 127as. There were two specimens produced for this issue, one with SPECIMEN in English a second with SPECIMEN (ЗРАЗОК) in Ukrainian. The English version is the much tougher of the two to find, last one I saw was in 2019. The seller was asking moon money and it sat for a few weeks, I made an offer for significantly less and they accepted. Should have gone lower.  Even though my offer was accepted, I was still on the high side of what this note is probably worth but when you only see a note every 4 years or so you have to make a decision. Just over $300.

How's everyone else doing at auction? Are prices still rising or have they plateaued? 

"Pop quiz hotshot". How many of these notes are authentic?

 
Before you answer I'll give you a couple of hints, areas that I look at when first viewing a 50 Shahiv note.
Front:
It goes without saying that we are looking for detail, as would be the norm for officially produced notes, and consistency but there are two areas, or design elements, that are typically dead giveaways with these. One is the diamond matrix surrounding the denomination inside of the wreath. The matrix on authentic notes is sharp, with clear separation between diamonds, the space between the wreath and denomination is fully utilized, save for uniform spacing between the diamond matrix and the denomination and wreath. The diamonds will be uniform, although not necessarily "perfect", the lines of the matrix will be straight, unbroken and all of the same thickness, the design will be "square" to the perforated edges of the paper with the inking being consistent over the entire design. The matrix can be difficult to identify as diamonds on authentic notes, especially if heavily inked, but even if over-inking has rounded the diamonds into ovals or circles on an authentic 50 Shahiv note, the other identifiers will hold true. On counterfeits the matrix is often random with inconsistent diamond sizes within the matrix and often the diamonds appear as varying sized circles. The spacing and line thicknesses will be lost to an amateurish attempt at reproduction. 
The next design element that I look at is the "Tic-Tac-Toe" grid in the four corners outside of the wreath. We are looking for many of the same things as with the diamond matrix, sharpness, separation, utilization, and spacing. This area of the note is often met with a feeble attempt at reproduction, more often than not (on counterfeits) this design element appears as random blobs, of what appears to be an attempt at a continuation of the floral design from the wreath. On authentic notes the grid will be sharp with even spacing and line thickness, separation between the outer boarder and wreath, the noughts and crosses will be clearly defined and easily identifiable under 5x magnification. Those of you with better eyesight will be able to see the design in hand, not me.  On authentic notes the grid, noughts, and crosses may not be uniform throughout the design but will be identifiable and have a level of detail and craftsmanship not found on counterfeits. Remember, these are anticounterfeiting features designed into the note, so as to be difficult to reproduce. Even for the engraver.  The "blank" squares in the grid will (should) have a single dot in them, this can oftentimes be missing, sporadic, extremely faint or worn off from circulation due to the miniscule size of the dot and as such is not a deal breaker as long as all other aspects of the design are present. Notes with the dot clearly visible are of the highest printing quality, typically, and something I look for in prime examples. If one were to compare a counterfeit to an authentic note you will, most likely, notice other things that seem off with the design, one could identify a counterfeit in that manner but looking at the diamond matrix and "Tic-Tac-Toe" grids are the easiest and quickest identifiers in my opinion. 

 
Back:
The boarder is the fist thing to look at on the back as counterfeits are often lacking in this department and it is a quick identifier. The boarder should be clean, the line/s making up the boarder should be a consistent thickness, the vertical and horizontal lines parallel to one another, the corners should form right angles, it should be well aligned and parallel with the perforations/edge of the note, and any general sloppiness or varying of the boarder is a red flag. Centering on authentic notes is typically not great and as such should not be used as a identifier. 
The Tryzub should have a level of detail to it, if split in half the left and right should mirror each other perfectly, or very close to it.  Again, any general sloppiness or lack of detail here is a warning sign. Interestingly enough, all the counterfeits I have viewed are of the large Tryzub - small text variety....  
The text should be level as if written on lined writing paper, the font should be consistent with no variation in sizing, the spacing between letters should not vary along with the vertical spacing between words. Counterfeits often have poorly spaced and sized text, on occasion the text will be illegible. 

These notes were very heavily counterfeited, and I have at least a dozen or so in my collection. Being able to identify a counterfeit is important when assembling a set of Shahiv notes, especially when dealing with the 50 Shahiv denomination. 
So, any guesses as to how many of the six notes from my collection are counterfeits?
More reading on the 50 Shahiv note below, along with the all Shahiv notes in general. Hmm, quite a bit of material there. I might have to go back and compile everything into a comprehensive document one day. Maybe.