Paper Chase

I came across this article from Hong Kong about Hong Kong collectors views on their collection.

As I personally collect these special serial number banknotes, I have to agree with what have been written in this Hong Kong article. The above banknote is one of my Hong Kong collected solid number banknote in my world collection.

The article is written by Stephanie Tong dated Monday, February 26, 2007

In fact, banknotes are an affordable path to wealth accumulation for every Hong Kong person as the amount to be invested can be as low as HK$100, or even less.

Karim Alamdin, 35, a life member of the Hong Kong Numismatic Society, started investing in Hong Kong banknotes four years back. "Unlike paintings and antiques, banknotes are a safe investment as the chance of getting fake money is very small," he says.

"The Hong Kong Monetary Authority, with the advancement in technology, is able to ensure dollar notes circulating in the market are real. "In addition, even if the value of this investment drops, we can still use the note in our hands. After all, what we invest in is actual money circulating in the market." Before investing in banknotes, one should know that the investment value of dollar notes largely depends on the combination of the serial number, which includes two parts: the alphabetic letters and the six numeric digits. The alphabetic part usually consists of two letters, running from AA, AB, AC, AD and so on, to ZZ, representing the different editions of banknotes in the same year. For each edition, the number of dollar notes printed will be one million. Use HK$10 notes printed in 2005 as an example: its first edition notes will have serial numbers from AA000001 to AA1000000. The second edition serial numbers will run from AB000001 to AB1000000. Cheung Tak-shing, owner of Hong Kong Coin Co, suggested four popular serial number combinations. "People at present like to collect dollar notes with lucky numbers," he says. "Serial numbers with `8' is the most popular one as its Cantonese pronunciation - baht - is similar to faht - the pronunciation of a Chinese word meaning 'going to get rich.' " Cheung adds: "The second most popular type is serial numbers with consecutive number arrangements, such as AA123456, AA654321 and AA345678. People like to have this arrangement as it is similar to `straight flush' - five cards in sequence and in the same suit - in card game Big Two (called `Choh Dai Di' in Cantonese).

"Another popular serial number grouping is collecting the first and the last dollar notes of an edition. "For example, AA000001, AA1000000, AB000001 and AB1000000. However, investors should note that the quality of these two types is usually worse than the others, as they are the first and the last dollar note to be printed in one edition. Chances to have defects in the appearance of dollar notes will be higher." Cheung says these three kinds of combinations - deemed to be the blue chips - are more coveted by most numismatic investors. Yet, investors can also invent their own combination. For instance, some investors collect banknotes with serial number showing their birth dates.

In addition to the different kinds of serial number combination, values of banknotes are also determined by the year of printing (the older the better), the edition (the earlier the better, AA is better than AB) and the currency value (HK$50 and HK$1,000 notes are more valuable as the number of bills in circulation is less than that of HK$20 and HK$100 notes). The last factor would be the appearance of the dollar note. "Dollar notes should be straight, not creased, without stains, and the four corners of the note should be sharp," Alamdin says. He adds this is very crucial as the investment value of a dollar note will be halved if there are flaws. "I have a HK$10 note printed in 1970. It is worth HK$1,000 at present as there are creases on the note. If it was a straight dollar note, the value of it would be at least HK$5,000," Alamdin says. Alamdin has a collection of banknotes with lucky number 3: MF000003, MF000033, MF000333, MF003333, TS033333 and VT333333. He says although this set is not of the same edition, MF, the value of the collection is at least HK$2,000. In Cheung's coin company, there is a set of $10 note that is worth HK$18,800. The set was printed in 1988 and of the same edition: PU000001, PU111111, PU222222, PU333333, PU444444, PU555555, PU666666, PU777777, PU888888, PU999999 and PU1000000.

"Unlike other investments, diversification is not encouraged when investin in banknotes, as this will hinder investors to form a collection of banknotes with similar interesting serial numbers," Alamdin advises. Currently, most banknotes are traded through Yahoo Auction. Alamdin said this method is the most popular one as the admission fee involved is little - only a few dollars are charged for each trading item - and the Internet can bring together most of the collectors of banknotes. Another place of transaction would be coin shops like the one owned by Cheung. Most of the coin shops are located in the Willy Commercial Building on Wing Kut Street in Sheung Wan and Portland Street in Mongkok. "For newcomers in the market, they are advised to focus on banknotes of lower value first," Alamdin says. "Do not sell your collection unless the return is at least 15 to 20 percent."

Spink World Banknotes Auction - 8 Oct 2007

The coming Spink World Banknotes Auction on 8 Oct 2007 will be an exciting one.

There are many early world banknotes with KGVI and QEII Portraits. Some of them are pretty rare. Countries such as Bermuda, British Caribbean Territories etc.

The catalogue also highlighted David Bossert whom have listed a number of banknotes for sales. As stated, the Bossert lot numbers are highlighted in red.

In addition, there is a set of Malaysia first banknotes set with serial number A/1 000001. This is a historical set of first banknotes from Malaysia.

Unfortunately, there are no world solid numbers banknotes in this auction.

Collectors collecting early British Colonial banknotes should be interested in this coming auction.

A History of Greece's Banknotes

I find this article interesting. I decided to share this with everyone who has an interest in banknotes collecting as a hobby.

Corfu museum traces the course of Greek currency from 1822 to its replacement by the euro.

One of the rarest holdings in the Banknote Museum of the Ionian Bank of Corfu is this 1860 ‘colonata.’

By Alexandra Koroxenidis - Kathimerini English Edition

Before the euro came along, facilitating transactions and symbolizing the idea of a unified Europe, a country’s banknotes reflected the economy of the country while also portraying its history and traditions. This multifaceted aspect of European banknotes from the past is one of the thoughts likely to occur to someone visiting the Banknote Museum of the Ionian Bank of Corfu.

The museum, which opened to the public in a fully renovated state a few months ago, traces the history of the Greek drachma beginning from the first treasury bonds of the newly liberated country in 1822 until the drachma’s replacement by the euro in 2002. A separate exhibition hall focusing on the Ionian Bank Limited (a British venture and the first bank to operate in Greek territory) includes all types of banknotes that the bank issued from 1840 — which was roughly when the bank first started operating in Corfu — until 1920. All sorts of documents, decrees, contracts, seals and old photos relating to the Ionian Bank’s activity are also included. The presentation is meant as a homage to the “mother” bank of the banknote collection that was passed on to Alpha Bank following the two banks’ merger in 2000. Three years later, Alpha Bank decided to renovate the premises of the former Ionian Bank in Corfu (housed in a stately building designed by the eminent Corfu-born architect Ioannis Chronis around 1840) and its Banknote Museum that had been established back in 1981.

Historian Aris Rapidis, curator of the museum, took over and restructured the presentation of the collection to high-end museum standards. Two years down the road (2005), and with the help of John Keyworth, curator of the Bank of England, the museum finally opened to the public. This is the first time that a banknote collection owned by a Greek bank has been made available to the broad public on a steady, museum-hour basis. (Besides the banknote collection, Alpha Bank also owns a collection of ancient Greek coins curated by Dimitra Tsangari and located at the head offices on Stadiou Street in Athens. The collection is open to the public, via appointment only. The collection of modern and contemporary paintings and sculpture as well as engravings — the latter initially owned by the Ionian Bank — curated by Irini Orati and Aris Rapidis, are also owned by the bank.)

Displayed in chronological order, the collection in the Banknote Museum includes some rare specimens in the history of Greek banknotes.

The first banknotes were issued under the rule of Ioannis Kapodistrias, the first governor of Greece in the newly liberated country. They are rather plain banknotes showing a phoenix and printed in a rose color on a white background. Before Kapodistrias became governor and at a time when the Greek economy was still at a rudimentary state, the provisional government in Greece issued treasury bonds in pisters (or grosia) to facilitate transactions.

With the establishment in 1849 of the National Bank of Greece, the drachma (the term goes back to ancient Greece) became the official Greek currency. The first banknotes issued were printed in British printing houses (Perkins & Bacon or Bradbury & Wilkins), but at the turn of the century printing was appointed to the American Banknote Company. The American company was responsible for printing Greek banknotes until around 1928, when the newly founded Bank of Greece took over this right by establishing its own Printing Foundation.

One of the rarest and most unusual Greek banknotes dates from the period when the American Banknote Company was printing Greece’s banknotes. A reflection of the “Megali Idea” (the dream of reconquering Greece’s former territory in Asia Minor), this Greek banknote depicts the Byzantine church of Hagia Sofia in Constantinople, but without the minarets. The banknote was designed in 1920, but by the time it was ready for circulation several years later, the Asia Minor disaster had already taken place. It was therefore never used.

Some of the most beautifully designed Greek banknotes were issued during the interwar period. Curator of the museum Aris Rapidis singles out a series of banknotes that, unusually, were printed in France. Designed in a cross-style of art nouveau and art deco, the banknotes depict allegories that link ancient Greek history to modernity. An example is a banknote that shows Hermes on one side and an image that alludes to commerce on the other.

The Bank of Greece was particularly sensitive about the aesthetic value of banknotes and actually hired various, well-known artists of the time as permanent employees responsible for designing and overseeing the entire printing process. One of these, Michalis Axelos, is credited with innovative designs that focused on themes reflecting antiquity.

Greek-inspired themes that promoted the uninterrupted continuity of the country’s tradition and presented antiquity along with the Byzantine period, modernity and folk culture as a continuum was the underlying ideological concept of most banknotes produced in the interwar period. In the troubled World War II years, steep inflation led the government to issue provisional banknotes and temporary checks. Various types of banknotes, each issued by a different occupation force, were also used.

The so-called “Kivernisi tou Vounou” (the provisional mountain government) had its own banknote whose value was measured against the kilos of wheat that it equaled. One of the most unusual holdings of the Ionian Bank collection, the banknote shows a guerrilla fighter on one side and lists the conditions and terms of the mountain government on the other.

Another unusual holding of the collection is 100-billion-drachma banknote dating from 1944. This is the biggest face value that a Greek banknote ever carried. After the period of hyper-inflation ended, its value went down to 2 drachmas.

Early banknotes (before 1910) that have the highest value are also the most difficult to find. The reason for their rarity is that they were issued in limited numbers and were rarely kept by the owners, who preferred to replace them with the new banknotes being issued. The museum’s curator says he hopes to trace more banknotes from this early period, especially those dating from 1850-1890.

Except for some minor omissions, the collection of the Banknote Museum of the Ionian Bank in Corfu maps out the entire course of the Greek drachma and the history of banknotes that circulated in the country for almost 180 years. It is an interesting history to ponder. It offers a view into the economy of the country along with its politics and ideology, but also into the artistic skill and aesthetics that went into the design of the country’s banknotes.

The museum is located on Aghios Spyridonas Square in Corfu’s main town. (Tel. 26610.41552; opening hours: Wednesdays-Sundays 8 a.m. - 3 p.m.; extended hours as of April 1.)

A year of absence

It has almost been a whole year of absence from my blog. In fact, I don't remember the login and password. Finally, Google came back with my details. I managed to make changes to the design of my blog. I am still very new to blogging.

Yesterday, I started to read other blogs and learn something from them. You may curious about my banknotes collection for the past one year. I have been actively collecting and have also sold some banknotes.

Strangely, I find joys selling my banknotes especially when the new owners were satisfied with their new collection. There is still excitement when I add a new banknotes into my collection. I am currently expecting a scarce Portugal solid number 55555 ( that's the serial number I specialize in my collection if you would have already notice in my earlier postings ) to arrive in my hands. Most European solid number banknotes are classified as scarce or even rare sometimes. Honestly, I hate to use the word "RARE". It is a word that has always been misused in the world of coins and banknotes collecting. I shall tell you why the next time when I post a new topic relating to this. That's all for now.

I promised I won't go for another year of absence again. It is such a cruel way to make readers wait earnestly for new blog postings. Promise.

Derrick See