Innholdsfortegnelse for April 2023 i Banknote Reporter

Banknote Reporter|April 2023

Thriving Kansas Banks

For this month’s article, I selected a nice note from my collection that I acquired many years ago and thought its location would be an interesting and historical sojourn. So, this month, let’s travel to the Eastern Kansas prairie, and look at historic Fort Scott, Kan. Fort Scott, Kan., currently the seat of Bourbon County, and a small city of around 7,500 residents, was, as expected, founded as a frontier military post. In 1842, the Department of the Army decided to erect a fort at what is now Fort Scott to delineate the border between white settlement and Native American lands, and to protect white settlers from attacks from Osage Indian tribes, which had become more frequent. After haggling with Cherokee Indians who owned the site, a deal was reached,…

7 min

Banknote Reporter|April 2023

Trigometric Offers Asian Rarities

Hundreds of rare bank notes are being offered in the Trigometric March 2023 Auction, running from Feb. 24 to March 30, 2023. The auction series is divided into three parts: Session 1, Session 2 and Session 3. One of the most impressive lots in this sale is a very rare five-piece Malaya 1940-41 Specimen set (Session 1, lot 3509) with an estimate of 300,000 to 500,000 RM (about $67,000 to $111,000). This set includes a 1941 1 Cent graded PMG 65 Gem Uncirculated EPQ, a 1941 5 Cents graded PMG 40 Extremely Fine EPQ, a 1941 10 Cents graded PMG 65 Gem Uncirculated EPQ, a 1941 20 Cents graded PMG 64 Choice Uncirculated EPQ and a 1940 25 Cents graded PMG 45 Choice Extremely Fine NET. The notes all show…

2 min

Banknote Reporter|April 2023

Reader’s Showcase

The pair of Series of 1899 $1 silvers illustrated was pulled together by former SPMC president Shawn Hewitt and represents a case of paying attention and perseverance. These notes purchased from entirely different sources are from the top position on consecutive sheets. The remarkable feature of them is that the top note (serial ending 65) is a make-up replacement note, whereas the bottom note is a normal production piece. The two are distinguished by their serial numbers. Compare their serials and note the differences between the shapes of the 2s and 4s. The 2s and 4s on the upper note are definitive for number wheels on paging machines used to number replacement sheets for misprints whereas the 2s and 4s on the lower note are characteristic of the numbering wheels…

2 min

Banknote Reporter|April 2023

De La Rue Suspends Kenya Operation

The world-renowned security printing firm of De La Rue plc is temporarily suspending its operations in Kenya while the company continues its dispute over owing taxes and tries to ward off an investigation into allegations regarding a contract with the government of India. The Basingstoke, England based company is also waiting to see if King Charles III of England will decide to print new bank notes on which his vignette will appear. According to a January 21 posting on the web site ThisIsMoney.co.uk, “the eco-friendly king has decided that wallets full of new bank notes would be wasteful, and only wants ones with his image to be printed gradually, to replace those soon to go out of circulation.” One day earlier the bank note printer acknowledged that while the company…

3 min

Banknote Reporter|April 2023

PMG at 2023 Central States Convention

PMG will be accepting regular submissions for all service levels at the Central States Numismatic Society Convention, in Schaumburg, Ill. from Wednesday, April 26 through 12:00 p.m. on Saturday, April 29, 2023. Cut-off time may change due to submission volumes. Check with PMG staff at their booth for the submission cut-off time. All submissions will be sent to PMG headquarters in Sarasota, Florida for authentication, grading and encapsulation. Services include ancient, U.S. and world coin grading, U.S. and world note grading, PreScreen Bulk submissions, imaging and more. Questions before the event can be directed to PMG Customer Service at service@PMGnotes.com, or 1-877-PMG-5570 (764-5570). During the convention, please visit their booth to get answers to any questions about services offered by PMG. Please remember that PMG does not provide opinions or…

1 min

Banknote Reporter|April 2023

SHOW CALENDAR

ALABAMA Jul 8-9 AL, Bessemer. Alabama Numismatic Society Annual Convention. Civic Ctr., 1130 9th Ave. SW. SH: Fri. & Sat. 10-6; Sun. 10-3. SP: Alabama Numismatic Society. A: Free. F: $250. Corbitt Chandler. PH: 205-616-9385 or jcolyn@aol.com or alabamacoinshow.com. ARIZONA Apr 16 AZ, Phoenix. Camelback Collectibles Coin Show. El Zaribah Shrine Auditorium, 552 N 40th St.. SH: 8-2. A: Free. Bill Jernigan. PH: 480-227-3604 or xaviercoins.bill@gmail.com. Apr 16 AZ, Tucson. Tucson Coin Club Coin & Stamp Show. Woman’s Club, 6245 East Bellevue St.. SH: 9-3. SP: Tucson Coin Club. A: Free. T: 35. F: $45. Jerry Adamczyk. PH: 520-305-5513 or jerryaz631@gmail.com. May 21 AZ, Phoenix. Camelback Collectibles Coin Show. El Zaribah Shrine Auditorium, 552 N 40th St.. SH: 8-2. A: Free. Bill Jernigan. PH: 480-227-3604 or xaviercoins.bill@gmail.com. Jun 11 AZ,…

27 min

Banknote Reporter|April 2023

Low Numbers on Large Size Federal Currency Caused Bottleneck

Before the invention of leading zeros as placeholders for numbering small size currency, the handling of low serial numbers was a serious bottleneck in the numbering of currency at the Bureau of Engraving and Printing. Serial numbering U.S. currency was considered to be an important check on runaway printing of currency by a reckless government as well as a convenient accounting device. Consequently, huge investments in labor and machines were and continue to be made to print a unique number on every note. Up until 1903, all serial numbers were applied to currency on paging machines operated by women. The machines stamped the numbers onto currency in sheet form one number at a time. Think about this burden. In 1900, the BEP cranked out 100 million pieces of currency. By…

7 min

Banknote Reporter|April 2023

PAPER MONEY MARKET

Looking for Deals with Dealers A bit of a slowdown after FUN. But a surprisingly high bid on a 5 cent third issue note, Fr. 1237 in a 65 grade, went for $2,880 as opposed to a previous valuation of $700. What did the bidder know, or not know? A 1935B $1 silver certificate note in 69 grade brough $360. As I ’ve said in previous columns, check the condition of your 1957 series $1 bills. In last month’s column you might have wondered what 50 cent Fractional note went for $2,880? It was Fr. 1324, which I have always considered a rather common not. Looking at mostly Tuesday night prices from weekly Heritage auctions I notice that more Fractional notes are not the only note categories to vary considerably…

3 min

Banknote Reporter|April 2023

Proof of the Month

This proof is a real jewel from a neighborhood bank seven miles south of the center of Chicago facing Lake Michigan. Hyde Park hosts the University of Chicago. Spacious Washington Park abuts it to the west and Jefferson Park with a lagoon, Museum of Science, beaches and other amenities is to the east along the lake. The only problem with this proof is that although a plate was made, the bankers never took out circulation thus depriving Chicago collectors of some great notes. The bank was organized on Aug. 1, 1928, right at the end of the Series of 1902 era, so as such the plate carried the rare Woods-Tate Treasury signature combination. Only nine banks in the entire country issued notes with the Woods-Tate combination, the second to last used…

1 min

Banknote Reporter|April 2023

The Clark 5-Cent Fractional Note

In early 1792 there was a contentious argument between the Senate and House of Representatives about a plan to put presidential portraits on the gold and silver coins of the United States. The idea had been put forth by a Senate committee when drafting the first coinage law for the new federal government. The Senate passed the legislation containing the portrait provision but the House objected. It is said, but perhaps on shaky grounds, that President George Washington intervened with the Senate, asking them to drop the provision as smacking of monarchy. Whatever the reason, in due course the Senate reluctantly agreed to omit the disputed section and the first coinage act was signed into law by the President in early April 1792. For the next several decades, the question…

10 min

Banknote Reporter|April 2023

Newman Plate Notes Featured in Kagin’s Auction of John J. Ford Colonial Currency

Kagin’s Auctions will be offering 58 plate notes from the standard colonial currency reference, The Early Paper Money of America by Eric P. Newman. The first online only auction is scheduled for May 20, 2023, and the second Sept. 23, 2023. Each auction will contain scores of Newman plate notes and rarities. Reference works typically illustrate the Finest Known Specimens of each type or variety listed as their plate notes, and that certainly is the case with these John J. Ford Highlights notes. “It is quite rare these days to encounter an auction sale with even 5 percent of the coins or currency being finest known specimens. Even the top 18th century Registry Sets don’t usually contain more than 10 percent of reference plate notes in their offering,” observed Donald…

3 min

Banknote Reporter|April 2023

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1 min

Banknote Reporter|April 2023

Australia Bank Note To Drop Monarch

It would be both disrespectful and incorrect to inform King Charles III he has been fired, but it is true future Australian $5 bank notes will not carry his majesty’s vignette. Yes, the king, who became Britain’s monarch in 2022 when his mother Queen Elizabeth II died at the age of 96 will appear on Australia’s coins. The $5 Reserve Bank of Australia bank note was the last of Australia’s notes on which the monarch’s effigy appeared. The central bank made its decision to drop the new monarch from the $5 bill following consultation with the Labor Party government, which is in favor of making this change. As might be expected opponents of the Labor Party said they believed the decision was politically motivated. Charles role as Australia’s head of…

3 min

Banknote Reporter|April 2023

Nigeria Struggles with Currency Reform

In with the new, out with the old? Apparently, that isn’t necessarily true if you are one of the proponents of moving on from Nigeria’s soon to be obsolete currency to what is inevitably going to circulate. Nigeria’s currency crisis has been ongoing. Inflation is rampant. Coins barely exist. Bank notes are hoarded by banks and money handlers known as Point of Sale operators. As of late 2022 an estimated 84.71 percent of naira denominated bank notes were in circulation “outside commercial banks’ vaults.” The Central Bank of Nigeria lent about $50 billion U.S. to the federal government without the government pledging any collateral against the loan. The central bank planned to introduce redesigned bank notes, however even the news of this change saw the naira exchange value depreciate…

3 min

Banknote Reporter|April 2023

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1 min