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.
Sunday, October 30, 2011
Tuesday, October 18, 2011
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:
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:
Tuesday, October 11, 2011
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.
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.
Monday, October 10, 2011
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:
:
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:
Tuesday, October 4, 2011
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.
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.
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