Note Submissions

So, I'd like to make this blog a bit more interactive than it's been up to this point.  Part of the reason is that it would be nice to create a community of imperial banknote collectors on the internet where people can compare notes and discuss challenges and particular favorites.  Also, my own collection is very limited in scope, and having other perspectives would be beneficial to everyone. 

To this end, I will be accepting note submissions (scans, written information, ect.) at imperialcurrency@gmail.com.  You will be credited on the site for all submissions used on the blog and get a chance to show off some of your favorite specimens. 

Imperial Russia 500 Rubles 1912

The 500 ruble issue of 1912 is one of the most spectacular banknotes of the imperial period due to both its sharp-looking design and sheer size.  This note is massive, and among the largest banknotes ever issued by any nation.  It measures 275mm by 127mm, and is truly a piece of artwork.  The front features the imperial coat of arms in several places, the denomination, and a watermark of Czar Peter The Great (r.1682-1725) on the left-hand side.  The back features a portrait of Peter on the left and a seated female figure towards the right side of the note.  The watermark is also visible from the reverse side.

This specimen comes in two signature varieties, Konshin and Shipov.  The Konshin examples retail for $15 in VG and $50 in UNC, while the Shipov notes go for considerably less--$8 in VG and $30 in UNC.  The difference in price between the two varieties can be attributed to the rampant inflation--brought on by World War I--that was going on in Russia during this time period.  The price of Shipov notes is less simpley because there are many more of them in existence.  

Here are the pictures:

Front:

  

Back:

Where to Find Banknotes?

So some of you may be wondering where to find banknotes for purchase, especially world banknotes.  While the banknote hobby is not nearly as large as the coin-collecting one in the United States, there are numerous way to acquire specimens for your collection. 

One such method is online, either through ebay or the sites of individual dealers.  This is perhaps the easiest way to find that banknote you've been searching for, especially if you live in an area of the country--or world for that matter--where the hobby does not have a strong presence.  The wide selection and ease of access is the major advantage to the online method of banknote collecting.  the major disadvantage, and it is a major one, is that you can't examine the banknotes in person before buying.  As I detailed in an earlier post, this can result in receiving a note different from the one you thought you were purchasing.  Whether this is due to dealer dishonesty or through legitimate differences in opinion regarding grading practices does not matter--when push comes to shove, you are getting a banknote that does not meet your expectations. 

My method of choice for expanding my collection is regional coin shows.  Some of the larger coin shows feature a number of banknote dealers in addition to their numismatic counterparts.  The advantage to having a number of dealers in one location is that you can shop around and find the best prices/notes.  In addition, while looking through the stocks, I've often come across interesting notes that I had little previous knowledge of which then opened my eyes to new branches of the hobby.  I'd highly recommend attending a moderate to large sized coin show as the entry fee is minimal (usually $5 or below, and it provides a great opportunity to see some interesting notes and talk with some (usually) very knowledgeable people. 

For some beginning collectors, collecting out of circulation may be a valid option.  Many collectors decided to focus on collecting notes with particular patterns in their serial numbers, for example a birth-year.  If this interests you, these notes can be found for just face value and a little (or a lot) or patience. 

1908 Imperial Germany 100 Marks

This banknote is an example of the 100 mark issue of 1908 from the German Empire.  This Pre-World War I note  features the imperial eagle prominently on the front and several female figures on the reverse.  This is not the first time these motifs were used on the 100 mark note, and in fact the designs were first used on the 1895 issue of the same denomination.

Like the russian 5 ruble note discussed in an earlier post, there are several major varieties of the 1908 issue: one being from the imperial period, and the other being issued during the early years of the Weimar Republic (1918-1922).  The key differentiating feature is the color of the seals.  A red seal (as in the pictured specimen) is from Imperial Germany, while a green seal designates it as being from the post-war printings.  Both of these notes are dark blue on light blue underprint.  The first variety also contains two varieties of its own, one with a long serial number (29mm) and one containing a short serial number (24mm)

A third variety features the mythical figures of Mercury and Ceres along with a different back (Germania holding a sword).  It also contains a watermark of Wilhelm I and the number '100'

The fourth and final variety of this issue features allegorical figures representing navigation and agriculture on the reverse in addition to two red seals on the front. 

The prices for these issues are as follows:

Variety 1 (long serial): VG-$2.5, UNC-$20
Variety 1 (short serial): VG-$60, UNC-$550
Variety 2 VG-$5, UNC-$20
Variety 3 VG-$30, UNC-$350
Variety 4 VG-$25, UNC-$1000

As always, here are the pictures (variety 1)

Obverse:

 


 

 Reverse:

:

What To Look For When Purchasing a Banknote: Part One: Pressing

Okay, so now that the Russia 1909 series is finished, I'm going to examine an aspect of banknote grading that all collectors should be aware of, and in fact I failed to notice (to my detriment) at the beginning of my collecting career: pressed notes.  By pressing, I mean the artificial manipulation of a banknote to increase its crispness and remove crease marks.  This process, while it might seem appealing, actually decreases the value and collectability of a note and should be avoided. Some unscrupulous dealers press notes so as to pass them off at a higher grade, and one must recognize when this is being done and stay clear. 

As I mentioned, I've personally suffered from a lack of experience in this matter when I purchases a Russian 500 ruble issue of 1912.  The note was advertised as being in 'XF+' condition (not a real grade, but dealers sometimes make up grades like this to stress that they believe the note is at the upper end of its grade).  I bought the note for $14, which is slightly below the catalog price of the note in 'VF'.  This alone should have tipped me off that something was amiss (trust me, if it seems too good to be true, it is, especially in the banknote business).  Initially very b=pleased with the crispness of the note and the lack of obvious creases, I took it home and set it aside.  Upon examining the note sometime later, I noticed what I can only describe as 'riges' in the paper, which I determined to be creases that had been pressed out of existence.  While the crispness of the paper had been restored (probably through a chemical aid in addition to being pressed) the signs of use were still there.  An obviously straightened dog-eared corner also served as a tip off. 

Upon purchasing the note, I failed to understand that crispness of paper could be artificially restored and thus neglected to look for other details that may have revealed to me sooner that everything was not as it seemed.  The moral of this story is as follows: always examine a note closely before purchase.  If some characteristics do not seem to 'fit' (such as the now straight dog-eared corner) be wary.  Also, if you think you're getting a great deal, you probably aren't.  Dealers make a living off of this business, and to do so, they probably know more about the notes they sell than the vast majority of collectors, especially beginning collectors. 

We've joined facebook!

You can now find 'Imperial Banknotes' on facebook as well!  The facebook page will feature content from the blog as well as links from other banknote-related sites that I believe to be beneficial to the readers of this blog.  Please go 'like' the facebook page and feel free to post comments and send link suggestions to imperialcurrency@gmail.com. 

Here's a link to the page: https://www.facebook.com/pages/Imperial-Banknotes/167113663372861

Imperial Russia 5 Rubles 1909

Today we'll finish up the series on the Russian issues of 1909 with the five ruble banknote.  This note shares the same vertical format as the 10 ruble issue, but is smaller in size (99x159 mm as opposed to 105x175mm).  As can be seen from the pictures below, it has a nice blue and  pinkish hue (the obverse picture is slightly inaccurate and the colors came out poorly when I attempted to heighten the contrast in Photoshop.  My personal specimen grades about 'very good' so it took a bit of work to get it looking like it does below. 

In terms of pricing, this note is very affordable and ranges from $2 (VG)-$15 (UNC) for the Konshin signature and $1 (VG) to $3 (UNC) for the Shipov version. 

An interesting aspect of these notes is that they were printed by the Soviet government even after the days of the czars ended and before new paper currency was instituted.  These later prints all bear the Shipov signature and can be distinguished from their imperial counterparts by the abbreviated serial number.  Abbreviated serial numbers consist of two letters and three numerals(as opposed to the usual two letters and six numerals.  Prices range from $1 (VG) to $4 (UNC) for these post-imperial issues.  A notable error in which the letts of the serial numbers are reversed on the bottom as compared to the top (see picture for location of the serial numbers).  this error can command prices ranging from $50 (VG) to $400 (UNC) and would make a nice find in a junk bin if you know what you are looking for!

Here are the promised pictures: 

Obverse:

 Reverse:

Grading Banknotes

So I've decided to discuss the topic of banknote grading today rather than profile a new note today because grading is one of the most important skills that a collector of banknotes must possess.  As you may have known, the condition--or state of preservation of a banknote--is key to determining its value on the market.  Even if you do not place much value on the condition on the condition of notes for your personal collection, having a knowledge of generally accepted grading practice is vital when buying as prices for a given note can vary greatly between conditions.

To better facilitate the buying and selling of banknotes, a standard system for describing their condition has been created by the International Bank Note Society (IBNS).  This IBNS grading system is the most commonly used among dealers (at least in the U.S.).  Below are the most often encountered grades along with brief descriptions:

Uncirculated--A perfectly preserved bank note, no discoloration or fold lines.

About Uncirculated--A bank note with minor signs of handling, no hard creases.

Extremely Fine--A bank note displaying light handling, maximum of three light folds or one ctrong crease

Very fine--A bank note showing evidence of handling and wear, minimal discoloration, relatively crisp paper.

Fine--A bank note that has considerable wear, minor tears at borders, no center hole (caused by excessive folding)

Very Good--A bank note well worn note, minor tears, center hole may be present

Good--A very worn banknote, folds, stains, creases, tears--no large pieces of the note are missing.


As you can probably tell from the above descriptions, the grading system contains a great deal of subjectivity.  This is why I don't purchase notes online.  One man's 'very fine' might be another's  'extremely fine'.  For this reason I examine every note that I purchase for my personal collection in person in order to determine if it meets the standards that I desire.  When there are large price differences between grades (and there often are) it becomes especially important that one be capable of discerning the grade of a note and do so.  For a deeper discussion of the grading system, visit

http://www.theibns.org/joomla/index.php?option=com_content&view=article&id=4&Itemid=25

Imperial Germany 1000 Marks 1910

Okay, so since its been awhile since my last posting I figured I'd give you all an extra today.  I'm switching focus temporarily to a German note  because its always good to keep things fresh and I wanted to provide some quality content for those of us who aren't interested in Russian notes (though the commentary on the 1909 series will be completed!).  Anyway, I figured a good place to start would be with this nice looking German specimen from just years before the outbreak of the First World War. 

While this note certainly doesn't have the same colorful flair of the Russian notes of the same period, it nonetheless possesses a nice vignette on the reverse (the German heraldic eagle flanked by two feminine figures) as well as an interesting security feature.  While the Russian notes that we have examined this far feature watermarks (the 25 ruble issue has Czar Alexander III in addition to small '25s', while the 10 ruble issue has small '10s'), this German note contains small bits of blue thread in an early form of a security strip near the left side of the bill (see pictures below). 

This issue comes in two major varieties, green seal and red seal.  The notes bearing the red seal were issued during the imperial era, while those bearing the green are reprints made between the years 1918 and 1922.  Among the notes bearing the red seal, a further differentiation can be made with regards to serial number length.   Notes bearing six-digit serial numbers are much less common than those bearing seven-digit numbers and command prices roughly five times greater.  The six digit serial number notes fetch prices around $50 in uncirculated condition while those with seven-digits go for about $8.  Here are the pictures:


Obverse:

  

Reverse:

Imperial Russia 25 Rubles 1909

The Russian issues of 1909 include my personal favorite of all Imperial Russian banknotes, the 25 ruble specimen.  This banknote is one of the most beautiful of all of the Russian issues and exhibits pink and green paper coloring, the watermark portrait of Czar Alexander  II (reigned 1881-1894), and a golden '1909' stamp (in the lower right-hand corner of the obverse).  Truly, this note must be seen firsthand to be appreciated. 

Like the other 10 ruble note I discussed last week, this note is relatively available even in nice grades.  In fact, I was able to purchase an example grading 'about uncirculated' (bearing the Shipov signature) for $11 at a regional coin show without much difficulty.   Again, like with the 10 ruble issue, prices increase with the age of the note, with examples bearing the Konshin signature going for approximately double that of their Shipov-bearing counterparts.

Here is both the obverse and reverse of this banknote:

Obverse:

Reverse:

Imperial Russian Banknote Signature Examples (1898-1917)

 Here are the examples of all four signatures:

Pleske (1898-1903)

Timashev (1903-1909)






Konshin (1909-1912)










Shipov (1912-1917)

Imperial Russian Banknote Signature Varieties

So we're going to take a break from coverage of the 1909 issues today to cover an important topic related to the collecting of Imperial Russian issues of the 20th century: signature varieties.  Each note bears two signatures, that of the 'State Bank Director' and that of a cashier.  While there are a number of cashier signatures--and it is possible to collect based on them--the signature of the 'State Bank Director' is the one that most collectors pay attention to. 

I mentioned these signature varieties yesterday, but for the 1909 10 ruble issue there are only three varieties (Timashev, Konshin, and Shipov).  In reality, there are four signature varieties for some notes of this time period, the examples that were issued prior to Timashev's tenure as director.  The earliest signature that one will see on notes of this time period is Pleske, who served from 1898 until 1903.  In 1898 there was a major recall of circulating banknotes and the vast majority were destroyed.  It is for this reason (prices rise rapidly prior to this date as well) that many collectors choose to start with notes from 1898 and that Pleske is the first major signature variety. 

Imperial Russia 10 Rubles 1909

The 10 Ruble issue of 1909 is a beautifully decorated note that can be be easily obtained from most dealers of world paper money.  This was in fact one of my first notes, and I obtained it after stumbling across a world banknote dealer's bins at a major coin show.  From the moment I saw all of the pieces of history that could be readily obtained, I was hooked. 

This note is readily available, even in high grades.  One could expect to pay between $1.50 for an example in 'good' condition up to 20 dollars in uncirculated condition.  This note comes in three major signature varieties --Timashev (1909), Konshin (1909-1912), and Shipov (1912-1917).  As with other Russian issues of the period, the Timashev specimens have the highest prices, followed by the Konshin notes, and finally the Shipov examples.  This decline in price can mainly be attributed to the inflation that plagued the country in the lead-up to the collapse of the Czarist government in 1917. 

Here are the photos of this note:

Obverse:

Reverse:

--Jay

Imperial Russia 1909 Issues

The Russian Issues of 1909 represent some of the last notes issued by an empire in a state of decline--more on this later.  These banknotes were issued by the Czarist government from 1909 until the collapse in 1917, and are some of the most ornate and beautifully decorated notes of the time period. 

This series marks a good starting point for the beginner collector primarily due to their availability and low prices.  Each particular issue (the 5, 10, and 25 ruble notes) will be covered in a later post, but overall one might reasonably expect to pay between $1 and $20 depending on specimen and condition.  The concepts of rarity and condition (including grading methodology) will be explained in a later post, but for now I wanted to give you an example of the types of collectables that came out of these empires.

Here's an example,  the 5-ruble issue of 1909 ( this specimen actually issued 1912-1917--more on this later)

Obverse (Front):

Reverse (Back):

Welcome!

Welcome to Imperial Banknotes, a blog that explores the banknotes of the empires of Europe issued up to the end of World War I in 1918.  With World War I came the collapse of the old order and many of the the great empires that controlled the European continent, in some cases for centuries.  These empires left a legacy in the form of the many and varied banknotes that were issued in their names.

The banknotes of the empires of Old Europe provide a rich and exciting opportunity for the  collector.  Many of these historic notes can be obtained with relative ease, as the hobby of collecting world banknotes lags far behind that of U.S. banknotes, U.S. coins, and even world coins.  Only in the last 30 years has the world banknote hobby begun to gain serious momentum, and this growth will only continue as more and more people learn about the unique opportunities that it holds.

This blog will help both the novice and experienced collector alike delve deeper into the realm of world banknote collecting, with a specific focus on the empires of old Europe--i.e. The Russian Empire, The German Empire, The Austro-Hungarian Empire, and the British Empire.  By drawing attention to specific issues, as well as discussing broader industry issues and historical background, I hope to aid you in  a new collecting journey.

--Jay