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Wednesday, September 28, 2011
Imperial Russia 5 Rubles 1909
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:
Saturday, September 24, 2011
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
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
Monday, September 19, 2011
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:
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
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:
Wednesday, September 14, 2011
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)
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.
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.
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