Thursday, 27 December 2007

Merry Christmas and a Happy New Year

Dear Readers,

I wish you all a belated Merry Christmas.

My apologies for not being able to make any paper money collecting postings in the last week and wont for the next few days as well. Its been a very interesting time but through it all we've been able to prevail with God's help. My little 4 year old has been very ill in hospital, just got back yesterday actually and he is now recuperating. I've got my hands full but hope to be able settle back into a routine after the New Year.


Have a Wonderful, and Prosperous New Year and cheers to a greater growth in understanding world paper money, its history, collecting issues and current money issues.

See you in the New Year

Ayopeju

Tuesday, 18 December 2007

Paper Money Collecting: Some Ramblings of a Collector

Dear Reader,
It's been quite a challenging few days, as there are some family issues I've had to deal with and my health is not that up beat at the moment, thus my inability to make a posting yesterday. I will therefore not be able to continue with the Paper Money History series for the next couple of days.

Nevertheless paper money is still up there in my agenda. A lot of friends and family are shocked that I'm into collecting paper money, and I'm shocked at finding out that old paper notes from countries like Nigeria that have been discontinued have just been thrown in the bin for disposal! That is pristine new authentic banknotes. So I've started asking everyone for their old notes and explaining how valuable they are. Some will be given freely others at a price, I'm not too bothered which at least I'll be increasing my collection.

I was hoping to get set up so I can start scanning my notes and put up a video of my collection for you to see, but that will have to wait a couple of days yet again, as my technical expert can't set me up at the moment.

In the meantime here are a couple of paper money video's from a good friend for you:




Banknotes from the Pacific Rim





Paper Money From China, Hong Kong and Macao

Friday, 14 December 2007

Paper Money Collecting: Events This Weekend

USA Events

Saturday, December 15
Coin & Currency Show
Rhea Cty. Welcome Ctr.
E. Main at US Hwy. 27
Dayton, Tennesse
256-534-9149
14 tables, Admission free


Saturday, December 15
Coin Show
Skating Center
2661 Civic Center Dr.
Roseville, Minnesota
612-770-6578
Admission free


Saturday, December 15
Coin Club Show
Merchants Square Mall
12th & Vultee St.
Allentown, Pennsylvania
610-434-0222
225 tables, Admission free


Saturday, December 15
Southern IN Coin Convention- Christmas Spectacular
Washington Square Mall
Evansville, Indiana
812-402-4385
20 tables, Admission free


Saturday, December 15
Coin & Currency Show
Comfort Stes.
Corner of SR 933 & Cleveland
South Bend, Indiana
574-272-9198
25 tables, Admission free


Saturday, December 15
Coin Club Show
Eagle Lodge #3752
33710 State Rd. 54 E
Zephyrhills, Florida
727-460-5276
jmkingk@yahoo.com
20 tables, Admission free


Saturday, December 15 - Sunday, December 16
Cowtown Christmas Coin Show
Lockheed-Martin Recreation Ctr.
3400 S. Bryant Irvin Rd.
Fort Worth, Texas
817-444-4813
apctexas@aol.com
49 tables, Admission $3.00


Saturday, December 15 - Sunday, December 16
Holiday Coin Classic
Downtown Exhibit Center
223 S. Scales St
Reidsville, North Carolina
336-342-6770
tudor1952@earthlink.net
30 tables, Admission free

Sunday, December 16
3rd Sun. Coin Show
Holiday Inn
Rt. 3 exit 4
Nashua, New Hampshire
603-434-4150
49 tables, Admission free


Sunday, December 16
Meyer Coin Show
VFW
111 Concord Exchange S.
South Saint Paul, Minnesota
651-402-7480
bmmeyer@usfamily.net
37 tables, Admission free


Sunday, December 16
NOISE Coin Show
Holiday Inn
860 Irving Pk. (2 blks. E. of Rt. 53)
Itasca, Illinois
630-250-7474
40 tables, Admission free


Sunday, December 16
World Money Show
Recreation Ctr.
1232 Main Ave.
Clifton, New Jersey
973-983-2449
robbies20@hotmail.com
45 tables, Admission free


Sunday, December 16
Buffalo Numis. Assoc. Monthly Bourse
Columbus Hall
2735 Union Rd.
Buffalo-Cheektowaga, New York
716-908-3097
broadwaycoins@verizon.net
35 tables, Admission free


Sunday, December 16
Onondaga Numismatic Association Show
Ramada Inn
1305 Buckley Rd.
Syracuse, New York
315-455-6791
mcaiello@twcny.rr.com
25 tables, Admission free


Sunday, December 16
Coin Show
Fire House
4900 Street Rd.
Trevose, Pennsylvania
302-697-8308
johnbach@comcast.net
35 tables, Admission free


Sunday, December 16
Blue Ribbon Coin & Stamp Show
Saint Clements Hall
3030 Tremainsville Rd.
Toledo, Ohio
419-867-3688
45 tables, Admission free


Sunday, December 16
Monthly Coins & Collectors Show
Howard Johnson's
I-80 & 72nd St.
Omaha, Nebraska
402-721-7364
edabish@msn.com
30 tables, Admission free


Sunday, December 16
Coin & Currency Show
First State & Rescue Squad Bldg.
200 Marlboro Rd. & Ferris Rd.
Old Bridge, New Jersey
732-290-0440
30 tables, Admission free


Sunday, December 16
Coin Show
Tadmor Shrine
3000 Krebs Ctr.
Akron, Ohio
330-494-1688
45 tables, Admission free


Sunday, December 16
Coin & Stamp Show
Art Serve Library
1350 E. Sunrise Blvd.
Fort Lauderdale, Florida
954-802-4967
85 (80) tables, Admission free


Sunday, December 16
Coin Show
Bridgewater Banquet & Conf. Ctr.
10561 Sawmill Pkwy.
Powell, Ohio
614-846-0437
drich@columbus.rr.com
40 tables, Admission free


Sunday, December 16
Liberty Coin Club Show
Elks Club
265 Main St.
West Haven, Connecticut
203-562-4956
30 tables, Admission free


Sunday, December 16
Monthly Coin Show
Community Ctr.
5460 Arden
Warren, Michigan
586-772-5052
70 tables, Admission free


Sunday, December 16 - Wednesday, December 19
CoinSuperStore Coin & Paper Show, Special 3rd Year Anniv. Show
Annex Club
554 Woodward Ave
New Haven, Connecticut
203-469-2943 or
Alex Nocerino 203-530-9675
60 tables, Admission free


UK Events

Saturday, December 15
Coin, Banknotes, Medals, Stamps etc
City Hall, Cardiff
01743246963

Thursday, 13 December 2007

Paper Money Collecting: US Fractional Currency



US Fractional Currency- The Lowest Denomination of US Paper Money.

During the American Civil War (1861 -1865), there was a scarcity of gold, silver and copper coins and people started using postal stamps as a means of providing change. At this point it was not legal tender, but as it worked, except for the Post Offices dislike of redeeming stamps especially soiled ones which they totally refused to accept, neither did they like the idea of selling stamps for currency, things were soon to change around.


Salmon P Chase (1808 - 1873)

The US Secretary of the Treasury, Salmon P Chase, asked for a form of postage stamp be approved as currency, and so on July 17, 1862 President Lincoln and the US Congress passed the Postage Currency Act, which approved the issue of 5, 10, 25 and 50 cent notes.
The first issue was known as Postage Stamp Currency as they were similar to the 5 and 10 cent stamps. The first issues were never legal tender but could be used as a means of exchange for lots of $5 notes. In 1863 Salmon Chased asked for the issue of a new currency that was much more difficult to counterfeit than the postage stamps.
The new fractional currency notes were colorful items back printed side. These fractional currencies ran until 1876.



The 3 cent fractional currency note is the lowest paper money note ever issued in the United States of America.

Wednesday, 12 December 2007

Paper Money Collecting: Paper Currency in Todays World

It seems that paper money notes as popular as they are with everyone either as a user or as a collector, has one or two real snags. Yes they are lighter than coins, so never had the problem of being to cumbersome to carry around, yet it has become obvious that there are some negative factors to consider. Take the US for example, one of the reasons why the issue of currency got centralized was to help reduce the high rate of counterfeiting that was so rampant. The problem is that counterfeiting is still a big problem today. This is why USA has totally overhauled their currency and continue to do so. The new $5, 10, 20 and 5o notes are a result of this effort. In other countries polymer notes are being introduced.

One thing that amazed me was a police raid a couple of months ago that revealed that a printing outfit that looked like it was solely printing menu's etc for the Chinese restaurant next door in Glasgow, was actually a front for a man who is now known as probably the most notorious counterfeiter in Europe, "Hologram Tam" Thomas McAnea. This outfit could print out near to perfect £20 notes to the tune of £1 million pounds daily. With all the watermarks and security features on our notes some "brilliant" guys are still beating the system.

It is therefore paramount that both the general public and the paper money collector in particular better be very careful, study and know your paper money or you may find yourself in possession of some useless and valueless notes.

Another problem, is found with the commonest notes in any currency, usually the 1 and 5 denomination notes, these get used more often, and therefore their general life span is no more than 2 years. Yet these notes usually never make their way back to the banks, they therefore are not replaced or taken out of circulation as and when due. Instead they get rumpled in our purses or the store tills. Everyone needs these small notes as change of for the odd item. So collectors of current paper money be warned. When you come across new £1 or £5 notes, treat them with respect, keep them safe if you want to. You may find it difficult to find decent ones in the future. The use of polymer notes instead of paper money in some countries recently will help a lot to solve this problem.

Paper money is not heavy like coins are, but as for safe and durable that is another matter, all we can do in the meantime is protect the notes via technology and ourselves through knowledge.

Tuesday, 11 December 2007

Paper Money Collecting: 23 Paper Money Collecting Sites

In the last 3 months of starting this blog on paper money collecting, I have come across hundreds of sites that are dedicated to this fascinating hobby. Below are 21 sites that have helped me understand the hobby and given me a deep insight to the vastness of its reaches. Enjoy.

Krause Publications
World Banknotes
Kate's Paper Money
The Polymer Banknote Site
European and Commonwealth Banknotes
Banknote news
International Banknote Society
Islamic Banknotes
Dutch Banknotes
Irish Paper Money
Peter Symes Banknote Oddites
US Coins and Currency
The Bank of Japan Currency Museum
Canadian Currency Museum
World Banknote
Scottish Banknotes
Russian Banknotes
Bulgarian Paper Money
History of Money
A Brief History of Money
A Brief History of Banking
Heritage Numismatic Auctions
Paper Money Ebook

These are some of the sites that have educated me and given me great pleasure over the past few months. I hope that you will derive as much joy and pleasure from these paper money sites as I have.

Monday, 10 December 2007

Paper Money History: 18th Century Paper Money Issues 3

Danish West Indies - In 1784 the Treasury of the Danish West Indies issued paper currency,it was known as the rigsdaler.
Ceylon - The United East India Company issued currency notes in 1785, called the rixdollar.


Finland - The King's General War Commissariat issued paper money notes in 1790 in the following denominations 8, 12, 16, 24, 32 skilling and 1, 2 riksdaler.

Haiti - The Department of Port-du-Paux issued paper currency notes in 1790, known as escalins.

The Isle of Man - In 1790 the Castle Rushen issued paper notes of 1 guinea. (The Isle of Man is apparently in the geographical center of the British Isles, though it is neither a part of UK or Europe. Having said this The Queen, HRH Elizabeth II is the head of State and the UK is responsible for its good governance.)


The Castle Rushen in The Isle of Man

Poland - In 1794 the Treasury issued paper notes, the currency was known as ziotych and the denominations were in 5, 10,25, 50, 100, 500, 1000.

French Guiana - The State Treasury issued paper currency in 1795, the denomination was 40 livres per note.

Portugal - In 1797 the Imperial Treasury issued paper money notes in 2 denominations, 5000 and 10000 reis.

Friday, 7 December 2007

Paper Money Collecting: Events This Weekend


USA Events


Friday, December 7 - Saturday, December 8
Winter Coin & Currency Show
Civic Center
210 Albert Gallatin Ave.
Gallatin, Tennesse
615-868-9456
sbrabergrove@earthlink.net
75 tables, Admission free


Friday, December 7 - Sunday, December 9
Vegaspex
Sahara Hotel & Casino
2535 Las Vegas Blvd. S.
Las Vegas, Nevada
818-997-6496
iibick@sbcglobal.net
Admission free


Friday, December 7 - Sunday, December 9
Coin Show
St. Johns Agriculture Center
Agriculture Dr
St. Augustine, Florida
904-819-0707
staugcoinshow@aol.com
50 tables, Admission free


Saturday, December 8
Coin Show
Neil Fonger American Legion #179
2327 Wilson Ave.
Grand Rapids, Michigan
616-822-8383
34 tables, Admission free


Saturday, December 8
Coin Club Show
Disabled American Veterans
4801 37th St. N.
St. Petersburg, Florida
727-536-2334
gulfbreezebooks@aol.com
25 tables, Admission free

Saturday, December 8
Valley Coin Show
Commons
525 4th Ave. N.
Kent, Washington
253-537-6049
Admission free


Saturday, December 8
Coin Club Spring Show
ATH&L Fire Hall
29 S. Potomac St.
Waynesboro, Pennsylvania
410-848-3440
les.white.1@juno.com
20 tables, Admission free


Saturday, December 8
Coin & Collectible Show
Masonic Lodge
5901 39th St.
Groves, Texas
409-385-7028
20 tables, Admission $1.00


Saturday, December 8
2nd Sat. Monthly Coin Show
Best Inn
I-91 exit 3 Putney Rd
Brattleboro, Vermont
802-297-1274
pepsijoseph@yahoo.com
18 (15) tables, Admission free


Saturday, December 8 - Sunday, December 9
Coin & Sports Card Show
Dort Mall
3600 S. Dort Hwy.
Flint, Michigan
810-695-6430
40 (30) tables, Admission free


Saturday, December 8 - Sunday, December 9
West Suburban Coin & Collectible Expo
Park Pl. Countryside Banquet Hall
6200 Joliet Rd.
LaGrange--Countryside, Illinois
630-399-9060
85 tables, Admission free


Saturday, December 8 - Sunday, December 9
Coin Show
N. VA Community College
8333 Little River Tpke.
Annandale, Virginia
703-932-9568
90 tables, Admission free


Saturday, December 8 - Sunday, December 9
R&H Christmas Coin Show
Moose Lodge
521 Country Club Rd
Rocky Mount, North Carolina
252-908-2176
30 tables, Admission free

Sunday, December 9
S. Brevard Coin Club Coin & Stamp Show
Eau Gallie Civic Ctr.
1551 Highland Ave.
Melbourne, Florida
321-751-3647
wilson4808@bellsouth.net
165 tables, Admission free


Sunday, December 9
Camelback Collectibles Club Show
Elks Lodge
6398 E. Oak St.
Scottsdale, Arizona
480-990-1007
35 tables, Admission free


Sunday, December 9
Bi-Monthly Tri-State Coin Show
Best Western Motor Inn
Rts. 10 & 101
Keene, New Hampshire
413-422-2794
20 tables, Admission free


Sunday, December 9
Detroit Area Coin Show
VFW Post 2645
24222 W. 9 Mile Rd.
Southfield, Michigan
810-227-1477
bcoins@sbcglobal.net
40 tables, Admission free


Sunday, December 9
71st Street Coin Show
Knights of Columbus
2100 E. 71st St.
Indianapolis, Indiana
765-446-9535
john@smithscoins.com
25 tables, Admission free


Sunday, December 9
Greater Atlanta Coin Dealers Show
Hilton Suites
6120 Peachtree Dunwoody Rd.
Atlanta, Georgia
770-772-4359
atlcoin@hotmail.com
33 tables, Admission free


Sunday, December 9
Nickel Trader Coin & Collectible Show
Castle Shannon Mem. Firehall
3600 Library Rd.
Pittsburgh, Pennsylvania
724-941-2338
nickel1356@comcast.net
80 (40) tables, Admission free


Sunday, December 9
Greater Worcester Coin Show
Elks Lodge
754 Southbridge St.
Auburn, Massachusetts
978-658-0160
info@ebwpromotions.com
46 tables, Admission $1.00


Sunday, December 9
RACE Rochester Area Coin Expo
DoubleTree Hotel
1111 Jefferson Rd.
Rochester, New York
585-329-3598
keshequacoins@frontiernet.net
Admission free


Sunday, December 9
12th Annual Old Capitol Coin Club Show
Quality Inn
2525 N. Dodge St.
Iowa City, Iowa
319-351-2512
tdrobertson1@juno.com
62 tables, Admission free


Sunday, December 9
Coin Club Coin Show
Frontier College
2 Frontier Dr.
Fairfield, Illinois
618-847-3101
15 tables, Admission free

Uk Events

Saturday, December 8
Lakeland Coin Auctions
Coin, Tokens, Banknotes and Medals
The Riverside Hotel, Cumbria
01946 832693

Sunday, December 9
Midland Coin Fair
Coins Banknotes and Medals
National Motorcycle Museum, Bickenhill
Birmingham, Opp NEC
10.00am - 3.30pm
01743 246963
Admission £1.50

Europe Events

Sunday, December 9
4th International Coin Event
Hall "De Vossenberg" Markgravenstraat
93 B 2200 Herentals
Belgium
Numismatica Herentals
www.numismatica-herentals.be

Thursday, 6 December 2007

Paper Money History: The 18th Century Paper Money Issues 2

Here are few other paper money issues made in the 18th Century.

Isle of France and Bourbon - The governing body of the Isle of Bourbon issued paper money notes in 1766 for the Isle of France and Bourbon, denomination was 40 sous tournois.

Russian Empire - The State Assignats introduced paper currency into the Empire in 1769, denomination included 25, 50, 75 and 100 rubles and in 1787 the 5 and 10 rubles were added. The value of these notes were never stable it was later on in the 19th century that this was taken care of by fixing the values.


Russian Capital- St Peterbourgh


Brazil - The Royal Diamond Administration issued paper notes in unknown values in 1771, handwritten in gold!

The German State of Saxony - In 1772 the Royal Electoral Saxon Treasury issued paper money notes, denominations were for 1,2, 5, 10, 50, 100 reichsthaler.

Iceland - The Courant Bank issued 1 and 5 rigsdaler notes in 1778: Iceland was a very oppressed state during the 18th Century, what with the Danish strict trade restrictions and the English and Spanish pirates who raided their coast continuously.

Netherlands East Indies - In 1784, the United East India Company issued paper money notes in denominations of 25, 50, 100, 200, 300, 400, 500, 1000 rijksdaalders. Netherlands is known to be the first truely capitalist state in Western civilization, they introduced insurance, went through the first national boom and burst, ran a stock market and issued stocks.

A Bond Issued by the Company in 17th Century

By the time the rijksdaalder notes were issued the company was already in decline, the United provinces in the Indies and Great Britain were already at war. The company was actually in financial difficulties, the paper money notes were probably issued to combat this but the company never recovered from this.

Wednesday, 5 December 2007

Paper Money History: The 18th Century Paper Money Issues

The 18th Century continued to see many states and companies issuing paper money. Most of which never stood the test of time. In actual fact most of these currencies did not survive more than a year or so and therefore only receive a line of two in the scheme of things.

Here is a breakdown of some of these issues:

Denmark - In 1713, the government introduced notes for 1, 2 and 3 mark, 1, 5, 10, 25, 50 and 100 rigsdaler. The Exchange and Loans Bank issued notes between 1737 and 1804 for 10, 20, 30, 40, 50 and 100 rigsdaler courant. Between 1791 and 1797, the Danish-Norwegian Specie Bank issued notes for 4, 8, 20, 40 and 80 rigsdaler specie. So the notes in Denmark were first state issued and then the bank took over.

St Helena - The Council and Governing body issued paper money in 1722. Denomination of the notes was 2 shillings 6 pence.

Ireland - In 1754, Finlay and Co. Dublin issued paper money of unknown values.

Austria - In1759, the Weiner Stadt Banco issued paper money denominated in Gulden. The banknotes were not actually tied to the coinage system and therefore their values floated relative to one another for a long time. The notes were known to have a higher value than the coins to start with but then the value of the paper money plummeted in relation to the coins, until the value of the Austrian Gulden was later fixed in 1811 at one fifth of their face value in coins.



Monday, 3 December 2007

Paper Money History: The 18th Century and The French Livres

The History of the French Livres

The 18th Century saw more states and nations experimenting with the issuing of paper money as a means of monetary exchange. The noticeable fact during this era is that a lot of the issuing bodies were not banks but big companies or states.

It was during this Era that the first French paper money was issued. This happened in 1701, bang at the beginning of the Century. What I find interesting about the French Livre is that it did alright to start with, but then it took off and did very well for a while, helping to bring a time of great boom to the economy of France via the economic leadership of John Law before it went burst in 1720.


John Law

John Law (1671-1729)
He was born in Edinburgh, the son of a successful banker and goldsmith. He led a very colorful life which spanned from his native Scotland to London in England, then France and Belgium to name a few. He started working with his father at the age of 14, he must have learnt something because he is quite an important fellow in the area of economics. He is considered one of the forefathers of economics. His flowery life though seemed to have taken precedence most of the time, he was a gambler, womanizer, which incidentally led to the murder of one of his rivals over a certain lady. He was tried and convicted, he escaped before his appeal and ended up in France were he landed the top job at the Royal Bank of France.

In 1716 he started a bank and systematically created a reality of boom in Paris, the state previously was wallowing in debt and Law created an economic boom via his issue of paper money which he built to a point where it was more valuable than the coinage in use. He then extended his reach to the trade between France and its colonies in the New World.


John Law's Paper Money (issued 1718)

When his boss the Regent Duc decided to go over his head and print more paper money, thinking that this would double the wealth of the state, he and everyone else got a rude shock as for the first time the value of the French livre took a dive down and never recovered. It went burst in 1720 and became worthless paper.

John Law subsequently lost his job and he fled France, he turned to gambling but never made it big again, he died in 1729 a poor man. So the economy of boom and burst was born, no wonder the housing and credit market in England has for years been predicted to certainly be heading for a burst, US' management of its finances has definitely recorded this trend in the last couple of months. When will we start taking a leaf from history, learn the lessons and stop being so greedy?

The End of the 18th Century and French Paper Money

In the interim, a system was put in place to stabilize the monetary system using coinage, it was not until 1776 that paper money was reintroduced and was issued alongside the assignats from 1789 until 1793. Assignats were legal tender certificates issued during the revolution, these were like bonds in relation to landed property especially the church, which were government held lands. Their value soon diminished, and so the last of the livre coins and paper money were issued in 1794, the franc was introduced a while later.


An Assignat Note

Friday, 30 November 2007

Paper Money Collecting: Events This Weekend


USA Events


Friday, November 30 - Saturday, December 1
Rainbow City Coin Club Show
Elliott Community Center
2900 Meighan Blvd.
Gadsden, Alabama
256-546-8618
30 tables, Admission free


Friday, November 30 - Sunday, December 2
43rd Bay State Coin Show
Radisson Hotel
200 Stuart St., 6th Floor
Boston, Massachusetts
781-729-9677
ejaleo@yahoo.com
140 (138) tables, Admission $6.00


Friday, November 30 - Sunday, December 2
Coin & Stamp Show
River Terrace Resort And Inn
240 River Rd.
Gatlinburg, Tennesse
919-656-3265
notgeld@aol.com
60 tables, Admission free


Friday, November 30 - Sunday, December 2
Money Show of the Southwest
George R. Brown Convention Ctr.
1001 Avenida de las Americas
Houston, Texas
281-586-9727
texascoins@houston.rr.com
200 tables, Admission free


Saturday, December 1
South Sound Coin & Currency Show
Comfort Inn
1620 74th Ave. SW. exit 101 off I-5
Olympia-Tumwater, Washington
425-821-1376
northwestcoin@msn.com
32 tables, Admission free


Saturday, December 1
Coin Show
Budget Inns of America
323 N. Cedar Bluff Rd.
Knoxville, Tennesse
865-219-7119
bhp3rd@comcast.net
20 tables, Admission free


Saturday, December 1
ETS Coin & Currency Show
Douglas Cty. Fairgrounds, Kirk Hall
500 Fairgrounds Dr.
Castle Rock, Colorado
719-641-6735
40 tables, Admission $1.00


Saturday, December 1
Tampa Bay Coin Club Show
American Legion Post 5
3810 W. Kennedy Blvd.
Tampa, Florida
30 tables, Admission free


Saturday, December 1
Quarterly Coin & Stamp Bourse
Super 8 Motel
2202 Indian Trail Rd.
Lawton, Oklahoma
5803557135
steblgw@msn.com
28 (14) tables, Admission free


Saturday, December 1
Cape Fear Coin Club 35th Annual Coin Show
Honeycutt Rec. Ctr.
352 Devers St.
Fayetteville, North Carolina
910-497-5445
32 tables, Admission free


Saturday, December 1
Christmas Coin Show
UAW Local 2093
15802 Hoffman Rd.
Three Rivers, Michigan
269-273-6206
34 tables, Admission free


Saturday, December 1
Crystal City Coin Show
1st Presbyterian Church
201 N. Hamilton St
Painted Post, New York
607-739-2462
rkosty@stny.rr.com
18 tables, Admission free


Saturday, December 1
48th Annual Coin Club Show
Metropolitan Community College
27 & Q St
Omaha, Nebraska
402-895-7715
qualitycoins@aol.com
50 tables, Admission free


Saturday, December 1 - Sunday, December 2
Annual Coin Show
Bay County Fairgrounds
US 98
Panama City, Florida
478-986-9795
25 tables, Admission free

Sunday, December 2
CDCDA Coin & Hobby Show
Polish Community Center
Washington Ave. Ext.
Albany, New York
518-274-4216
78 (75) tables, Admission free


Sunday, December 2
Universal Coin & Stamp Show
American Legion
22001 Brookpark Rd. at W. 220th St.
Cleveland, Ohio
440-315-5239
38 tables, Admission free


Sunday, December 2
Gold Coast Coin Club Coin, Stamp & Collectible Show
David Park Recreation Ctr.
108 N. 33 Ct.
Hollywood, Florida
954-242-5561
mweshleman@aol.com
Admission free


Sunday, December 2
Coin Show
Holiday Inn
401 Holiday Dr.
Pittsburgh, Pennsylvania
724-832-1588
hermcoin@voicenet.com
23 tables, Admission free


Sunday, December 2
Coin & Collectibles Show
Hilton
801 University Dr.
College Station, Texas
979-575-4669
harolddwillis@hotmail.com
Admission $1.00


Sunday, December 2
Coin Club Monthly Show
The Holiday
Rts. 130 & 50 Intersection
Olney, Illinois
618-392-3190
10 tables, Admission free


Sunday, December 2
Coin Expo
Lesneski Ctr.
16050 W. 127th St.
Lemont, Illinois
630-257-8020
judyhorka@sbcglobal.net
45 tables, Admission free


Sunday, December 2
Coin & Currency Show
American Legion Hall
260 4th Ave. SE
Osseo, Minnesota
608-723-4917
del.lanz@atk.com
50 tables, Admission free


Sunday, December 2
Coin & Baseball Card Show
Holiday Inn- Dayton Mall
31 Prestige Plaza Dr.
Dayton, Ohio
937-376-2807
30 (10) tables, Admission free


Sunday, December 2
North County Monthly Coin show
Embassy Suites Hotel
3100 E. Frontera St.
Anaheim, California
562-225-2166
30 tables, Admission free


Sunday, December 2
Garden State Coin, Stamp & Currency Show
P.A.L. Bldg.
33 Baldwin Rd.
Parsippany, New Jersey
973-335-0555
80 tables, Admission free


Sunday, December 2
NESS Coin & Stamp Show
Holiday Inn
I-95 exit 15A
Dedham, Massachusetts
508-393-9732
dickmurphy@aol.com
50 (20) tables, Admission free


Sunday, December 2
Sports Card & Coin Show
Hampton Inn
1204 Berryville Ave.
Winchester, Virginia
540-662-4401
45 (12) tables, Admission free


Sunday, December 2
Metro Detroit Coin Show
VFW Hall
27345 Schoolcraft
Redford Twp., Michigan
248-719-5650
mstorey@twmi.rr.com
70 tables, Admission free


Sunday, December 2
Coin & Stamp Show
Catholic War Veterans Bldg.
Shalvoy's Ln.
Danbury, Connecticut
203-470-5593
b.rickert@ci.danbury.ct.us
25 (12) tables, Admission free


Sunday, December 2
Coins, Currency, Stamps & Post Card Show
Senior Citizens Center
corner of Main St. & 6th St.
Clarksburg, West Virginia
304-265-3932
20 tables, Admission free


Sunday, December 2
Chippewa Valley Coin Club Mid-Winter Coin Show
Holiday Inn
2703 Craig Rd
Eau Claire, Wisconsin
715-834-7697
21 tables, Admission free


Sunday, December 2
Metro East Coin & Currency Club Show
American Legion Hall
1022 Vandalia Ave., Rt. 159
Collinsville, Illinois
618-277-4493
kicklighter.johnny@mcleodusa.net
Admission free


Sunday, December 2
Coin & Currency Show
Guiseppi Garibaldi Bldg
54 Washington St
Middletown, Connecticut
203-506-1121
denroseent@aol.com
20 tables, Admission free


Sunday, December 2
Holiday Coin, Stamp & Paper Money Show
Holiday Inn
1630 S. Broadway
Rochester, Minnesota
507-663-6184
22 tables, Admission free


Sunday, December 2
Penobscot Bay Coin Club Show
School Cafeteria
30 Mortland Rd
Searsport, Maine
207-273-3462
28 tables, Admission free


Sunday, December 2
Kampeska Coin & Stamp Show
Event Center
1901 9th Ave. SW
Watertown, South Dakota
605-882-4663
25 (20) tables, Admission free


Sunday, December 2
Tri Town Coin & Collector's Show
Greenfield Rotary Inn
125 Mohawk Trail
Greenfield, Massachusetts
802-297-1274
pepsijoseph@yahoo.com
18 (15) tables, Admission free


UK Events


Saturday, December 1
Coin Fair
Coins, Tokens, Medallions & Banknotes
9.30 am - 2.30 pm
Jurys Hotel, 16-22 Great Russell Street
Londin WC1 3NN
0208 656 4583
Admission £2.00
Coins and Paper Money Fair http://www.lindamonkfairs.co.uk

Sunday, December 2
Coin Fair
Coins, Banknotes, Medals and Stamps
10 am - 4 pm
The Thistle Hotel (formerly Golden Valley Hotel)
Cheltenham
0117 962 32 03
077 356 6994

Saturday, December 1
Auction World and British Paper Money
2pm
Windsor Suite, Grange Hotel, Bracknell
Charles Square, Bracknell, RG 12 1ED
01474 871 464
info@londoncoins.co.uk


Euro Events

Saturday, December 1
Monexpo Paris
Coins and Paper Money
9am -5pm
Novotel Hotel, I Av de la
Republique, F-94370
Bagnolet, Paris
01 43 75 03 46
ng-n@orange.fr



Please do contact organizers to confirm dates, times, admission fees etc before setting out on a long journey.

Wednesday, 28 November 2007

Paper Money Collecting: The Australian Banknotes


Collecting Australian Banknotes

Australian $5 -Front & Back

Earlier this year The Reserve Bank of Australia (RBA) commissioned Downies, a leading Australian numismatic auction house to sell its paper money in a special series of auctions and online auctions. This is a first, as the bank its self has always sold its currency through the Royal Australian Mint, but this auction has probably made it easier for collectors of Australian paper money to add special first and last prefix notes from the 2006 polymer note issues to their collection.

The auctions started in October and ended the second week of November: the RBA also asked Downies to offer ordinary Australian notes to the public, these were to be sold at face value till the end of the month of November.

Over 60,000 notes were offered in auction during this period, so it seems that this is the best time to try and get your hands on current uncirculated Australian banknotes and at a good deal.

Places to contact include:
RBA Headoffice
65 Martin Place
SYDNEY NSW 2000

RBA Branch office
20-22 London Circuit
CANBERRA ACT 2600

Downies Auctions
Lower Ground Floor, Block Arcade
98-100 Elizabeth St., Melbourne Vic 3000 Australia
Phone (03) 8677 8800 Fax (03) 8677 8899
International Prefix + 61-3
Email: auctions@downies.com
Contact: Chris Meallin, John Freestone, Roger Liversidge, John Drzymulski.
Online Store: World Paper Money Collecting Online Store


Tuesday, 27 November 2007

Paper Money Collecting: US Paper Money Online Price Guide

New Online Price Guide of US Paper Currency

If you are interested in US paper money then this is probably very exciting news for you. Krause Publications, has added a new US Paper Money Price Guide to their collection of World Coin guides that they have available at NumisMaster, their online site dedicated to the needs of numismatic collectors.

What makes this unique and novel is that a collector will have current prices right before them at anytime. We all know that prices have changed a lot and continue to do so in the last couple of months. Coin and Paper Money collection is going through a big money phase so its important that collectors and investors can get their hands on current prices. The Online Paper Money Guide provides this with a simple click of the mouse and of course a minimal subscription of $7.95 for a monthly subscription or $39.95 yearly.

This guide includes all non-coin issues of United States currency etc, such as stamps, gold and silver certificates, military notes, error notes, confederacy notes to name a few: all the photographs, listings and prices contained in the Standard Catalogue of United States Paper Money are included in this guide.

To subscribe to this online guide you can go to Online Paper Money Guide and register, after registration, which is free, you will then be able to get access to the subscription page.



The Paper Money History Series

This series will continue shortly, it just seems to be a topic that gets deeper and more detailed as the days go by, and consequently quite a number of other interesting events and issues I would have liked to have mentioned have been left unmentioned. I have therefore decided to alternate between the two on weekly basis. So this week we will be talking about general issues and then next week it will be Paper Money History topics and then the following one will concentrate again on general issues to do with paper money. I hope this will be of better benefit to you as it will be for me.

Monday, 26 November 2007

Paper Money History: Scotish Bank founded to Support Scotish Trade

The Bank of Scotland, the first Scottish Bank is Born

In 1695 the Bank of Scotland was born, it was not connected to the State and was privately owned, but its role in producing Scottish paper money came a year after the bank was born. The Bank was owned by 172 private citizens, who were policticians, landowners and merchants with 120,000 Scottish pounds (approximately £10,000British Sterling). 36 of these shareholders lived in London: the bank is therefore the second oldest bank in Europe. It was established through an Act of the Scottish parliament, independent of the Scottish government and has remained so to date. The interest of the merchants and landowners was the paramount concern of this establishment. they needed a banking system where their credit, loans etc could be managed adequately.

!696 saw the bank issuing its first paper money currency for public circulation, this was in response to the poor state of affairs concerning Scottish coins. The bank has continued to issue paper money to date, though its right to do so has been challenged at various times through the ages. The facts of which I shall explore in the future.


Bank of Scotland coat of arms


For lovers of Scottish paper money its nice to know that the Bank of Scotland actually runs a museum where one can explore the different facets of the banks history through the ages.
Its called Museum on the Mound, and open six days a week, visit them at The Scottish Currency Museum. Contact details are as follows: Museum on the Mound,The Mound, Edinburgh, EH1 1YZ. Tel: 0131 243 5464, Fax: 0131 243 5440, E-mail: info@museumonthemound.com

Trivia

Did you know that Scotland is one of the few countries that has more than one bank issuing the current paper money in circulation? In most countries there is one Central Bank that issues currency, but in Scotland there are three banks that provide this service, namely The Bank of Scotland, The Royal Bank of Scotland, and the Clydesdale Bank.

Did you also know that the Bank of Scotland owns 50 percent of Sainsbury's Bank and that Halifax Bank Plc. is actually part of the Bank of Scotland when they merged in 2001?

Friday, 23 November 2007

Paper Money Collecting: Events This Weekend

USA Events

Friday, November 23 - Saturday, November 24
Coin & Stamp Show, 2 days only
Westchester Cty. Center
198 Central Ave
White Plains, New York
914-423-7957
150 tables, Admission free


Friday, November 23 - Sunday, November 25
Coin, Currency & Stamp Expo
Hilton Hotel
168 S. Los Robles Ave
Pasadena, California
818-997-6496
iibick@sbcglobal.net
Admission free


Friday, November 23 - Sunday, November 25
Pasadena Coin Club Coin Show
Hobby Marriott Hotel
9100 Gulf Fwy
Houston, Texas
281-326-1286
wchase2@houston.rr.com
64 (64) tables, Admission $1.00


Saturday, November 24
Coin-A-Rama
Our Lady of Peace Hall
6944 Stanley Ave.
Niagara Falls, Ontario
Online Coins DB
905-356-5006
Admission $2.00


Saturday, November 24
Coin Show
Skating Center
2661 Civic Center Dr.
Roseville, Minnesota
612-770-6578
Admission free


Saturday, November 24
Aurora Coin Show
Holiday Inn
15500 E. 40th Ave.
Denver, Colorado
303-364-1572
45 (40) tables, Admission free


Saturday, November 24
Carroll County Coin Club Show
Best Western Conf. Ctr.
Rt. 140 at WMC Dr.
Westminster, Maryland
410-848-3440
les.white.1@juno.com
40 tables, Admission free


Saturday, November 24 - Sunday, November 25
Original Coin & Currency Show
Moose Lodge Family Center
521 Country Club Dr
Rocky Mount, North Carolina
919-790-8544
Admission free


Saturday, November 24 - Sunday, November 25
15th Annual Fall Coin, Stamp, Sports Card & Collectible Show
Memorial Hall
407 S. Garrison (Hwy. 571)
Carthage, Missouri
417-682-2678
travelinjavelin@hotmail.com
52 (34) tables, Admission free


Sunday, November 25
Calumet Area Coin, Stamp & Postcard Show
Lincoln Center
2450 Lincoln St.
Highland, Indiana
219-924-4836
16 tables, Admission $1.00


Sunday, November 25
4th Sunday of the Month Coin Club Show
Knight's of Columbus
1155 S. Congress Ave.
West Palm Beach, Florida
561-964-8180
swicer@comcast.net
36 tables, Admission free


Sunday, November 25
Coin & Currency Show
Knights of Columbus Hall
2590 Solomon's Island Rd.
Edgewater, Maryland
443-623-7025
ceocoins@comcast.net
30 tables, Admission free


Sunday, November 25
St. Paul Liberty Coin Club Fall Show
Ideal Hall
1494 Dale St. N
St. Paul, Minnesota
libertycoinclub@usfamily.net
37 tables, Admission free


Sunday, November 25
Tri-State Coin & Stamp Show
Hotel & Conf. Ctr.
Exit 339 of PA Tpke., 309 Expwy.
Fort Washington, Pennsylvania
305-852-7678
55 (35) tables, Admission free


Sunday, November 25
Greenhills Classic Coin & Stamp Show
American Legion Post 530
11100 Winton Rd.
Cincinnati, Ohio
937-376-2807
55 (50) tables, Admission free


Sunday, November 25
Monthly Coin Show
Regency Inn & Conf. Ctr.
219 Littleton Rd.
Westford, Massachusetts
978-658-0160
info@ebwpromotions.com
85 tables, Admission $1.00


Sunday, November 25
Holiday Coin, Stamp & Paper Money Show
Holiday Inn-Cabela's
Exit 45 off I-35
Owatonna-Clinton Falls, Minnesota
507-663-6184
22 tables, Admission free


UK Events

Sunday, November 25
Leeds Fair, Coins, Banknotes, Medals and Militaria
Cedar Court Hotel
Denby Dale Road, Calder Grove
Wakefield, WF4 3QZ
Juction 39 of M1
9.30am-14.30pm
Eddie Smith- 01522684681
Approx. 35 Dealers, Admission £1, Children under 14 Free


Please confirm before setting out for any of these events
Sources:- Coin and Paper Money Collecting Events Calender
and one of UK's top magazines Incorporating Paper Money News

Thursday, 22 November 2007

Paper Money History: Norway Issues Paper Money to help Thor Mohlen




King Chistian V (1646-1699)


In 1695 Norway issued its first paper money in quite an unusual way. Thor Mohlen was one of the economic advisor's to the King, Christian V, he was also a merchant who ran some very impressive world trade.


Thor Mohlen

Due to some difficulty at sea with the Germans and Pirates he needed money because some of his ships had been taken at sea. In order to continue trading the king allowed him to issue notes which were to become legal tender. I guess the hope was that he was to use the notes to buy items for export, since the notes were legal tender it would circulate amongst the people and he was given a five year period which was sufficient time for him to have made back the money which could them be repaid to the treasury.





A lot of effort was made in producing these notes, according to Mr. Walt Jellun, a numismatist:

A total of 100,000 Rixdaler Croner were produced. All notes had the Kings monogram on the top center and heavy lacquer seals, a time consuming process, but one which was to act as an anti-counterfeiting device. The tallon or right hand section of the note was torn from the main portion of the note for security purposes, then it was required to be matched in order to be redeemed. The left half of the notes were put in circulation with the right half kept in the Danish archives for security purposes.

Each note had hand written serial number, values, date and three signatures, some twice on the front and then more on the back of each and every note. All notes were signed by Lauritz Mouritzen Thrap, the Exchequer (signature with the flourish), Jørgen Thor Møhlen and Jacob Søfrensen. The flourish on Thrap's signature went to the right onto the tallon. All are dated 10 Aug. 1695 with the 10 August hand written.



For the a full account of Thor Mohlen's notes please read article on Norway's Paper Money History


Some triva about Norway,money and its public.

A few days ago a friend of mine sent me a video and as I researched this piece I realized that there was a collation between then and now. Watch and see for yourself:



In previous examples of the issuing of paper money it was usually to help the government fight and win battles, but Norway issued money basically to help out a troubled merchant. Yes the money meant that the country could continue exporting, but the fact still remains it helped Thor Mohlen. The wellbeing of Norweigens is still paramount to the government of Norway. Other countries should take note of this great example

Tuesday, 20 November 2007

Paper Money History: The Bank of England is Born


The Bank of England is Born


Remember that the Goldsmiths of London created new paper money based on public trust: the economic situation in England around that time was in dire straits, there was no money and a battle needed this in order to carry on, the solution was the creation of the Bank of England, which came into being in 1694.

A Scotsman William Paterson proposed a loan of £1.2 million for the government, the principal was never to be repaid, the government was to pay a 8% interest and £4,000 management fee for the banks servicing the loan. Only £750,000 was actually deposited in the bank at the inception, so in actual fact they did not have £1.2million pounds to give the government. The Goldsmiths' system of banking had therefore been taken to a higher level, the huge deficit was made up by Fractional Reserve Banking. This is how the world banks run the modern banking system. I'm not that good with figures but what it means in brief is that more money is loaned out than the actual reserves in the banks vaults. Remember that the beauty of the notes issued by the Goldsmiths of London was that the public had full confidence in them even though they did not hold the actual gold values for which they were issuing promissory notes. The public did not know this and did not need to, as long as they were able to manage the accounts and deposits without any non-payment incidences. The Bank of England was doing the same thing only that it took place on a much bigger level. Therefore in world economics the concept of inflation was born, and with it one of the major concerns of the central banks of countries,which is what the Bank of England is to Britain; figuring out ways of controlling the ensuing inflation.

So with the creation of the Bank of England we find both the modern uses of paper money and the modern banking system taking shape.

Paper Money History: Canada and USA The Humble Beginnings

Canada The Humble Beginnings

Around the mid 17th Century people were trading by batter in Canada, this was not because there was no other means of currency available but because it was always in short supply. Attempts were made to ship French silver coins over, but these were always hoarded by the merchants who used them to pay taxes and buy European goods. As coins became crucially more short in the new colony the ultimate solution was to issue paper money. The Canadians did there's in style and used playing cards. These cards had the words "Bon pour" noted behind it meaning "Good For", the governor of the day , Jacques de Meuiles, commanded all to honor these cards, which were emergency notes issued to the soldiers in 1685 and when the Kings ship arrived in the Fall the holders of the cards redeemed them for coins.

USA The Humble Beginnings

In 1690 The Massachusetts Bay Company became the first region in the US to issue paper money as circulating currency, this was issued first to returning soldiers from a mission to Quebec (Canada), that's an interesting point to note as only 5 years earlier that region had been issuing emergency notes to its starved soldiers!
The interesting development about this one is that the notes could be used to pay taxes and was also accepted as legal tender. Other states in America soon copied this practice.
Currency was issued in 2,5,10,20 shillings and 3,5,10 pounds.

It seems that in order to prevent the starvation of the armies of these to colonies, New England and New France were the reasons that the governments of the day resorted to using paper money, a very humble beginning.

Friday, 16 November 2007

Paper Money Collecting Events This Weekend

USA Events

Friday, November 16 - Sunday, November 18
Coin, Currency & Stamp Expo
River Palms Hotel Casino
2700 S. Casino Dr
Laughlin, Nevada

818-997-6496
iibick@sbcglobal.net

Admission free



Friday, November 16 - Sunday, November 18
Whitman Baltimore Coin & Currency Convention
Convention Center
One W. Pratt St.
Baltimore, Maryland

404-214-4373
info@whitmanexpo.com

Admission free

Saturday, November 17
Coin, Currency & Stamp Show
Elks Lodge
1900 Park Meadows Dr
Fort Myers, Florida

239-940-613
hmclehigh@earthlink.net

30 tables, Admission free

Saturday, November 17 - Sunday, November 18
Coin & Currency Show
National Guard Armory
400 S. Greer Rd
Florence, South Carolina

919-790-8544
Admission free

Saturday, November 17 - Sunday, November 18
Onondaga Numismatic Association Show
Ramada Inn
1305 Buckley Rd.
Syracuse, New York

315-455-6791
mcaiello@twcny.rr.com

25 tables, Admission free

Sunday, November 18
Buffalo Numis. Assoc. Monthly Bourse
Columbus Hall
2735 Union Rd.
Buffalo-Cheektowaga, New York

716-908-3097
broadwaycoins@verizon.net

35 tables, Admission free

Sunday, November 18
World Money Show
Recreation Ctr.
1232 Main Ave.
Clifton, New Jersey

973-983-2449
robbies20@hotmail.com

45 tables, Admission free

Sunday, November 18
Lake Norman Coin & Currency Show
Nat'l. Guard Armory
720 N. Broad St.
Mooresville, North Carolina

704-662-9719
45 tables, Admission free

Sunday, November 18
Monthly Coins & Collectors Show
Howard Johnson's
I-80 & 72nd St.
Omaha, Nebraska

402-721-7364
edabish@msn.com

30 tables, Admission free

Sunday, November 18
Coin & Currency Show
First State & Rescue Squad Bldg.
200 Marlboro Rd. & Ferris Rd.
Old Bridge, New Jersey

732-290-0440
30 tables, Admission free

Sunday, November 18
CoinSuperstore Coin & Paper Show
Annex Club
554 Woodward Ave
New Haven, Connecticut

203-469-2943 or Alex Nocerino 203-530-9675
60 tables, Admission free

Sunday, November 18
Innaugural Coin & Collectable Show
Fire Hall
100 Belvidere Ave
Washington Borough, New Jersey

908-689-6483
14 (10) tables, Admission free

UK Events

Saturday, November 17
Coin Fair
Queens' Cross Church Hall,
Albyn Place, Aberdeen
44- 01382 224964

Sunday, November 18
The North of England Coin Fair,
The Park Hotel,Tynemouth,
Newcastle-Upon-Tyne
10am-4pm
Coins, banknotes etc
bfrankandson@aol.com
44- 0191 4138749













Wednesday, 14 November 2007

Paper Money History: Paper Money in England in 17th Century



In the 17th Century England came into its own in the field of paper money banknotes, banking and banking economics. Gold and Silver were the two methods used as monetary exchange but with the wars against Scotland and the Civil war in the mid 1600's the precious metals were no longer safe: in actual fact King Charles I, took not borrowed money of merchants and the gentry kept in the tower of London, a whole £130,000. After this bad experience people no longer felt that it was safe to leave their hard currency at the Tower, they needed an alternative and people started depositing their gold and silver with goldsmiths and thus a new age was born. The Goldsmiths soon became the new bankers.

First, they gave each depositor a paper receipt, a promissory note, for gold or silver kept with them for safe keep. Very soon these receipt were used as proof of hard currency and could be used for monetary exchange. So a system was born whereby the public started to trust value of the paper money notes that were in circulation. The goldsmiths soon discovered that the depositors were not redeeming their gold or silver with any immediacy, so they decided to start loaning money to other merchants at a small interest this then became the norm.

The Goldsmiths were soon loaning out more money than they had stored in their vaults, luckily for them things never got so dire as to be taken to court, in actual fact the opposite happened in England. Gold and silver was left with the goldsmiths for many years, so as long as the public trusted the integrity and financial competence of the goldsmiths, their paper money notes became an acceptable form of money.

Thus the Goldsmiths of London became the founders of modern banking upon which the Bank of England was founded in the late 17th Century: more importantly this was the first time money was created on trust and not measured in actual weights of precious metal. So the Goldsmiths of London created new money, modern money, money based on public trust.

Tuesday, 13 November 2007

Paper Money History: The First European Banknotes

From Japan we move to Europe, where the next evidence of paper money now becomes evident. The interesting point to note in all of this is that there is no evidence of one country influencing the other, but mankind seems to have evolved into the conclusion that the use of paper money was the next step forward for them without any outside interferences.

Thus the Stockholms Banco, (predecessor of the Bank of Sweden) was founded in 1656, and was authorized to accept deposits, grant loans and mortgages as well as issue bills of credit. It was the brain child of Johan Palmstruch who became the General Manager and approved of by King Charles X Gustav the then King of Sweden.The bank was modeled on the successful banks of Amsterdam and Hamburg founded earlier on in 17th Century. The goal was to hopefully help stabilized the Swedish currency as it had been suffering from the fact that both copper and silver were used to produce same value coins. Both metal had differing values and when copper became more valuable as a metal than the face value of the coin itself things just turned from bad to worse.


Charles X Gustav The King of Sweden (1622-1660)

To compound issues the bank had been using depositors money to finance loans and mortgages. When costumers started to demand for their money back as the value of copper metal rose it became increasingly difficult to meet up with the demand, and so in 1661 Stockholms Banco became the first chartered bank in Europe to issue banknotes.

The banknotes solved the problem of meeting the demands of depositors trying to collect their coins which had become increasingly difficult as the old coins had also been withdrawn at a faster rate than they were able to produce the new lighter coins. Also its important to remember that the notes were much lighter than the coins which had to be carted around by a horse when large payments needed to be made.

This must have been a nightmare for merchants and I can fully relate. In Ghana and Nigeria the Cedi and Naira in recent years has lost its value and in order to make payments for even small items like a bag of rice you need thousand of cedis and naira's. Paying your rent or making a deposit for your house would entail carrying big bags of money about. You become a target for thieves. So you can imagine how the merchants must have felt when banknotes gave them the freedom of just slipping the paper credit in an envelope and sending it off as payment.



Europe's first paper money
From http://www.moneymuseum.com/

The only problem was that things went terribly wrong for Johan Palmstruch he had miscalculated, to put it very politely, and printed more banknotes than he had coins to redeem them. (This reminds me of what's happening right now in America with mortgages and bad loans, when are we ever going to learn?) Anyway things came to a head when the bank was taken over by the Swedish Parliament in 1664 and Palmstruch was taken to court, charged and found guilty of mismanagement. He was imprisoned, and spent most of the rest of his life in jail.

Paper money appeared in other European countries and their colonies in the 17th Century so we shall continue to explore these events for the rest of the week.

Monday, 12 November 2007

Paper Money History: Japanese Currency in 17th Century

In Japan commerce developed during the Medieval era in an area now known as Ise City, and around the 1600's a form of paper money evolved from its growth known as the Yamada Hagaki. Ise City was then known as the Ise Yamada area and the word "hagaki" was derived from the phrase "a small slip of odd sums".


The Yamada Hagaki
Copyright of The Bank of Japan

This form of paper currency was issued by a body of Shintu priests who were also merchants as a form of receipt. Its system was soon well established and trusted so that though it was privately issued it became widely accepted by the public.



The Yamada Hagaki currency explained
Copyright of The Bank of Japan

For me the Yamada Hagaki seems like the first proto-type of modern banknotes, the reason being the money and its system was more or less nationally accepted and circulated even though it was issued privately; it was also stamped, signed, dated and had a specific value attached to it just as our money is signed, sealed, dated and set in monetary values today. It's currency value was "5 Fun".

The Yamada Hagaki was issued and circulated for over 300 years and is known to have close characteristics with the modern banknotes of Japan. So Japan is another country that contributed to the history of paper money in a significant way and it is really pleasing to see that this proto-type has been preserved and can be viewed by all. The Bank of Japan has a Museum were pictures, currency, maps and other relevant historical material are displayed. Admission is free, so for the traveler and paper money collector if you visit Japan pay them a visit. For further information please visit The Bank of Japan Museum.


Friday, 9 November 2007

Paper Money Collecting: Events This Weekend

USA Events

Thursday, November 8 - Saturday, November 10
Annual National & World Paper Money Conv
Hilton Hotel-Airport
10330 Natural Bridge Rd.
St. Louis, Missouri

414-421-3484
kfoley2@wi.rr.com

75 tables, Admission free

Friday, November 9 - Sunday, November 11
Ohio Coin Expo
Quality Inn-Richfield
4742 Brecksville Rd.
Cleveland, Ohio 44286

216-292-7744
ronald-nelson@att.net

85 tables, Admission $5.00

Saturday, November 10
Coin & Collectible Show
Community Center
Hammondville, Alabama

866-414-9091
40 tables, Admission free

Saturday, November 10
Midlands Coin Club Coin & Collectables Show
American Legion Hall Post #6
200 Pickens St.
Columbia, South Carolina

803-553-0829
michael.teague.0829@gmail.com

28 tables, Admission free

Sunday, November 11
Camelback Collectibles Club Show
Elks Lodge
6398 E. Oak St.
Scottsdale, Arizona

480-990-1007

35 tables, Admission free

Sunday, November 11
Coin & Collectibles Show
Howard Johnsons Ball Room
75 N. Broad St
Norwich, New York

607-336-9054
bbarre@frontiernet.net

30 tables, Admission $1.00

Sunday, November 11
ACNS Show
Greenhaven Golf Course
2800 Greenhaven Rd
Anoka, Minnesota

763-213-7028
acns03@yahoo.com

25 tables, Admission free

Sunday, November 11
CINA Fall Coin Show
Northfield Center
3210 Northfield Ctr
Springfield, Illinois

217-787-3241
73 tables, Admission $1.00

Sunday, November 11
Clark County Semi-Annual Coin Club Show
I-70 Bingo Hall
283 E. Leffel Ln
Springfield, Ohio

937-426-8822
60 tables, Admission free

Sunday, November 11
West Suburban Coin & Collectible Expo
Park Pl. Countryside Banquet Hall
6200 Joliet Rd.
LaGrange--Countryside, Illinois

630-399-9060
85 tables, Admission free

Sunday, November 11
Nickel Trader Coin & Collectible Show
Castle Shannon Mem. Firehall
3600 Library Rd.
Pittsburgh, Pennsylvania

724-941-2338
nickel1356@comcast.net

Admission free

Sunday, November 11
28th Annual Coin Show
Napredak Hall
770 Montague Expressway
San Jose, California

650-498-4158
fredvdh@gmail.com

37 tables, Admission free

UK Events

Saturday November 10
The London Coin Fair
UK's Largest Numismatic Show
Holiday Inn London Bloomsbury
Coram Street WC1
9:00am - 5:00pm (last paid admissions 3:30pm)
Simmons Gallery
0208 989 8097
Admission £4.00 (Concessions £2.00)

Sunday, November 11
Midland Coin Fair
National Motorcycle Museum,
Bickenhill, Birmingham
10:00am - 3:30pm
01743 246963
Admission £1.50

Germany Event

Saturday, November 10 and Sunday, November 11
Numismata Frankfurt
The Forum Messe, Frankfurt Main,
Germany
+89 268359
Sat 9:30-5:00
Sun 9:30-4:00














Thursday, 8 November 2007

Paper Money History: An Interesting Point a Failed Attempt and a Temporary Measure


Cash, Persia and The Netherlands

Did you know that the word "cash" was first used a long time ago during the Ming Dynasty in China. I honestly can't stop being amazed by the little tit-bits of information that comes my way daily as I find out more and more about paper money.

The currency during the Ming Dynasty was called "cash" just as we would use the word "dollar" in USA or "pound sterling" in United Kingdom

Then I must mention the failure that occurred with paper money before this form of currency took root in Europe in the 17th Century AD. Firstly in 1294 Persia made an attempt to copy China's use of paper money as a means of exchange unrestricted by location and duration. It failed horribly within days! What a blow that must have been for them!

And then in dear old Europe just as the Ming Dynasty decided to do away with
paper money, inflation and world trade, the first form of paper money was used in the Netherlands. There was a siege in 1574 and coins were scarce, a form of exchange was desperately needed, and so cardboard tokens were used as money during the military siege of Leyden.

Wednesday, 7 November 2007

Paper Money History: The Beginning Was In China

China: Paper Money's First Appearance.

The first form of Paper Money is commonly believed to have originated in China. Prior to this coins were the known currency, these had rectangular centers. When the coins got too heavy for a rich man to carry about usually stringed together with a rope, he would keep his money with a trusted gentleman, who would issue him a paper note with the amount of coins in his keep noted on it. This served as a promissory note, sufficient enough for a trader to release his goods to the merchant or rich man. If the trader showed the paper he could get his money, and so the first bankers were born.

It is known that in the 600's there were local issues of paper money in circulation in China. I find it very interesting to find that Western Civilization actually trails behind the east in the invention of paper money.

From this system "jaozi" paper money was born, when in 960AD the Song Dynasty started circulating paper notes as there was a shortage of copper used for making coins. This was the first time a governing body issued paper money for circulation as a means of official monetary exchange.

Thus numismatic scholars generally agree that China is the birthplace of Paper Money.





"Jaozi": World's first known Paper Money

These credit notes were usually issued with limited location and duration restrictions, as they still served as promissory notes in which some other objects of value could be redeemed. Things changed radically when the Yuan Dynasty (1279-1368AD) were forced to issue notes that had no location or duration restrictions, as they had run out of money (that is other objects of value) which they needed to pay the holder of the notes.

Here is an account relating to this period given by one of the great explorers, Marco Polo:

All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver; and on every piece a variety of officials, whose duty it is, have to write their names, and to put their seals. And when all is prepared duly, the chief officer deputed by the Khan smears the seal entrusted to him with vermilion, and impresses it on the paper, so that the form of the seal remains imprinted upon it in red; the money is then authentic. Anyone forging it would be punished with death. And the Khan causes every year to be made such a vast quantity of this money, which costs him nothing, that it must equal in amount all the treasure of the world.

Furthermore all merchants arriving from India or other countries, and bringing with them gold or silver or gems and pearls, are prohibited from selling to any one but the emperor. He has twelve experts chosen for this business, men of shrewdness and experience in such affairs; these appraise the articles, and the emperor then pays a liberal price for them in those pieces of paper. The merchants accept his price readily, for in the first place they would not get so good an offer from anybody else, and secondly they are paid without any delay. And with this paper money they can buy what they like anywhere over the empire"


This way the emperor was able to fund the occupation of China without restrictions and unknowingly started inflation and hyperinflation because the supply of paper currency in the economy was over explosive. Thus we learn that the Chinese civilization of old was a thriving capitalist society.

It was the Ming Dynasty(1368-1644AD) that brought everything to an early end for China, in an effort to curb inflation and economic expansion, they stopped paper money completely and put an end to China's Trade. Talk about extremities, China went from boom to burst in it's creation of paper money.

Tuesday, 6 November 2007

Paper Money Collecting : A History of Paper Money

Before Paper Money

Before paper money, there was another form of trade exchange used by man it was called trade by batter. Today, we are so used to spending paper money: in some economies coins are even becoming obsolete (but that is a story for another day), some of us don't even spend paper money anymore instead our plastic cards are now a more convenient way to pay for goods. Having said this, in general terms the last few centuries has centered on paper money as a means of trade exchange in world economies.

I was thinking about how it all started, that is the use of paper money, and I started doing some initial research, the more I dug into the history of paper money the more excited I became, and why? Because I was now revisiting concepts and facts I had learned as a kid but never thought about it for at least the last 30 odd years!

Trade by batter! That was a concept I learnt many years ago. All civilizations it seems started out with trade by batter, that is, exchanging goods you do not need with those that you do need. This exchange method had it's flaws and soon people had to find other means of exchange, these included commodity goods, coins, paper money and ultimately electronic money.

Since trade by batter left you with perishable goods that you could not finish, or other goods you sometimes had no need for it became important to set aside some commonly popular goods such as salt, gold, cattle, tobacco , seeds and tea, as a means of exchange for goods. This had its own challenges as the value of these goods often fluctuated and so in the Greek era around 700BC it is believed that the first coins in the western civilization were made to exchange for goods.

Coins were used in most economies for a long while, even earlier than the Greeks, since 5000BC, yet these came with their own special set of challenges yet again. When a merchant got very rich and his trade dealings grew, it became quite cumbersome to say the least, carrying bags of strings of heavy coins around on long journeys. They became targets for thieves. Sometimes the metals for making the coins themselves were not readily available, or it could be a battle here, a war there that prevented the movement of the coins from one place to another. A solution had to be found somehow.

Thus the concept of paper money came into existence, first as a form of promissory note, whereby the coin equivalent will be paid at a later date. Where did this usage of paper money first emerge and when? Find out tomorrow.

Monday, 5 November 2007

A Unique Confession from a Paper Money Apprentice

I read an article in Coin News November 2007 issue published in UK and thought I need to let my readers in, as this would be of great interest to UK and particularly Scottish banknote collectors, on this unique confession as related by Trevor Jones.

In 1989, the Head Office of The Royal Bank of Scotland had an American tourist walk through its doors. Apparently the bank is used to receiving tourists who visit and request for old banknotes usually relating to periods they had previously lived in Scotland. The thing was though this particular visitor was not just requesting for old banknotes, he had a story to tell relating to some banknotes, a story that was interesting and a confession as well.

Mr W. H. Egan used to be an engraver's apprentice with W. & A. K. Johnston Ltd of Edinburgh who, in the 1950's were the banknote printers of The Royal Bank of Scotland. During this time he did a playfully unusual thing, he added his name to the design of the £1.00 note. This fact remained undiscovered by the bank or his employers until his confession 33 years later to the banks Chief Cashier.




The technical details are as follows:

  • Mr Egan's rouge signature first appeared on The Royal Bank of Scotland's "B" note with the serial number "AJ" dated 1 February 1956 and remained on the design until the end of the "C" size issues in 1967. The last note in the series is "CX" dated 1 November 1967.
  • The signature can be found on the reverse side of the notes, within the right hand vignette, above and slightly to the left of the word "GLASGOW"
  • Catalogue numbers bearing this signiture are D49-1, D51a-1, D51b-1 and all specimen notes covered by these issues.

Friday, 2 November 2007

Paper Money Collecting Events For The Weekend

USA Events

Friday, November 2 - Saturday, November 3
State Numismatic Assoc. 49th Annual Coin Show
Liberty Hall- Marriott
7202 E. 21st St
Indianapolis, Indiana

765-649-0253
kycolonels@insightbb.com

Admission free

Friday, November 2 - Sunday, November 4
TN State Numismatic Society Fall Show
Camp Jordan Arena
I-75 exit 1.
Chattanooga, Tennesse

901-327-1703
pikegk@aol.com

Admission free

Friday, November 2 - Sunday, November 4
59th Annual Numismatic Society State Coin Show
Community Center
Municipal Dr. & W. Main St.
Jacksonville, Arkansas

501-985-1663
mcintrcoll@aol.com

48 tables, Admission $2.00

Saturday, November 3
Numismatic Club Fall Show
Cty. Fairgrounds
2900 Lake St.
Kalamazoo, Michigan

269-381-8669
russel_9@sbcglobal.net

48 tables, Admission free

Saturday, November 3
Eastside Coin & Currency Show
Baymont Inn
12223 NE 116th St.
Kirkland, Washington

425-821-1376
northwestcoin@msn.com

28 tables, Admission free

Saturday, November 3 - Sunday, November 4
Coin & Currency Show
Holiday Inn Convention Ctr.
3005 Linden Dr
Bristol, Virginia

919-790-8544
Admission free

Sunday, November 4
Champaign-Urbana Coin & Currency Club Annual Coin Show
Civic Center
108 Water St
Urbana, Illinois

217-586-2526
cwsweet3@msn.com

35 tables, Admission free

Sunday, November 4
Coin & Currency Show
Guiseppi Garibaldi Bldg
54 Washington St
Middletown, Connecticut

203-506-1121
denroseent@aol.com

20 tables, Admission free

Sunday, November 4
Coin & Currency Show
American Legion Hall
260 4th Ave. SE
Osseo, Minnesota

608-723-4917
del.lanz@atk.com

50 tables, Admission free

Sunday, November 4
Garden State Coin, Stamp & Currency Show
P.A.L. Bldg.
33 Baldwin Rd.
Parsippany, New Jersey

973-335-0555
80 tables, Admission free