Some Interesting Facts About Paper Money

Can Bristol's Banknotes Match the World's Most Beautiful Currencies?

2012-02-06T10:21:00.000-08:00

The Telegraph.co.uk
February 6, 2012

Bristol is the latest area to plan its own currency, with citizens being encouraged to design a new bank note. The city's budding designers can take inspiration from our collection of beautiful banknotes from around the world.

A Short History of American Money, From Fur to Fiat

2012-02-06T09:32:00.000-08:00

The Atlantic
Feb 6 2012, 10:33 AM ET

From The End of Money: Counterfeiters, Preachers, Techies, Dreamers--and the Coming Cashless Society by David Wolman. Reprinted courtesy of Da Capo Press.

Before independence, America's disparate colonial economies struggled with a very material financial hang-up: there just wasn't enough money to go around. Colonial governments attempted to solve this problem by using tobacco, nails, and animal pelts for currency, assigning them a set amount of shillings or pennies so that they could intermix with the existing system.

The most successful ad hoc currency was wampum, a particular kind of bead made from the shells of ocean critters. But eventually the value of this currency, like that of other alternative currencies of the day, was undermined by oversupply and counterfeiting. (That's right: counterfeit wampum. They were produced by dyeing like-shaped shells with berry juice, mimicking the purple color of the real thing.)

It was a crew of Puritans from Boston who first put their faith in paper. Initially, the Massachusetts Bay Colony tried to issue colonial coinage. The pieces themselves, struck in 1652, were made from a mash-up of poor-quality silver and were soon outlawed by the Brits. Less than a decade later the colonists tried again. They were forced to, really, because they owed money to the crown to help fund Britain's war against France, yet lacked any currency with which to pay up. They called the paper "bills of credit." The local government essentially said to the people: Here, just use this. It's real money. We'll sort out redeemability later.

There were endless debates, from prairie farmlands to the floor of Congress, about whether this paper was real money or just a smoke-and-mirrors scheme destined to end badly. In the United States that dispute, between the fear of paper and the advantages of national currency, would rage for more than a century, and it is even front and center in the Constitution.

During the Continental Congress, the founding fathers deliberately forbid the nascent federal government from issuing "bills of credit." Paper money, one delegate noted, was "as alarming as the Mark of the Beast." The federal government was, however, granted authority "to coin money, regulate the value thereof ... and fit the standard of weights and measure."

THE RISE AND FALL OF PAPER

But paper issued by the federal government would get its chance, thanks to the Civil War and its economic fallout. To foot the bill of the Union Army's campaign, the government had to issue $450 million in greenbacks (about $8.1 billion in 2011 dollars). They may have been un-constitutional, but they worked, making it possible to buy equipment and pay soldiers. War has a habit of quieting concerns about currency's backing.

The end of the war, however, brought with it inflation and renewed attention to the constitutionality of paper money. It was Salmon P. Chase who, first as the secretary of the Treasury Department, made the greenbacks possible. Then, as a Supreme Court justice less than a decade later, he made one of history's most famous flip-flops, ruling that currency notes were illegal. He made this determination despite the fact that the face printed on them was none other than his own.

A reshuffled Supreme Court--two new justices were appointed by President Ulysses Grant the same day of that initial verdict against paper money--would quickly reverse the ruling. Two subsequent decisions in what became known as the Legal Tender Cases sealed the deal: the Constitution may not explicitly grant the federal government power to issue bills of credit, but it had the implicit right to do so be- cause governing over a country, or at least this one, would be flat-out impossible without it.

Before the advent of a single circulating national currency, though, thousands of private banks issued their own notes, sometimes backed by bullion or coinage in a safe, but just as often backed by nothing at all. This was a monetary free-for-all, and--considering the greenback's universal acceptability now--it's strange to imagine how, less than 150 years ago, money in America was a smorgasbord. Countless varieties of paper money circulated throughout the land, most issued by unchartered "Wildcat" banks, and much of it of questionable authenticity and unstable value.

Even during that chaotic time, however, the paper's value always depended, at least in theory, on the idea that you could exchange it for a weight of gold or silver. The conviction that precious metals are value incarnate was still as strong as it had been 2,000 years prior. It was inconceivable that currency could have value without this link to metals-- that currency value might be fluid. That too would soon change, during what was the final stage in this metamorphosis from ancient money to the cash in your wallet.

BYE, GOLD

The first step was in 1933, when President Franklin Roosevelt called in the public's gold supply as part of a radical effort to rebuild the economy during the Great Depression. Then in 1944, representatives of the major economies of the free world anointed the U.S. dollar to become the de facto currency of the globe--to replace gold, sort of. The dollar would still be locked at an exchange value to gold of $35 an ounce. Bizarre as it may sound, a small group of men sitting around a table determined that a 1-ounce nugget of gold would be worth, not $34 or $36.75, but $35. Other world currencies, instead of having their own correspondence to gold, would fix their value to the dollar, and wouldn't be allowed to change their exchange rates without special permission from the newly minted International Monetary Fund.

The rub was that this postwar agreement gave other countries the right to exchange their stashes of dollars for gold. By the early 1970s this policy, even if rarely acted upon, was becoming an increasingly obvious absurdity, as foreign banks held an amount of dollars equal to three times the amount of gold the U.S. owned. The situation aggravated foreign governments because a war- and deficit-weakened U.S. economy also hurt the dollar, and that in turn dragged down other countries' currencies and economies. Most prominent among the ticked off was France, which converted billions of dollars into gold, hoping other countries would follow suit and force the U.S. to get its financial house in order.

But others didn't follow suit. Instead, on August 15, 1971, President Richard Nixon severed the last remaining connective tissue between a material substance and national currencies. Nobody could exchange greenbacks for gold anymore. The number of dollars required to buy an ounce of gold would from here on out be determined by the markets, just like it is for oil, sod, dental equipment, and tulips. Currencies would be measured against each other, like untethered balloons carried on a breeze.

IN DOLLARS WE TRUST

The dollar, meanwhile, remained the anchor currency of the world: the one ring that kinda rules them all. Other governments hold on to dollars and use them for paying debts, and in the aisles of the global supermarket of goods, most items are priced in U.S. dollars.

This is what's so weird about commentators in the U.S. proudly declaring that the dollar is the most stable currency in the world, as if this were because of American economic policy today, when it's really just the result of negotiations a few generations ago that made it the backbone of the whole system. The greenback is stable because the U.S. economy is huge and the United States is a terrific republic--OK. But it's also stable because everyone else's well-being depends on it, and on belief in its stability. That may be changing, though.

As for paper money itself, the end of the gold standard meant that cash had become a total abstraction. Its value now comes from fiat, government mandate. It's a Latin word meaning let there be. In God we better trust.

Hidden Kittens in China 100 Yuan Banknotes?

2012-02-06T05:12:00.000-08:00

China Daily
Updated: 2012-02-06 17:55

A leading banknote and coin expert has denied a figure of a group of kittens appears in the new 100 yuan bill after a number of people claimed to have spotted the furry pets hidden in the banknote.

Internet users claim they found the figure of three kittens in the new fifth series of the banknote after close inspection under a magnifying glass, The Beijing News reported.

They claim two kittens appear opposite each other kneeling down with another in the center gazing with its mouth open

But Yuan Yinlong, a banknote and coin expert in Central China's Henan province, said the figures are just the work of the imagination of Internet users.

"Internet users purposely highlighted the lines to form the animal-like figure," he said.

Yuan also said the design of Chinese currency banknotes adopt advanced anti-forgery technology that is a state secret. The figures in the banknote seem to combine traditional elements and modern cartoon patterns.

Bank of Thailand Launching New Banknote Series

2012-01-12T06:37:00.000-08:00

The Bank of Thailand (BoT) will issue a new series of banknotes, its 16th series, next week after the current series has circulated in the market for more than 14 years, according to BoT Governor Prasarn Trairatvorakul.

Mr Prasarn said that the new notes comprise five denominations -- Bt20, Bt50, Bt100, Bt500 and Bt1,000. Their size and colour remain unchanged from the present notes.

First launches will be the Bt50 banknote on January 18, the date commemorating the glorious victory of King Naresuan the Great in traditional royal combat on elephant back in 1593, he said.

The BoT governor said that about 190 million Bt50 banknotes currently circulate in the system, and that the new issue would cost Bt5 higher then the currently used notes.

The central bank has applied newest technology as a security feature for the Bt50 note to prevent counterfeiting which included the watermark which HM the King's portrait will be shown on the right side and a watermark of Thai numeral 50 is especially transparent.

The current Bt50 banknote and those previously issued would also be legal tender by law, he said. (MCOT online news)

Kazakhstan New 5000 Tenge 2011 Note

2012-01-10T08:07:00.000-08:00

The National Bank of the Republic of Kazakhstan has issued a newly-designed five thousand tenge banknote on December 30, 2011.

The size of the banknote is 144x76 millimeter. The front is in vertical format and is dominated by red color featuring images of Kazakh Eli monument, flying doves and panthers.

The back is in horizontal format and is dominated by red and blue colors featuring an outline of Kazakhstan map, Monument of Independence and Kazakhstan hotel building.

scans courtesy cleo phas

Oman Introduces New 50 Rials Banknote

2012-01-09T15:29:00.000-08:00

The Central Bank of Oman (CBO) has introduced to the public a new upgraded banknote of the denomination RO 50. The new banknote, valid from today, January 10, is distinguished for additional security features. The apex bank said in a statement released yesterday that the new banknote will be in circulation as a legal banknote alongside the existing banknotes, which shall continue to remain valid and circulated side by side.

In addition to the general security features on the front of the upgraded new banknote, the front side is superimposed by the portrait of His Majesty Sultan Qaboos, along with His Majesty’s signature in the lower part of the note. A watermark picture of His Majesty appears on the left side of the note, while the national emblem (Khanjar) appears on top of the note.

The apex bank’s name in Arabic “Central Bank of Oman” also appears on top of the note, with serial numbers on the right and left sides of the note and the category denomination in Arabic on the right and left sides of the note. Special banknote identification features for the blind are inserted on the right side of the new note.

The reverse side of the note includes the phrase “Central Bank of Oman” in English on the upper part of the note, while the banknote’s denomination in English appears on the right and left sides alongside the logo of the 40th National Day. The security features on the front of the note represent in intaglio portrait of His Majesty, twin step window, a holographic element (CBO’s main entrance), a tactile feature for the blind, colour and other features.

Titanic Artifacts Headed to Auction

2012-01-03T15:12:00.000-08:00

Currency, part of the artifacts collection of the Titanic, is shown at a warehouse in Atlanta. The owner of the largest trove of artifacts salvaged from the Titanic is putting the collection up for auction as a single lot in April.

By STEVE SZKOTAK
Associated Press

The owner of the largest trove of artifacts salvaged from the Titanic is putting the vast collection up for auction as a single lot in 2012, the 100th anniversary of the world's most famous shipwreck.

More than 5,500 items including fine china, ship fittings and portions of hull that were recovered from the ocean liner have an estimated value of $189 million (146 million euros), according to Premier Exhibitions Inc., parent of RMS Titanic Inc. — the Titanic's court-approved salvor. That value was based on a 2007 appraisal and does not include intellectual property gathered from a 2010 scientific expedition that mapped the wreck site.

The auction is scheduled for April 1 by Guernsey's, a New York City auction house, according to filings by Premier Exhibitions Inc. with the Securities and Exchange Commission. Results of the auction won't be announced until April 15, the date a century ago the Titanic sank on its maiden voyage after striking an iceberg.

The auction is subject to approval by a federal judge in Virginia whose jurisdiction for years has given oversight to legal issues governing the salvage of the Titanic. The Titanic treasures were amassed during seven perilous trips to the wreck, which rests about 2 1/2 miles below the ocean surface in the North Atlantic.

A spokeswoman for the auction house and Premier Exhibitions declined to discuss the auction with The Associated Press until a formal announcement in January.

The Titanic's sinking claimed the lives of more than 1,500 of the 2,228 passengers and crew. An international team led by oceanographer Robert Ballard located the wreckage in 1985, about 400 miles off Newfoundland, Canada.

U.S. District Judge Rebecca Beach Smith, who has overseen the case from her Norfolk courtroom, has ruled that RMS Titanic has title to the artifacts and was entitled to full compensation for them. She has not determined how RMS Titanic will be compensated.

Smith, a maritime jurist who has called the Titanic an "international treasure," has approved covenants and conditions that the company previously worked out with the federal government, including a prohibition against selling the collection piecemeal.

The conditions, which accompanied a 2010 ruling, also require RMS to make the artifacts available "to present and future generations for public display and exhibition, historical review, scientific and scholarly research, and educational purposes."

Atlanta-based Premier Exhibitions has been displaying the Titanic artifacts in exhibitions around the world. The items include personal belongings of passengers, such as perfume from a manufacturer who was traveling to New York to sell his samples.

RMS recovered artifacts from the shipwreck in expeditions in 1987, 1993, 1994, 1996, 1998, 2000 and 2004.

In its SEC filing, Premier acknowledged any future owner of the Titanic treasures must abide by the covenants and conditions.

In accordance with court's conditions, "The Property will be sold as a complete collection and offered for sale as one lot," Guernsey's wrote in the SEC filing, which outlines the terms of the auction. The auction house's commission is 8 percent of a successful bid.

In 2010, RMS Titanic collaborated with some of the world's leading experts in the most technologically advanced expedition to the Titanic, undertaking the first comprehensive mapping survey of the vessel with 3-D imagery from bow to stern.

Some of the never-before-seen images were shown in Smith's courtroom. The most striking images involved the 3-D tour of the Titanic's stern, which lies 2,000 feet from the bow.

A camera in a remote-controlled submersible vehicle skimmed over the stern, seemingly transporting viewers through scenes of jagged rusticles sprouting from the deck, a length of chain, the captain's bathtub, and wooden elements that scientists had previously believed had disappeared in the harsh, deep ocean environment.

The cameras did not probe the interior of the wreck. But the expedition fully mapped the 3-by-5-mile wreck site, documenting the entire debris field for the first time.

The new images will ultimately be assembled for public viewing, scientists said, and to help oceanographers and archaeologists explain the ship's violent descent to the ocean bottom. It is also intended to provide answers on the state of the wreck, which scientists say is showing increasing signs of deterioration.

"Titanic" director James Cameron also has led teams to the wreck to record the bow and the stern.

The Titanic exhibit is among several operated by Premier Exhibitions, which bills itself as "a major provider of museum-quality touring exhibitions." Its offerings have included sports memorabilia, a traveling Star Trek homage and "Bodies," an anatomy exhibit featuring preserved human cadavers.

Bangladesh 40 Taka Commemorative banknote

2011-12-24T05:49:00.000-08:00

Bangladesh Bank will issue a new 40 Taka note to commemorate the 40th Anniversary of the country's victory in the War of Liberation on December 26, 2011.

Front: Mujibur Rahman (1920-1975), President of Bangladesh in absentia 1971-1972, Prime Minister of Bangladesh 1972-1975, President of Bangladesh 1975

Back: Six Freedom Fighters

Info and pictures courtesy Claudio Marana

New Serbia 2000 Dinar Banknote

2011-12-23T11:35:00.000-08:00

The National Bank of Serbia introduced a new 2000 dinar banknote to bridge the denomination gap between 1000 and 5000 dinar banknotes. The new banknote will be placed in circulation on 30 December 2011. The note, designed in line with the latest world standards, contains contemporary anti-counterfeit security features.

The 2000 dinar banknote is the first new banknote put in circulation after more than seven years. Its front features the portrait of Milutin Milanković, a world famous Serbian scientist, and the back contains the figure of Milutin Milanković with stylised presentation of his works.

Info and pictures courtesy of cleo phas.

Santa Claus as Depicted on Obsolete Bank Notes

2011-12-22T11:59:00.000-08:00

By Kathy Lawrence
Heritage Auctions
December 22, 2011

Many countries have versions of St. Nicholas. The American version came to us by means of the early Dutch settlers in New York (then known as New Amsterdam). That version of Santa Claus was a much thinner man than what we're accustomed to today. The poem, "The Night Before Christmas," (originally published as "A Visit From St. Nicholas") by Clement Clarke Moore in 1823 forever altered our view of the man and led to an increased popularity of Santa. Moore wrote the Christmas poem for his children, but it was later widely published along with a representation of Santa that was painted by newspaper artist Thomas Nast in 1870 based on Moore's poem.

A number of Northern states designated Christmas as a state holiday in the mid 1800s. Since banks often chose vignettes that would lead customers to have faith in the bank, it is not surprising that Santa Claus vignettes were chosen by some banks to help acquire confidence and goodwill. The banks may have also hoped that customers would set a lower denomination note aside as a keepsake due to the Santa vignette as well. The vignettes found in this collection portray both the thinner Dutch version of Sinterklaas as well as the more Americanized version.

Heritage Currency is pleased to present The Roger H. Durand Santa Claus Notes Collection as part of our FUN Signature Currency Auction being held in Orlando from January 5 thru 8. Given the fact that most of the notes with Santa Claus vignettes are scarce to extremely rare, this is indeed a fabulous and noteworthy collection. Roger's initial purchase that began this collection took place in 1960 at a cost of $17 — several multiples of what most Obsoletes cost at that time. At that time, there was only one reference on the subject — a five page monograph by John A. Muscalus, Ph.D. published in 1959. That work was followed in 1973 by a publication from Larry L. Ruehlen that ignited the interest of collectors.

There were far fewer notes than there was demand for and the notes are generally prized and closely held, so building a collection was quite the challenge. Although that is still the case, the sale of the American Bank Note Company archives in 1990 did add more material to the marketplace along with Part VI of the Ford sale in October 2004, although the Ford sale consisted primarily of material he purchased at the 1990 sale. The continued interest in the Santa Claus vignettes is evidenced by the fact they took the number 23 spot on the list of The 100 Greatest American Currency Notes list, and the recent auction sale of a circulated Santa Claus note for over $40,000, an amazing price indeed for any obsolete banknote.

May your eyes twinkle and your dimples be merry this holiday season.

Malaysia Unveiled New Series of Banknotes

2011-12-21T10:11:00.000-08:00

The Bank of Malaysia unveiled a new series of 1, 5, 10, 20, 50 and 100 Ringitt banknotes.

Commemorative sets of the new notes will be sold at a premium over face value beginning 22 December 2011. Notes for general circulation will be released by mid-2012.

The latest series of Malaysian banknotes draws its inspiration from elements which distinctively define the country's diverse culture, heritage and nature. Themed 'Distinctively Malaysia', the fourth series of Malaysian banknotes features traditional expressions in the art and craft, natural wonders, flora and fauna, economy and tradition.

On the obverse side, all banknote denominations in the new series retain the portrait of the first Seri Paduka Baginda Yang di-Pertuan Agong, Tuanku Abdul Rahman ibni Tuanku Muhammad, the national flower Rosa-sinensis hibiscus (known locally as the 'Bunga Raya') and patterns of traditional woven fabric - the 'songket'.

The reverse side of each banknote denomination features different elements of nature, tradition, culture, flora, fauna and the economy that are distinctively Malaysian.

RM1 polymer banknote
Traditional Sport

Kite-flying is a popular traditional sport in Malaysia especially in Kelantan and Terengganu. Kite-flying is also traditionally a celebration of a good harvest which brings together the local communities in these states.

Amongst the best-known and most iconic Malaysian kites is the 'Wau Bulan' or Moon Kite which is featured on the new RM1.

The Wau Bulan, which is hand crafted from bamboo and paper, is also a popular decorative item that adorns the walls of Malaysian homes.

RM5 polymer banknote
Widlife

Featured on the new RM5 polymer banknote is the Rhinoceros Hornbill (Buceros rhinoceros), one of the largest and most magnificent hornbill species in the world.

Found in low densities throughout various rainforests in the country, this beautiful, broad-winged and long-tailed forest bird plays an important role in the customs and traditional ceremonies in Sarawak which is known as 'Bumi Kenyalang' or 'Land of Hornbills'.

Hornbill is also seen as a symbol of strength and courage by the native communities of Sarawak.

RM10 banknote
Flora

Malaysia's lush tropical jungle, which is one of the world's oldest living rainforest, is home to a spectacular variety of flowering plants. Most iconic amongst them is the Rafflesia, the world's largest flower.

The Rafflesia Azlanii species featured on the new RM10 banknote is indigenous to Peninsular Malaysia and was first discovered in the Royal Belum Forest Reserve of the state of Perak in 2003.

To commemorate its discovery, this majestic flower was named after the Sultan of Perak, Sultan Azlan Muhibbuddin Shah ibni Almarhum Sultan Yusuff Izzuddin Shah Ghafarullahu-Lah.

RM20 banknote
Marine Life

As ambassadors of the rich and colourful marine life found in our tropical waters, two of the most well-known species of sea turtles endemic to Malaysian waters are on the new RM20 banknote - the Hawksbill Turtle (Eretmochelys imbricata) and Leatherback Turtle (Dermochelys coriacea).

The Hawksbill is easily identified by its curved beak and scaly shell while the Leatherback has a leathery skin and seven ridges on its shell.

These gentle turtles are a reminder that their existence rests in the delicate balance of human activity and marine life conservation.

RM50 banknote
Agriculture and Technology

Oil palm and biotechnology are featured on the RM50 banknote as Malaysia's thriving economy icons. Oil palm has become the country's most valuable agricultural crop as Malaysia is one of the largest producer and exporter of palm oil in the world.

Biotechnology continues to drive this commodity up the value chain, supporting the nation's economic transformation towards higher value-added activities in the agriculture, manufacturing and services sectors of the economy.

Crude palm oil is also used as the underlying commodity to facilitate Islamic financing.

RM100 banknote
Natural Wonders

The magnificent beauty of Malaysia's two prominent natural wonders, declared 'World Heritage Sites' by the United Nations Educational, Scientific and Cultural Organization (UNESCO) are portrayed on the RM100 banknote.

These are the Kinabalu Park in Sabah, home to the majestic Mount Kinabalu (the highest mountain in Southeast Asia) and the spectacular limestone pinnacle rock formations of Gunung Api valley, found within the Mulu National Park in Sarawak.

Together, they represent the many natural wonders of Malaysia that provides visitors a unique experience.

Mauritius New 200, 500 and 1,000 Rupee Banknotes

2011-12-14T04:20:00.000-08:00

The Bank of Mauritius has issued new 200, 500 and 1,000 Rupee banknotes. The notes, dated 2010 (issued in 2011) are similar to previous issues but with different colors and new Multi Image Hologram security features.

The Multi Image Hologram appears on the design of the dodo and the face value of the 200 Rupee note, on the deer and the face value of the 500 Rupee note, and on the key and face value of the 1,000 Rupee note.

Scans courtesy of Claudio Marana

Patra Maharaj Thai Banknotes

2011-12-13T08:24:00.000-08:00

Bank of Thailand exhibition "Patra Maharaj Thai Banknotes", organised for the King's 84th birthday until January 13, showcases the Kingdom's history and development of paper currency from 1902 that well depicts the King's hard work for Thai people's happiness.

The exhibition is at the Somdej Residence at the Bang Khun Prom Palace. The Currency Museum is in the adjacent building.

Achara Deboonme
The Nation
December 13, 2011 1:00 am

Thai kings' portraits first appeared on banknotes in 1934 - several decades after paper money was introduced here - and that royal presence continues today.

While the monarch has ever since taken pride of place on the notes, the surrounding patterns and notation is constantly in flux, as is the imagery on the bill's reverse, which usually features architecture, landscapes or scenes of cultural interest. His Majesty's personal projects have been depicted since 1992, illustrating his effort to improve people's wellbeing.

This deep connection between the monarchy and our paper money is evident in the Bank of Thailand exhibition "Patra Maharaj Thai Banknotes", organised for the King's birthday and continuing through January 13.

"The main concept is 'The Sustainable Happiness of Thai People Originated from Behind the Picture'," says Amara Sripayak, the Planning and Budget Office's deputy governor.

"Viewers will appreciate the great mercy of the King, who has worked very hard to build real happiness for Thai people."

The exhibition has four zones.

"From His Heart to the People" includes a large mirror engraved with the same portrait of His Majesty that appeared on banknotes commemorating his 84th birthday. Along the side are passages from his 2008 speech to BOT executives, when he instructed them "to manage the national fund and not spend all of it".

In "The Unique Banknotes of the Ninth Reign" you can view an archive of royal projects as depicted on bills of various denominations, including one that showed in detail how a commemorative banknote was printed.

The third zone, Bank of Thailand Governor Prasarn Trairatvorakul points out, offers a wider view of the King's efforts during his 65 years on the throne, from water management and soil conservation to protecting the environment in other ways.

A note issued on June 3, 1987, represented a new initiative to honour the King on his 60th birthday. It's 15.9 centimetres square: The "1" represents the first banknote ever created, the "5" is for the fifth birthday cycle, and the "9" stands for King Rama IX.

Similarly, in 1996, a banknote marking the 50th anniversary of His Majesty's accession to the throne was 9.1cm wide, the "9" for Rama IX and the "1" to signify the first Thai king to have reigned so long.

The Bt1,000 note in the 14th series, issued on June 30, 1992, honoured the King for his benevolence to citizens. It depicts the King and Her Majesty the Queen surveying a reservoir in Narathiwat.

The Bt1,000 note in the current series, the 15th, which came out on September 1, 1999, featured images of the King with a camera around his neck, one of his farming innovations and the Pasak Jolasit Dam.

Other royal projects illustrated on the bills have included a plan for diverting freshwater from Narathiwat's Khlong Sungaipadee and the Pasak Cholasit Dam.

The illustrations are doubly impressive considering the craftsmanship required in modifying photos and artwork for use on counterfeitresistant paper currency. Drawings must now be blended with computer graphics, rather than on printing machine as in the old days.

Artist Prasit Chanitrapirak says each piece takes him nearly four months to complete, but the achievement leaves him quite proud. "It's hard keeping my hand so steady all the time, but I have no intention of making a mistake!"

The prototypes for each series, normally kept in a vault, are on display in Zone 2, while Prasit demonstrates his technique in Zone 4.

Nearby him are specimens of banknotes along with rare pieces, such as notes bearing the "lucky number" 9. You won't often see so many different types of circulated notes with just 9s in the serial number. The Bank of Thailand had commercial banks withdraw these notes for safekeeping.

The fourth zone is a double treat for collectors. Also on view are banknotes bearing the signatures of various finance ministers and Bank of Thailand governors, and if they were in office just a short time, those notes are worth far more than the face value.

Collectors hunt them down, along with the signatures of renowned figures, such as Puey Ungpakorn, one of the most successful BOT governors, who served for 12 years.

My favourite item in the exhibition is a Bt1,000 note issued more than half a century ago. That was a lot of money back then, when a bowl of noodles cost less than Bt10. Thailand had never seen such a high denomination.

The Finance Ministry ordered these notes in 1949 and 500,000 were printed by 1952 - only for authorities to balk at the risk of inflation and have the whole shipment incinerated. Except for this miraculous survivor.

In the end, Bt1,000 notes didn't appear until 1996.

The show further reveals that, despite Thailand having paper currency since 1902 and having gone through 15 series, the Bank of Thailand only established its own printing house in 1969. Before that, all of the printing was done in England, Japan and the US, and then later by the Royal Thai Army's mapprinting unit.

Without the keen enthusiasm of a collector, I was able to tour the exhibition in half an hour, but even in that short period I learned a great deal about the inseparable connection between kings and banknotes.

And I came away with a deeper appreciation for the bit of paper we toss around with so little thought every single day.

Lao Issues New 2000 Kip Banknotes on December 1, 2011

2011-12-03T06:55:00.000-08:00

The Bank of the Lao PDR issues new 2,000 Kip banknotes on December 1, 2011. The release of the new banknotes marks the 36th anniversary of the founding of the Lao People's Democratic Republic and the birthday of the late President Kaysone Phomvihane.

Front: The late President Kaysone Phomvihane; Xiengthong temple, one of the oldest temples in Luang Prapang

Back: Seset 2 Hydropower Plant

The Two Dollar Bill Space Travelers

2011-11-29T07:01:00.000-08:00

Astronauts, ground support crews, and even a few cosmonauts, have sometimes carried or sent U.S. $2 bills into the deep, black void of space during many historic missions that span manned spaceflight history.

They took or sent these bills home as mementos, good luck charms, or simply favors for family or friends.

This 1953 Series A $2 bill, serial number A60730193A, is hand signed by Lt. Col. John Glenn, his backup pilot, mission capsule communicator and fellow Mercury Astronaut Scott Carpenter, and Joe Trammel, the launch crew member who placed the bill in the capsule and wrote "Good Luck, John" on it before the flight.

This series 1953 bill, with serial number A10241591A, was first taken into orbit by Gene Cernan on Gemini 9A as a favor to his father, who made the habit of carrying this bill with him in his wallet for good luck. Gene’s father died in January of 1967, before he could return the bill to him. In memory and in tribute to his father, Gene later flew the bill into lunar orbit on Apollo 10, coming within just 8.4 miles of landing on the lunar surface. He also took it with him on the historic Apollo 17 mission, the last lunar landing of the Apollo program – and the bill made its way to the lunar surface, traveling with Gene and Harrison Schmitt in the spacecraft Antares to the Taurus Littrow Valley. It is the only such bill flown on each of these flights, and the only known bill of any denomination flown on three separate space missions. It is one of the few rare space artifacts in private hands to have achieved low Earth orbit, lunar orbit, and to have landed on the lunar surface. Additionally, the bill was exposed to the vacuum of space twice – once during the EVA of Gemini 9A, and again during the trans-Earth EVA of Ron Evans during the return trip of Apollo 17. Finally, the Apollo 10 mission holds the Guinness Book of World Records title for the fastest speed attained by a manned vehicle at 24,791 miles per hour – making this bill the only such bill to ever experience such a high rate of speed. As such, it is the rarest and most significant space flown bill of any denomination in existence.

Many of these $2 bills, some with signatures of the astronauts, are on display at the Jefferson Space Museum

Thailand issues 100 Baht Commemorative Banknote for the King's 84th Birthday

2011-11-18T11:00:00.000-08:00

The Bank of Thailand will issue a Commemorative Banknote on the Auspicious Occasion of His Majesty the King's 7th Cycle Birthday Anniversary 5th December 2011.

Front: The portrait of HM the King over the background pattern printed with metallic gold ink . The silver foil bearing the inscription of HM the King’s initials “Bhor Por Ror”, the royal crest commemoration the 7th cycle birthday anniversary of HM the King on December 5,2011 the royal garuda emblem, and the Thai design.

Back: The portrait of HM the King during his visit to Mae Roem Reservoir Project under the royal initiative of HM the King. The other elements, The royal activities are demonstrated by the image of the King visiting the Thai people to ease suffering and bring happiness to them and the image of the King planting an experimental plot of vetiver grass, which signifies his contribution to the soil conservation. The images of Kwai Noi Bamrung Daen Dam in Phitsanulok Province and Chaipattana Low Speed Surface Aerator represent the royal activities regarding water resource development and management.

Size: 164x84mm

Notification Date: June 24, 2011

Issue Date: December 2, 2011

Courtesy of cleo phas

Poland to Issue 20 Zlotych Marie Curie Commemorative

2011-11-15T08:13:00.000-08:00

The Polish National Bank will issue a 20 Zlotych banknote on December 9, 2011 to commemorate the 100th Anniversary of Marie Skłodowska-Curie's Nobel Prize for Chemistry.

Front: Marie Skłodowska-Curie and a view of the building of the Sorbonne in Paris

Back: The image of the medal awarded to Nobel Prize winners, a quotation from Marie Skłodowska-Curie's comment on radium and a view of the Radium Institute in Warsaw

Pictures courtesy of Claudio Marana

Tunisia Issued Two New Notes for 2011: 20 Dinars and 50 Dinars

2011-11-02T15:30:00.000-07:00

The Central Bank of Tunisia had released a new 20 Dinars note last month.
The front of the new note is similar to the preceding issue, but with pinkish red and brown color instead of purple. The back of the note shows an entirely new design.

The new 50 Dinar note to be released tomorrow has a totally different design from previous issues.

Indonesia Issued New 20000, 50000 and 100000 Rupiah Commemorative Notes

2011-11-02T01:02:00.000-07:00

Bank Indonesia issued new 20,000, 50,000 and 100,000 Rupiah bank notes on October 28, 2011 to commemorate the Youth Pledge Day.

The new notes feature "rainbow printing" which allows several colors to be printed using a single plate in specially modified equipment, resulting in a natural blending of the colors that is difficult to reproduce using commercially available printers.

Oto Iskandar di Nata (1897–1945), Fighter for Indonesia's liberation from Dutch rule, a national hero

Tea harvest

I Gusti Ngurah Rai (1917-1946), an Indonesian National Hero who commanded Indonesian forces in Bali against the Dutch during the Indonesian War of Independence

Pura Ulun Danu Beratan at Lake Beratan

Achmed Sukarno (1909-1970), first President of Indonesia 1945-67

Mohammed Hatta (1902-1980), first Vice President of Indonesia 1945-56

Parliament building, Jakarta

Ukraine Issued New 50 Hryvnia Commemorative banknote

2011-10-30T14:07:00.000-07:00

On October 5, 2011, Ukraine released into circulation banknotes commemorating the 20th anniversary of the establishment of the National Bank of Ukraine.

The notes are similar to the 2004 issue, except with the phrase "НБУ 20 років" (NBU - 20 years) printed in special ink on the front. When the banknote is held at different angles, the inscription changes color from golden to green.

The notes will have serial numbers from НБ0000001 to НБ0001000.

Pictures courtesy of Claudio Marana.

Bhutan Royal Wedding Commemorative Banknotes

2011-10-25T11:08:00.000-07:00

The Royal Monetary Authority of Bhutan has issued a 100 Ngultrum banknote to commemorate the royal wedding of King Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema on October 13, 2011. The notes are on sale for 500 Ngultrum at Bank of Bhutan, Bhutan Development Bank Limited, and at the BOB counter in Paro Airport from October 13 until November 4, 2011.

Front: Mythical angel carrying the Raven Crown; national emblem; royal wedding logo consisting of khorlo (wheel) signifying royalty, circles with dhar (ceremonial scarf) signifying eternal union of thap (method) and sherab (wisdom), and the dham tshig tsangma and lotus, symbolizing purity of union; King Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema.

Back: Dragons; Punakha Dzong (aka Pungtang Dechen Photrang Dzong, meaning “the palace of great happiness or bliss”). Solid security thread with demetalized ROYAL WEDDING.

Uganda Won 2011 Best Banknote Series Award at IACA Conference

2011-10-22T06:42:00.000-07:00

The Bank of Uganda has won the 2011 Best Series Award and its 50,000 Shilling note, the Best Note award at the International Association of Currency Affairs (IACA) Conference that took place in Singapore from October 3-7, 2011.

All notes issued within the past 18 months were eligible for the competition.

This is the first time that a Central Bank wins both the Best series Award and the Best Note award.

According to Bank of Uganda Deputy Governor Louis Kasekende, Uganda beat stiff competition from the Philippines and Sri Lanka to win the coveted banking award that is intended to promote and recognize excellence in the currency industry. Kasekende says the banknotes were recognized for excellence in harmonizing aesthetics with security features.

This is the second international award the country receives for its banknotes coming shortly after winning the award for the Uganda 50,000 Shilling banknote as the Best banknote of the Year 2010 by the International Banknote Society. Kasekende says that this is the first time a central bank wins both honours.

The 2010 banknote series was designed along the dual themes of “Gifted by Nature” and “Uganda Through the Times” depicting Uganda’s unique natural endowment, cultural heritage and history. This was the first time Uganda’s banknotes were atheistically designed by indigenous artists.

India 10 Rupee Note With the New Rupee Symbol

2011-10-14T15:20:00.000-07:00

The Reserve Bank of India has issued on October 3, 2011 a 10 Rupee note without inset letter, in the Mahatma Gandhi series, bearing the signature of Governor Subbarao, dated 2011, and incorporating the new rupee symbol.

Info and pictures courtesy of Claudio Marana.

New Bank of England £50 Note

2011-10-01T04:41:00.000-07:00

The Bank of England will introduce a new-style £50 banknote into circulation on 2 November 2011. The note will feature the 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt.

The Boulton and Watt £50 bank note is the first time that two portraits have appeared together on the back of a Bank of England bank note. It will also be the first bank note in circulation that is signed by Chris Salmon, who was appointed the Bank's Executive Director in April 2011.

The current £50 bank note, which features Sir John Houblon, the first Governor of the Bank of England, will circulate simultaneously with the Boulton and Watt note, but it will be withdrawn from circulation after an announcement in due course.

(North) Sudan Issued Revised 10, 20 and 50 Pound Notes in 2011

2011-09-08T17:51:00.000-07:00

The Central Bank of Sudan (North) released in circulation revised 10, 20 and 50 Pound notes in June 2011 in response to the independence of the southern part of the country. The new notes are similar to previous issue but with new color schemes, new date, new signature, and with the 2-mm wide windowed security thread moved to the back. A revised 5 pound note, courtesy of Claudio Marana, has also been issued recently.

Seychelles issued Upgraded 50, 100 and 500 Rupee notes for 2011

2011-09-08T14:23:00.000-07:00

The Central Bank of Seychelles released in circulation upgraded 50, 100 and 500 Rupee notes on June 7, 2011.

The new banknotes consist of a very attractive hologram that replaces the gold and silver sailfish foil.

On the 50 Rupee banknote, the silver holographic sailfish foil security feature reflects the Aldabra Rail and the figure 50 when the banknote is held at different angles.

On the 100 Rupee banknote, the gold holographic sailfish foil security feature reflects the Seychelles Giant Tortoise and the figure 100 when the banknote is held at different angles.

On the 500 Rupee banknote, the gold holographic sailfish foil security feature reflects the Seychelles Scops-Owl and the figure 500 when the banknote is held at different angles.

Additional security upgrades include 2.5mm fluorescent security thread on the 50 Rupee, 2.5mm color shifting security thread on the 100 Rupee and the 3.0mm shifting security thread on the 500 Rupee; The GEMINI feature on all three denominations is a novel ultra-violet teller assist feature that fluoresce under ultra-violet light but appear normal under daylight.

The general color distinction between the different denominations has been further improved by the introduction of the colored denominational text. The 50 Rupee is more greenish, the 100 Rupee is more red and the 500 Rupee is more orange in color compared to the original banknotes currently in circulation.

Another new feature on the banknotes is that they all indicate the year in which they are printed. Moreover, the new banknote are all signed by the current Central Bank Governor, Mr. Pierre Laporte.

The current 50, 100 and 500 Rupee banknotes remain legal tender.

Top 10 world's most beautiful banknotes

2011-09-08T11:38:00.000-07:00

China.org.cn
Thursday, Sep 8, 2011

Where are the world's most beautiful banknotes to be found? Surely our dowdy pound notes or the equally boring US dollar bills won't make the top ten, let alone the top twenty. Even the euro notes, a brand new currency, hardly set the world on fire, despite coming with many different designs that vary from country to country.

No, to find more colourful banknotes you have to look further afield, to African and Asian countries and obscure island states. Here is Walletpop's selection of the best.

#10 Cook Islands

This slightly racy one comes from the Cook Islands.

#9 Poland

This Polish 50 zloty note depicts the Polish pope John Paul II (or Jan Pawel II in his native language), who died in 2005.

#8 Yemen

Yemen unveiled this new 250 rials note last year, which also features a mosque.

#7 Egypt

Egyptian banknotes usually feature a mosque on one side and pharaos, sphinxes and temples on the other. This one pound note shows Qaitbay Mosque and the Abu Simpel temples.

#6 China

A man holds up the new 10-yuan banknote in Wuhan of Hubei Province, China. To commemorate the Beijing Olympic Games, China's central bank issued a commemorative 10-yuan (95p) note in 2008, which features the National Stadium, or 'the Bird's Nest,' and the emblem of the Beijing Games.

#5 Faroe Islands

A crab's claw graces Denmark's Faroe Islands' 500 kronur note, with the view from Hvannasundi on the reverse. A large cracked rock rests in an area just north of Hvannasund. According to an old legend, that rock broke the very moment that Jesus was born.

#4 Canada

Canada proves that even a major economy can produce pretty banknotes, featuring early ice hockey players, and puts its bigger neighbour to shame.

#3 Suriname

Colourful birds and other animals are another popular motif in some parts of the world. This 2 1/2 gulden note from Suriname depicts a bird on one side and a lizard on the reverse.

#2 French Polynesia and New Caledonia

Some of the best-looking banknotes feature beautiful women. This one is a case in point. It is from the French Pacific Territories including French Polynesia and New Caledonia.

#1 São Tomé and Príncipe

A Portuguese-speaking island nation in the Gulf of Guinea, off the west coast of Africa. It is the second-smallest African country in terms of population, after the Seychelles. The two islands are just north of the equator. São Tomé, the southern island, was named in honour of Saint Thomas by Portuguese explorers who arrived at the island on his feast day. Both islands were uninhabited then.

Italian Town Filettino Declared Independence and Printed Its Own Banknotes

2011-09-03T11:59:00.000-07:00

A small town in central Italy has declared its independence and started to print its own banknotes.

The authorities in Filettino, 100km (70 miles) east of Rome, are protesting against austerity measures.

It has only 550 inhabitants and under new rules aimed at cutting local administration costs it will be forced to merge with neighbouring Trevi.

Town mayor Luca Sellari, who stands to lose his job because of the eurozone crisis, came up with the idea.

He created his own currency, called the Fiorito, and they are already being used in local shops and being bought as souvenirs by tourists who have started to throng the normally quiet streets.

A banknote worth 10 fioritos - or exactly €20 - as is now used in the Principality of Filettino. The face on the note is that of mayor Luca Sellari.

How (U. S.) Money is Made

2011-09-02T19:12:00.000-07:00

By Ricky Carioti
The Washington Post
September 2, 2011

At the U.S. Bureau of Engraving and Printing, each weekday, around the clock, men and women walk into the rumbling belly of the C Street building to print what the rest of us are laboring for: greenbacks.

This is where the money comes from: the U.S. Bureau of Engraving and Printing.

A book binder uses a vibrating table to bind sheets of $20 bills.

A sign reads the value of the money in each stack of packaged $20 bills.

A stack of $20 bills consisting of 10,000 sheets, which after a federal and Treasury seal are imprinted will be worth $6.4 million, is shown at the Bureau of Engraving and Printing.

Securities pressman William Bolden loads sheets of $20 bills into the COPE-pak machine for their Treasury and federal seals. “I don’t think of it as money. Right now, it’s just paper,” Bolden says.

Bolden loads sheets of $20 bills into the COPE-pak machine for their Treasury and federal seals. Bolden is a securities pressman at the Bureau of Engraving and Printing, where he handles millions of dollars a day as he operates the COPE-pak printing machine.

Bolden watches as sheets of $20 bills have the Treasury and federal seals printed on them. His eyes scan for tiny details most people wouldn’t notice, such as whether every word on the seal is readable. “Here, we’re producing a commodity that the country needs and it has to be correct.”

A $20 bill is seen through a loupe at the Bureau of Engraving and Printing.

Bolden cleans the federal seals printer on the COPE-pak machine. He worked for 16 years in the CIA’s print shop before coming to the Bureau.

Bolden works with the COPE-pak printing machine at the Bureau.

Bolden inspects sheets of $20 bills for imperfections. “I’m proud,” he says, “that I print something that is used around the world.”

Bolden, right, and fellow pressman Delheart Avery inspect sheets of $20 bills for imperfections.

Bills are bound together in $2,000 bundles.

The bills are strong enough to withstand 4,000 double folds — forward and backward — before they tear.

Lydia Washington, a spokeswoman for the Bureau, says there are 1,368 employees at the D.C. facility who in a day might produce $974 million. “We set a global standard in currency production,” she says. “Our currency has never been recalled or devalued.”

Several millions of dollars consisting of covered stacks of $20 bills are shown ready for shipment at the Bureau of Engraving and Printing.

At an Australian Auction, $20,000 Sells for $21,350

2011-08-31T14:53:00.000-07:00

At Left: Denis Beaubois's "Currency" (2011) (Photo: Deutscher and Hackett)

By Andrew Russeth
New York Observer

How much would you pay for $20,000 Australian dollars? (That’s about $21,000 in U.S. dollars.)

Last night, at an auction at the Deutscher and Hackett house in Melbourne, Australia, a bidder decided he or she was willing to spend $21,350 Australian dollars (or about US$22,900) for just that sum, a $1,350 Australian (or roughly US$1,900) surplus over the actual value of the money.

The lot was, in fact, a work of art, composed of nothing but money–two bundles of crisp new $100 Australian banknotes–that was made by Australian Conceptual artist Denis Beaubois. The work’s title: Currency (2011).

“I thought there was a strong chance it would go for below [$20,000],” Mr. Beaubois told The Australian, “because there’s a lot of suspicion with the work, but it’s also interesting it went for above the financial worth.” The house had estimated its value at $15,000 to $25,000.

Also interesting is the fact that the work actually hammered for less than its full $20,000 sum, at just $17,500: the $21,350 figure includes the addition of a 22-percent buyer’s premium, which is typically paid to the auction house. In other words, Mr. Beaubois actually lost money.

Currency- and money-related artworks–which have a grand tradition, to artists like Marcel Duchamp, Cildo Meireles, Ed Kienholz, The K Foundation and others have contributed–are having something of a moment. Earlier this year, the German artist Hans-Peter Feldmann also made a work out of nothing but money (and, admittedly, metal pins), hanging 100,000 one-dollar bills, his total financial reward for winning the 2010 Hugo Boss Prize, on the walls of the Guggenheim in New York.

However, unlike Mr. Beaubois, Mr. Feldmann plans to keep his money after the exhibition closes on Nov. 2.

Peru Launches New 50, 100 and 200 Sole Notes

2011-08-31T13:17:00.000-07:00

Peru's Central Reserve Bank (BCR) on Wednesday put in circulation the new edition of S/.50, S/.100 and S/.200 bills, which will circulate simultaneously with the old designs, in order to provide a smooth transition.

These new banknotes feature designs that increase money security and prevent counterfeiting.

The new 50 soles bill is mainly chestnut color and features Peruvian writer Abraham Valdelomar on the front, while the other side features the New Temple of Chavin de Huantar Culture.

The new 100 soles bill is blue color and depicts Peruvian historian Jorge Basadre and the Great Pajaten from the Chachapoyas Culture (San Martin).

The new 200 soles bill is mainly grey and features Peruvian saint Santa Rosa de Lima, while the other side features the Sacred City of Caral, located in Lima.

Pictures courtesy of Claudio Marama

Macao to Issue 10 Patacas Year of the Dragon and 100 Patacas Bank of China Centennial Commemoratives in 2012

2011-08-30T15:13:00.000-07:00

Bank of China and Banco Nacional Ultramarino plan to issue 10 patacas banknotes to commemorate the Year of the Dragon in 2012. In addition, Bank of China also plans to issue a 100 Patacas banknote next year to commemorate its Centennial.

Front
Bank of China 10 Petacas 2012
Year of the Dragon Commemorative

Back

Front
Banco Nacional Ultramarino 10 Petacas 2012
Year of the Dragon Commemorative

Back

Front
Bank of China 100 Patacas 2012
100th Anniversary of the Bank of China Commemorative

Back

Info and pictures courtesy of Claudio Marana.

Philippines Issues New 100 Pesos Ateneo Law School Commeorative Banknotes

2011-08-25T06:39:00.000-07:00

Philippines has issued a new 100 Peso note to commemorate the 75th Anniversary of the Ateneo Law School. The deign looks similar to the 100 Pesos University of the Philippines College of Law Centennial commemorative released earlier this year but with the black University of the Philippines College of Law seal replaced by a blue ATENEO LAW SCHOOL overprint on the left.

Ateneo Law School 75th Anniverasry commemorative

University of the Philippines College of Law Centennial commemorative

Info courtesy of Claudio Marana

IBNS Bank Note of the Year - Banknote of 2010 Winner

2011-08-18T13:39:00.000-07:00

The IBNS Banknote of the Year award is an initiative of the The International Bank Note Society (IBNS) to recognize an exceptional banknote issued during the prervious year. This year, for the first time, the award was decided by a popular vote by members of the IBNS, rather than by a committee. The winner is Uganda 50,000 Shilling note, issued on May, 2010.

Front: "Stride Monument" at the left, Bwindi tropical rain forest at the center left, a foil strip with the denomination and images of shields at centre right and an area for the watermark at the far right. The Stride Monument was erected to celebrate the Commonwealth Heads of Government Meeting held in Kampala in 2007. Depicting a husband, wife and son stepping forward, the monument symbolizes the countries of the Commonwealth progressing as a family.

Back: Silver back mountain gorillas

Costa Rica New Series of Banknotes

2011-08-18T11:40:00.000-07:00

Banco Central de Costa Rica has announced that the 5,000 and 10,000 Colones of the new series will start circulating this November. So far 3 denominations of the new series are already in circulation. The 20,000 Colones began circulating on 22 September 2010; the 1,000 and 2,000 Colones started out on 20 June 2011. The release date of the last denomination in the series, the 50,000 Colones, has yet to be announced.

Braulio Carrillo Colina; Shield of the State of Costa Rica

Dry Forest Species Highlights: Guanacaste Tree Pitahaya White Tail Deer

Mauro Fernández Acuña; Girls' College

Coral Reef Species Highlights: bull shark Starfish Sea Pens

Alfredo González Flores; International Bank

Mangrove Species Highlights: monkey-faced red mangrove crab fishing

José Figueres Ferrer; Abolish Army

Rainforest Species Highlights: Three-toed Sloth Orchid Mushroom Cup

Maria Isabel Carvajal "Carmen Lyra"; Pictures tell my aunt Panchita

Páramo Species Highlights: Hummingbird Spark Grass or papelillo

Ricardo Jimenez Oreamuno; Supreme Court

Cloud Forest Species Highlights: Morpho Butterfly umbrella Hongo Bromeliad

Azerbaijan Manat Turns 19

2011-08-15T05:31:00.000-07:00

News.AZ
Mon 15 August 2011

Today marks 19 years since national currency manat was first put into circulation.

1, 10 and 250 manat banknotes were put into circulation in August 1992, 5, 10, 20 and 50 qapik coins – in November, 5 manat banknotes – in December and 50, 100, 500 and 1,000 manat banknotes – in March 1993.

The first cash money of Azerbaijan was first emitted by the Central Bank of France in 1992.

New generation of banknotes and coins were put into circulation from January 2006 under the presidential decree “On changing nominal value of coins and banknotes and denominations” dated 7 February, 2005.

One new manat was equaled to 5,000 old manat under the current denomination.

Economic expert Vugar Bayramov says exchange rate of manat against dollar is expected to fall by the end of the year.

The Central Bank will maintain cost of manat against dollar, he added. But, unfortunately, this does not contribute to manat’s role in the region. Manat has failed to play a mediating role in the region so far.

“Manat is not used in transactions and as a means of exchange in the region. The role of manat in the region should therefore be promoted,” the expert added.

Bangladesh Issues 2010 Series Banknotes

2011-08-10T18:57:00.000-07:00

Bangladesh Bank will issue a new series 2, 5, 100, 500, and 1,000 Taka banknotes tomorrow. All notes are dated 2010, featuring a portrait and watermark of Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, along with the National Martyr's Monument in Savar at center front.

Design Error Forces Recall of New Hong Kong $100 Banknotes

2011-07-25T07:45:00.000-07:00

Voice of America
July 25, 2011

A leading Hong Kong bank is apologizing for a design error in a new bank note that will force the notes to be destroyed and replaced.

The bank notes, worth 100 Hong Kong dollars or about 13 American dollars, bear a likeness of the territory's five-petaled bauhinia flower emblem with the petals pointing in the wrong direction. The notes had been reviewed by Hong Kong's monetary authority and reviewed by the government before being unveiled to the public on Friday.

The Hongkong and Shanghai Banking Corporation is one of three Hong Kong banks that are authorized to issue bank notes. In a joint statement with the government, HSBC apologized for the error and said it will pay the costs of redesigning and reissuing the notes, which are expected to go into circulation early next year.

A bank spokeswoman also apologized for the “embarrassment caused to all parties concerned.”

2010 Series Hong Kong Banknotes

2011-07-22T10:55:00.000-07:00

The 2010 Series Hong Kong Banknotes are issued by the three note-issuing banks in Hong Kong (Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited and Bank of China (Hong Kong) Limited).

The new $1,000 and $500 notes are already in circulation, and notes of the remaining denominations of $100, $50 and $20 will go into circulation starting from late 2011.

All existing banknotes remain legal tender and will continue to circulate along with the 2010 Series.

Bank of China (Hong Kong) Limited

The Hongkong and Shanghai Banking Corporation Limited

Standard Chartered Bank (Hong Kong) Limited

Info courtesy of cleo phas.

Brunei Issues New $1, $5 and $10 Polymer Banknotes

2011-07-19T04:04:00.000-07:00

Autoriti Monetari Brunei Darussalam will issue new $1, $5 dan $10 polymer notes on the 18 July 2011 (16 Syaaban 1432). These new polymer notes will circulate side by side with present notes, which all will remain legal tender in Brunei Darussalam and in countries which accept them.

The issuance of the new polymer notes is in conjunction with the 65th Birthday of His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam.

These new polymer notes contain the following security features:-

A. Sultan Omar Ali Saifuddien mosque and the ceremonial barge form the complex clear window design incorporating a shadow image and vignette of ‘1’ numeral.

Lapau (Royal Cermonial Hall) forms the complex clear window design incorporating a shadow image and vignette of ‘5’ numeral.

Jame’ Asr Hassanil Bolkiah mosque forms the complex clear window design incorporating a shadow image and vignette of ‘10’ numeral.

B. His Majesty’s portrait, initials ‘HB’ and a section of the mosque or Lapau design will appear when the banknote is raised to the light.

C. Dynamic optical feature alternates between gold and blue when viewed at varying angles.

D. A flower design is formed through the combination of front and back printing in perfect registration when the note is held up to the light.

E. Complex fine line background security patterns in multiple rainbow print with fluorescing elements illuminate under ultra violet light.

F. Multicolour raised fine line printing of His Majesty’s portrait, red Crest of Brunei Darussalam, the flower design and surrounding text.

G. Raised printing of the Braille ‘1’, ‘5’ & ‘10’ for the visually impaired.

H. Vertical and horizontal serial numbers on the front are printed in varying sizes fluoresce yellow/green under ultra violet light.

Info courtesy of cleo phas.

South Sudan Pound to be released by Monday

2011-07-14T07:56:00.000-07:00

Government of South Sudan
JUBA, 12 July 2011

The South Sudan Pound (SSP), the new currency of the Republic of South Sudan, will be released into the market by Monday 18 July 2011, Mr. Elijah Malok the head of the Central Bank of South Sudan has said.

Addressing the media at the bank’s premises this morning, Mr. Malok also announced that the new currency will exchange 1:1 to the Sudan Pound (SDG) in the meantime but added that the value may change in the coming days based on market factors.

Mr. Malok also reported that negotiations are underway with the Central Bank of Sudan to redeem the old currency from South Sudan which he estimated to be about 1.5 to 2 billion. He said the value at which the old currency will be redeemed is still being negotiated.

He also announced that the international exchange rate of the new currency is still being calculated. Nonetheless, he announced that it will be through a managed float system. He explained that the exchange rate will be determined by market forces in the region and beyond. He announced that the exchange rate will be known within a period of one week.

Mr. Malok also announced that a committee to sensitize the public about the new currency began the mobilization exercise this morning. He said that the bank will establish exchange centres to which citizens will return the old currency in exchange for the new one.

He also said that South Sudan will not ban the old currency. He explained that it may be used for cross-border trade transactions. However, he said that its continued use would depend on whether the Sudan chooses to keep it or not.

The Central Bank leader also displayed the new currency to the media. He announced that there will be six denominations – 1, 5, 10, 25, 50, 100 – but added that lower denominations in the form of coins are still being minted.

Mr. Malok said that the Central Bank of South Sudan Bill is still before the South Sudan Legislative Assembly but expressed confidence that it will be passed in due course. He clarified that even though he signed the new currency as “governor”, he is not yet officially appointed to the new position.

He also said that the bank is not able to state the anticipated inflation levels. He explained, however, that inflation in the region, especially in Uganda and Kenya, will affect the new country in the short-term until it is able to tilt the trade balance in its favour.

The press conference was also attended by H.E. Dr. Barnaba Marial Benjamin, the minister for Information, Government of South Sudan; Mr. Mustafa Biong Majak, the Director General of Information; as well as senior officers of the bank.

Adolf Hitler's Fake British Bank Notes Expected to Fetch £2000 at Auction

2011-07-12T16:17:00.000-07:00

By Daily Mail Reporter
Last updated at 9:16 PM on 12th July 2011

Loss leader: Adolf Hitler in 1944, still plotting to win the war

A rare set of fake bank notes Hitler had printed in a bid to ruin the British economy during World War Two are expected to fetch £2,000 at auction.

Hitler hoped the £134million of counterfeit notes he produced in 'Operation Bernhard' would force a huge hike in inflation and spark a cash crisis if introduced to wartime Britain.

He ordered millions of the notes, in £5, £10, £20 and £50 denominations to be printed in 1942. Four bank notes recovered from Lake Toplitz in Austria will be auctioned next month.
The £5, £10, £20 and £50 notes will go under the hammer at Mullock's auctioneers at Ludlow Racecourse, Shropshire on August 18.

Nazi spies had been ordered to smuggle the cash into Britain and flood the economy with the fake money.

But Hitler's plan was foiled when British spies got wind of the idea and intercepted the shipment of the notes.
The Bank of England first learned of a plot from a spy as early as 1939. It first came across the actual notes in 1943, and declared them 'the most dangerous ever seen.'

The initial plan was to destabilize the British economy by dropping the notes from aircraft, but Hermann Goering's Luftwaffe declared it did not have enough planes to deliver the forgeries, and the assets were put in the hands of SS foreign intelligence.
Many were transferred from SS headquarters to a former hotel near Meran in South Tyrol, Northern Italy, from where they were laundered and used to pay for strategic imports and German secret agents operating in the Allied countries.
As late as the 1940s every banknote issued by the Bank of England was recorded in large leather-bound ledgers, still in the Bank's archives, and clerks first recorded the counterfeits from a British bank in Tangiers.

At the war's end the mint notes still in Germany were dumped in Lake Toplitz together with the printing plates made to produce them after 'Operation Bernhard' was abandoned with just a handful of notes having made it into British circulation.
But they were enough for the Bank of England to withdraw all banknotes of £5 and over from circulation after it had designed and printed a new set of paper money.

Bullseye: Perfect forgery of a £50 note produced by expert counterfeiters in Sachsenhausen

Auctioneer Richard Westwood-Brookes said: 'These notes are extremely rare.

'They never made it into circulation and were part of the batch that were dumped in the lake in 1945.

'They were taken out of the lake by divers but have amazingly stayed in great condition.

'Due to the quality they have been kept in and the fact they are so rare I think they are likely to garner a fair bit of interest.

'They rarely come up for sale and are very rare because most were destroyed.'

Perfect crime: Karl Markovics as Jewish career criminal Saloman Sorowitsch, seated, and August Diehl as Burger in the Oscar-winning The Counterfeiters

The Nazis forced Jewish prisoners, experts in engraving and printing, held at the Sachsenhausen Concentration Camp to produce the notes.

By the time Sachsenhausen was evacuated in April 1945 the printing press had produced 8,965,080 banknotes with a total value of £134,610,810.
The notes are considered among the most perfect counterfeits ever produced, being almost impossible to distinguish from the real currency.

Bank robbery: A rare set of the fake bank notes Hitler had printed in a bid to ruin the British economy

Mr Westwood Brookes added: 'It was a completely audacious plot by Hitler and if it had worked it would have been a serious blow to our economy.

'Luckily it did not and luckily for us we managed to capture their agents.

'It is a great story and these notes represent a major triumph for the British intelligence services over the Nazis.'
Treasure hunters have been drawn to Lake Toplitz ever since a group of diehard Nazis retreated to the Austrian Alps in the final months of the Second World War. With US troops closing in and Germany on the brink of collapse, they transported a set of wooden boxes to the lake by horse-drawn wagon, and sunk them.

Nobody knows exactly what was inside. Some believe they contained gold looted by German troops throughout Europe and carried back to Germany.

Others that they contain documents showing where assets confiscated from Jewish victims were hidden in Swiss bank accounts.

In 1959 a diving team financed by the German magazine Stern retrieved the forged sterling currency Operation Bernhard hidden in boxes, and a printing press.

No gold was found, although it does pop up in the James Bond movie Goldfinger, where Bond hands over an ingot from Lake Toplitz to tempt villain Auric Goldfinger.

Swaziland Issued New 10, 20, 50 and 200 Emalangeni Banknotes

2011-07-07T09:00:00.000-07:00

The Central Bank of Swaziland released the remaining 2010 series (10, 20, 50 and 200 Emalangeni) of new banknotes into circulation this week. The new series of banknotes come with upgraded security features in line with international standards. The release of these notes together with the release of the 100 Emalangeni last September complete the entire family of new banknotes.

1. His Majesty's Portrait
The King’s Portrait is printed in Intaglio halftone. When touched, the print on the necklace, the red feathers and all hair has a rough feeling.

2. Watermark
Every denomination of the new banknotes displays a watermark portrait of His Majesty King Mswati III in various shades of gray as well as the
highlighted necklace.

3. Security Thread
The Security Thread is a metallic-looking strip positioned vertically, slightly away from the center of the banknote. When viewed from the front, the strip appears broken, but when viewed from the back, it appears continuous. The strip has “CENTRAL BANK OF SWAZILAND” printed in it, which can be seen when viewed from the back or front. For the E10 and E20, the colour is silver, for the E50, E100 and E200 the colour of the strip changes from bright green to bright pink colour when tilted.

4. See-through Register
The See-Through Register, located next to the Watermark, shows the value of the note. When the note is held up to the light, the front and back patterns of the see through marks, result in a complete image e.g. 10, 20, 50, 100 or 200.

5. Latent Image
The Latent Image is a vertical strip located on the front of the note, next to the watermark area. The strips shows the denomination of the note in figures (e.g. 10, 20, 50, 100 or 200), which appear in different shades when tilted.

6. Blind Embossing
The Blind Embossing is a security feature that is seen in the silver-printed area, which is part of the Latent Image (5). The value of the note (e.g. 10, 20, 50, 100 or 200) is embossed (pressed printing) into the banknote and can be felt when touched.

7. Optically Variable Ink
Optically Variable Ink is used to print the shield that contains the value of the note (e.g. 100 or 200). The shield is located next to the coat of arms and signatures. The colour of the ink changes from green to blue when the banknote is tilted.

8. Features for the Visually Impaired
This feature is located on the front of the note, along the left hand edge. For the E100 and E200 banknotes, these are red dots printed in intaglio (raised print). The dots have a rough feel when touched and are to help users to identify a note by touching it.

9. Numbering
There are two identical 9 character serial numbers at the back of each note. One is printed horizontally in black on the bottom left hand side of the note, and all characters of the same font size. The other is printed vertically in red, on the right hand edge of the note and the characters increase gradually in font size.

10. Intaglio Printing
Intaglio Printing is used on specific sections of the banknotes as a very effective security feature. The intaglio print feels rough, quite unlike other sections of the note, which are smooth.

Kazakhstan Issued 10,000 Tenge Commemorative Note

2011-07-04T04:01:00.000-07:00

The National Bank of the Republic of Kazakhstan issued 10,000 Tenge banknotes today to commemorate the 20th Anniversary of Independence.

Front: Predominant images are vertical. The main images are the "Kazak Eli" monument on the right side of the banknote and images of flying pigeons at the bottom in the middle. The upper part shows the state symbols of the Republic of Kazakhstan: National Emblem and National Flag. The face value is placed in digits at the bottom and top left, the face value literally in Kazakh is at the bottom in the middle. The inscription "ҚАЗАҚСТАН ҰЛТТЫҚ БАНКІ" (name of the issuing authority) is placed in the top left, above there is an inscription in the Kazakh language stating that counterfeiting banknotes is against the law.

Back: The images are horizontal. The main image is the Residence of President of the Republic of Kazakhstan; the background shows the contours of the map of Kazakhstan territory. The inscription «ҚАЗАҚСТАН ТӘУЕЛСІЗДІГІНЕ ЖИЫРМА ЖЫЛ» (20 years of Independence of Kazakhstan) is at the top left, below there is the logo of Independence Day of 20-year celebration. The face value is placed in digits at the bottom on the left, at the top right and in the middle on the right, the face value literally in Russian is at the bottom in the middle. The inscription "ҚАЗАҚСТАН ҰЛТТЫҚ БАНКІ" (name of the issuing authority) is placed at the top in the middle, below there is an inscription in Russian stating that counterfeiting banknotes is against the law.

Costa Rica New 1000 and 2000 Colones 2011 Issues

2011-06-25T04:15:00.000-07:00

The Central Bank of Costa Rica put into circulation new 1,000 and 2,000 Colones banknotes starting on June 20, 2011.

1000 Colones, polymer
Front: Braulio Carrillo Colina; coat of arms.
Back: Dry forest landscape in Guanacaste; pitahaya cactus flowers; tree; white-tailed deer; scorpions

2000 Colones, paper
Front: Books; Mauro Fernández Acuña; Colegio Superior de Señoritas building in San Jose; map.
Back: Fish; coral reef; star fish; bull shark; turtles

Bank of Canada Unveils Polymer Bank Note Series

2011-06-20T12:06:00.000-07:00

CBC News
June 20, 2011 2:53 PM

The Bank of Canada have unveiled its new $50 and $100 bills - the first releases in a new series of plastic bank notes.

The $100 bill will come out first, in November 2011. The front of the bill features former prime minister Sir Robert Borden, with a scenes depicting the discovery of insulin on the back.

The $50 bill features former prime minister William Lyon Mackenzie King on the front and images of the Canadian Coast Guard Ship Amundsen, an arctic research vessel, on the back. It will be released in spring 2012.

The remaining bills will come before the end of 2012.

The new bills are made of a new plastic polymer that are harder to fake, recyclable and two to three times more resistant to tearing, the Bank of Canada said.

Famous inflation rises and falls

2011-05-13T12:59:00.000-07:00

The Telegraph
Friday 13 May 2011

US consumer prices have risen 0.4pc on higher food and energy prices, after increasing 0.5pc in March. Here, we look at what caused some of the biggest inflation rises and falls in history.

France - 1790s

During the revolution the government sold large numbers of assignat bonds to pay its debts, but excessive borrowing and food shortages drove up prices. In 1796 inflation reached 1,153pc

UK - 1921 to 1933

The end of war finance and return to the gold standard in 1925 put downward pressure on prices. Prices fell in almost every year in this period, and by 1933 they had fallen 38pc

Germany - 1923

In December 1923 wholsesale prices were more than 85,000,000,000pc higher than a year earlier. The highest denomination bank notes had a face value of more than 1 trillion marks. By October, more than 99pc of bank notes had been in circulation for less than 30 days

Russia - 1923

In the years after the Russian revolution, the country experienced social and economic turmoil. Some economic historians believe that the government created inflation to impoverish the better off. In 1923 inflation reached 60,804,000pc

Greece - 1944

By October 1944, 99pc of government spending was financed by printing new bank notes, rather than from taxes. Inflation peaked at 130,000pc in this month

Hungary - 1946

Hungary experienced the highest inflation ever recorded. In the peak month of July 1946, prices were doubling in little more than 12 hours. The largest denomination bank note in circulation was worth 100,000,000,000,000,000,000 pengo

China - 1945 to 1949

Civil war began in 1945 and military spending was high, accounting for up to 80pc of the Nationalist government's budget. Prices, measured in Chinese Nationalist Currency, rose by 2,372pc in the year to March 1948

Argentina - 1980s

During the 1980s inflation averaged 750pc a year, reaching a peak of 4,924pc in December 1989. The main cause was a persistent government budget deficit. This was financed by the country's central bank, which led to high inflation

Federal Republic of Yugoslavia - 1993 to 1994

The inflation rate peaked at 331,000,000pc in January 1994. The largest bank note in circulation had a face value of 500bn dinars

Japan - 1998 to 2005

The 1990s were known as the "Lost Decade", and the country' difficulties were linked to the large amount of debt in the economy. Prices began to fall in 1998, a process that continued for several years. By 2005, consumer prices had fallen by more than 4pc from their peak in 2005

Zimbabwe - 2006 to 2008

Inflation reached 66,212pc in December 2007, the highest in the world at that time. The highest denomination bank note had a face value of 10 trillion Zimbabwe dollars

Cayman Islands Issues New Series of Banknotes

2011-03-30T17:46:00.000-07:00

Posted Wed, Mar 30th 2011, 18:52
(Grand Cayman - CITN) -

The Cayman Islands Monetary Authority (CIMA) will introduce a new series of banknotes, the D series, beginning the week of 4 April. The new series represents the first complete redesign of Cayman Islands banknotes since local currency was introduced in 1972, and incorporates innovative features to significantly increase protection against counterfeiting and to make the notes more durable.

All six denominations – the $1, $5, $10, $25, $50, and $100 banknotes – have been redesigned, carrying new images, patterns and, in the case of one denomination, a new colour. At the same time, many of the familiar elements of the previous notes have been kept for continuity.

Visually, the D series places heavy emphasis on the Cayman Islands’ environmental heritage, with most of the notes featuring indigenous fauna and flora from the three Islands. The jurisdiction’s expansion from its sea-faring tradition into a modern financial services centre is also depicted. Each note bears an updated portrait of Her Majesty Queen Elizabeth II, along with the Cayman Islands crest, and all the notes now carry an outline of Grand Cayman, Cayman Brac and Little Cayman. (Formerly, only the $25 had an image of the Islands.)

In keeping with the change brought about by the 2009 Constitution, the signature of the Minister of Finance now appears on each note, rather than that of the Financial Secretary as was the case with the C series of banknotes previous. The signature of CIMA’s Managing Director also appears on each note. The predominant colours of the C series have been kept, except for the $50, which is now predominantly purple.

The new family of notes has been in development since 2007. CIMA’s Chairman, Mr. George McCarthy, said: “The Board felt that it was timely to carry out a complete update of the banknotes, first, to modernise a design that had not changed substantially since the initial 1972 design, and, second, to take advantage of the latest security features available. Both the previous and current Cabinet agreed to this initiative. The length of the process, from conception to issuing, reflects how extensive the redesign has been and the many components of such a project.”

Premier and Minister of Finance, Hon. McKeeva Bush, has welcomed the new issue: “I am pleased with the design of these new banknotes, which are a stunning reminder of our Islands’ natural treasures. I am happy too that the new series is being issued under the auspices of the Ministry of Finance. This serves as a marker of our recently updated constitution while the Queen’s portrait acknowledges our continued British Overseas Territory status.”

As with all CI currency, CIMA will issue the new D series through the local retail banks. The issuing will be done on a phased basis. Managing Director, Mrs. Cindy Scotland, explained: “The public can expect to see the $5 and $25 notes first. The other denominations will follow as the notes that are now in circulation are gradually withdrawn from circulation. All previously-issued banknotes continue to be legal tender.”

Mrs. Scotland also noted the importance of the new security features: “Much thought and work went into enhancing the security elements and increasing the number of different features on each denomination.

While counterfeiters will always try, the new notes will be significantly harder to forge, especially if people know what to look for and are vigilant. I urge everyone to take time to get really familiar with the notes so they can better identify attempted counterfeits.”

During this week (28 March to 1 April) , CIMA is partnering with the Chamber of Commerce on Grand Cayman and District Administration on Cayman Brac to host training sessions on the new series for banks, retailers and law enforcement. A representative of the banknote printers, De La Rue, will lead these presentations. Throughout the coming weeks, CIMA will also disseminate informational material through the news media and in public places. This includes posters showing the denominations and flyers highlighting the notes’ visible security features. The posters will be on display in post offices and other high-traffic locations.

Additionally, the material will be accessible on CIMA’s website.

All six denominations ($1, $5, $10, $25, $50, and $100) of the new D series of Cayman Islands banknotes have been redesigned.

Each has its own unique features, while sharing certain facets with the other denominations. And, fulfilling one of the main purposes for the redesign, the series incorporates the latest security features to deter counterfeiters, a Cayman Islands Monetary Authority (CIMA) press statement said.

Colours and views

At first look, the most striking aspects of the banknotes are the images of Cayman wildlife and panoramas, and a colour palette that draws from the naturally occurring array of hues visible in the Cayman Islands. In addition, unlike other series, the notes of the D series do not have a border around the edges. Instead, the images and patterns run to the edge of the paper.

Using sea blue with violet and orange, the $1 shows a school of Angel fish on the front and an image of the Cayman Brac Bluff, viewed from sea level, on the reverse. The colour scheme of the $5 is dark green, with olive and bright greens. Hawksbill turtles swim on the front of the note and a pair of Cayman Parrots perch on the reverse. The $10 is predominantly bright red, with violet and dark grey highlights and a yellow-green centre. On the front are land crabs, while the reverse shows a plume of Wild Banana Orchids.

The main colours of the $25 are dark brown, with light brown and orange. Shells are scattered on the front and, on the reverse, a Hawksbill turtle glides above the reef. The $50 combines purples with hints of green and red. It carries images of stingrays on the front and a single stingray cruising through the water on the reverse. Orange, brown and red are the main hues of the $100. The front features a Cayman schooner, which historically was essential to trade and commerce in the Cayman Islands. Turning the note over, one fast-forwards to the present, to a recent aerial view of George Town.

Common features

There are a number of features common to the front of the notes. Each one bears HM the Queen’s portrait, the Cayman Islands crest, the outline of all three islands grouped together, and the signatures of the Minister of Finance and the Managing Director of the Monetary Authority.

The front of each banknote carries a unique serial number beginning with the letter D, which marks it as part of the D series. The serial number is printed near the top left, and bottom right corners of the notes. The digits of each number are progressively taller.

New to the front of the D series notes is a lace-patterned background screen covering the right-hand side of the note from top to bottom, and running horizontally across the top and bottom edges. There is also a darker, lace-patterned circle (the ‘mask’) on the front of each note near the right edge. (See Security Highlights, below, for the purpose of this mask.)

The lower denominations ($1, $5, $10) carry the metallic security window thread running in and out, from top to bottom near the centre of the notes. Users of Cayman currency should be familiar with the window thread from the C series. On the higher denominations ($25, $50, $100), instead of the window thread, there is a holographic stripe imprinted with the Cayman Islands crest, the number signifying the new banknotes combine Cayman vistas and state-of-the-art security features denomination and other images unique to the particular denomination. The holographic stripe runs from top to bottom near the centre of the notes.

Every banknote has the words “Cayman Islands Monetary Authority” printed on both front and back. The front and back also carry the denomination of the note, in number form as well as spelled out.

The back of each note is divided into three sections, each section framed by lace patterned screens. The centre carries a picture, while the areas to the left and right of the centre are clear except for a partially-completed image on the lower right and a single-colour outline image on the upper left. These two objects are known as the see-through image and the Gemini. Both are anti-counterfeit features.

Security Highlights

Some of the aesthetic modifications in the new series enhance the banknotes‟ protection from counterfeiters.

These and the other visible security features, when taken together, make it relatively easy for most people to tell the difference between Cayman Islands legal tender and counterfeit banknotes, if they look closely.

The readily-visible security features include:

•The serial number – This is different for each banknote.
•Metallic window security thread – This is a silver band, imprinted with the acronym „CIMA‟, weaving in and out from top to bottom on the front of the $1, $5 and $10 banknote.
•Holographic stripe – This is a feature on the front of the higher denominations ($25, $50, $100). It appears as a shimmery band running from the top of the note to the bottom. The band is imprinted with images including the Cayman Islands crest and the number 25, 50 or 100, depending on the denomination. When the note is tilted, one image appears to move in the background.

Other features become clearly visible when the banknotes are held up to the light or are tilted. These include:

•The turtle watermark – the outline of a turtle is visible on each denomination when the note is held up.
•The ‘CIMA’ Electrotype - similar to the watermark, the acronym „CIMA‟ becomes visible when the note is held to the light. On the lower three denominations ($1, $5, and $10), “CIMA‟ appears horizontally, above the turtle, while on the top three denominations ($25, $50, and $100) „CIMA‟ appears vertically, in front of the turtle.
•Embedded thread – This threat appears on the upper three denominations as a solid line when the note is when held up to the light.
•See-through images – On both the front and back of each note is an outline of an image that is partially filled-in. When the note is held up, the complete image becomes visible. Each denomination has its own see-through image.
•Iridescent band – This band runs from top to bottom on the front of the lower three denominations only. It becomes visible when the note is tilted.
•Latent image and mask– A dark horizontal band is present in the lower right section of each note, above the serial number. The denomination appears within this band when the note is viewed at a shallow angle in the light. For example, “$25‟ would appear on the $25 note. Similarly, the denomination appears within the dark, lace-patterned circle when the banknote is held up to the light.

Each denomination has a unique ultraviolet reactive image known as the “Gemini‟. In the natural light, the Gemini is seen as an outline of an object on the back of each note, near the top left-hand corner. However, when the note is placed under ultraviolet light a second colour appears.

Chile Unveiled the New 1 ,000 Peso Polymer Banknote

2011-03-16T13:23:00.000-07:00

Merco Press
March 21, 2011

Like the new 2,000 and 5,000 peso banknotes, introduced in September 2009 and November 2010, respectively, the new 1,000 peso banknotes will be made of a durable polymeric material, and will have more security features to prevent counterfeit.

Such features include a transparent window showing the portrait of the portrayed hero on the right side of the banknote, as well as a 3D watermark bank located in the note’s left-hand side.

The drawings on the bill follow the pattern of other the recently introduced banknotes, showing a Chilean hero on the front and the landscape of a famous Chilean landmark on the back.

The front of the new banknote shows a portrait of Ignacio Carrera Pinto, a captain of the Chilean army during of the 19th century War of the Pacific against Bolivia and Peru.

The National Park of Torres de Paine—a world-renowned national park in Chile’s southernmost Magallanes Region—is showcased on the back.

The new bills will begin circulating on May 11, 2011, first to commercial banks and then, gradually, to ATM’s located throughout the country.

Japan 10 Yen 1930 Banknote on U. S. Propaganda leaflets of WWII

2011-03-07T10:41:00.000-08:00

In the summer of 1945, Japan was showered almost daily by aerial leaflets in such quantity that the Japanese people developed a kind of apathy against them. A novel approach had therefore to be sought to attract renewed attention. The ingenious idea was to reproduce the face side of the then current 10-yen banknote and replace the back by a propaganda message. For who could resist money falling from the sky?

There are four different propaganda leaflets. All have the same exquisitely lithographed front to resemble closely the genuine Japan 10 Yen 1930 banknote but with different messages on the back.

One striking difference between the genuine bills and the counterfeit is that the former has red seal on the front whereas the latter has brown seal. The other difference is that all counterfeit bills bear the serial number 450941 and the block number 1124 on the front.

The purpose of the leaflets was to stir Japanese resentment against their government and to create fear of inflation.

Genuine 10 Yen note

U. S. Propaganda leaflet

Translation of message Code No. 2034:

In 1930, when the Gumbatsu (militarists) had not yet started the war in China, you could by the following items for 10 yen:
* 25 sho (about 20 Kg) of good rice.
* Or material for 8 summer kimonos.
* Or 4 bags (50 Kg packages) of charcoal.

In 1937, after the start of the China Incident, you could buy the following for 10 yen:
* 25 sho of low grade rice.
* Or material for 5 summer kimonos.
* Or 2 bags of charcoal.

Today, after waging three years of hopeless warfare with the world's greatest powers, you can buy the following with 10 yen:
* 1/2 sho of good rice in the black market.
* Or a small amount of charcoal, if you can get it.
* Cotton material, nothing.

This is what your leaders call co-prosperity.

Translation of message Code No. 2009:

The Gumbatsu is wasting your tax money. For this war the Gumbatsu has spent the equivalent of 5000 yen for every Japanese. Think what you could have done with that.
Every day the war continues more of your money is being wasted.

Translation of message Code No. 2016:

You have made much money up to now, but what good is it? You can buy little more with it than you can with this 10 yen.

Those who devote their total energies to war production are the same as soldiers. You are soldiers of production. But, do you get plenty of beer and rice? Do you receive specially distributed goods such as soldiers and their families receive?

Translation of message Code No. 2017:

What good is money in the bank or in bonds? Buy articles you need now and buy articles for future use. The remaining supply is low. As a result of the bombing by America, many of your stores will close their doors while others will be open only for limited periods. Buy food, clothing, and other necessities to tie you over these periods.

Money will not satisfy your hunger or cloth you. Bonds will not satisfy a baby's cry. A wise person would buy now, not save his money. The present is not a time for money. It is a period for goods.

The Origins of Government Paper Money

2011-03-02T05:56:00.000-08:00

Murray N. Rothbard
Mises Daily
March 01, 2011

[This article is excerpted from A History of Money and Banking in the United States (2002). An MP3 audio file of this article, read by Matthew Mezinskis, is available for download.]

Apart from medieval China, which invented both paper and printing centuries before the West, the world had never seen government paper money until the colonial government of Massachusetts emitted a fiat paper issue in 1690.[1][2]

Massachusetts was accustomed to launching plunder expeditions against the prosperous French colony in Quebec. Generally, the expeditions were successful, and would return to Boston, sell their booty, and pay off the soldiers with the proceeds. This time, however, the expedition was beaten back decisively, and the soldiers returned to Boston in ill humor, grumbling for their pay. Discontented soldiers are ripe for mutiny, so the Massachusetts government looked around in concern for a way to pay the soldiers. It tried to borrow £3,000–£4,000 from Boston merchants, but evidently the Massachusetts credit rating was not the best.

Finally, Massachusetts decided in December 1690 to print £7,000 in paper notes and to use them to pay the soldiers. Suspecting that the public would not accept irredeemable paper, the government made a twofold pledge when it issued the notes: that it would redeem them in gold or silver out of tax revenue in a few years and that absolutely no further paper notes would be issued. Characteristically, however, both parts of the pledge went quickly by the board: the issue limit disappeared in a few months, and all the bills continued unredeemed for nearly 40 years. As early as February 1691, the Massachusetts government proclaimed that its issue had fallen "far short" and so it proceeded to emit £40,000 of new money to repay all of its outstanding debt, again pledging falsely that this would be the absolute final note issue.

But Massachusetts found that the increase in the supply of money, coupled with a fall in the demand for paper because of growing lack of confidence in future redemption in specie, led to a rapid depreciation of new money in relation to specie. Indeed, within a year after the initial issue, the new paper pound had depreciated on the market by 40 percent against specie.

By 1692, the government moved against this market evaluation by use of force, making the paper money compulsory legal tender for all debts at par with specie, and by granting a premium of 5 percent on all payment of debts to the government made in paper notes. This legal-tender law had the unwanted effect of Gresham's law: the disappearance of specie circulation in the colony. In addition, the expanding paper issues drove up prices and hampered exports from the colony. In this way, the specie "shortage" became the creature rather than the cause of the fiat-paper issues. Thus, in 1690, before the orgy of paper issues began, £200,000 of silver money was available in New England; by 1711, however, with Connecticut and Rhode Island having followed suit in paper money issue, £240,000 of paper money had been issued in New England but the silver had almost disappeared from circulation.

Ironically, then, Massachusetts's and her sister colonies' issue of paper money created rather than solved any "scarcity of money." The new paper drove out the old specie. The consequent driving up of prices and depreciation of paper scarcely relieved any alleged money scarcity among the public. But since the paper was issued to finance government expenditures and pay public debts, the government, not the public, benefited from the fiat issue.

After Massachusetts had emitted another huge issue of £500,000 in 1711 to pay for another failed expedition against Quebec, not only was the remainder of the silver driven from circulation, but, despite the legal-tender law, the paper pound depreciated 30 percent against silver. Massachusetts pounds, officially 7 shillings to the silver ounce, had now fallen on the market to 9 shillings per ounce. Depreciation proceeded in this and other colonies despite fierce governmental attempts to outlaw it, backed by fines, imprisonment, and total confiscation of property for the high crime of not accepting the paper at par.

Faced with a further "shortage of money" due to the money issues, Massachusetts decided to press on; in 1716, it formed a government "land bank" and issued £100,000 in notes to be loaned on real estate in the various counties of the province.

Prices rose so dramatically that the tide of opinion in Massachusetts began to turn against paper, as writers pointed out that the result of issues was a doubling of prices in the past 20 years, depreciation of paper, and the disappearance of Spanish silver through the operation of Gresham's law. From then on, Massachusetts, pressured by the British Crown, tried intermittently to reduce the bills in circulation and return to a specie currency, but was hampered by its assumed obligations to honor the paper notes at par of its sister New England colonies.

In 1744, another losing expedition against the French led Massachusetts to issue an enormous amount of paper money over the next several years. From 1744 to 1748, paper money in circulation expanded from £300,000 to £2.5 million, and the depreciation in Massachusetts was such that silver had risen on the market to 60 shillings an ounce, ten times the price at the beginning of an era of paper money in 1690.

By 1740, every colony but Virginia had followed suit in fiat-paper-money issues, and Virginia succumbed in the late 1750s in trying to finance part of the French and Indian War against the French. Similar consequences — dramatic inflation, shortage of specie, massive depreciation despite compulsory par laws — ensued in each colony. Thus, along with Massachusetts's depreciation of 11-to-1 of its notes against specie compared to the original par, Connecticut's notes had sunk to 9-to-1 and the Carolinas' at 10-to-1 in 1740, and the paper of virulently inflationist Rhode Island to 23-to-1 against specie. Even the least-inflated paper, that of Pennsylvania, had suffered an appreciation of specie to 80 percent over par.

A detailed study of the effects of paper money in New Jersey shows how it created a boom-bust economy over the colonial period. When new paper money was injected into the economy, an inflationary boom would result, to be followed by a deflationary depression when the paper money supply contracted.[3]

At the end of King George's war with France in 1748, Parliament began to pressure the colonies to retire the mass of paper money and return to a specie currency. In 1751, Great Britain prohibited all further issues of legal-tender paper in New England and ordered a move toward redemption of existing issues in specie. Finally, in 1764, Parliament extended the prohibition of new issues to the remainder of the colonies and required the gradual retirement of outstanding notes.

Following the lead of Parliament, the New England colonies, apart from Rhode Island, decided to resume specie payment and retire their paper notes rapidly at the current depreciated market rate. The panicky opponents of specie resumption and monetary contraction made the usual predictions in such a situation: that the result would be a virtual absence of money in New England and the consequent ruination of all trade. Instead, however, after a brief adjustment, the resumption and retirement led to a far more prosperous trade and production — the harder money and lower prices attracting an inflow of specie. In fact, with Massachusetts on specie and Rhode Island still on depreciated paper, the result was that Newport, which had been a flourishing center for West Indian imports for western Massachusetts, lost its trade to Boston and languished in the doldrums.[4][5]

In fact, as one student of colonial Massachusetts has pointed out, the return to specie occasioned remarkably little dislocation, recession, or price deflation. Indeed, wheat prices fell by less in Boston than in Philadelphia, which saw no such return to specie in the early 1750s. Foreign-exchange rates, after the resumption of specie, were highly stable, and "the restored specie system operated after 1750 with remarkable stability during the Seven Years War and during the dislocation of international payments in the last years before the Revolution."[6]

Not being outlawed by government decree, specie remained in circulation throughout the colonial period, even during the operation of paper money. Despite the inflation, booms and busts, and shortages of specie caused by paper issues, the specie system worked well overall:

Here was a silver standard … in the absence of institutions of the central government intervening in the silver market, and in the absence of either a public or private central bank adjusting domestic credit or managing a reserve of specie or foreign exchange with which to stabilize exchange rates. The market … kept exchange rates remarkably close to the legislated par …. What is most remarkable in this context is the continuity of the specie system through the seventeenth and eighteenth centuries.[7]

Private Bank Notes

In contrast to government paper, private bank notes and deposits, redeemable in specie, had begun in western Europe in Venice in the 14th century. Firms granting credit to consumers and businesses had existed in the ancient world and in medieval Europe, but these were "money lenders" who loaned out their own savings. "Banking" in the sense of lending out the savings of others only began in England with the "scriveners" of the early 17th century. The scriveners were clerks who wrote contracts and bonds and were therefore in a position to learn of mercantile transactions and engage in money lending and borrowing.[8]

There were, however, no banks of deposit in England until the civil war in the mid-17th century. Merchants had been in the habit of storing their surplus gold in the king's mint for safekeeping. That habit proved to be unfortunate, for when Charles I needed money in 1638, shortly before the outbreak of the civil war, he confiscated the huge sum of £200,000 of gold, calling it a "loan" from the owners. Although the merchants finally got their gold back, they were understandably shaken by the experience, and forsook the mint, depositing their gold instead in the coffers of private goldsmiths, who, like the mint, were accustomed to storing the valuable metal. The warehouse receipts of the goldsmiths soon came to be used as a surrogate for the gold itself. By the end of the civil war, in the 1660s, the goldsmiths fell prey to the temptation to print pseudo warehouse receipts not covered by gold and lend them out; in this way fractional-reserve banking came to England.[9]

Very few private banks existed in colonial America, and they were short-lived. Most prominent was the Massachusetts Land Bank of 1740, issuing notes and lending them out on real estate. The land bank was launched as an inflationary alternative to government paper, which the royal governor was attempting to restrict. The land bank issued irredeemable notes, and fear of its unsound issue generated a competing private silver bank, which emitted notes redeemable in silver. The land bank promptly issued over £49,000 in irredeemable notes, which depreciated very rapidly. In six months' time the public was almost universally refusing to accept the bank's notes and land-bank sympathizers vainly accepting the notes. The final blow came in 1741, when Parliament, acting at the request of several Massachusetts merchants and the royal governor, outlawed both the land and the silver banks.

One intriguing aspect of both the Massachusetts Land Bank and other inflationary colonial schemes is that they were advocated and lobbied for by some of the wealthiest merchants and land speculators in the respective colonies. Debtors benefit from inflation and creditors lose; realizing this fact, older historians assumed that debtors were largely poor agrarians and creditors were wealthy merchants and that therefore the former were the main sponsors of inflationary nostrums. But, of course, there are no rigid "classes" of debtors and creditors; indeed, wealthy merchants and land speculators are often the heaviest debtors. Later historians have demonstrated that members of the latter group were the major sponsors of inflationary paper money in the colonies.[10][11]

Notes
[1] Government paper redeemable in gold began in the early 9th century, and after three centuries the government escalated to irredeemable fiat paper, with the usual consequences of boom-bust cycles, and runaway inflation. See Gordon Tullock, "Paper Money — A Cycle in Cathay," Economic History Review 9, no. 3 (1957): 393–96.

[2] The only exception was a curious form of paper money issued five years earlier in Quebec, to become known as "card money." The governing intendant of Quebec, Monsieur Mueles, divided some playing cards into quarters, marked them with various monetary denominations, and then issued them to pay for wages and materials sold to the government. He ordered the public to accept the cards as legal tender, and this particular issue was later redeemed in specie sent from France.

[3] Donald L. Kemmerer, "Paper Money in New Jersey, 1668–1775," New Jersey Historical Society, Proceedings 74 (April 1956): 107–44.

[4] Before Massachusetts went back to specie, it was committed to accept the notes of the other New England colonies at par. This provided an incentive for Rhode Island to inflate its currency wildly, for this small colony, with considerable purchases to make in Massachusetts, could make these purchases in inflated money at par. Thereby Rhode Island could export its inflation to the larger colony, but make its purchases with the new money before Massachusetts prices could rise in response. In short, Rhode Island could expropriate wealth from Massachusetts and impose the main cost of its inflation on the latter colony.

[5] If Rhode Island was the most inflationary of the colonies, Maryland's monetary expansion was the most bizarre. In 1733, Maryland's public land bank issued £70,000 of paper notes, of which £30,000 was given away in a fixed amount to each inhabitant of the province. This was done to universalize the circulation of the new notes, and is probably the closest approximation in history of Milton Friedman's "helicopter" model, in which a magical helicopter lavishes new paper money in fixed amounts of proportions to each inhabitant. The result of the measure, of course, was rapid depreciation of new notes. However, the inflationary impact of the notes was greatly lessened by tobacco still being the major money of the new colony. Tobacco was legal tender in Maryland and the paper was not receivable for all taxes.

[6] Roger W. Weiss, "The Colonial Monetary Standard of Massachusetts," Economic History Review 27 (November 1974): 589.

[7] Ibid., p. 591.

[8] During the 16th century, before the rise of the scriveners, most English moneylending was not even conducted by specialized firms, but by wealthy merchants in the clothing and woolen industries, as outlets for their surplus capital. See J. Milnes Holden, The History of Negotiable Instruments in English Law (London: Athlone Press, 1955), pp. 205–06.

[9] Once again, ancient China pioneered in deposit banking, as well as in fractional-reserve banking. Deposit banking per se began in the 8th century AD, when shops would accept valuables, in return for warehouse receipts, and receive a fee for keeping them safe. After a while, the deposit receipts of these shops began to circulate as money. Finally, after two centuries, the shops began to issue and lend out more receipts than they had on deposit; they had caught on to fractional-reserve banking. Tullock, "Paper Money," p. 396.

[10] On the Massachusetts Land Bank, see the illuminating study by George Athan Billias, "The Massachusetts Land Bankers of 1740," University of Maine Bulletin 61 (April 1959). On merchant enthusiasm for inflationary banking in Massachusetts, see Herman J. Belz, "Paper Money in Colonial Massachusetts," Essex Institute, Historical Collections 101 (April 1965): 146–63; and Herman J. Belz, "Currency Reform in Colonial Massachusetts, 1749–1750," Essex Institute, Historical Collections 103 (January 1967): 66–84. On the forces favoring colonial inflation in general, see Bray Hammond, Banks and Politics in America (Princeton, N.J.: Princeton University Press, 1957), chap. 1; and Joseph Dorfman, The Economic Mind in American Civilization, 1606–1865 (New York: Viking Press, 1946), p. 142.

[11] For an excellent biographical essay on colonial money and banking, see Jeffrey Rogers Hummel, "The Monetary History of America to 1789: A Historiographical Essay," Journal of Libertarian Studies 2 (Winter 1978): 373–89. For a summary of colonial monetary experience, see Murray N. Rothbard, Conceived in Liberty, vol. 2, Salutary Neglect, The American Colonies in the First Half of the Eighteenth Century (New Rochelle, N.Y.: Arlington House, 1975), pp. 123–40. A particularly illuminating analysis is in the classic work done by Charles Jesse Bullock, Essays on the Monetary History of the United States (New York: Greenwood Press, [1900] 1969), pp. 1–59. Up-to-date data on the period is in Roger W. Weiss, "The Issue of Paper Money in the American Colonies, 1720–1774," Journal of Economic History 30 (December 1970): 770–84.

About the Author

Murray N. Rothbard (1926–1995) was dean of the Austrian School. He was an economist, economic historian, and libertarian political philosopher.

Lesotho Issued New Set of Banknotes March 1, 2011

2011-03-01T17:13:00.001-08:00

Nutmegcollector
March 1, 2011

The Central Bank of Lesotho issued new design 10, 20, 50 and 100 Maloti banknotes today.

The decision to launch the new currency was meant to halt the spread of counterfeit notes in Lesotho. The new banknotes have high tech security features which were designed to make it difficult to forge the currency.

The new banknotes feature a portrait of the three royal family members: the current king, His Majesty Letsie III is in the middle, his father King Moshoeshoe II is on the left, with the founder of the Basotho nation, King Moshoeshoe I, on the right.

What Does One Trillion Dollars in $100 Bills Look Like ?

2011-03-01T12:14:00.000-08:00

This interesting pictorial representation of one trillion U. S. dollars first appeared on PageTutor.com website. Reprinted here courtesy of PageTutor.com

All this talk about "stimulus packages" and "bailouts"...

A billion dollars...

A hundred billion dollars...

Eight hundred billion dollars...

One TRILLION dollars...

What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.

We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go.

A packet of one hundred $100 bills is less than 1/2" thick and contains $10,000. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.

Believe it or not, this next little pile is $1 million dollars (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.

While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet...

And $1 BILLION dollars... now we're really getting somewhere...

Next we'll look at ONE TRILLION dollars. This is that number we've been hearing so much about. What is a trillion dollars? Well, it's a million million. It's a thousand billion. It's a one followed by 12 zeros.

You ready for this?

It's pretty surprising.

Go ahead...

Scroll down...

U.S. National Debt in $100 bills

After seeing What does one TRILLION dollars look like?, I've gotten quite a few requests to translate that into the U.S. National Debt, currently 11 trillion dollars as of March, 2009.

So here you go, the U.S. National Debt in $100 dollar bills...

The Banknote Building of Kaunas, Lithuania

2011-02-26T09:00:00.000-08:00

There is a curvaceous, luminous, 10 story office building in Kaunas, Lithuania that was designed in the form of a Lithuania 1,000 Litu 1924 banknote. Office Center 1000, better known as the Banknote Building, was built in 2008 and is being touted locally as one of the Baltic region's most daring and original construction projects.

The exterior consists of 4,500 different pieces of glass with enamel designs, which are being slotted together like a giant jigsaw puzzle. The glass was made in the Netherlands and shipped over, and it can withstand even the most extreme Lithuanian weather.

Photo courtesy of RA Studija, architect

Taiwan 100 Yuan 2011 Commemorative Banknote

2011-02-25T15:52:00.000-08:00

On 6 January 2011, the Central Bank of the Republic of China issued a new 100-dollar legal tender circulating commemorative in celebration of the 100th anniversary of the founding of the Republic of China(Taiwan). The red paper note measures 145 × 70 mm and features a portrait of Dr. Sun Yat-Sen on the front, and the Chung-Shan Building on the back. The design is no different from the ordinary NT$100 note, except for the wording in Chinese language in the reverse of the note, which reads: "Celebrating the 100 years of founding of the Republic of China."

Huang Xin and Staff Reporter
Want China Times
2011-02-13 17:54 (GMT+8)

The Price of commemorative Taiwan 100-dollar notes (pictured) were pushed up by China's banknote collectors.

Sets of an uncut NT$100 currency sheet issued by Taiwan's central bank in celebration of the 100th anniversary of the founding of the Republic of China earlier this year are selling like hot cakes in China's market for collectible notes.

Each uncut commemorative NT$100 currency sheet, comprised of three commemorative NT$100 banknotes in one sheet with special consecutive serial numbers, was sold for 1,500 Chinese yuan(US$227.4), over 16 times its original price of NT$500 (US$17) per set by Taiwan's central bank, a Taiwanese collector of stamps, coins and banknotes said.

While price speculation is prevalent in a range of products in China, such as alcohol, jade and other daily necessities, currency notes have recently become another target of speculative activity, the collector said.

The uncut commemorative NT$100 currency sheet, the first of its kind issued by Taiwan, has triggered a high interest in being bought among Internet surfers since the news of the issuance was posted on a Chinese website providing information about banknotes, the collector noted.

He said that some Chinese collectors had asked their Taiwanese peers to purchase the uncut commemorative currency sheets on their behalf. However, as the central bank stipulates that individuals can only buy two sets of sheets, and local collectors are also keen to take possession of such sets, most of them have turned down the request.

Anticipating that the price of the notes would rise further, collectors on the two sides across the Taiwan Strait have been in a buying panic, regardless of how much they would pay for them.

Currently, a set of the uncut commemorative sheets is sold for 1,450-1,600 yuan on Taobao.com., China's biggest online shopping platform.

According to industry experts, given that a set of uncut Chinese currency sheets issued in 1999 in commemoration of the 50th anniversary of the founding of the People's Republic of China sells for nearly 30,000 yuan, about 200 times its original price of 150 yuan, collectors are optimistic that the price of Taiwanese centennial NT$100 notes would continue to rise.

Due to a weak performance in the stock market in China last year, more and more capital has flowed into the vast Chinese market for collectible notes and driven prices higher, the expert noted.

Currently, the price of the first set of yuan from the 1948 issue has jumped to 4 million yuan on the market. Meanwhile, a five-cent bill from the second issue is sold for 550 yuan and a two-cent bill from the third issue is sold for 700 yuan, both being 100 times their face value.

Moreover, a one-cent bill in claret red color and a one-cent note with a green background color from the third issue are sold for 3,800 yuan and 2,500 yuan, respectively.

Significantly, a one-cent green overprint banknote from the 1962 issue now demands 30,000 yuan, the highest among all bills in the face value.

Lebanon issued New 1,000, 50,000 and 100,000 Livres banknotes

2011-02-25T11:30:00.000-08:00

Nutmegcollector
February 25, 2011

The Central Bank of Lebanon released new 1,000, 50,000 and 100,000 Livre notes into circulation on February 24, 2011. The notes were signed by the Governor of the Bank of Lebanon, Riad Salameh, and First Deputy Governor of the Bank of Lebanon, Mr Raed Sharaf al-Din. The banknotes also incorporated many new security features.

$1000 1907 Series Gold Certificate Fr. 1219b

2011-02-18T09:22:00.001-08:00

CoinWeek
February 18, 2011 9:14 AM

In 1990, the sale of the Thompson Collection was the first public offering of the unique Fr. 1219b Series 1907 $1,000 Gold Certificate. Only 12,000 examples of the Series 1907 $1,000 Gold Certificate were issued during the joint tenure of James C. Napier and Lee McClung. They served together as Register of the Treasury and Treasurer for less than two years, between March 1911 and November 1912, making their signature combination on currency scarcer than most joint tenures of the time. The almost exclusive use as carefully accounted for, interbank monetary instruments nearly assured the redemption and subsequent destruction of most high denomination notes.

The design of this high denomination gold certificate is regal, employing a golden-yellow overprint and back design intended to remind the user of its status as a monetary instrument redeemable in gold coin on demand. Changes to the Federal Reserve Act on December 24, 1919 resulted in a minor design change to the $1000 Gold Certificates, a clause was placed over the bright $1000 overprint on the face. The change called an end to the Series 1907 issues and ushered in the slightly altered and not nearly as beautiful Series 1922 issues.

While many rarities considered unique among collectors since their kin are permanently impounded in institutional collections at the Smithsonian and Federal Reserve Banks, this note is the only example known in or out of government hands. Collectors now are even more determined to take home a rarity like this than ever before, and its status as a true numismatic rarity will command a price likely to well exceed its 2005 realization of $241,500 in the Taylor Family Collection Auction.

Altered Notes vs. Repaired Notes

2011-02-14T18:26:00.001-08:00

Unaltered note

The serial numbers on the note have been altered to 000000000.

Chad Hawk, PMG Grader
Paper Money Guaranty
1/25/2011

There is a significant difference between notes that have been altered and those that have been repaired.

Here at PMG we have encountered several questions pertaining to the issue of altered notes compared to repaired notes. There is a significant difference between altered and repaired notes, which I’d like to point out here. The difference between a note that is altered and a note that is repaired is that a note that has been repaired has not been worked on to give the appearance of something different. It is being worked on to enhance the appearance of the note’s condition.

Altered notes are notes that have been worked on to give the appearance of another note. For example, many US Small Size notes have been altered to give the appearance of errors. We have seen dot matrix examples of printings on top of original notes in an effort to create double print errors, offset printing errors, inking errors, etc. We have also seen US notes that have been cut from BEP issued sheets incorrectly to give the appearance of a misalignment error. The notes are considered altered because the cutting did not occur during the issuing process.

Altering is very common in other parts of the world as well as the US. We have seen several Chinese notes altered to create the appearance of specimens. The original serial number on these notes is removed from the surface and replaced with the 000000 serial number that is used on specimens. On these same notes as well as other types, false overprints are also used to create the appearance of a specimen or other variety. We have seen several good alteration examples, so it is important to closely examine all notes. We have also seen notes with cancel holes that have been filled in to give the appearance of an issued note that had not been canceled. Some notes are much rarer in this form, so it is easy to see why altering occurs.

Repaired notes are notes that have been worked on to improve their appearance. If a note is discolored, a substance is often added to the surface to repair the stained area. Tears, splits, ink burn, etc. are often repaired with some type of adhesive to close the area and improve the overall appearance. Repairs are also done to increase the value of the note. If a cancel hole is filled in with something to create the appearance of a non-canceled note, this is NOT a repair. This is a form of altering the note rather than repairing the note. If a tear coming off a cancel hole is closed, but the hole remains open, the note has been repaired rather than altered.

There can be a fine difference between altered and repaired notes, so it is important to learn how to distinguish the two. Notes are repaired and altered to increase their value, so it is important to know as much information as possible when viewing notes and always expect the unexpected. People are increasingly working on notes as the industry continues to gain strength.

The Commemorative Banknotes of Thailand

2011-02-13T11:36:00.000-08:00

Thailand is one of the most prolific issuers of commemorative banknotes. Between 1987 and 2010, banknotes were issued to commemorate occasions such as the King's birthday, the Queen's birthday, Royal wedding anniversary, the King's accession to the throne, Centennial of Thai banknotes, birthday of Princess Mother and the anniversary of the Ministry of Finance. The commemorative banknotes were offered to the collectors at a premuim price over the face value. The extra money used to fund the King's many charitable projects.

The 60th Anniversary of the Royal Wedding of Their Majesties King Bhumibol Adulyadej and Queen Sirikit and the 60th Anniversary of the Coronation, Issued May 4, 2010

100-Baht commemorative banknotes are similar in characteristics and size to the 100-Baht banknotes, 15th Series, in curculation.

In the middle part are the portrait of His Majesty King Bhumibol Adulyadej, the reigning monarch, waving his hand, and that of Her Majesty Queen Sirikit. On the upper right corner is the Royal Garuda Emblem. Further down is the portrait of His Majesty the King during the coronation, printed in dark red over the elaborate circular design and the Thai art design printed in red, orangish red, orange and blue. Six Phikun floral motifs, printed in orange, are featured on the left of the elaborate circular design.
On the upper left corner is the Privy Seal of His Majesty King Bhumibol Adulyadej, printed in red over the Thailand’s national flag and the red and blue background design. Further down are the watermarks depicting the portrait of His Majesty the King and the special translucent classical Thai “Prajumyam” design. To the right of the watermarks is one part of the Arabic numerals “100” see-through design, printed in red and green in white circle. Under the watermarks are Thai words and expressions : “We will reign with righteousness, for the benefits and happiness of the Siamese people.”, “The Coronation Speech” and “5th May B.E. 2493”, printed in blue. Below are the background designs, printed in red and blue.

The King's 80th Birthday, Issued November 28, 2007

1-Baht banknote depicts the portrait of His Majesty King Bhumibol Adulyadej, the reigning monarch (Rama IX), the portrait of Their Majesties the King and the Queen granting an audience to various groups of people who paid tribute to His Majesty on the occasion of his coronation in 1950 at the Sutthaisawan Prasat Hall.

5-Baht banknote depicts the portrait of His Majesty in a royal procession by land, marking his 3rd Cycle Birthday Anniversary in 1963.

10-Baht banknote depicts the portrait of His Majesty granting an audience to various groups of people who paid tribute to His Majesty on the Auspicious Occasion of the 60th Anniversary Celebrations of His Majesty’s Accession to the Throne in 2006 at the Ananda Samakhom Throne Hall.

The reverse side depicts the portraits of His Majesty in his childhood, paying a royal visit, and performing royal activities.

The 60th Anniversary of His Majesty the King's Accession to the Throne, Issued June 9, 2006

The portrait of His Majesty the King Bhumibol Adulyadej, seated on the Royal Throne surmounted by the Nine-Tiered Great White Umbrella of State in Amarin Winitchai Throne Hall.

The portrait of His Majesty the King Bhumibol Adulyadej while performing royal activities, Khun Dan Prakan Chon Dam in Nakon Nayok province and His Majesty the King visiting his people.

The Queen's 72nd Birthday, Issued August 4, 2004

The portrait of H.M. the King in the uniform of the Supreme Commander of the Armed Forces and the portrait of H.M. the Queen in Thai Sivalai with tiara.

The portrait of H.M. the Queen wearing tiara and Thai Chakri.

The Centennial of Thai Banknotes, Issued September 9, 2002

Their Majesties King Phumibol Adulyadej and King Chulalongkorn (King Rama V) in their regal attire, as the Thai banknotes was issued for the first time during the reign of King Rama V.

Almost identical to 100-Baht banknotes, 1st Series.

The 50th Wedding Anniversary of Their Majesties King Bhumibol Adulyadej and Queen Sirikit and the Coronation, Issued May 8, 2000

500000-Baht commemorative banknotes, are identical in characteristic and size with 50-Baht commemorative banknotes. Only 1998 pieces of the 500,000 Baht notes were printed.

The portrait of Their Majesties King Bhumibol Adulyadej and Queen SiriKit. The Monograms Phor Por Ror and Sor Kor, the picture of the Cornnation ceremony, the investiture ceremony of Her Majesty the Queen, the Guruda, and a flamboyant motif are supplementary elements.

The picture of Their Majesties the King and Queen during the wedding ceremony presided over by the Queen Grandmother.

The King's 72th Birthday, Issued November 1, 1999

1000-Baht commemorative banknotes are similar in characteristics and size to the 1000-Baht banknotes, 15th Series, in curculation. The difference is that this type of banknote is affixed with the special Royal Crest commemorating the occasion of His Majesty the King's sixth cycle birthday anniversary celebration of December 5, 1999 in place of the Privy Seal.

The Golden Jubilee Celebration of His Majesty's Accession to the Throne
, Issued 1996

They are identical in characteristics and size to 500-Baht banknotes, 14th Series, in circulation. The difference lies in that the Privy Seal is substituted by the special Royal Crest in Commemoration of the Golden Jubilee Celebration of His Majesty's Accession to the Throne.

They are similar in characteristics and size to 50-Baht banknote, 13th Series, The differences lie in the fact that this type of banknote was printed on a polymer substrate, and the Krajung design is replaced by the Royal Crest in commemoration of the Golden Jubilee Celebration of His Majesty's accession to the Throne.

The portrait of King Rama IX in regal attire seated on the Rajayan Phudtan Thong Throne.

His Majesty at work with supplementary elements regarding royally initiated projects in various fields.

The 120th Year Celebration of The Ministry of Finance
, Issued April 11, 1995

Commemorative banknotes printed on the auspicious occasion of the 120th celebration of the establishment of the Ministry of Finance, are of 10-Baht denomination. They are identical in characteristics and size to 10 Baht banknotes, 12th Series. The difference lies in the middle of the lower edge of the front of the note which is printed with the legend in brown, The 120th year of the Ministry of Finance, April 14, 1995.

The 60th Birthday Celebration of H.M. Queen Sirikit
, Issued September 10, 1992

They are identical in characteristics and size to 1000 Baht banknotes, 14th Series, in circulation. The difference lies in the watermark of the portrait of H.M. Queen Sirikit.

The 90th Birthday of Somdej Phra Srinagarindra Boromarajajonani
(H.R.H. the Princess Mother), Issued October 22, 1990

The banknotes of the two denominations are identical in characteristics and size to 50-Baht and 500-Baht banknotes, 13th Series, in circulation. The differences lie in the watermark of the portrait of H.R.H. the Princess Mother and the electrotype watermark of the number 90 in Thai numerals which is specially translucent. Under the watermark is the legend printed in blue for the 50-Baht commermorative banknotes and purple for the 500-Baht banknotes, Somdej Phra Srinagarindra Boromarajajonani 90 years old.

The King's 60th Birthday, Issued December 8, 1987

The portait of King Rama IX in the uniform of the Supreme Commander of the Armed Forces, wearing a ceremonial robe, the Pudtan Kanchanasinghas Ceremonial Thone.

Their Majesties the King and Queen, H.R.H Crown Princess Maha Vajiralongkorn, H.R.H. Princess Maha Chakri Sirindhorn and H.R.H. Princess Chulabhorn surround by their subjects.

New Danish Banknote Series 2009-2011

2011-02-08T08:02:00.000-08:00

Danmarks Nationalbank has announced that it will issue a new 500-krone note on 15 February 2011. The note depicts Queen Alexandrine Bridge and the Keldby Vessel, and is the fourth note in the series of new Danish banknotes. The new series makes it even more difficult to forge or to copy.

Queen Alexandrine Bridge
Queen Alexandrine Bridge, also called the Møn, was inaugurated in 1943. The bridge across Ulvsund connects Kalvehave on South Zealand with the island of Møn. Queen Alexandrine Bridge is 746 metres long and has a maximum vertical clearance of 26 metres.

Keldby Vessel
The Keldby Vessel at Møn was unearthed by a plough near Trehøje in the period before 1826. It was probably made in the 4th or early 3rd century BC. Other vessels closely resembling this one have been found in the Thracian area of the Black Sea in southern Ukraine. Judging by the clearly Greek inspired ornamentation and shape, the vessel could have been made in Macedonia or the Greek Black Sea colonies.

The 200-krone banknote was issued on 19 October 2010 with the motive of Knippelsbro and belt plate from Langstrup.

Knippelsbro
Knippelsbro connects Slotsholmen and Christianshavn in Copenhagen. The first bridge at this location was built in 1618-20 by Christian IV. The current Knippelsbro, the fifth one, is from 1937. When ships crossing the 115 meter long bridge, the bridge klapfag is raised to 35 meters to allow nevigation.

Belt plate from Langstrup
Belt plate from Langstrup in Sealand was found before 1880 in a bog with two spiral bangles and a bronze knife. It is the largest, completely preserved belt plate known from the Early Bronze Age (around 1400 BC). The decoration, consisting of circular lines and spirals and a 5 cm long tip in the center, was branded in a wax model before casting. Such belt plates were worn by wealthy women.

The new 100-krone banknote issued on 4 May 2010 with the old Little Belt Bridge and Hindsgavl Dagger as motif. The 100-krone note was the second note in Denmark's new banknote series 2009-2011.

The Old Little Belt Bridge
The Old Little Belt Bridge, which connects Jutland Erritsø Middelfart on Funen, was inaugurated in 1935. The bridge was originally planned as a rail bridge in 1924 but it was later decided to include roadways. The bridge is 1,178 meters long and has a maximun vertical clearance of 33 meters.

Hindsgavl Dagger
The finest example of flint dagger technique is the 29.5 cm long flint dagger that was found around 1867 on the island Fænø in the Little Belt opposite the Hindsgavl peninsula. The type is called 'fish-tail' design due to the shape of the handle. The Stong Age dagger is from the latter part of the Dagger Period, 1900-1700 BC, and resembles metal daggers that have handles topped with an oval disk. The fine flint technique shows how much flint smith strove to compete with metal goods, which at this time spread out and began to outcompete the old flint craftsmanship.

The 50-krone banknote, issued on 11 August 2009 with the motive of the Sallingsund Bridge and Skarpsalling tub. The 50-krone note was the first note issued in the new Danish banknote series 2009-2011.

Sallingsund Bridge
Sallingsund Bridge connects the peninsula with Salling Limfjord island of Mors. The bridge, inaugurated in 1978, is 1,717 meters long and has a gennemsejlingshøjde of 26 meters. Before the bridge's inaugural sailing ferries Pinene and nuisance in many years over Sallingsund. In 1977, ferries carried 1.3 million people and 658,000 vehicles across the sound.

Skarpsalling-karret Skarpsalling tub
Clay vessel from Skarpsalling, Himmerland, was found in a tomb of stone in 1891. The tub is one of the finest examples of ceramic design and decoration, as we know from the Stone Age in Denmark. Clay vessel was created, since the passage graves were built around 3200 BC. Back then stood pottery art at its peak. Pots were used for funeral rituals, hvorun-to some pots with contents was placed in gravkamrene, others were placed outside the entrance to the chambers.

The 1,000 kroner is expected to be issued in May 2011 - depicting the Great Belt Bridge and the Sun Chariot. The image shown is an outline of the note and not the final design.

Great Belt Bridge
Great Belt Bridge, which consists of East Bridge and West Bridge was inaugurated in 1998. East Bridge connects with Sprogø Zealand and is 6,790 feet long. Great Belt Baltic Channel, which suspended bridge spans are international waters. Clearance is at 65 meters. The two pylons, each 254 feet high, and thus one of Denmark's highest points.

Chariot
Chariot was found in September 1902 when there was plowed for the first time in Trundholm bog Zealand. It was made in the Early Bronze Age, ca. 1400 f.Kr. 1400 BC The elegant spiral decoration of the golden sun disc reveals its Nordic origins. Chariot illustrate the notion that the sun on its eternal journey was driven by a divine horse. The cart is not a part of this notion. Sun image and the horse is placed on wheels that could reproduce the sun's movement.

Info courtesy of cleo phas.

China Ch'ing Dynasty, Bank of Honan, $1 1908 Sold for Record HK$2,100,000

2011-02-06T09:07:00.000-08:00

By Nutmegcollector
February 6, 2011

A Bank of Honan Province, Ch'ing Dynasty $1 banknote (from 1908), with 'Shi' prefix, number 100, showing a blue and black obverse with ornate dragons and a central vignette printed 'One Yuan' was the most spectacular sale at Spink's Janaury 22, 2011 Hong Kong Auction.

The prefix appears on the right and date on the left, and the note has various red chop marks. The reverse shows Chinese text within a yellow frame. The large stamp shows that this note is an issued example.

Strangely, the printed date on the reverse is 1904, while the issued date is 1908. The reason for this is unknown. Whatever the reason, bidders were impressed.

The note was estimated at HK$200,000-300,000 (US$25,700-$38,500). The hammered price after a frenzied bidding was HK$2,100,000 (US$297,700) plus buyer's premium.

Funny money is no joke after one guy loses $50,000

2011-01-31T05:49:00.001-08:00

By Alina Lobzina
The Moscow News
January 31, 2011

An exchange rate which seemed too good to be true left a 24-year-old man counting the cost – after fraudsters robbed him of $50,000.

Instead of getting legal banknotes, the man from Zhukovsky was left with a bundle of almost worthless toy cash – to the tune of 1.48 million roubles.

And the scam didn’t come to light until the hapless victim tried to buy a new car – only to realise he had been duped.

Little sympathy

But the plight of the naïve victim didn’t inspire much sympathy from policemen investigating the case.

“We thought no-one would fall for these funny pieces of paper, only slightly resembling real money, as they are sold in every kiosk,” police staff told Komsomolskaya Pravda.

However, the trick worked well, and just covering bundles of toy money with few real banknotes was enough to outsmart the man.

The swindler even managed to avoid leaving a memorable description – citing his fears of the flu epidemic as he wore a facemask throughout the transaction.

Empty office

The unlucky car-buyer rushed back to the exchange office in a shopping centre on Leningradsky Prospekt, but no-one was waiting for him there.

Only a few dozens sheets of uncut toy money, two mobile phones that had been used to set the deal and a pair of booking-clerk’s rubber gloves greeted policemen upon their arrival.

Clampdown

Currency exchange kiosks used to be scattered around Moscow but became illegal on Oct. 1, 2010.

And banking exchange services have had to conform to new regulations.

But eradicating the long-established exchange points has proved more difficult, Bank of Russia reports there are at least 125 in the capital.

Sri Lanka to issue new currency notes series next month

2011-01-30T16:31:00.000-08:00

By Santhush Fernando
Asiantribune.com
Colombo, January 30, 2011

Sri Lanka’s banking watchdog- Central Bank of Sri Lanka (CBSL) is to release the twelfth Series of Sri Lankan Currency Notes including the brand new Rs. 5,000 note, next month.

This means that the value of current highest denomination will be increased by 250 percent to Rs. 5,000. The new series is designed under a theme of development and prosperity and feature enhanced security measures, and will be available for circulation from February 2011, the Central Bank officials said at the launch of its Roadmap for 2011.

"We want to stress that the printing of the new Rs.5,000 note is not a sign that inflation will go up," Deputy Governor Dharma Dheerasinghe told reporters.

Rs.2,000 note which was the latest introduced by the CBSL on October 17, 2006 while the Rs.5000 multi colour coin which was the latest coin to be launched in view of the Central Bank’s 60th anniversary.

This heritage series currency note are introduced in view of the shift in demand for high denomination currency notes coupled with changes in price levels and increase in per capita GDP in the country in recent times.

Central Bank justifying its action said that money circulation had increased by nearly Rs.50 billion after the end of war as a result of the surge of cash-based transactions in the island's North and East.

Despite a booming economy country’s inflation shot up to 7 percent from a 3.1 percent recorded in February 2010, surpassing Central Bank Governor Ajith Nivard Cabraal’s earlier inflation forecast of between 5 to 6 percent.

Info courtesy of cleo phas

Even if you aren't traveling, your money is

2011-01-30T10:56:00.000-08:00

By John Bordsen
McClatchy Newspapers
Posted: 01/30/2011 12:00:00 AM PST

You may not be going anywhere. But the contents of your wallet are.

North Carolina resident Kathy Williamson stopped at a Harry & David store to buy candy while in Tennessee. The change she received from the clerk was correct, but she noticed something odd about one of the singles given her. Someone had used a red felt-tip to circle the bill's serial number and to write "Currency tracking study" on the dollar's left edge. And to the left of the first president's head, there was a blue stamp mark that read, "Track me at www..wheresgeorge.com".

After she returned home, she visited that website and learned the dollar had been registered in eastern Tennessee five days and 22 hours before and now had gone 122 miles -- at 28 miles per day.

Welcome to Where's George -- a project that seems part "Where's Waldo?" (paper-based hunting activity), part "Flat Stanley" (tracking where a particular object is physically moving) and is fully wired. People enter the serial numbers of a bill, mark the currency and wait to see whether the paper money turns up elsewhere: Someone else can go to the site, punch in the serial number, and learn where it has been.

At the site's home page, live blurbs pop up from around America that note things like:

Huntsville, AL

1st hit: Got this bill as part of a tip for delivering pizzas. Good condition.

The site's "George's Top 10" page lists some remarkable migrations of money, ranging from singles to $100 bills:

A dollar bill entered on Wheresgeorge.com in Dayton, Ohio, in 2002 has logged 15 "hits" over 4,191 miles -- most recently in 2005 in Rudyard, Mich., after turning up in places from Utah to Florida.

A $100 bill migrated from Downey in Southern California to Blackburn, England, and was last spotted back in California, in Weaverville -- 538 miles from where it started out.

A $5 bill launched from Jefferson, Md., turned up a year and 171 days later in Aurora, Colo., after stops in Jamestown, N.C., Florida, Texas and Ontario.

It's likely that some bills registered with the site made their way to Gottingen, Germany, home of the illustrious Max-Planck Institute: In 2006, Dirk Brockmann, an American theoretical physicist working there, used Wheresgeorge.com in "The Scaling Laws of Human Travel" -- an acclaimed study that used patterns of money migration as a tool to create models for the spread of epidemics.

"It wasn't about germs on the bills themselves," says Hank Eskin. "Brockmann used dollar bills as a proxy for how people move around. Paper money travels with people, so it's a good substitute for how people travel and how diseases spread as a result of that."

Eskin, 46, is the Boston-based Internet consultant who started Wheresgeorge.com a dozen years ago to track currency. "I don't collect it," he said in a phone interview. "It's more about the technology."

His site has become more than that to casual and die-hard fans (called "Georgers") who have logged more than 200 million bills into the Wheresgeorge.com database. "Something like 60,000 bills are entered every day," Eskin says.

This is despite the lengthy user guidelines and "frequently asked questions" text at Wheresgeorge.com. Some verbiage stems from Eskin's desire to track where money naturally flows. He doesn't want people to mail or tote money to exotic locales just to achieve "George's Top 10" status.

Other fine print says the site does not encourage the defacement of money: The Secret Service paid Eskin a visit in 2000. "I was also selling rubber Wheresgeorge.com stamps, and they said I basically can't do that. The law says you can't advertise on currency, and that's what they were concerned about. I haven't heard from them since."

Making and using your own little rubber stamp for this is OK, by the way: That's considered marking bills, not defacing them.

HOW TO TRACK BILLS

1. Go to www.wheresgeorge.com and fill out the registration form (it's free).
2. To check the money in your billfold: Click the "I found a Where's George Bill" box (even if you're not sure if it's entered). Type the serial number and your ZIP code.
3. To launch a bill: Click the "I want to enter and track ..." box. Fill out the "Enter a bill" form. If you don't have a stamp, just write "www.wheresgeorge.com" in ink in the margin of the bill.

Ukraine to issue New 200 Hryven Banknotes in 2011

2011-01-28T08:24:00.000-08:00

National Radio Company of Ukraine
January 28, 2011

The National Bank of Ukraine is studying the feasibility of introducing into circulation banknotes denominated UAH 1,000 (1 USD - 7.94 UAH), says deputy chairman of the NBU Volodymyr Krotiuk.

He also said that the central bank is planning to issue in the 4th quarter this year banknotes in denomination of 200 UAH with an improved security system, with no significant changes in the design of banknotes foreseen. "We have 5 forgeries per 1 million banknotes. If we take the EU, there are 67 counterfeit banknotes per 1 million. We have 99.5% of the frauds made on printers or scanners, that is, not on special equipment," Krotiuk said, noting that it is internationally practiced to revise the system of protection of notes every 4-5 years. Today in circulation in Ukraine are banknotes in denominations of 1, 2, 5, 10, 20, 50, 100, 200, and 500 UAH.

Info courtesy of cleo phas

BEP Offers $1 Year of the Rabbit Lucky Money

2011-01-26T11:36:00.000-08:00

By Nutmegcollector
January 26, 2011

The Chinese Lunar New Year falls on February 3, 2011. It's a tradition for families to give red envelopes containing brand new banknotes to children for good luck.

The year 2011 is the Year of the Rabbit. In celebration of the upcoming Chinese Lunar New Year, the U.S. Bureau of Engraving and Printing (BEP) released its $1 Year of the Rabbit product which features a crisp, uncirculated $1 Federal Reserve Note with a serial number beginning with “8888.”

The Rabbit is one of the twelve zodiac symbols associated with the Chinese Lunar Calendar. This lucky money product is exquisitely designed with decorative Chinese symbolism and is packaged in a red folder with gold foil. This product features an uncirculated $1 note with a serial number beginning with “8888.” The “Year of the Rabbit” represents good fortune and prosperity, signifying success in the New Year.

This product is limited to 88,888 notes available for sale at BEP.

Famous Landmarks on Current Chinese Banknotes

2011-01-25T12:36:00.000-08:00

Courtesy of China Highlights
Bank Notes Tours

Images of five of China’s most famous landmarks are presented on the bank notes of 5th edition of the Renminbi – the Chinese currency.

1 Yuan - West Lake
Place: Hangzhou
Brief Introduction:
It is surrounded by hills and trees and faces the city of Hangzhou to the North and East. There are three causeways or bridges across the lake and three man-made islands named Santangyinyue (Three Pools Mirroring the Moon), Huxin Ting (Mid-Lake Pavilion) and Ruan Dunhuanbi.

5 Yuan- Mt. Tai
Place: Taian
Brief Introduction:
Mt. Tai is one of five sacred Taoist mountains in China and located in central Shandong Province just north of Tai'an City. Tai Shan has an extremely rich cultural heritage and, in the words of Guo Moruo, a modern Chinese scholar, is "a partial miniature of Chinese culture." Moreover, the way in which the culture has been integrated with the natural scenery is considered to be a precious legacy.

10 Yuan - The Yangtze River
Place: Yangtze River
Brief Introduction:
The Yangtze River (Changjiang), over 6300 kilometers long, is the largest and longest river in China. A Yangtze River Cruise will take you through the cradle of Chinese culture, while giving you the opportunity to see some of the most spectacular scenery imaginable.

20 Yuan - The Li River
Place: Guilin
Brief Introduction:
A cruise along the Li River between Guilin and Yangshuo is an unforgettable experience. As you take in the stunning scenery there's something interesting to see at almost every bend in the river. Between spectacular limestone peaks you'll see graceful bamboo groves, farmers tending rice paddies, and lumbering water buffaloes pulling carts or cooling off in the river.

50 Yuan - The Potala Palace
Place: Tibet
Brief Introduction:
Former winter home of the Dalai Lama, which is a vast, awe-inspiring maze of corridors and stairs leading through countless rooms of richly decorated statues, tombs, murals and antiques. You will climb past the White Palace into the Red Palace, where the file of pilgrims offering silk scarves, coins or yak butter to burn in the shrines combine to make this an unforgettable experience. Note: you need to be fit for the long stairways.

100 Yuan - The Great Hall of the People
Place: Beijing
Brief Introduction:
Xian City Wall with Bicycle - Biking around the best preserved ancient city wall in the world.
The Great Hall of the People was built by Chinese people in 1959 and is included in the list of Ten Top Constructions in Beijing. Located in the west of the Tiananmen Square, the Great Hall of the People is sublime and rich in traditional taste. It is the political hub of Beijing and home of the National People's Congress. Every year in March, the National People's Congress (NPC) meet and the Chinese People's Political Consultative Conference (SCPCC) are held here.

China Yuan Dynasty 2 Kuan Note Sold for Over $180,000

2011-01-24T08:15:00.000-08:00

By Nutmegcollector
January 24, 2011

Yuan Dynasty, 2 kuan cash note, ND (1335-1340), black text on grey mulberry bark paper, red seal top center, two strings of 10 cash coins at center.

This note was sold for HK$1,200,000 (US$154,025) plus buyer's premium at Spink's January 22, 2011 Hong Kong auction. The price including buyer's premium is HK$1,405,050 (US$180,349).

This Yuan Dynasty 2 Kuan (1335-1340) note predates the more well known Ming Dynasty 1 Kuan note by several decades.

The earliest paper money in the world was produced by the Tang Dynasty and the Sung Dynasty (618-1279) for the sake of practical expediency. These "flying cash" notes (called because they blew away in the wind!) were for local use, mainly in Szechuan, and could be converted into cash. Unfortunately, none of these earlier notes has survived. The practice of using paper money was continued by the Chin Dynasty (1115-1234) who established a paper currency bureau in Kaifeng. Later after the Mongol invasion of China, the Yuan Dynasty (1280-1368) carried on the practice of issuing "paper currency". But due to excessive printing, the value of this currency was severely diminished. Examples of the Yuan Dynasty notes are extremely rare and the condition tends to be poor. This note is exceptional for the type and is an important discovery.

U. S. $10 1861 Demand Note Sold for $109,250.00

2011-01-20T09:09:00.000-08:00

Heritage Auctions
January 20, 2011

Newly Discovered St. Louis Demand Note Leads Tampa Auction

The new year got off to a rousing start for currency collectors in Tampa, FL as they participated in Heritage Auctions' Signature Currency Auction, Jan. 6-11, held in conjunction with the FUN (Florida United Numismatists) Convention. The auction realized more than $7.8 million, including the non-floor sessions, held Jan. 10-11. All prices include 15% Buyer's Premium.

One of the most closely followed and well-publicized items in the auction was the newly discovered, and certainly rare Fr. 10a $10 1861 Demand Note graded PMG Very Good 8 Net, a handwritten "For The" example from the St. Louis district, which brought $109,250.

"Prior to the recent discovery of the note," said Allen Mincho, Director of Currency Auctions at Heritage, "no handwritten 'For The' St. Louis Demand Notes were known in any denomination."

Few Friedberg numbers in large size type notes remain to be discovered, and it is the rare day indeed that a previously unreported large size type note arrives unheralded to be catalogued and sold for the very first time, but that is what happened with this extraordinary St. Louis "for the" Demand Note. Until the discovery of this piece, no handwritten "for the" St. Louis Demand Notes were known in any denomination. Luckily for collectors, this example, while well circulated, is actually quite nice looking for the grade, with surprisingly bright colors, very clear signatures, and no flaws worthy of mention by the grading service save for a minor split repair, a virtual miracle considering the thin paper and extensive circulation these notes endured. Indeed, the survival of this handwritten "for the" from St. Louis is a minor miracle, as the survival ratio of handwritten to engraved Demand Notes is about 20 or 50 to 1 depending on the city, and only three St. Louis $10 Demand Notes are known with engraved signatures. So few unique Friedberg numbers have changed hands in recent years that an estimate is difficult if not impossible here, as a few short years ago we would likely have been speaking about a possible seven figure realization rather than six, but a realistic assessment of the market and our desire to place "real world" rather than "trap" estimates leads us to believe that the correct number for this unique note is...

Estonian cashpoints begin pumping out euro-notes

2011-01-01T06:58:00.000-08:00

euobserver.com
Andrew Retiman
Today @ 15:17 CET

EUOBSERVER / BRUSSELS - Cashpoints in Estonia began issuing euro banknotes at around 20 minutes past midnight local time on Saturday (1 January) in a development marking the fourth phase of expansion for the troubled single currency.

Holding his clutch of banknotes outside a specially-installed cashpoint near a new year's eve gala venue, Prime Minister Andrus Ansip told press: "It is a small step for the eurozone and a big step for Estonia ... We are proud to be a euro zone member state."

"For Estonia, the choice is to be inside the club, among the decision makers, or stay outside of the club. We prefer to act as club members."

Eighty five million euro coins and 12 million banknotes went into circulation in Estonia on Saturday and money in bank accounts was automatically converted from the kroon to the euro at the stroke of midnight. People will be able to exchange kroons at Estonian high-street banks until the end of the year and at the Estonian Central Bank with no time limit.

Meanwhile, Estonian Central Bank head Andres Lipstok will take part in his first meeting as a member of the European Central Bank's council on 13 January.

Estonia is the first former Soviet republic to join the currency club. Launched in 2002 with 12 members, it welcomed former Communist country Slovenia in 2007, followed by Cyprus and Malta in 2008 and by Slovakia in 2009.

Estonia is joining the currency area at a troubled time both for its own economy and for the euro itself, however.

Unemployment in the small country of 1.3 million people stands at 18 percent and its GDP has crashed in the past few years. In the wider euro-area, if Italy or Spain require a Greek or Irish-type bailout in 2011, the future of the single currency could be at risk.

European Commission chief Jose Manuel Barroso and EU parliament head Jerzy Buzek, were unequivocally upbeat in their Estonia statements.

"Estonia's entry means that over 330 million Europeans now carry euro notes and coins in their pockets. It is a strong signal of the attraction and stability that the euro brings to Member States of the European Union," Mr Barroso said in a statement.

"The euro is a common good ... [it] is both a world currency and one of the pillars of the European Union," Mr Buzek noted.

But Nobel-winning US economist Paul Krugman wrote on his blog 40 minutes before the currency changeover: "Congratulations to Estonia - but condolences too. This wasn't the glittering euro entrance you were promised."

For her part, German Chancellor Angela Merkel, in her New Year's address, noted the political importance of the single currency and voiced concern over what the new year will bring.

"Europe stands in these months in the middle of a great test," she said on national TV. "The euro is much more than a currency ... A united Europe is the guarantor for our peace and freedom. The euro forms the foundation of our prosperity."

Controversy hits Shs20,000 note

2010-12-29T14:53:00.000-08:00

By John Njoroge
Daily Monitor
December 30, 2010

Do you have a Shs20,000 note? Do you see an imprint of sculpture on the front left-hand-side? It turns out that the image was allegedly used without permission and the sculptress now wants to be compensated or to have the currency notes recalled less than a year after they were issued.

Sylivia Nabiteeko Katende, a senior lecturer at the Margaret Trowel School of Industrial and Fine Art at Makerere University, is suing the Bank of Uganda (BoU) for over Shs1 billion for what she calls fraudulent use of her intellectual property on the new Shs 20,000 banknotes released in May.

Never consulted, paid
In court papers seen by this newspaper, Ms Katende from the Department of Sculpture and Drawing, says she was never consulted, contracted or paid by the Central Bank to use an inprint of a sculpture she created in 2000.

Ms Katende says she created the sculpture, named the Socio Economic Growth of Kampala City, to commemorate the city’s centenary celebrations. The inprint of the sculpture was then used on the banknotes and Ms Katende says under the Copyright and Neighbouring Rights Act No. 21 of 2000, she should have been consulted and paid for her work before the designers used it on the banknotes.

Her lawyers, who filed the suit on December 15 at the High Court in Kampala, want among other things, the court to halt the circulation of the currency note, until this dispute is resolved.

BoU’s assistant spokesperson Joy Kahwa confirmed knowledge of the suit.
“We will deal with it accordingly,” she said. She, however, added that the images used on all the new notes were public images collected by contracted artists.

“The images were not hidden. Anyone can see and take photos of them,” she said. Ms Katende disagrees, saying the original sculpture can be found in Makerere University while a prototype stands in the Centenary Park, overlooking the Jinja Road Traffic light intersection in Kampala City.

Among those involved in the design of the new banknotes are artist Raymond Nsereko, Uganda Peoples Defence Forces MP Gen. Elly Tumwine, who is also patron of the Uganda Artists Association, Mr Patrick Sserunjogi, Mr Emmanuel Mutungi, Mr Joseph Ssematimba and Dr George Kyeyune (Dean, Faculty of Industrial and Fine Art). It is said the group was paid over Shs2 billion for the design of the new currency notes.

Collectively, these artists sourced the images to be used in the banknotes. There was a review and selection process after which selected images were submitted to M/s De La Rue, the United Kingdom company also involved in the design. De La Rue then translated the images provided by the artists into banknote designs.

In October, Ms Katende notified BoU of her intention to sue them for using her works but no substantive response was given, prompting her lawsuit.

Investigations needed
Ms Katende’s lawyers are now seeking general damages and compensation, legal fees and interest for the fraudulent use of her intellectual property.
They are also asking the court to order an independent investigation into the circumstances under which the images of the sculpture was procured.

They want to know who made the judgment call to use images of the sculpture without the prior knowledge and express instructions of its creator.
Court will decide whether the notes should be withdrawn, the case dismissed or whether Ms Katende smiles all the way to the bank.

More Germans Look Back at the Mark With Fondness

2010-12-24T06:37:00.001-08:00

Alan Cowell
The New York Times
December 23, 2010

BERLIN — For the infrequent flier landing here from anyplace else in the euro zone, or at least for people with longish memories, there is still a lingering sense of novelty in the single-currency bills that do not need changing for the cab ride into town, the euro coins that buy an S-Bahn ticket in Berlin as easily as a Métro ride in Paris.

And, equally, there is a sense that those old Deutsche mark notes that preceded the euro — blue for 100s, green for 20s — did a pretty good job, too, even if you did have to buy them at banks or exchange booths, grumbling about inflated rates and usurious commissions.

It is, after all, only a brief nine years since Europe embarked on its greatest monetary experiment, trading national cash for a currency that optimists hoped would surpass the dollar. But as the euro has lurched in recent months from crisis to crisis over the indebtedness of some of the countries that use it, an older and unrealistic hankering for its predecessor is emerging.

Two years ago, opinion surveys here placed the number of Germans pining for a return to the mark at around a third. Now the figure is around half. At his open-air emporium of traditional seasonal fare, Joseph Nieke even accepts the old notes, which may still be exchanged for euros. “Bring out your marks!” says a sign next to the steaming kettles of mulled wine and trays of mettwurst and other pork products at a Christmas market on Unter den Linden near the State Opera.

He might get a shock if the entire nation took up his offer: according to the central bank, there are currently some 13.45 billion marks, the equivalent of roughly $8.7 billion, still to be handed in, squirreled away presumably under mattresses or in drawers, wallets or safety deposit boxes. That’s about 110 marks, or $70, for every one of Germany’s 80 million people.

Currencies, of course, are not just about money and, far more than in many lands, a chunk of recent German history has been inscribed on its bank notes.

In 1948, currency reform replaced the reichsmark, or imperial mark, with new marks, not once, but twice over — one for the Allied-occupied West and one for the Soviet-dominated East.

As the two Germanies grew ever more estranged, their bank notes mirrored their distinctions, reflecting what was called the abgrenzungspolitik, whereby East Germans laid claim to all that was good in Germany’s tortured history and ascribed the bad to the capitalist West.

Though technically worthless in the West as the inconvertible currency of a state-controlled economy, so-called Ost-marks proudly bore the portraits of Goethe and Schiller along with those of Marx and Engels. (In the 1960s, early Western bills displayed images reflecting values like civic pride and openness to the world.)

Across Europe, indeed, bank notes offered microcosms of national self-image. Symbols of inventiveness and élan, French banknotes portrayed the Curies, even though Marie Curie was Polish by birth, and the aviator Antoine de St. Exupéry. (In France, by law, most receipts still offer a conversion from euros to French francs, so nostalgia may not be an exclusively German characteristic.) Printed in fine shadings of blue, green and brown, Portuguese escudo bills celebrated the navigators who plied the oceans in their wooden ships, making landfall in Africa, India and the Americas.

After the fall of the Berlin Wall in 1989, East Germans confronted a new shift when their currency was replaced by the Deutsche mark as part of the reunification of Germany. Just over a decade later, the euro was introduced, first in electronic trading, then, on Jan. 1, 2002, in the cash economy of an initial 12 European countries. That number has now grown to 16 countries, and is soon to be 17. All of them claimed to have signed up to standards of fiscal discipline, but some of those pledges now seem illusory.

In symbolic terms, the new euro bills with their bland, architectural neutrality almost seemed to represent the end of national pride and history: gone were the great navigators, poets, playwrights, inventors, ideologues. In came — bridges.

But in many southern European countries, the new currency offered a rite of passage into a club of northern prosperity and stability.

“The euro opens the geographic door,” said the Rev. Manuel Horacio Gomes, a Portuguese priest who was part of a broad campaign by the Roman Catholic Church to spell out to congregants the pros and cons of the euro.

The perils of that particular portal took less than a decade to emerge in the debt crises savaging the euro zone this year, with bailouts in Greece and Ireland, and nervous governments in Lisbon, Madrid and elsewhere pondering how far the contagion will spread as speculators seek to exploit the currency’s frailties.

It is happening at a time when many Europeans see Germans as uncoupling their own interests from the continent’s, reluctant to pay a cent (or pfennig?) more to rescue the profligate economies of their southern partners unless they finally sign on to Germany’s own standards of hard work and thrift.

And it is happening as the European debate takes an ominous turn. If it is argued that for the euro to work like the dollar works, it will have to be backed by the same political and fiscal cohesiveness as found in the United States, then the converse also holds true: as the currency goes, so goes the Continent.

“With every day that passes, the crisis of the euro is becoming more and more a crisis of the European Union,” wrote a columnist, Matthias Nass, in the weekly Die Zeit.

For all their nostalgia, most Germans are realists. Many might yearn privately for the old bills and the sense of ironclad, anti-inflationary security that came with them. But, like the political and business elite, far fewer believe that the clock may be reversed without severe economic hazard. And, with growing resentment, many here acknowledge that weaker economies will look to Germany to perform yet one more miracle, after postwar revival and the huge costs of reunification.

“The truth is,” Mr. Nass wrote, “the defense of the euro will be very expensive for the Germans. Unfortunately, we have no choice.”

Banknotes could incorporate electronic components to deter counterfeiters

2010-12-23T11:00:00.001-08:00

Brett James
Dec. 23, 2010 (2:55 pm)

Nothing beats the feeling of a crisp $20 bill in your hand, but it appears that not even good old fashioned cash will escape the might of the modern 21st century as New Scientist revealed that bank notes in the future may have electronic circuits stamped directly into the notes.

Modern banknotes already contain up to 50 anti-counterfeiting features, but by adding an electronic element that is deigned to confirm a note’s authenticity researchers hope this will be able to deter counterfeiters and allow the police to track the notes more easily in the event of theft.

A team of German and Japanese researchers are behind the technological breakthrough. They managed to create arrays of thin-film transistors (TFTs) by carefully depositing gold, aluminium oxide and organic molecules directly onto the notes through a patterned mask, building up the TFTs layer by layer. These TFT layers can then give off a small voltage (3v) which could transmit a signal wirelessly and be read by an external reader.

So far the tech has been tested on U.S. dollars, Swiss francs, Japanese yen and Euro notes. Although it seems that researchers have yet to work out how the organic electronics could be harnessed as an anti-counterfeit measure.

Bangko Sentral says ‘no errors’ in new banknotes

2010-12-20T08:53:00.001-08:00

Business World
Tuesday, December 21, 2010 | MANILA, PHILIPPINES

THE CENTRAL BANK does not see the need to recall "new generation" peso bills unveiled last week despite critics claiming that the banknotes are error-filled.

"There are no errors in our money," Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo told a briefing yesterday.

"We don’t have to recall these banknotes ... We did not fumble."

Critics have pointed out that wrong colors were used for the blue-naped parrot featured on the new 500-peso bill and that the locations of landmarks were way off.

Mr. Guinigundo, however, said the exact colors of the parrot -- a red beak instead of yellow and yellow tail instead of green -- could not be followed due to printing limitations.

With the wrong locations claim extending to the charge that the representation of the Philippines used is also inaccurate, he said: "The map is not an army navigational tool."

"Our banknotes used an artist’s rendition or abstraction of the Philippine map that cannot be expected to reflect all our islands and precise coordinates of each site," he added.

New 20-peso bills were released yesterday, he said, with all 45 million pieces of the new banknote series to be received by the BSP by yearend.

A remaining 655 million pieces will arrive by March or April next year.

Poland Parts With “Old Zloty” for Good.

2010-12-20T08:44:00.000-08:00

By Malgorzata Halaba
The Wall Street Journel
December 20, 2010, 8:32 AM ET

If you happen to have a pre-1995 one million zloty note in the back of a desk drawer, it doesn’t mean your rich—but it’s your last chance to trade it in for money you can actually use in a store. When the New Year arrives, a sizeable chapter in the history of Poland’s jump to a market economy will draw to a close and the old banknotes will turn into souvenirs.

Fifteen years ago Poland passed a very important logistic test—its brand new democratic government and central bank had gotten the hyperinflation fire under control, but still had the task of cleaning up the money situation.

The collapsed communism left huge dislocations in the supply and demand of goods and services and after price controls were lifted and a million businesses bloomed on folding card tables and cots, the animal spirits of Polish consumers had unleashed annualized inflation rate of 600%.

Once prices stabilized, Poland’s money needed denomination. The central bank decided the national currency had four zeros to spare. The reasons behind denomination were straightforward. Shopping required the extra step of carefully counting zeros. A used car sold for a grocery bag of bills—all of which had to be diligently counted by the buyer and seller.

As million and two million zloty notes appeared in circulation, Poles reacted as they had done under communism, they made jokes.

“We can be proud of our country. We have managed to invent an exchange rate transaction involving three currencies—one pound of zlotys is worth one dollar.”

The currency was getting no respect and Polish officials hoped to restore it by denomination, but the complicated operation carried huge risks. Older Poles remembered losing their life savings in the 1950s when the communists had exchanged old money for new. So the central bank, then headed by Hanna Gronkiewicz-Waltz, Warsaw’s current mayor, had to be very careful in how it communicated the change with society.

On January 1, 1995, the Polish zloty got a new official code, PLN (the “N” stands for new) instead of PLZ, and dropped four zeros. Unlike many other denominations and currency switches, both currencies were allowed in circulation for a full two years, until the end of 1996. But most people decided to get rid of the old money quickly—by the end of 1995 Poles exchanged half of the old notes.

Today, the National Bank of Poland estimates there are still about 8,300 pieces of old notes and coins out there, valued at about 175 million (new!) zlotys ($57.8 million).

Philippine Unveiled New Series of Banknotes

2010-12-16T09:40:00.000-08:00

BusinessWorld
Friday, December 17, 2010 | MANILA, PHILIPPINES

"NEW GENERATION" bank-notes featuring fresh and old elements as well as upgraded security features were bared yesterday and will go into circulation starting this month.

Old faces were maintained with the late former president, Corazon C. Aquino, the only new addition. She joined her husband, the late former senator Benigno "Ninoy" Aquino, Jr. on the P500 bill.

The P500 bill is historic as it features three Aquinos: the two democracy icons and the signature of their son, President Benigno S. C. Aquino III, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said at the launch in Malacañang.

The bills’ reverse sides were all changed to feature a landmark, an animal and indigenous designs: the P20 gets the Banaue Rice Terraces, a palm civet and a weave from the Cordilleras; the P50, Taal lake, a Giant Trevally fish and embroidery from Batangas; the P100, Mayon volcano, a whale shark and an indigenous textile detail from Bicol; the P200, the Chocolate Hills, a Philippine tarsier and a design from the Visayas; the P500, the Subterranean River National Park in Palawan, a blue-naped parrot and a woven cloth design from the Southern Philippines; and for the P1,000, the Tubbataha Reef Marine Park in Sulu, the Pinctada maxima oyster, and a tinalak design from Mindanao.

Younger faces were also used for the personalities featured: former presidents Manuel L. Quezon (P20); Sergio Osmeña (P50); Manuel A. Roxas (P100); Diosdado P. Macapagal (P200); Mr. Aquino’s parents (P500); and Girls Scouts of the Philippines founder Josefa Llanes Escoda, first Filipino West Point graduate Vicente P. Lim and former Chief Justice Jose Abad Santos (P1,000).

Colors for the most part were retained.

Mr. Tetangco said the launch of the new banknotes marked the start of a gradual shift to a new currency series, adding that new security features "are representative of the reforms we are undertaking to ensure honest transactions." -- A. M. G. Roa

Taiwanese expert puts together £4,000 financial jigsaw

2010-12-09T07:15:00.000-08:00

Owen Bowcott and agencies
guardian.co.uk, Thursday 9 December 2010 11.49 GMT

Jigsaw addicts start with corners and straight edges, working inwards to complete the picture, but an expert from the Taiwanese Justice Ministry reversed the process when she pieced together a uniquely complex financial puzzle.

Liu Hui-fen was presented with a bag of 200 mutilated New Taiwan $1,000 notes that a businessman named only as Lin had inadvertently dropped into his company's industrial scrap machine.

Each was torn into some 20 pieces. Liu, a 30-year-old forensic scientist, reassembled all the cash – amounting to $200,000 (£4,000) – in seven days, a task she said had "required patience".

Confounded at first by the unwieldy pile of scraps, Liu soon found a way to attack the problem. She located the Chinese character guo – or country – on each bill and then worked outwards.

When the job was finally completed, she said it was the most difficult she had ever accomplished, but added that she had enjoyed helping Lin out.

Liu usually investigates handwriting samples but has a special brief to work on cases dealing with torn cash and has handled 247 in the past five years.

"I was so happy whenever I was able to put a piece into its right place," she said.

The Justice Ministry in the Taiwanese capital, Taipei, has a special investigations unit that offers a free service repairing damaged cash. It receives around 250 cases of damaged notes each year following fires and accidents.

The central bank determined that the shredded notes had been restored to its requirement for three-quarter completeness, and will return the cash to the lucky Lin.

A chastened Lin expressed his sincere gratitude for Liu's perseverance and said: "I'm sorry the job brought her so much trouble."

Further Problem with Production of New U. S. $100 Bill

2010-12-09T07:04:00.000-08:00

CNBC
updated 12/6/2010 2:47:42 PM ET 2010-12-06T19:47:42

A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, CNBC has learned.

Initially scheduled for release in February of 2011, the new bills were announced with great fanfare by officials at the Treasury Department and the Federal Reserve in April.

At the time, officials announced the new bills would incorporate sophisticated high-tech security features, including a 3-D security strip and a color-shifting image of a bell designed to foil counterfeiters.

But the production process is so complex, it has instead foiled the government printers tasked with producing billions of the new notes.

An official familiar with the situation told CNBC that 1.1 billion of the new bills have been printed, but they are unusable because of a creasing problem in which paper folds over during production, revealing a blank unlinked portion of the bill face.

A second person familiar with the situation said that at the height of the problem, as many as 30 percent of the bills rolling off the printing press included the flaw, leading to the production shut down.

The total face value of the unusable bills, $110 billion, represents more than ten percent of the entire supply of U.S. currency on the planet, which a government source said is $930 billion in banknotes. For now, the unusable bills are stored in the vaults in "cash packs" of four bundles of 4,000 each, with each pack containing 16,000 bills.

Officials don’t know exactly what caused the problem. "There is something drastically wrong here," a person familiar with the situation said. "The frustration level is off the charts."

Quarantined
Because officials don’t know how many of the 1.1 billion bills include the flaw, they have to hold them in the massive vaults until they are able to develop a mechanized system that can sort out the usable bills from the defects.

Sorting such a huge quantity of bills by hand, the officials estimate, could take between 20 and 30 years. Using a mechanized system, they think they could sort the massive pile of bills, each of which features the familiar image of Benjamin Franklin on the face, in about one year.

The defective bills – which could number into the tens of millions, potentially representing billions of dollars in face value – will have to be burned, they say. American taxpayers have already spent an enormous amount of money to print the bills.

According to a person familiar with the matter, the bills are the most costly ever produced, with a per-note cost of about 12 cents – twice the cost of a conventional bill. That means the government spent about $120 million to produce bills it can’t use. On top of that, it is not yet clear how much more it will cost to sort the existing horde of hundred dollar bills.

Officials say they remain optimistic that the majority of the 1.1 billion bills will eventually be cleared for circulation.

The problem with the new hundred-dollar bills has remained largely hidden from public view, despite a press release issued by the Federal Reserve on Oct. 1 that announced "a delay in the issue date" of the new bills and cited "a problem with sporadic creasing of the paper."

The redesigned bills are the first $100 bills to feature Treasury Secretary Tim Geithner’s signature. But to stave off a cash crunch as existing $100 bills deteriorate and can’t be replaced, the Federal Reserve has ordered renewed production of the current-design $100 bills, which feature Bush Treasury Secretary Hank Paulson's signature and do not have the new security features.

Officials say that is an important step, because there are 6.6 billion $100 notes in circulation at any given time, and they wear out quickly. Reprinting the current design bills will prevent any disruption in the global circulation of US currency.

The production of American banknotes is a convoluted process. The paper is manufactured by Crane & Company, which has continually supplied the government since 1879. Design and production of the bills is handled by the Department of Treasury and its Bureau of Engraving and Printing. But the currency is actually issued by the Federal Reserve, which is why the bills are emblazoned with the phrase "Federal Reserve Note."

Anti-counterfeiting measures
The new $100 note is the latest denomination of U.S. currency to be redesigned with special anti-counterfeiting features. Treasury first introduced the redesigned $20 note in 2003 and has also redesigned the $50, $10 and $5 notes.

The government says that more than a decade of research and development went into the new security features on the redesigned $100.

The bill features a blue, three dimensional security strip that pictures bells that change to 100s as the strip is tilted. The ribbon is woven into the paper, not printed on it, which is why it is the focus of speculation as a potential cause of the paper creasing problem on the printing presses. The note also features another color-shifting image, of a bell inside an inkwell. The bell shifts color from copper to green as the bill is tilted.

As part of the rollout effort for the new $100 bills, the government set up a website explaining the changes, which can be seen at this website.

After they were printed, officials discovered that some of the new bills have a vertical crease that, when the sides of the bill are pulled, unfolds and reveals a blank space on the face of the bill. At first glance, the bills appear completely printed, but they are not.

Officials have mixed views on what caused the problem, and who is responsible for it. "This is not about assigning blame," said one. But another person familiar with the matter said finger-pointing has already begun. "The Fed’s very unhappy, and the Bureau of Engraving and Printing is taking a beating unnecessarily," the person said. "Somebody has to pay for this."

The Story of the Five Ancient Chinese Notes from Tang to Ming Dynasty

2010-10-04T15:25:00.001-07:00

Tang Dynasty
30 Kuan
860-874

Southern Sung Dynasty
20 Taels
1275-1276

Yuan Dynasty
4 Kuan
1330-1332

Ming Dynasty
10 Kuan
1403-1425

Ming Dynasty
1 Kuan
1643

By Nutmegcollector
October 4, 2010

For over 150 years, these five notes had been the prized possession of some very savvy collectors and dealers who believed they were genuine surviving specimens of ancient Chinese paper money.

The notes purported to come from the Pflummer collection, which was sold to an English nobleman, the Marquess of Bute, who, in turn, sold the collection to Spink. They were later acquired by Ted Uhl, a prominent paper money dealer.

Around 1983, Uhl sold the set to George D. Hatie, General Counsel and Immediate Past President of American Numismatic Association (ANA). Hatie began to doubt the authenticity of these notes. He sought advices from several experts in ancient Chinese money, among them, Bruce W. Smith and Sup Loy.

For many years, the single source "proof of authenticity" had been an 1833 Chinese numismatic catalog, 泉布统誌, Ch'uan Pu T'ung Chih (Ancient Coin Catalog) by Lin Meng. The catalog was translated in 1918 by Kojiro Tomita for Andrew McFarland Davis, who published it under the title "Ancient Chinese Paper Money as Described in a Chinese Work on Numismatics". Under close scrutiny, the experts saw many inconsistencies in the catalog and concluded it's a hoax, and the notes, copied from those described in the catalog, are forgeries*. These notes were believed to be printed in the 1800s, and began turning up in the West in the early 1900s. Experts in Chinese notes now generally acknowledged that they were the product of someone's imagination. Genuine ones simply do not exist and never did exist. The work may have been based on forgeries that the author believed were real, but the other possibility is that the author was the forger. In any event, the book and the notes are bogus.

Upon learning that these notes most likely were not genuine, Hatie returned them to Uhl for a refund. So whatever happened to these five notes? As it turned out, the set somehow ended up in the collection of William H. McDonald, Founder of Canadian Paper Money Society (CPMS). I bought them from his son-in-law who inherited the notes.

* Actually, only the first four notes are based on the Ch'uan Pu T'ung Chih. The last note ( Ming 1 Kuan) is a copy of a facsimile drawing of such a note from a book, General History of China, originally published in French in 1736 by P. Du Halde. Both the drawing and the note have characteristics done in a similar inexperienced handwriting and therefore, a forgery.

How do we know the Ch'uan Pu T'ung Chih is bogus?

Bruce W. Smith wrote:

1. First, every Asian scholar who has mentioned the work, has labeled it a fraud. These scholars include Dr. Lien-Shen Yang of Harvard; Dr. Thomas F. Carter, author of the standard work "The Invention of Printing In China"; Paul Pelliot, the French scholar; and Karl Wittfogel in his book "History of Chinese Society - The Liao Dynasty".

2. These scholars pointed out errors in the texts of the notes; terms that hadn't yet been invented; place names that were not in use at the time of the notes; etc.

3. The first clue to the bogus nature of the book is that the notes, though covering an 800 year range, all look pretty much alike. In fact, they are all based on the Ming note. All have a heading at the top, decorations around the edge, a pictorial representation of the value in the upper center, and a date and text about counterfeiting at the bottom. It is reasonable to assume that the first Chinese notes would be rather simple looking, and that the design and layout would change over 800 years.

4. Furthemore, the names and denominations of the notes described in the Ch'uan Pu T'ung Chih do not agree with descriptions in official government records of the various dynasties. (as published in the official dynastic histories).

5. Finally, there are in existence today a number of plates used to print notes of the Chin (Jin) and Yuan dynasties. These have been published in various Chinese and Japanese works, but are little known in the West. These plates do not match the notes shown in the Ch'uan Pu T'ung Chih. Also, there are some genuine notes of the Chin (Jin) and Yuan dynasties extant today. Several different notes have been found by archaeologists and are preserved in Russia, Sweden and China. These notes have been published in those countries, but are almost unknown to collectors, especially in the USA. These notes also do not match those in the Ch'uan Pu T'ung Chih.

New U. S. $100 Bill Delayed

2010-10-01T18:22:00.000-07:00

The Bureau of Engraving and Printing
October 1, 2010

On October 1, the Federal Reserve Board announced a delay in the issue date of the redesigned $100 note. This new design incorporates cutting edge, anti-counterfeiting technologies and the Federal Reserve imposes strict quality controls to ensure that users of U.S. currency around the world receive the highest quality notes. The Bureau of Engraving and Printing manufactures Federal Reserve notes and has identified a problem with sporadic creasing of the paper during printing of the new $100 note, which was not apparent during extensive pre-production testing. As a consequence, the Federal Reserve will not have sufficient inventories to begin distributing the new $100 notes as planned.

The Bureau of Engraving and Printing is working to resolve this problem, and the Federal Reserve Board will announce a new issue date for the redesigned $100 note as soon as possible. The originally scheduled issue date was February 10, 2011.

Town’s scarce banknote goes under hammer

2010-09-21T06:35:00.000-07:00

Scarborough Evening News
September 21, 2010

A “SCARCE” Scarborough banknote produced nearly 200 years ago when Scarborough printed its own money is set to fetch up to £120 at an auction later this month.

The valuable black and white one guinea note (or £1.05p in modern money) is emblazoned with the words ‘Scarbrough(sic) Bank’ and was produced in 1818, during the reign of King George III and the year before Queen Victoria’s birth and when Scarborough was less than a tenth of its present size.

The privately-owned Scarborough Bank was launched in 1792 by four North Yorkshire businessmen named Hayes, Leatham, Hodgson and Lister and was based in Queen Street, Scarborough. In 1802,the bank was owned by Lister & Co and became known as Lister’s and then, later on, as Moorson’s Bank.

For some time before 1816 Lister recruited a business partner named William Moorson, whose signature appears on the 1818 banknote coming up for sale at Spink in Bloomsbury, London, on September 29. But in 1822, four years after producing this note, Scarborough Bank went bust in spectacular fashion, with liabilities of £70,000.

In the late 1700s and early 1800s, there were hundreds of privately-owned banks in Britain all printing their own money, as it was too difficult and dangerous to bring in big quantities of cash from London in those days before motorways and security firms.

Barnaby Faull, head of the banknotes department at London auctioneers, Spink, said: “All towns and cities in Britain used to issue their own banknotes. Merchants would get together and start up their own banks, but their notes, which were like IOUs, could only be used locally. So when these provincial banks like Scarborough’s went bust, their notes became worthless.”

The one guinea note coming up for sale at Spink would not have been owned by the average Scarborough worker as this note represented several months’ wages for many workers in those days.It is more likely to have been produced for a property deal or some other commercial transaction.

Mr Faull added: “Scarborough banknotes are scarce. I haven’t seen that many.”

The Scarborough note, which features the bank’s castle emblem in the top left hand corner, is in “very good” condition according to Spink. Six years ago an 1819 Scarborough £1 note came up for sale at Spink and before the auction it had been expected to fetch between £120 and £180, but sold for £240. In recent years, notes produced by English provincial banks in the 18th and 19th centuries have become sought after and increasingly valuable.

At Spink, in London on April 27 2004 an 1829 Wirksworth & Ashbourn Bank five pound note, from Derbyshire, was expected to sell for between £300 and £500, but it ended up selling for £3,335 which set a new world record for an English provincial banknote.

Spink are now offering a free valuation service for Evening News readers.

Mr Faull said: “Banknotes can turn up in unlikely places. Sometimes they were placed in old family Bibles for safekeeping and then perhaps forgotten, so that is always a good place to start the search.”

What Would It Take To Redesign American Currency?

2010-08-19T10:43:00.000-07:00

By Allie Townsend
TIME NewsFeed

An Obama $1 bill? See one British design firm's reimagination of the dollar – now in blue.
UK-based design firm Dowling Duncan has given U.S. currency a modernized face lift, redesigning U.S. banknotes in a rainbow of colors. An entry for The Dollar ReDe$ign Project competition, Dowling Duncan's new dollar aesthetic is surprisingly joyful. Their take on U.S. bills feature historical facts and figures: a tepee on a purple five, the Bill of Rights on a yellow 10, 20th-century scientific and manufacturing achievements on a green 20, the 50 states on a red 50 and an FDR time line on an orange 100.

The visually appealing bills focus on some of America's greatest moments and honestly, have made us look at into our own wallets with disappointment. We never pictured greenback as a drab reminder of U.S. hedonism and a failing economy – until now. Sorry, Mr. Washington.

Dowling Duncan redesign the US bank notes
14 August 2010 05:16

We have submitted a design concept to a competition being run by New York designer Richard Smith. The Dollar ReDe$ign Project hopes to bring about change for everyone. Richard Smith states that he ‘wants to rebrand the US Dollar, rebuild financial confidence and revive our failing economy.’

Why the size?
We have kept the width the same as the existing dollars. However we have changed the size of the note so that the one dollar is shorter and the 100 dollar is the longest. When stacked on top of each other it is easy to see how much money you have. It also makes it easier for the visually impaired to distinguish between notes.

Why a vertical format?
When we researched how notes are used we realized people tend to handle and deal with money vertically rather than horizontally. You tend to hold a wallet or purse vertically when searching for notes. The majority of people hand over notes vertically when making purchases. All machines accept notes vertically. Therefore a vertical note makes more sense.

Why different colors?
It’s one of the strongest ways graphically to distinguish one note from another.

Why these designs?
We wanted a concept behind the imagery so that the image directly relates to the value of each note. We also wanted the notes to be educational, not only for those living in America but visitors as well. Each note uses a black and white image depicting a particular aspect of American history and culture. They are then overprinted with informational graphics or a pattern relating to that particular image.

$1 – The first African American president
$5 – The five biggest native American tribes
$10 – The bill of rights, the first 10 amendments to the US Constitution
$20 – 20th Century America
$50 – The 50 States of America
$100 – The first 100 days of President Franklin Roosevelt. During this time he led the congress to pass more important legislations than most presidents pass in their entire term. This helped fight the economic crises at the time of the great depression. Ever since, every new president has been judged on how well they have done during the first 100 days of their term.

An Introduction to Federal Reserve Notes

2010-08-17T11:27:00.001-07:00

NUMISMASTER.com
By George Cuhaj
August 16, 2010

The “Nations Bank” is the Federal Reserve. It is broken up into 12 districts – Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. Each of these branches control cash within their service areas, and the New York Fed branch is also given the job of international distribution of cash.

Each district can order qualities of currency from the Bureau of Engraving and Printing. On Federal Reserve Notes the seal color is green. Starting with the 1928 series the Federal Reserve bank name is in a seal at the left side of the note and has a large number in the center. On notes starting with the 1934 series the number in the seal switches to a letter. Each branch has a number-letter combination, Boston is A-1, New York B-2, and so on thru San Francisco L-12.

As an additional security feature that Branch letter is also printed as the starting letter in the serial number (the seal letter and the serial number prefix letter have to match). On currency greater than $5. with a series date since 1996, the Federal Reserve branch letter and number is now printed under the top left serial number, and the branch letter is printed as the second letter in the serial number prefix.