ColonialCoinsUK

Definitely a condition rarity, for any denomination from the bank, where all the notes I have a record of top out at low VF with most below that. I don't think it is restricted to Guatemalan notes at all as it seems to be the case for anywhere in Latin America (and no doubt the rest of the world and even more so for British colonial notes ). Prices for earlier notes from Venezuela and Costa Rica are attracting very high prices, particularly quality examples, and the recent flurry of Panama notes at major auctions seems to have doubled or tripled the usual price range. To be fair some of the examples do not appear very often at all, and coupled with impressive grades, I wouldn't be surprised if they are the sole surviving examples at this level. So for major collectors it is probably now or never to fill that gap in the collection!

The recent Journal Entry from @Fenntucky Mike entitled ‘My Bankroll Is A Foot Thick…’ (2023 April 20) highlighted the amazing prices that some Ukranian banknotes are achieving at auction and I would like to add a recent Latin American example. The note in question is a 1 peso example, from the first issue in 1892, by the Banco Comercial de Guatemala (S131). When this note appeared at the recent Daniel Sedwick auction (2023 May 3-4th, Lot1309) it had a starting price of 10,000USD and my first thoughts were that was a bit high to say the least! Although notes from this bank are rare, and it now resides in a World Banknote Grading AU58 holder, the same note had been sold, ungraded, in 2013 by Sincona (Auction 15, 17th October, Lot 4219) achieving a hammer price of 4000 Swiss Francs and I half expected for it to remain unsold. It turned out I could not have been more wrong and the hammer price was 22,000USD. I guess that means my well-worn example (PMG12) looks set to stay as the representative note for this bank in my ‘Impossible Set’. Even with this dramatic difference in grade it is still possible to see that different people added the dates for these two notes and I now know what colour it is supposed to be and what the signatures are. https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list

To say April has been busy would be an understatement, fortunately it has also been very productive and on top of everything else I even managed to start a couple of new, really interesting, projects at work Although I have plenty of notes to expand the 'Impossible Set' the downside of all this activity has meant that I haven't been able to sort out the descriptions and so no new notes have been added. One of the major advantages of collecting coins and banknotes is that it is a flexible hobby, whether that is waiting for a particular item to appear at auction, variation in the available funds or just how much time you can spend on it. So this just means that the expansion of the 'Impossible Set' will be a bit more erratic than planned. Life increasingly seems be a time management challenge so I may have to actually allocate slots in my diary and/or prevent family members adding things to my 'To-Do List'

The NBU are just trying to see if you can keep up I couldn't cope with a moving end date due to new issues, which is probably why the periods my coin and note collections cover have a known start and finish date - the bit in between can be a bit variable though There does seem to be a lot of 'commemorative' notes in the list but at least you know who the signatures belong to - for the early Latin American notes it wouldn't surprise me if more than half of the signatories remain to be identified, and even then some are just a name only In a moment of madness I even asked ChatGPT - it didn't understand the questions!

Great summary Rare notes from anywhere in the world seem to be appearing all over the place at the moment - most also seem to be recently graded given the QR code on the back of the holders and, as you have highlighted, are attracting very high prices. Even though I have no chance of ever owning most of these notes I think the auction appearances are invaluable in confirming that some of them do actually exist An added bonus is there is now a decent image of the note with legible dates, S/Ns and signatures etc, this does make research a bit easier and, if they are graded, even more so. I like the 'Printer's Design'

@VE CoinsAll Czechoslovakia notes, most of them are early notes that you just don't see come up for sale graded often, and when they do they are usually buy it now for way too much. Same here, just not for Czechoslovakia! I like the 50 Korun note and the Croatian one - a specific person? Sounds like the definitive reference set needs putting together for the whole region

No idea what you are all talking about

Gustavo Baz seems to have been an interesting character. Unlike the merchants who had notes printed professionally overseas these notes were printed locally at the Boys’ School of Arts and Crafts (Escuela de Artes y Oficios para Varones) with some supervision to ensure quality and control of production. In addition to the 1 peso notes I seem to have some bulk lots of the 20c and 50c notes which has certainly helped in working out what is going on - still plenty of gaps though https://papermoneyofmexico.com/index.php/history/estado-mexico/baz The artwork on quite a few Revolution issues is quite basic, particularly those rapidly produced for immediate use as the fortunes of the various factions changed almost weekly. As soon as a town was occupied I just imagine the local commander asking the troops for someone who can draw so they can then pay themselves in new notes

This month all of the notes added are from Mexico, some of which have been covered in other Journal posts as examples for the States of Chiapas, Campeche and Jalisco (‘Chiapas is Mexico State No. 5’, ‘Campeche takes the No. 6 slot’ and for Jalisco ‘The land of Tequila’) https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list The first of the other notes added is the earliest date for the 10 pesos notes issued by the Banco Minero de Chihuahua, a reinvention of Banco Minero during the Revolution, and is dated 9th May 1914. The whole issue ran from Series A29 at S/N 330,001 with a Series change every 2500 notes continuing until S/N 630,000. This note is Series D29 and S/N 339498, so close to end (S/N 340,000) of this initial group. Collecting examples of all of the Series would be a real challenge, and probably much more difficult than searching for die numbers on Victorian sixpences. Whereas the Series for the Minero note are essentially known the next entry is included in the Set as it represents an unrecorded Series; Z. R. and, for me, just demonstrates that there is still so much to discover. The ‘note’ is a 20 centavos issue from Series 2 for the Gobierno Constitucionalista del Estado Libre y Soberano de Veracruz Llave. This note is also interesting as it is the first pasteboard note in the collection and also the smallest note at 53 × 31 mm. Another local issue is represented by a 5 pesos note from L. Guiterrez, Merida, Yucatan. In the late 1800’s there was a shortage of banknotes in Yucatan compromising trade so the major companies based in the capital city, Merida decided to issue their own notes from ~1874, one of these companies was L. Guiterrez Sucesores, established in 1860 and the largest hardware and haberdashers in the State. The last note added during March 2023 is another important Revolutionary Issue, a 1 peso note issued by the authority of Gustavo Baz as Estado Libre y Soberano de Mexico, Toluca. Similar to the notes above there is still much to understand about this Toluca Series, particularly related to the S/Ns for different printing runs across all of the denominations. This note is probably from the second printing of Series F as the attribution on the note is in italics. It is great that this month the Set is back on track, growing by at least 5 notes per month, however every note added highlights gaps in the references and thus seems to generate a completely new area of research.

@Fenntucky Mike great notes and grades, nice range of colours too!The Privatisation Certificate is impressive. This post reminds me that I have enough 'modern' notes to send for grading, as the Pick number often covers a number of different dates/series etc I find the Population Report is, at best, only a rough guide to the rarity of some issues and some notes from the 1960's, 1970's and 1980's are surprisingly difficult to find. I also have a few, already graded, notes where the designation on the label needs correcting

You give me too much credit I just find it very difficult to write the description of the bank and the note, either finding information or without it turning into an epic and I thought adding ~5 each month should be possible I tend to buy what I like the look of at the time and whether I can afford it or not. This all started whilst putting another set together and Venzuela and a few other countries didn't really feature in that at all, and I have to balance 'missing banks' with examples from certain countries and issues that I am doing some more detailed research on. Over the last year or so I have tried adding examples from the earlier banks in Venezuela but there seems to be 2 or 3 collectors very active in this area resulting in extremely strong prices As there are so many other banks to add from across Latin America I expect adding these to Venezuela may have to wait a while. More moderns may feature in the April additions - but the security features for some of the notes I was going to add means they don't scan

Jalisco is the 3rd Mexican state added this month and is north of Chiapas and Campeche and more or less west of Mexico City, although the State is on the west coast Jalisco is lacking a major port. My knowledge of the State extends to the 1986 soccer World Cup with matches played in Guadalajara, the State capital – not sure why everyone here in the UK remembers that tournament. Then there is Tequila, a major export for the State, and increasingly popular here in the UK but as I would rather have a beer than a cocktail it has been a while since I drank any! This addition means that we are now up to 7 Mexican States and it also adds another bank to the ‘Impossible Set’. 1. Chihuahua; 2. Tamaulipas; 3. Veracruz; 4. Guerrero; 5. Chiapas; 6. Campeche; 7. Jalisco Impossible Set:- https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list The note for this Set is from Banco de Jalisco Series 2 issue as I have not yet been able to acquire a nice example of one of the beautiful coloured notes (unusually this is back of the note) from Series 1. The bank was founded in 1897 with Bradbury Wilkinson & Co printing the first Set of notes, running from 50 centavos to 1000 pesos – this was a bit odd, as at the time, banks couldn’t issue notes of the less than 5 pesos and therefore the two smallest denominations were redundant. Fortunately, they were saved and when regulation changes allowed the issue of these lower denominations they entered circulation in 1914 alongside the ABNC printed Series 2 notes (1902 to 1914). The example of the 50 centavos in my collection is low grade and therefore doesn’t do the colours justice at all so will need to be upgraded at some point. The bank closed in 1915 joining the fate of many other State Banks following the post-Revolution financial reforms. A specimen 5 pesos note from Series C (1908, S320, M385) of the ABNC printing represents the State and as the lowest denomination is one of the more readily available notes in high grade. Contemporary counterfeits of this note exist (S328, M386) with the easiest way to tell being that the name of the printer is not correct and they are often unsigned remainders. Some notes from the first two series, A and B, may also be found with Branch overprints for Tepic, Zamora and Zapotlan – even more scope for collectors! Surprisingly, this note is the only one in the series, 5 to 1000 pesos, not to have a vignette (local scenes or an allegorical figure) on the front alongside the State Coat-of-Arms whereas all notes do share the same view of the centre of commerce, Guadalajara, on the back.

Having added Chiapas to the ‘Mexican States’ list I can now add another southern state. Campeche, which borders both the Gulf of Mexico and Guatemala is the subject of this Journal Entry – it also adds another bank to the ‘Impossible Set’. 1 Chihuahua 2 Tamaulipas 3 Veracruz 4 Guerrero 5 Chiapas 6 Campeche Impossible Set info at:- https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list Originally a province of Yucatan, Campeche became a separate state in the mid 1800’s following fundamental differences with decisions being taken in Merida, Yucatan. Campeche consists of a variety of terrains and like the surrounding states mix is a region rich in history with many Mayan archaeological sites. During the Mexican revolution various factions vied for control of the State due to its vital sea and land borders. The note representing the state is a specimen example of the 10 pesos issued by the Banco de Campeche. This note is Series B indicating it was from the first printing in 1901, Series G would be second printing in 1906. Justice is represented by a female figure on the left of the front of the note, holding scales and a sword. The State coat of arms, which appears on all of the denominations, is in the centre. The back of all of the notes feature a central vignette of the view overlooking the harbour at Campeche – indicating the importance of trade and fishing to the economy of the state.

@Fenntucky Mike papermoneyofmexico.com is a fantastic resource for Mexican notes and must have taken many years to assemble the information from collectors, auction houses, banks, printers etc. There are still plenty of gaps though and I have passed on extra S/N ranges, control letters etc and these get added very quickly which is great - which reminds me I have some more to send. If any one has extra info let Simon know, he has done a fantastic job. However, the information for almost all the other countries in Latin America does seem to be less readily available, and may not actually be recorded anywhere, and that's for the post World War II main issues! The earlier issues, and those from the smaller private banks are even more of a challenge and the 'Impossible Set' was just my way of trying to start organising things - now I need a website. I am mainly gathering information for three of the countries at the moment and I wish they kept records as well as Ukraine as some central banks do not seem to know who signed some of their own modern banknotes

It has been a while since I have added to the ‘Mexican States’ which has stood at four entries for a while, this Journal Entry now adds Chiapas to the list and also a bank to the ‘Impossible Set’. 1 Chihuahua 2 Tamaulipas 3 Veracruz 4 Guerrero 5 Chiapas Impossible Set can be found at:- https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list Chiapas is the southern-most state in Mexico, bordering Guatemala and the Pacific and consists of a mixture of mountains and rainforest, is a region rich in history with many Mayan archaeological sites. The State capital, and only major city, is Tuxtla Gutierrez where the Banco de Chiapas was founded in 1901. Unusually this was an American owned bank established to support the building of a railway, however one of the partners commitment was somewhat dubious and it only operated for a few months before closing. In addition, the locals tended to use a local Guatemalan currency and banking services offered by the wealthy families of the region and had no trust in a new bank. During 1902 the bank was put in the hands of a local business man and its fortunes improved greatly before merging with Banco Oriental de Mexico in 1909 following the banking reforms of 1908. During this short-time a limited number of denominations were printed by the ABNC with proof and specimen notes known for the 5, 10 and 20 pesos. The total value of issued notes, across all denominations, was only $500,000 with the Banco Oriental de Mexico recalling these following the merger and recording $440,000 as incinerated. 5 pesos S113, M65 print 50,000 10 pesos S114, M66 print 25,000 20 pesos S115, M67 print 12,500 Due to the rarity of issued notes the example in my collection representing this State, is a specimen note of 20 pesos (S115s, M67s, only four PMG graded examples). The vignette on the left of the front of the note depicts a local water carrier and two children whereas the back shows an image of farm workers leading a team of oxen transporting the crop from the fields for processing. This view is appropriate as agricultural commodities such as coffee, henequen and rubber formed the basis of the economy of the region. This note is also a first for the collection in that the punch holes on the Specimen notes from this Bank are of two different sizes. https://papermoneyofmexico.com/index.php/history/chiapas/banco-chiapas

@Fenntucky Mike well spotted, the signature is Julio Calvo authorising the bill for the Government as it was a private bank. One of the reasons I picked this note was that the signature was in red as the only info I have is that the signatures were stamped, and in black or blue. All the other examples I have seen match this so it may just be Series EE. It looks red to me but as you will appreciate this may be another case of it being the only colour available at the time or changes over the long-term? Even though there seems to be plenty of gaps in the records for major issues these smaller banks are going to take a lot of research

A very busy month meant that I have only been able to add 3 notes to the Impossible Set, although this did add the first examples for 2 countries. https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list The first note added was the Argentine 1 peso note which was highlighted in the previous Journal Entry as it was the first square note in the collection. The second note is from the Bolivian Bank established by Francisco Argandano in 1892. Not knowing much about this from the banknote references, an internet search found that Francisco had a really interesting life and was even made a Prince – the only one in Bolivia. The last note that made it into the set this month is an example of the 50 centavos issue from the Aguan Navigation and Improvement Company from Honduras. The company didn’t last long as it was set up to raise funds to build a waterway from the Atlantic to the Pacific – Panama won that one!

@Fenntucky Mike Great information as usual - the NBU probably read your Journal to work out what they are supposed to be doing and when! You just need to track down who the first 100 notes went to, and then persuade them to part with them

@Fenntucky Mike I would class that note as 'square' ! Great detail and an essay to read whilst you consider spending it. There seem to be a few others about, odd ones from various countries but most square ones I have seen appear to be mainly early French and Dutch issues. I think the kids would just confuse them with post-it-notes.

All my banknotes are basically rectangular in format, although they do vary dramtically in size and orientation so it was great to add this 1 Peso note from La Provincia de Buenos Ayres to the collection as it is square! This also adds another bank to the Impossible Set which helps. https://notes.www.collectors-society.com/registry/notes/ViewPersonalCollection.aspx?UserCollectionID=1822&Tab=list As a Napoleonic collector I realise that some of the early French Revolution issues are also square but I don't have any Like coins there are probably examples of banknotes in every shape too - not sure how practical some would be though

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.

@Fenntucky Mike this is a fascinating study. My first thought was that the notes were just a uniface proof - or is that too simple? colour trial? This may explain the slight differences in the fibres as slightly different paper was tested etc as the design/production process was finalised. Anyone at the printers that could be contacted?

It is good to see that they are still issuing new notes. I wouldn't be able to keep up with new issues which is probably why most of my coin and note sets deal with periods from long ago. An exception is probably El Salvador but there is still an end point as they now use the US dollar! Everytime I see the 100 Hryven note I wonder why they put Ronnie O'Sullivan on it?

Great notes, Czech and other Eastern European notes seem to becoming very popular at the monment - a big growth area??. As there seems to be a shortage of ungraded notes, it is probably worth submitting some to PMG as graded versions are sought after and will only become more so. I plan on sending some Latin American notes when I can figure out the best way to post them from the UK

Thanks - the more I find out the more diverse and interesting things are. It is not just coins and medals where there is a surpringly lack of information! I am currently using my laptop as I can't do much from my phone at all as it needs an upgrade - apparently my provider will no longer support it from Easter 2023