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
30 tables, Admission free

Friday, November 30 - Sunday, December 2
43rd Bay State Coin Show
Radisson Hotel
200 Stuart St., 6th Floor
Boston, Massachusetts
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
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
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
32 tables, Admission free

Saturday, December 1
Coin Show
Budget Inns of America
323 N. Cedar Bluff Rd.
Knoxville, Tennesse
20 tables, Admission free

Saturday, December 1
ETS Coin & Currency Show
Douglas Cty. Fairgrounds, Kirk Hall
500 Fairgrounds Dr.
Castle Rock, Colorado
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
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
32 tables, Admission free

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

Saturday, December 1
Crystal City Coin Show
1st Presbyterian Church
201 N. Hamilton St
Painted Post, New York
18 tables, Admission free

Saturday, December 1
48th Annual Coin Club Show
Metropolitan Community College
27 & Q St
Omaha, Nebraska
50 tables, Admission free

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

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

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

Sunday, December 2
Coin Show
Holiday Inn
401 Holiday Dr.
Pittsburgh, Pennsylvania
23 tables, Admission free

Sunday, December 2
Coin & Collectibles Show
801 University Dr.
College Station, Texas
Admission $1.00

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

Sunday, December 2
Coin Expo
Lesneski Ctr.
16050 W. 127th St.
Lemont, Illinois
45 tables, Admission free

Sunday, December 2
Coin & Currency Show
American Legion Hall
260 4th Ave. SE
Osseo, Minnesota
50 tables, Admission free

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

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

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

Sunday, December 2
NESS Coin & Stamp Show
Holiday Inn
I-95 exit 15A
Dedham, Massachusetts
50 (20) tables, Admission free

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

Sunday, December 2
Metro Detroit Coin Show
VFW Hall
27345 Schoolcraft
Redford Twp., Michigan
70 tables, Admission free

Sunday, December 2
Coin & Stamp Show
Catholic War Veterans Bldg.
Shalvoy's Ln.
Danbury, Connecticut
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
20 tables, Admission free

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

Sunday, December 2
Metro East Coin & Currency Club Show
American Legion Hall
1022 Vandalia Ave., Rt. 159
Collinsville, Illinois
Admission free

Sunday, December 2
Coin & Currency Show
Guiseppi Garibaldi Bldg
54 Washington St
Middletown, Connecticut
20 tables, Admission free

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

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

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

Sunday, December 2
Tri Town Coin & Collector's Show
Greenfield Rotary Inn
125 Mohawk Trail
Greenfield, Massachusetts
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

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

Saturday, December 1
Auction World and British Paper Money
Windsor Suite, Grange Hotel, Bracknell
Charles Square, Bracknell, RG 12 1ED
01474 871 464

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

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

RBA Branch office
20-22 London Circuit

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
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:


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
150 tables, Admission free

Friday, November 23 - Sunday, November 25
Coin, Currency & Stamp Expo
Hilton Hotel
168 S. Los Robles Ave
Pasadena, California
Admission free

Friday, November 23 - Sunday, November 25
Pasadena Coin Club Coin Show
Hobby Marriott Hotel
9100 Gulf Fwy
Houston, Texas
64 (64) tables, Admission $1.00

Saturday, November 24
Our Lady of Peace Hall
6944 Stanley Ave.
Niagara Falls, Ontario
Online Coins DB
Admission $2.00

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

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

Saturday, November 24
Carroll County Coin Club Show
Best Western Conf. Ctr.
Rt. 140 at WMC Dr.
Westminster, Maryland
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
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
52 (34) tables, Admission free

Sunday, November 25
Calumet Area Coin, Stamp & Postcard Show
Lincoln Center
2450 Lincoln St.
Highland, Indiana
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
36 tables, Admission free

Sunday, November 25
Coin & Currency Show
Knights of Columbus Hall
2590 Solomon's Island Rd.
Edgewater, Maryland
30 tables, Admission free

Sunday, November 25
St. Paul Liberty Coin Club Fall Show
Ideal Hall
1494 Dale St. N
St. Paul, Minnesota
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
55 (35) tables, Admission free

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

Sunday, November 25
Monthly Coin Show
Regency Inn & Conf. Ctr.
219 Littleton Rd.
Westford, Massachusetts
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
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
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


Admission free

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


Admission free

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


30 tables, Admission free

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

Admission free

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


25 tables, Admission free

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


35 tables, Admission free

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


45 tables, Admission free

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

45 tables, Admission free

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


30 tables, Admission free

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

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

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,
Coins, banknotes etc
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

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


75 tables, Admission free

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


85 tables, Admission $5.00

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

40 tables, Admission free

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


28 tables, Admission free

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


35 tables, Admission free

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


30 tables, Admission $1.00

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


25 tables, Admission free

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

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

60 tables, Admission free

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

85 tables, Admission free

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


Admission free

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


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,
+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


Admission free

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


Admission free

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


48 tables, Admission $2.00

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


48 tables, Admission free

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


28 tables, Admission free

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

Admission free

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


35 tables, Admission free

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


20 tables, Admission free

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


50 tables, Admission free

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

80 tables, Admission free

Thursday, 1 November 2007

Paper Money Collectors Enjoy An Around The World Cruise

Did you know that some paper money collectors enjoyed a cruise around the world for 93 days while attending lectures by Laurence Pope on the maiden voyage of MV Van Gough? Read all about it at Kate's Paper Money

I am personally very excited about this event, which was a first for the hobby. A lot of people want to see the world and a few people get to live this dream, but to be able to do it while listening to an expert in the field of your favorite hobby is a real treasure.

Paper money collecting as a hobby continues to fascinate me to no end. I do hope there will be more of these type of events in the years to come.