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


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
14 tables, Admission free

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

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

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

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

Saturday, December 15
Coin Club Show
Eagle Lodge #3752
33710 State Rd. 54 E
Zephyrhills, Florida
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
49 tables, Admission $3.00

Saturday, December 15 - Sunday, December 16
Holiday Coin Classic
Downtown Exhibit Center
223 S. Scales St
Reidsville, North Carolina
30 tables, Admission free

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

Sunday, December 16
Meyer Coin Show
111 Concord Exchange S.
South Saint Paul, Minnesota
37 tables, Admission free

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

Sunday, December 16
World Money Show
Recreation Ctr.
1232 Main Ave.
Clifton, New Jersey
45 tables, Admission free

Sunday, December 16
Buffalo Numis. Assoc. Monthly Bourse
Columbus Hall
2735 Union Rd.
Buffalo-Cheektowaga, New York
35 tables, Admission free

Sunday, December 16
Onondaga Numismatic Association Show
Ramada Inn
1305 Buckley Rd.
Syracuse, New York
25 tables, Admission free

Sunday, December 16
Coin Show
Fire House
4900 Street Rd.
Trevose, Pennsylvania
35 tables, Admission free

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

Sunday, December 16
Monthly Coins & Collectors Show
Howard Johnson's
I-80 & 72nd St.
Omaha, Nebraska
30 tables, Admission free

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

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

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

Sunday, December 16
Coin Show
Bridgewater Banquet & Conf. Ctr.
10561 Sawmill Pkwy.
Powell, Ohio
40 tables, Admission free

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

Sunday, December 16
Monthly Coin Show
Community Ctr.
5460 Arden
Warren, Michigan
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

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
75 tables, Admission free

Friday, December 7 - Sunday, December 9
Sahara Hotel & Casino
2535 Las Vegas Blvd. S.
Las Vegas, Nevada
Admission free

Friday, December 7 - Sunday, December 9
Coin Show
St. Johns Agriculture Center
Agriculture Dr
St. Augustine, Florida
50 tables, Admission free

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

Saturday, December 8
Coin Club Show
Disabled American Veterans
4801 37th St. N.
St. Petersburg, Florida
25 tables, Admission free

Saturday, December 8
Valley Coin Show
525 4th Ave. N.
Kent, Washington
Admission free

Saturday, December 8
Coin Club Spring Show
ATH&L Fire Hall
29 S. Potomac St.
Waynesboro, Pennsylvania
20 tables, Admission free

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

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

Saturday, December 8 - Sunday, December 9
Coin & Sports Card Show
Dort Mall
3600 S. Dort Hwy.
Flint, Michigan
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
85 tables, Admission free

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

Sunday, December 9
S. Brevard Coin Club Coin & Stamp Show
Eau Gallie Civic Ctr.
1551 Highland Ave.
Melbourne, Florida
165 tables, Admission free

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

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

Sunday, December 9
Detroit Area Coin Show
VFW Post 2645
24222 W. 9 Mile Rd.
Southfield, Michigan
40 tables, Admission free

Sunday, December 9
71st Street Coin Show
Knights of Columbus
2100 E. 71st St.
Indianapolis, Indiana
25 tables, Admission free

Sunday, December 9
Greater Atlanta Coin Dealers Show
Hilton Suites
6120 Peachtree Dunwoody Rd.
Atlanta, Georgia
33 tables, Admission free

Sunday, December 9
Nickel Trader Coin & Collectible Show
Castle Shannon Mem. Firehall
3600 Library Rd.
Pittsburgh, Pennsylvania
80 (40) tables, Admission free

Sunday, December 9
Greater Worcester Coin Show
Elks Lodge
754 Southbridge St.
Auburn, Massachusetts
46 tables, Admission $1.00

Sunday, December 9
RACE Rochester Area Coin Expo
DoubleTree Hotel
1111 Jefferson Rd.
Rochester, New York
Admission free

Sunday, December 9
12th Annual Old Capitol Coin Club Show
Quality Inn
2525 N. Dodge St.
Iowa City, Iowa
62 tables, Admission free

Sunday, December 9
Coin Club Coin Show
Frontier College
2 Frontier Dr.
Fairfield, Illinois
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
Numismatica Herentals

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