IBNS Sample Journal

VOLUME 56, NUMBER 1, 2017
International
Bank Note Society Journal
Preserving
the Smithsonian’s
Numismatic Collection
Tamar: The Lady King
Signatures on
Presidency Banknotes
of India
Bradbury in the
Belgian Congo
Language Hierarchy
on Banknotes
Interview with
Victoria Cleland
Chief Cashier, Bank of England
Circular Letters
of Credit
Part 1: America
Multilingual Banknotes
President’s Message Table of
Contents
W
inter in North Dakota is such a great time of year to stay indoors and work
on banknotes. Outside we have months of freezing temperatures with
many subzero days and brutal windchills down to – 50°. Did you know
that – 40° is the only identical temperature on both the Fahrenheit and Centigrade President’s Message.......................... 1
scales? Add several feet of snow piled even higher after plows open the roads and
From the Editor................................. 3
you’ll understand why the early January FUN Show in Florida is such a welcome
way to begin the New Year and reaffirm the popularity of numismatics. IBNS Hall of Fame............................ 3
This year’s FUN Show had nearly 1500 dealers. Although most are focused on U.S. Obituary............................................. 5
paper money and coins, there were large crowds and ever more world paper money. It
was fun (no pun intended) to see so many IBNS members, including several overseas Banknote News................................. 7
guests, and to visit representatives from many auction companies. Besides the major Preserving the Smithsonian’s
numismatic shows each year, there are a plethora of local shows almost everywhere
Numismatic Collection’s
with occasional good finds and great stories to be found.
International Banknotes
The increasing cost of collecting banknotes is among everyone’s top priority. At FUN Kelly Lindberg..................................11
I visited with Sandy Bashover, founder of the internet company Track & Price. For
16 years Sandy has tabulated auction prices for U.S. banknotes. A year ago he began Georgia: Tamar The Lady King
doing the same for world banknotes using mostly Pick numbers. Recently he topped David Lok (9984).............................13
the million entries mark and adds 500-2000 new prices per day. While the listings are
Signatures on Presidency
not always perfect, they do offer valuable guidelines to current auction sales. To have a
30 day free trial subscription go to “trackandprice.com” and check it out for yourself. Banknotes of India
The platform is already being used by many collectors and auction companies. I’m Nilaish Nilaish (11717-R)................15
certain there are also other similar systems available to provide more pricing options Bradbury in the Belgian Congo:
than just the often less than current valuations in the Standard Catalog of World Paper An Early Story of Unrequited
Money. I would appreciate receiving information on other world banknote pricing
Love in 10 Archive Photo Proofs
services.
Jaime Sanz (LM155)........................19
2016 Banknote of the Year
Language Hierarchy
By the time you receive this issue of the IBNS Journal, voting will have been complet-
on Banknotes
ed for the 2016 Banknote of the Year. The winner will be announced publicly after
the Board Meeting in Valkenburg, Netherlands. There were a record 19 banknotes N.A. Shneydor (10553)....................23
nominated for the 2016 BNOY Award and I predict a close vote. Members can follow Interview with Victoria
current banknote releases in the “New Issues” section of each IBNS Journal and are Cleland, Chief Cashier
encouraged to nominate a personal favorite in 2017.
of the Bank of England
2016 Book of the Year and Literary Awards Jonathan Callaway (3575)...............32
The 2016 Book of the Year and Literary Award winners will be announced after the
Circular Letters of Credit
Kansas City (formerly Memphis) International Paper Money Show in mid-June 2017.
Part 1: America
It’s not too late to submit a book for consideration as long as it was released in 2016.
Please contact either Joel Shafer or myself as soon as possible if you have a contender. Ilkka Mäkitie (LM-144)...................37
Multilingual Banknotes
2016 IBNS Hall of Fame
Each year IBNS Hall of Fame Nominations are open throughout the month of May. Around the World
Every IBNS member has the privilege of making a nomination so start thinking about Urs Graf (0863-R)............................44
it now. After nominations close, the process of final selection rests with your Board Book Reviews................................... 49
of Directors.
New Issues ....................................... 52
Remember that by the time you receive this issue of the IBNS Journal it will be time
for the Maastricht Spring World Paper Money Fair in Valkenburg, Netherlands. I look News from the Chapters................ 66
forward to seeing everyone there so please come up to say hello. Since the IBNS Board
Society Officers.................................74
of Directors will be meeting there, please also let me know if you have any items for
discussion. World banknote collecting and research continues to be an amazing and New Members.................................. 75
stimulating challenge.
Ad Index........................................... 80
Dennis J. Lutz, M.D.
IBNS President
This edition:
The IBNS Journal content is copyrighted by its authors and may not be reproduced in any form without the written consent of the author or the
International Bank Note Society (www.theIBNS.org). The IBNS Journal is published by the International Bank Note Society (IBNS) for its members. The Edited by Alexander Kort
views and opinions presented by contributors are those of the authors and do not necessarily reflect the views and opinions of the IBNS. While effort is Printed and distributed by Buxton Press
made to ensure accuracy of material published, including in advertisements, the IBNS takes no responsibility for errors and omissions. Layout & production by Hera Lee
INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 1

2 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1
From the Editor
Hello and welcome to issue 56.1 of the International Banknote We have some wonderful contributions in this issue, and sever-
Society Journal. As I begin my second year as editor, I’d like to al are parts of larger projects. Ilkka Mäkitie’s work on Circulars
my express gratitude to the contributors, the board, and most will continue with details on European and more British Circu-
importantly to you the readers: the members of the IBNS. It has lars arriving later this year. Nilaish Nilaish’s piece on signatures
been an interesting winter to say the least, with a lot of action prompted me to undertake a late night survey into the history
in the worlds of politics, economics, and trade. These aspects of of India’s Presidency banks, and how they have evolved. A fas-
our world directly effect change in the world of banknotes and cinating topic.
it is fascinating to watch history reveal itself.
Banknotes are some of the most deliberately constructed doc-
Studying banknotes, one quickly learns that a change in uments humans have ever crafted. We hope here at the journal
currency often corresponds with significant changes for the that we can continue to feature the work of scholars and enthu-
people using them. Their government might have reformed or siasts in the field and present that work in the most flattering
revolted or been taken over from the outside. Old powers fade light possible. With that goal in mind, we welcome our new
and new ones grow to take their place, and these changes are layout provider, Hera Lee, whose hard work on this issue we
chronicled in the banknotes of the world. In them we get a hope you’ll appreciate.
view into the personalities of the people, the lay of the land,
the values and interests of the culture of those who will use Alexander Kort (11515)
them. When we observe the history of banknotes as a whole
or in part, we can glean insights into the power of culture, and
the culture of power.
IBNS Hall of Fame

dedication and research in the area of paper money collecting have laid the foundations
of the hobby today. The list of inductees, begun in 2010, will be built up over the years
and with it, it is hoped, an appreciation of the historical development of world paper
money collecting. The current inductees (in alphabetical order of family name) are:
Milan Alusic Mike Crabb Arthur C. “Art” Matz Ward D. Smith

Yasha Beresiner Gene Hessler Dwight Musser Mel Steinberg
Milt Blackburn Ruth Hill Colin Narbeth Peter Symes
Joseph E. Boling Arnold Keller Fred Philipson Pam West
Weldon D. “Burt” Burson Jimmie Lawrence Albert Pick Trevor Wilkin
Amon G. Carter Walter Loeb John Sandrock
King On Mao Neil Shafer

Obituary
Dear IBNS Members,
With great sadness I must inform you that Margaret Spick the seventies, eighties and nineties and had played a major
passed away last Saturday evening, 11th February 2017. part in supporting IBNS events and activities at home, in
the Netherlands, and in the USA. When I contacted local
Margaret was admitted to hospital just into the New Year
members in the year 2000 with the idea of forming an East
where it was discovered she was in the advanced stages of a
Midland Chapter, Margaret and Roy were the first to invite
form of cancer that was attacking her major organs. Mar-
me round for tea and cake and gave me all the support and
garet was accompanied home where she was cared for by
encouragement needed to form, what has become, a very
members of her family and by the caring profession. She
active chapter.
died peacefully in the home she loved and had shared with
her late husband Roy. The happy, friendly, smiley Margaret I know, who collected
everything related to cats (and not just on banknotes) will
I had brief ly spoken to Margaret just over a week before
be very sadly missed.
her death. She sent her best wishes to members of the East
Midlands Chapter and the wider IBNS but admitted it Kindest regards,
might be the last time we would see her at our meetings.
Simon Biddlestone (7235)
How perceptive.
Many will remember how Margaret, and indeed Roy, had
regularly attended the London Chapter meetings during
Errata
In IBNS Journal 55.4, the letter to the editor entitled “Adding Value” was unattributed. The author was Martien van de Ven (10864)
auction
Every week !
Starting price 1€
Bid on www.cgbfr.com
Follow us on
CGB - 36 rue Vivienne 75002 PARIS - FRANCE

Tel. : +33 (0)1 40 26 42 97 mail : [email protected]

BANKNOTE WORLD
Buying and Selling

World Banknotes, Coins, & Bullion.
Large stock of
Zimbabwe Banknotes
We have a large collection of We Wholesale Banknotes and Coins

PMG/PCGS Graded Banknotes & Coins.
We sell Gold and Silver Coins.
Shop from anywhere in the World!

WWW.BANKNOTEWORLD.COM/SHOP
BNWorld Inc. 1641 Kaiser Ave, Irvine, California 92614 - U.S.A 888-448-9199 8:00 AM to 4:30 PM
Banknote News
Compiled by Murray Hanewich (3649)
KABUL IS UNEASY WITH OLD BANKNOTES He said there would be no problem if people returned their worn
banknotes to the ADB for exchange.
KABUL – Several residents of capital Kabul complain about
problems they face in using old banknotes for daily transactions. About exchange of old banknotes at lower prices by money-
changers, he said, “No one has the right to buy old banknotes at
The Afghan currency notes come in dominations including one,
lower price even with the difference of one afghani, it is a crime.”
two, five, 10, 20, 50, 100, 500 and 1,000 afghanis and coins of one,
two and five afghanis. Hashor said ADB annually collected four to five billion old af-
ghani banknotes and torched them. He said 220 billion afghanis
Edris Ahmad, a resident of Qala-i-Wahid area of Kabul city, told
were available for transactions.
Pajhwok Afghan News that old and rusty banknotes of one to 50
afghanis were in abundance in the market. Pajhwok Afghan News – 28/01/17
“I have several times clashed with shopkeepers and taxi drivers
over old banknotes,” he said.
Hashmatullah Bayan, a member of the Wolesi Jirga commission
on legislation, also said most banknotes from one to 50 afghanis
had become unusable.
He confirmed facing problem in buying things in the market by
offering old notes to shopkeepers.
Ahmad Javid, a liquefied gas seller in Kolola Pushta area of Ka-
bul, said that most of customers gave him worn banknotes after
buying gas. NEW BANKNOTE DESIGN WAS
“This problem often leads to verbal exchanges between customers APPROVED IN MAY 2016, REVEALS RTI
and sellers. Wholesalers do not take old banknotes from me, so I MUMBAI – The design of new banknotes of Rs 500 and Rs 2000
also do not accept such banknotes from customers,” he said. denominations was approved at the May 19, 2016 meeting of the
Javid said moneychangers also bought worn banknotes at lower Central Board of RBI, an RTI query has revealed.
prices compared to their normal rates. In his application, city-based activist Jeetendra Ghadge had
Nilab, a resident of Qala-i-Zaman Khan area, complained about sought the exact date of the approval of the design of new bills.
the poor condition of banknotes and said some people did not “The new design of the bank notes was approved by the Central
care about keeping their money safe. Board of Reserve Bank of India in its meeting held on May 19,
She asked people to keep their money safe from turning filthy 2016,” the Central Public Information Officer of RBI stated in the
and said the Afghan currency was national asset. response.
“I personally keep my money very safe, but I become angry when As per the Reserve Bank of India Act, 1934, general superinten-
shopkeepers give me old banknotes because some people do not dence and direction of the Bank’s affairs are taken care of by the
take them,” she said. central board of directors, a body headed by the governor of the
RBI.
Kabul residents asked Da Afghanistan Bank (DAB) to resolve the
problem. Haji Dad Gul, deputy head of Sara-i-Shahzada Money- Raghuram Rajan was governor of the apex bank during Septem-
changers Union in Kabul, confirmed that banknotes from one ber 2013-September 2016.
to 50 afghanis had turned old but said it was not a big issue to be RBI cited section 8(1)(a) of RTI Act to refuse information to Gh-
worried about. adge who had sought to know exact date of the first meeting held
He said banknotes were usable until their colors were visible or at the apex bank with the agenda to print new currency notes of
their corners not cut off. “Moneychangers do not exchange worn Rs 500 and Rs 2000 denominations, and the exact date for the
notes so people should take such notes to ADB for exchange,” he order allowing their printing.
said. Ghadge today said the RBI and its Governor need to come clean
However, he added moneychangers also could exchange old on the entire processes of demonetisation “so that responsibility
banknotes but with a little lower price. Carelessness in protection could be fixed and the common people’s trust is maintained.”
of banknotes and their low quality were reasons the notes turned Demonetisation of old Rs 500 and Rs 1000 bills was announced
old soon, he added. by Prime Minister Narendra Modi on November 8 last year.
Emal Hashwar, ADB spokesman, confirmed the quantity of 1 to RBI Governor Urjit Patel had recently appeared before the Par-
100 afghanis banknotes had increased in the market. liament’s Public Accounts Committee (PAC), and the Standing
Committee on Finance headed by former union minister and
He cited frequent usage of banknotes one of the reasons, but
senior Congress leader Veerappa Moily, to clarify on demoneti-
rejected the claim of low quality. He said ADB was careful about
sation.
banknotes as one to 100 afghanis notes had the capacity to be
folded up 3,500 times. News18.com Press Trust of India – 24/01/17

BANK INDONESIA LOGO ON NEW BANKNOTES cept the new currency, according to Saudi Gazette. Work is due
NOT ASSOCIATED WITH COMMUNIST PARTY to start in the coming days, however.
JAKARTA – State-owned securities paper and banknote printing Arabian Business / Finance – 22.01.17
company Peruri has called on the public to stop making negative
assumptions regarding Bank Indonesia’s (BI) logo on new rupiah EMERGENCE OF NEW BANKNOTES
banknotes. DOES NOT SIGNAL IMMINENT
DEVALUATION – EX-CHAIRMAN OF
Peruri president director Prasetio said the BI logo on the
banknotes was rectoverso in design– two images that cross and ARMENIAN CENTRAL BANK SAYS
fill each other — to prevent counterfeiting. YEREVAN – Ex-chairman of Armenian Central Bank Bagrat
“It is a security feature; do not make negative interpretations,” Asatryan has downplayed today fears that the emergence of
Prasetio said during a media visit to the company’s factory in many new banknotes in circulation may be the indication of an
Karawang, West Java, on Wednesday. imminent devaluation of the national currency, telling a news
conference there are no reasons of concern.
Previously, Islam Defenders Front (FPI) leader Rizieq Shihab was
reported to the Jakarta Police by the anti-slander young intellec- The emergence of many new banknotes with different face value
tual network (Jimaf) over alleged incitement on comments he is said to have caused some concerns among citizens, who believe
made about the new banknotes. that the move is somehow connected with the approaching parlia-
mentary elections scheduled to take place in early April and may
In a speech that went viral, Rizieq said the new banknotes fea- force the national currency, the dram, to lose its value rapidly.
tured a symbol that resembled the logo of the now-defunct Indo-
nesian Communist Party (PKI). “The circulation of a large number of new banknotes with various
face value does not constitute a threat, because the monetary in-
Police are continuing their investigation into Rizieq and have dicators, such as the money supply, cash turnover are within the
questioned a number of witnesses. normal range and do not contain any risks,” Asatryan said.
Jakarta Police chief. Insp. Gen. Mochamad Iriawan has stated According to him, the emergence of new banknotes in circulation
that the FPI leader’s statement constituted a form of incitement is normal suggesting a gradual withdrawal of worn out bills.
after receiving clarification from BI regarding the logo.
ARKA News Agency – 30/01/2017
The Jakarta Post – Winny Tang – 28/01/17
CHINA DELIVERS 1ST BATCH OF
NEWLY-PRINTED NEPALESE CURRENCY
BEIJING – Nepal has handed over the printing of its 1,000-rupee
denomination currency notes to China and the first batch of the
new notes has been “safely delivered” to the country, according to
state media reports in Beijing on Wednesday.
The first batch of 28.4 billion rupees in Nepal’s highest denomina-
tion, printed by China Banknote Printing and Minting Corpora-
tion (CBPM), was delivered on January 16, CCTV News reported.
The new banknotes were safely transported to Nepal from Nan-
chang in southeast China’s Jiangxi province within five months
of it giving a contract to the Chinese corporation.
Bank Indonesia (BI) Governor Agus Martowardojo shows new CBPM, a state-owned company under the direct leadership of the
rupiah banknotes that were introduced on December 19, 2016.
People’s Bank of China, earned the contract to print 200 million
1,000-rupee notes in August 2016.
SAUDI ATMS ‘WILL TAKE SIX MONTHS’
TO ACCEPT NEW BANKNOTES Li Zheng, general manager of Nanchang Banknote Printing
Company, a branch of CBPM, said the whole printing process
It will be six months before ATMs in Saudi Arabia begin accept- was localised, including materials and technology.
ing the kingdom’s new currency that was issued at the end of
last year, it has been reported. The notes were printed in the same workshop as Chinese RMB
are produced, state-run People’s Daily reported.
The Saudi Arabian Monetary Authority (SAMA) unveiled the
sixth edition coins and banknotes on December 14, and said “The printing of the notes requires precise anti-counterfeiting and
they would be available at SAMA branches from December 26. design technology, while their successful delivery indicated China’s
high standards for banknote printing and minting,” the report said.
However, at the beginning of January it was reported that cash
machines across Saudi were failing to accept the new banknotes China itself faces serious problems of counterfeit notes with regular
almost a fortnight after they entered circulation. complaints about fake money, especially drawn money from ATMs.
It was said the machines are unable to identify the new notes Deccan Chronicle – 30.01.2017
because they have not been updated to accommodate the new
dimensions and security marks.
BSP LAUNCHES DUTERTE-SIGNED BANKNOTES
Central bank reiterates reminder to surrender old banknotes
Sources this week told the Arabic Al Eqtisadiah newspaper that
ahead of demonetization in 2017
it could take at least six months for ATMs to be updated to ac-
The Bangko Sentral ng Pilipinas issued on Tuesday, December 20

the first batch of fresh banknotes with the signature of President
Rodrigo Duterte.
The new generation currency (NGC) banknotes with the Duter-
te mark are printed entirely in the BSP’s Security Plant Complex
(SPC) in East Avenue, Quezon City.
Duterte’s signature will be on all currency denominations of 20,
50, 100, 200, 500 and 1,000. The BSP is preparing to issue the
banknotes to all banks and to the public.
The central bank also continues to remind the public to surren-
der their old banknotes before the end of the year as these will
be demonetized or no longer accepted for daily transactions
starting January 1, 2017.
The 30-year-old banknote series can be exchanged in authorized BSP Deputy Governor Diwa C. Guinigundo holds the new Duterte-
agent banks and BSP Cash Department or any of its regional signed banknotes during a press conference at Bangko Sentral ng
offices or branches. Pilipinas in Manila.
BSP governor Amando Tetangco Jr. said the Philippines is one

of a select number of countries that have the capacity to print
BANK OF NAMIBIA TO SHARE INSIGHTS
its own banknotes. “We have the capability to print all our AT WORLD BANK NOTE SUMMIT
money,” he said earlier on first announcing the release of the The Director of Banking Services at the Bank of Namibia (BoN),
Duterte-signed banknotes. Sam Shivute, will be one of only two African speakers from a
BSP deputy governor Vicente Aquino also said that the BSP has group of 20 invited speakers at the World Banknote Summit to be
been upgrading and expanding the SPC and has no requirement held in Basel, Switzerland from 27 February to 1 March.
to outsource banknotes printing in the immediate future. The conference confronts new realities that the banknote industry
However, Aquino said outsourcing is still an option but only is undergoing in preparation for major transformations caused by
when needed such as demand for money increases more than both internal and external factors. Fueled by economic growth, re-
the central bank’s capacity to print banknotes. A previous BSP cession, technology and regulations, fluctuations in cash demand
report indicated that the demand for currency is projected to are uncertain and unpredictable, impacting on Central Banks and
increase by 13.8 percent or higher in terms of peso value as the the industry.
economy expands. The Summit proposes on how to tackle the challenges ahead,
Before acquiring two new superline banknotes printers in the mostly by providing the guidance and tools to Central Banks,
past four years, the central bank outsources the printing of a sig- State Printing Works and the Industry Suppliers necessary to
nificant volume of local currency to foreign printers, a standard effectively navigate the expanding management and operational
in many governments that do not print their own currencies. complexities that are part of today’s industry landscape.
In 2005, Philippine banknotes were circulated with the mis- “I feel very humbled and excited to have been invited as a Speaker
spelled name of President Gloria M. Arroyo or the “Arrovo” at this prestigious International Summit in Basel, Switzerland,”
bills. These banknotes were outsourced to Oberthur Technol- Shivute recently said.
ogies (Francois Charles Oberthur Fiduciare), a French printer The purpose of his presentation is to provide an overview of Na-
with over 90-percent global market dominance. mibia’s experience in the selection and evaluation of the new secu-
BSP later settled with Oberthur for the replacement of 75 per- rity features, lessons learned, and share the new found banknote
cent of 77,908,400 defective “Arrovo” banknotes. A total of P2 paper testing requirement which can be adopted by the currency
billion worth of these notes were circulated and never replaced. industry as a standard test for new banknotes.
The BSP has contracted Oberthur to print the initial batches Shivute has extensive experience and exposure in the currency
of the NGC in 2011. Aside from Oberthur, the BSP regularly industry and he was one of the key players in the planning and
outsources the printing and minting of banknotes and coins to production of Namibia’s new family of banknotes which was
KBA Giori of Switzerland, Inductotherm Pty. Ltd., Vacuumatic launched in 2012. He was also involved in the selection and evalu-
Ltd., Gleitsmann Security Inks of Germany, Arjo Wiggins of ation of security features for a new family of bank notes.
France and Saxonia Eurocoin. In his role as Director of Banking Services Department, he is
At the moment, the SPC is able to handle 100 percent of total responsible for all aspects of currency management and the
requirements or about two billion pieces of “piso” banknotes. provision of banking services to Government and all local
commercial banks. Seconded to serve as Commissioner of Inland
In early 2011, the BSP purchased one P1.8 billion superline print- Revenue Department at the Ministry of Finance from April 2013
er from Komori Corp. of Japan. A year later it bought another to October 2014.
one worth P1 billion. The central bank purchased complete sets
of printing equipment for banknotes, which would include an He currently serves as the Chairperson of the University of Na-
offset press, intaglio press, numbering and finishing press. mibia’s Council, Chairperson of the National Housing Enterprise
and Deputy President of the Professional Speakers Association of
Manila Bulletin 20.12.2016 Namibia.
Namibia Economist 30.01.2017

N C o
EW A lf
LO e P
at
A TIO rm
th
U N ol
C !! e
TI !! n
O
Corné Akkermans
N
World Paper Money
The “Maastricht” Auction
Polfermolen, Plenkertstraat 50, Valkenburg a/d Geul, Netherlands
Official Auction of the largest paper money event in the world “The Maastricht Show”.
Over 1000 dealers and collectors meet during this event.
We give your collection the best window to the world and realize top prices for star material.
Twice a year on thursday at the Maastricht show

Some present and past highlights:
Auction 28: Belgium

P 64c, 100 Francs, 1 May 1894
Auction 27: Straits Settlements

P 11a, 10 Dollars, 1 September 1927
Auction 33: German East Africa

P 5, 500 Rupien, 2 September 1912
Auction 32: Poland

P 87s, 20 Zlotich 1939, specimen
Auction 29: Iran

P 13ct, 5 Tomans (1924)
Colour trial
Auction 22: Belgian Congo
P 12b, 1000 Francs, 1 November 1920,
Kinshasa
Auction 8: Netherlands Indies Auction 30: France

P 45a, 5 Gulden, 1 October 1866 P A27A, 1000 Livres, 3 November 1791
Future dates: 2017: 20 April, 21 September. 2018: 5 April, 27 September.

If you are thinking of selling trust us to get the highest prices for your consignments.
If you need information or for consignment, please contact:

Corné Akkermans, P.O. Box 468, NL-4100 AL, Culemborg, Netherlands, Call: +31 345 531670 or +31 644 812471
[email protected], www.akkermansauctions.com
We will be pleased to handle your consignments. You can meet us at:
Veronafil, Verona, Italy, Hong Kong, Kansas City PMC, FUN Orlando, New York INC, Paris PM Show, Numismata
Berlin and Paper Money Fair “Maastricht” (spring and fall). We travel worldwide for good collections.
We can assist you in English, Deutsch, Français & Nederlands.
Bid live during our sales at the-saleroom.com

PRESERVING THE SMITHSONIAN
INSTITUTION’S NUMISMATIC COLLECTION’S
INTERNATIONAL BANKNOTES
Kelly Lindberg
The National Numismatic Collection (NNC) at the Smithsonian Institution’s National

Museum of American History is home to approximately 1.6 million objects from
around the globe. International paper money is a particularly large and important
component of this collection and is currently the focus of a substantial rehousing and
revitalization initiative.
This collection consists of more than 40,000

individual pieces of paper money, dating
from the late 18th century to present day and
representing dozens of countries around the
world. When the banknotes were acquired
by the NNC from the 1960s through the
1980s, they were housed in polyvinyl chlo-
ride (PVC) plastic sleeves. Unfortunately,
over time this plastic began to degrade,
threatening the survival of the notes.
Thanks to the generous support of Dr.
and Mrs. Andrew Shiva, the NNC hired
me and my colleague Samantha Hatton to
carry out this emergency rehousing project
to facilitate the long-term preservation of
the collection. We are actively working
to remove the notes from the degrading
plastic sleeves and rehouse them into new,
archival-quality folders and boxes. We are
also updating labels and other object infor-
mation as we progress. As of January 2017, Kelly Lindberg (left) and Samantha Hatton (right) rehousing the international
we have rehoused approximately two-thirds banknote collection.
of the collection and plan to complete the
remainder by April 2017.
As we work through the rehousing process,
we also have the opportunity to explore the
collection’s rich research potential. Few
researchers have accessed the international
paper money as compared to some other
parts of the NNC. In many cases, we are
some of the first people in decades to in-
teract with these notes. While we have only
completed a portion of the rehousing proj-
ect thus far, the tremendous breadth of the
collection is already quite apparent.
We have encountered assignat from Revolu-
tion-era France, quetzales from Guatemala,
notgeld from post-World War I Germany,
koruna from Bohemia and Moravia, soles
from 19th-century Peru, and even satirical 100 pfennig notgeld from Ballenstedt, Germany, 1921.

korona from Hungary in the years leading up
to the Second World War, to name a scant few.
A particularly interesting object is a ten-
yuan note issued in China in 1940 (pictured
below). During its occupation of China from
1937 to 1945, Japan established a series of
puppet governments (many of which printed
currency) to control local populations and
whose treatment of the Chinese resulted in
deep feelings of ill will toward the Japanese
—a sentiment that at times was revealed
through the local currency. Chinese artisans
would hide secret propaganda messages
in the designs of their notes as a way to
discreetly promote nationalism and protest
Japanese occupation during the Second
Sino-Japanese War and into World War II.
One of several methods used by rebellious
Chinese engravers was to include animal
symbolism in a note’s design to subtly ex-
press contempt for the puppet governments.
The turtle was one such animal used, as
is depicted in the shown note: a series of
bisected turtles decorate the border of the
note’s obverse. The turtle was held in low es-
teem by both Chinese and Japanese cultures.
To call another person a “son of a turtle” was
the equivalent of calling that person a bas-
tard. Inserting this type of hidden imagery
into engraving plates likely provided local
people with a humorous diversion from life
under the new regime.
5 korona notes, Hungary, 1919 (original above; satirical below). As we continue with this project, we are
excited to further explore this diverse col-
lection’s research potential. The next step
following the rehousing stage will be a full
reconciliation of the notes with our electron-
ic collections management system, through
which we will be able to create complete and
informative electronic records, including
high-quality digital images of each note.
With a collection of over 40,000 pieces, this
will be quite the undertaking! We are cur-
rently seeking funding and support to carry
out this next crucial stage of the process. As
we work toward this goal, we look forward to
20 soles note, Peru, 1879 sharing information about the collection as
it becomes available, opening up countless
opportunities for scholars and researchers
around the globe to utilize and learn from
these fascinating objects.
Photo credit for all images belongs to: The
National Numismatic Collection, National
Museum of American History, Smithsonian
Institution.
10 yuan banknote, China, 1940

TAMAR (1166–1213): THE LADY KING
David Lok (9984)
In 1166, a princess named Tamar was born in the country of Georgia. Her father
was King George III, who had been king for four years by the time she was born. For
several years she lived a life of what would assuredly have been normal for a princess,
but at the young age of 12, events occurred that would change her life forever.
In the year 1177, when Tamar was 11 In the Georgian language, her title Georgia. As for Demna, he was
years old, the Georgian King, George blinded and castrated and thrown
III, was being challenged by a rival was Mep’e, meaning king, sovereign, into prison, where he died shortly
nephew, Demna, who claimed to ruler, etc...which is why she is often thereafter.
have the direct line of heritage for the referred to as the female king. Amongst all this clatter was George
throne. Demna’s Father, David V, had
III’s daughter, Tamar. To avoid such
overthrown his father, Demetrius
attempts against his family’s claim to the throne in the future,
I, and taken the Georgian throne from him in 1154. David V
George III made a promise that he would share the throne with
did not rule long. Historians vary from a mere six-months to
his newborn daughter when she reached 12 years of age. In 1178
two years, when David V died under mysterious circumstances
Tamar was appointed as co-ruler with her father, George III,
in 1155. When his father died, Demna expected to receive the
and they ruled together for six years until George III died in
crown, but his grandfather, Demetrius I, was still alive, and he
1184, when Tamar became the ruler of Georgia at age 18.
regained the throne and ruled again until his death in 1156. Just
before his death, Demetrius I declared his younger son, George In the Georgian language, her title was Mep’e, meaning king,
III to be the heir. Thus, Demna was feeling cheated again and he sovereign, ruler, etc. The title Dedop’ali, which means queen, is
sought support for his claim to the throne. rarely used for Tamar. The reason for this is because a queen was
seen as a secondary ruler, and not the position of the highest
Demna was backed by a few powerful nobles, and in 1160 he
ruler. So Mep’e is the title, which is why she is often referred to
was able to try for a coup, like his father had before him. King
as the female king.
George III, however, was able to defeat the uprising rather easily
and, after defeating Demna, George III sought out those who Her inheritance of the crown and the sole ruler came with the
had backed him and either had them killed or banished from expected jockeying for power amongst the lower nobles and

court appointees. She was forced to remove some people and most arrogant manner, demanding a surrender without fight.
to award others, but tin all, she was able to maintain her au- He told Tamar that the Sultan of Rum would agree to marry her
thority and position. if she were to forsake Christianity and adopt the Islamic faith
but, if she did not adopt Islam, he would place her in his harem.
One of the things that her court and nobles forced her into
After the emissary spoke this, a nobleman from Tamar’s court
accepting was a new husband. It was explained to her that by
walked up to the emissary and
taking a husband, she would have
a male to assume command of the Tamar’s reign was extremely popular, struck him to the ground. Tamar
military forces and to provide the as it expanded the nation and culture then sent the emissary away with
a letter telling the Sultan of Rum
kingdom with an heir upon her of the Georgian people. She enacted that she would place her trust in
death. While likely hoping to also
have this new spouse assume a great laws, repealed the death penalty, the will of God alone.
part of the rule, they recommended and forbade torture of the people. Assembling the army, Tamar
a man named Yuri. They were thus prayed again to the Virgin Mary,
married, and while he was indeed a capable soldier and com- and then evidently led her army herself, and again barefooted,
mander, winning many battles, he was also evidently a drunk- onto the battlefield. Though she did not participate in the fight-
ard and fond of immoral sexual deeds. Tamar meanwhile ing personally, the Sultan and his forces were driven back and
expanded her court and reasserted her power, gaining enough defeated.
support to demand that her marriage to Yuri be nullified, and
Tamar continued her expansionist campaigns, but also devoted
she was granted a divorce, banishing Yuri to Constantinople.
a lot of time to prayer and also to helping the poor and build-
Tamar then married a man named David Soslan Bagrationi,
ing churches. She devoted herself to certain practices, such as
who would prove to be a much better husband. In 1192 they
praying bare footed, sleeping on a stone bed, fasting, etc. and
had a son, George, and in 1195 they had a daughter, Rusudan.
donated her embroidery work to the poor.
George would assume the throne in time, and after his death
in 1223, Rusudan would also assume the throne, as her mother Tamar’s consort, David, died before her, and Tamar, not long
did. She would not be able to hold on to her power for long, los- after she abdicated the crown to her son George, died herself in
ing much to the Khwarezmians, a larger kingdom to the east, 1213. Tamar’s reign was extremely popular, as it expanded the
and later to the Mongols. nation and culture of the Georgian people. She enacted laws,
repealed the death penalty, and forbade torture of the people.
In 1195 Abu Bakir, a Persian, was attacking her forces, and she
Over time, she was elevated as a blessed ruler, who was later
activated the army in 10 days’ time. While the army was off
canonized by the church, and became the subject of several
fighting, Tamar climbed, bare footed, up a hill to the Metekhi
famous poems, stories, and songs. Her idealization of a saintly
Church where she kneeled and prayed without stop to the
ruler was reinforced with the discovery in the 1840’s of con-
Virgin Mary, until word arrived of the Georgian victory. After
temporary frescos of Tamar in the Batania Monestary, showing
this battle, with her trusted husband by her side, Tamar was
Tamara flanked by her father, George III and her son George
able to consolidate her power and start an active expansionist
IV. These frescoes were cleaned and restored and generated a
campaign. The Georgian forces were very successful, drawing
nationalistic fervor which has lasted into the modern age. To-
the attention of the Muslim world, especially the Sultan of Rum
day, Tamar is featured on the 50 Lari currency.
(located in Turkey) who, in 1203, positioned his forces ready
for attack. He sent an emissary to Tamar, who spoke to her in a

SIGNATURES ON
PRESIDENCY BANKNOTES OF INDIA
Nilaish Nilaish (11717-R)
Indian banknotes are characterized into two parts on the basis paper. The first coloured notes called ‘Britannia Issues’ were
of its issue and usage, i.e. a) Promissory Notes and b) Curren- issued in early 1857 by Major William Erskine at Sauger. These
cy Notes. In the period between 1810 and 1860, Promissory Britannia issues were signed by C.N. Cooke and G. W. Moultrie
Notes were issued and from 1861 onwards, Currency Notes (1852-1881). A full list of the known signatories are as follows:
were issued. In this article we will identify signatures on the
Presidency Banks only. The signatories on Promissory Notes
were Secretary & Treasurer and Accountants of the bank issue.
The notes were normally cut into two halves and were payable
after joining the both parts at the bank. The signatures and se-
rial numbers were matched from the records and were paid off.
The paid notes were stamped ‘CANCELLED’ and signatures of
Secretary & Treasurer were torn. Therefore, a very few notes of
Bank of Bengal (1809-1921) have survived with the signatures of Signature 1: Henry Tyler (Jan. 1809 – Jan 1824), Accountant, left
Secretary & Treasurer. Hardly any unpaid note existed to deter- below denomination panel manuscript signature, Uniface Series
mine a full list of signatures of Secretaries. Similarly other Pres- (1810-1819)
idency banks namely, Bank of Bombay (1843-1868) and Bank of
Madras (1843-1921) also issued promissory notes between 1845
and 1860 denominated in Rupees. Some Half Notes of Bank of
Bengal are remaining, which were paid in half the face value by
indemnifying the loss of the other part.
Presidency Banks namely; Bank of Bengal, Bank of Bombay and
Bank of Madras were banned to issued their promissory notes
by the Currency Act of 1861. The reform was a steep result of
the transfer of power from The East India Company to British
Crown Administration in November 1858. The new notes were Signature 2: H. Henderson (Jan 1824 – October 1839), Accoun-
called ‘Currency Notes’ by British Government of India. These tant, left above denomination panel manuscript signature,
notes had ornate side profile of Queen Victoria. These notes Commerce Series.
were signed as ‘Commissioner’ by J.A. Ballard and Major H.
Hydes. Higher denomination notes were signed by two signa-
tories sometimes.
SIGNATURES ON BANK OF BENGAL NOTES

The Bank of Bengal (1809-1861), Bank of Bombay (1840-1861)
and Bank of Madras (1843-1861) were three semi-government
banks who issued promissory notes in the Bengal, Bombay and
Madras Presidency. These banks first started the wide culture
of promissory notes in India. These notes were paid in gold and Signature 3: H. I. Lee (April 1834 – Feb. 1860), Accountant, Left
above the denomination panel manuscript signature.
silver coins on demand at the desired branch. These promissory
notes were sometimes, cut in halves and re-joined at the time
of payment, and signatures were torn to cancel the note and
stamped CANCELLED in blue, red and black. These notes were
signed by the first Accountant and Secretary of the bank name-
ly, Henry Tyler (1809-1824) and Mr W. Morton respectively. Un-
fortunately, these notes are only survived with the signature of
Accountant Tyler as the notes were paid and the Secretary sig-
nature was torn. The Accountants signed above and below the
denomination panel. In these cancelled notes we find a hoard
of notes with Accountant signatures on promissory notes above
or below the denomination panels [see next]. The notes of Bank
of Bengal are of three types broadly; Uniface series, Commerce
series and Britannia series. Bank of Bengal issued promissory Signature 4: C.N. Cooke (April 1834 – Mar. 1867), Accountant,
notes since 1810 but no survived example is dated before 1812. Left above denomination panel manuscript signature.
The first series of notes were ‘Uniface Series’ with watermark

2 BANK OF BOMBAY AND
MADRAS SIGNATORIES
Bank of Bombay and Bank of Madras notes were spared from
being cut in halves and signatures torn. A very few of them
have survived in better grades than Bank of Bengal notes. The
promissory notes of Bank of Madras are a very few…but some
contains signatures of Treasurer and Secretary. The Bank of
Signature 5: G.W. Moultrie (Aug. 1852 – Aug. 1881), Accountant Bombay notes contains two signatures of Treasurer and Secre-
and Treasurer, right below the Bank of Bengal Panel manuscript
tary between 1840 and 1860. The Bank of Bombay notes were
signature.
signed by John Stuart (1842-60) and James Blair (1860-65) as
Secretary & Treasurer. The Bank of Madras notes were signed
by Robert Hunter (1845-50) as Secretary & Treasurer.
Signature 6: J.W. Sherer (1820-24) (Only few Commerce series

notes signed by him), signed as Secretary.
Signature 11: John Stuart (1842-1860), Secretary and Treasurer,
Right below ‘For the Bank of Bombay’ manuscript signature.
Excerpt from Image Courtesy: Rezwan Razack
Signature 7: J.A. Dorin (1826-1830), signed Commerce Series

as Secretary.
Signature 12: James Blair (1855-1865), Secretary and Treasurer,

Right below ‘For the Bank of Bombay’ manuscript signature.
Signature 8: J.B. Plumb (1838-1859), signed Commerce Series

as Secretary.
Signature 13: Robert Hunter (1845-1850), Secretary & Treasurer,

below ‘For the Bank of Madras’ manuscript signature. Excerpt
from Image Courtesy: Rezwan Razack
Bibliography:
1. Rezwan Razack: Kishore Jhunjhunwalla: The
revised standard reference guide to Indian paper
money, Currencies & Coins, Mumbai, 2012.
2. Amiya Bagachi: The Evolution of State Bank
Signature 9: H. Wood (1815-16) (Top) signed as Secretary,
of India, Oxford University Press, 1987.
Signature 10: C.T. Glass (1823-26) signed as Secretary (Below).
3. G.P. Scutt Symes: The History of Bank of
Bengal, Bengal Government Press, 1904.
4. Nilaish: A Comprehensive Guide of Early Paper
Money of India (1770-1861), Xlibris UK, 2012.
5. BB Das Gupta: Paper Currency in India,
Calcutta University Press, 1927.
Author email: [email protected]

U.S. & WORLD CURRENCY AUCTIONS
Heritage can help you achieve top prices realized like
these from our Official FUN 2017 auction.
What is your collection worth?
BC-13 $50 1935

PCGS Very Choice New 64PPQ
Russia State Treasury Note 50 Rubles 1895 Pick A84
Realized $21,150.00
PMG Extremely Fine 40 Net
Realized $21,150.00
British Guiana Government of British Guiana

French India Banque de l’Indo-Chine 50 Rupees 10.9.1898 $5 Pick 14a
Pick A3s Specimen PCGS Gem New 66PPQ
PMG Choice Uncirculated 64 Realized $15,275.00
Realized $16,450.00
Germany Federal Republic 50 Deutsche Mark ND

(1948) Pick 10a
India Government of India 5 Rupees 8.4.1915 Pick A5s Specimen PMG Gem Uncirculated 65 EPQ
PMG Choice Uncirculated 63 EPQ Realized $10,575.00
Realized $15,275.00
Always accepting consignments. Contact us today.

800-872-6467, ext. 1001 or [email protected]
DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH
PARIS | GENEVA | AMSTERDAM | HONG KONG
Always Accepting Quality Consignments in 40 Categories
Immediate Cash Advances Available
Paul R. Minshull #AU4563; Heritage #AB665 & AB2218. BP 17.5%; see HA.com. 40602
1 Million+ Online Bidder-Members
Track&Price
World Paper Money
Track&Price is the only online database of actual auction results for the sales of
world paper money. This unique database is current and easy to use. There simply
is no other information on pricing that compares.
Real auction results

(not someone’s guess)
Data from all the major auction houses and eBay

(who knows where those other estimates come from)
Updated daily
(not just published once a year)
Available in your local currency and local language
Results based on individual notes sold

(multiple note lots handled by proprietary algorithm)
Selelction by country and Pick or other catalog number, and
get to most current and complete auction sales data.
Already used by:

Spink & Son
Banknote Book 30 day
free
Archives International
Stack’s Bowers
Lynn Knight
Heritage trial
and others, why not you?
As of November 2, 2016 1,079,436 auction results

with 37,500 results added monthly!
trackandpricewpm.com
BRADBURY IN THE BELGIAN CONGO
An Early Story of Unrequited Love in 10 Archive Photo Proofs
Jaime Sanz (LM155)
The history of the paper money of the Belgian Congo is no dated 15 December 1910 on the blank back, and although there
doubt among the best researched of all African paper money is no imprint confirming the printer on any of the proofs, I am
thanks in great part to the efforts of Billeta Belgica, the Belgian fairly confident these are BWC proofs. The fact that they come
section of the IBNS and especially of its members Christian from the BWC photographic archive should be a solid clue, but
Selvais and David August (who sadly recently the truth is that the archive sometimes contained
passed away). Selvais and August edited in examples of photo proofs from other well-known
2002 a comprehensive and wonderful History banknote printers which at one point or another
and Catalogue of Belgian Congo Paper Money, were related to BWC, such as ABNC, TDLR or
which describes in great detail the historical Waterlow & Sons. However in this case most
context, designs, print runs, dates and offices of collectors will recognize the classic BWC design
issue and signature varieties of every banknote style in some of the Belgian Congo proofs. Per-
printed from the 1896 État Independant 10 sonally, I found a special resemblance to some of
franc to the late 1950s transitional issues of the Banco de Portugal Bradbury designs of the
Rwanda and Burundi. 1910s-1920s, such as the Chapa 1 5 escudos of
1913 (P-114) or Chapa 2 of 1920 (P-120).
The depth and quality of the research in that
book and in the articles written for the IBNS Unfortunately, the Belgian Congo proofs are
Journal Volumes 39-40 in 2000-2001 by David fairly damaged by the passage of time and pos-
August mean that I don’t need to repeat a lot sibly by exposure to light, as the vignettes are
of very interesting facts about how the new faint and in some cases hard to discern in all
Belgian colony came to be and how first King their detail. In any case, there is no shortage of
Leopold II personally and then the Belgian state promoted exciting elements visible on the proofs. Perhaps the most fas-
the printing of currency to be circulated in the colony. But the cinating detail is the date of 1910. The significance of this date
very fact that so much ground has already been for Belgian Congo paper money history cannot
covered makes the subject matter of this article be overstated. On 18 October 1908, the Belgian
more exciting and I believe more significant to Parliament voted the annexation of the Congo as
the history of Belgian Congo paper money. a formal Belgian colony, ending the anachronistic
and often chaotic 20-year history of the Congo
And the subject matter of this article is the
Free State (État Independant du Congo or EIC)
uncovering of a previously unreleased, likely
as a de facto private personal property of King
unique set of photographic proofs (or bromides)
Leopold II. Although the banknotes printed by
of a proposed series of banknotes for the Bel-
Waterlow & Sons for the EIC (P-1 and P-2) were
gian Congo from the archive of English printer
not officially demonetized until 1921, the annex-
Bradbury Wilkinson Company (BWC). As is
ation of the colony by Belgium put an end to the
always the case with the photographic proofs
printing of EIC notes and resulted in a shortage
and color models from the printers’ archives, I
of paper money in the colony. This problem was
feel privileged to handle such “missing links”
at least partly solved by the temporary use of
in the monetary history of the countries I like
Belgian franc banknotes shipped from the colo-
to collect. These proofs; their provenance; their
nial power reportedly from 1909, although there
handwritten dates and the designs they contain
is evidence that neither the existing EIC banknotes nor the
tell us fascinating stories about what banknotes could have
Banque Nationale de Belgique francs were widely accepted or
been versus what they actually were and show us precious
used by the locals.
details of what printers and issuers were up to in the early days
of African paper money. The need to provide banking functions and a supply of coinage
led to the founding of the Banque du Congo Belge (BCB) in Jan-
FIVE UNKNOWN DESIGNS uary 1909, but the BCB was not authorized to print banknotes
until the July 1911 Charter was signed, and as is well known,
This particular set contains five pairs of face and back designs
the first banknotes were not printed until at least a year later,
for 5, 20, 50, 100 and 1000 francs. Each of the ten designs is

Belgian Congo face and back designs for 5, 20, and 50 francs.
with the first known issued date being 10 the early 1900s.
September 1912. The first known series
Other elements in the proofs also indi-
issued by the BCB (P10-P12) are among
cate that the Belgian notes of the time
the most beautiful banknotes ever
were inspiration for the BWC designers,
printed, and while they were printed in
including the issuing/paying office as
Brussels by the Banque Nationale, their
Brussels (which was never used on print-
design and engraving was done by Ger-
ed BCB banknotes), the serial number-
man printers Reichsdruckerei.
ing format or the signature combination
In this time line, our proofs show that “Tresorier / Gouverneur” which was
as early as two years before the first BCB think there was some degree of commu- also never used on Congo notes, but
issued notes and at least seven months nication between the BCB management which was common on Belgian notes of
before the BCB was even authorized to and BWC, given that the designs incor- the period.
print banknotes, the British designers at porate formulaic elements which were
incorporated in later issues and which
BWC were already hard at work to pro- ROYAL VIGNETTES
duce a first set of notes for the colony. Was were not present in the EIC banknotes,
such as the forgery clause (“La Loi Punit The fascination of the proofs grows when
BWC aggressively trying to get ahead of
le Contrefacteur des Travaux Forcés”) or we review the vignettes proposed by the
their competitors without the BCB in-
the use of French and Flemish on face printers for the face of the five banknote
put, or did the BCB somehow engage the
and back, although certainly these were proofs. Starting with the smaller de-
printers for prospective designs? We will
already present in Belgian banknotes of nomination 5 franc, the printers thought
probably never know, but I would like to

Belgian Congo face and back designs for 100 and 1000 francs.
they should honor the new King Albert most Belgian banknotes between 1920 or King Charles I of England on Spanish
I of Belgium. Albert had become King and WWII. designs among others. The preliminary
about one year before the date of the character of these stage designs can also
proofs and one week after the death of be seen in the presence of spelling mis-
King Leopold II in December 1909. Al- takes or even incorrect use of language.
though the best known images of King
The face of the 100 franc design is per-
Albert I are in a military uniform, the
haps the most “classical” BWC design
of all due to its overall composition and
the use of an allegorical female figure
at center which the printer was using
frequently on its face and especially
The 50 franc design denotes the very
preliminary character of these proofs,
as the portrait chosen to “fill the gap” is
one of Queen Victoria of England. This
particular portrait was used by Brad-
bury in other circulated banknotes, such
as the Bank of Victoria 1 pound note of
1901, as well as on printing advertising
printers chose for the 5 franc a “civilian”

facing portrait of the King with black tie
back designs of the late 19th century.
and pince-nez spectacles.
Archival photos emerged from the same
For the next denomination of 20 francs source reveal that BWC was proposing
(a 10 franc was not designed or did not relatively similar designs to other con-
survive), the printers chose a portrait of temporary potential clients such as the
Queen Elisabeth of Belgium; married Bank of Spain.
in 1900 to Prince Albert. Elisabeth was
But the real gem in the group is the
born in Bavaria in 1876 and was the niece materials. The idea of using portraits “at
design of the proposed 1000 franc note.
of famous Empress “Sisi” of Austria. hand” on various notes appears to have
Bigger in size than the other denom-
A double portrait of King Albert and been commonplace at BWC, as seen on
inations at about 19x11.5 cms, the face
Queen Elisabeth was of course used on portraits of KGV on Bulgarian designs

BRADBURY IN CONGO
If these proofs are indeed BWC designs; they did not help
the English printer get a foothold in the colony’s banknote
printing business. Once the BCB was firmly established and
with a mandate to print banknotes, it chose Bradbury’s com-
petitors Waterlow to print the new series 1 and 5 francs of
1914-1924 (P-3 and P-4) and then TDLR and ABNC to print
most of its 1940 issues. Bradbury made another worthwhile
effort around 1950 with a 5000 franc design (P-19A) which
was again rejected by the BCB but which was happily recov-
ered for the independent Democratic Republic of Congo in
1963 (P-3). But it was not until the mid-1950s that BWC finally
of this gorgeous design shows an off-center portrait of King got a contract to print the new issue of 50, 500 and 1000 francs
Leopold II from a photo album taken in 1884. The portrait is (P-27 to P-29) under the renamed Banque Centrale du Congo
within a decorated floral frame with the (presumably) yellow Belge et du Ruanda-Urundi.
star of the Congo Free State below. The overall face design
And although Bradbury had other chances to print banknotes
reminds strongly of some of the Belgian banknote designs of
for the agonizing colony in 1957 (50 francs, P-32) and 1958
the time, such as the 20 franc of 1909 (P-62), with a white
(1000 francs, P-35), the Belgian government chose its own
signature panel at bottom and watermark areas in a circular
Banque Nationale de Belgique to finally use a portrait of King
space and vertical bar at right and bottom right.
Leopold II on a Congo banknote (100 francs, P-33) not too
The back designs on all five notes show landscapes, bridges different from the one used by BWC for this 1000 franc proof
and flora of the Belgian Congo, with the 50 franc back being almost half a century earlier.
perhaps the most attractive and elaborate of the group; show-
ing a small village scene in Congo.

LANGUAGE HIERARCHY
ON BANKNOTES
N.A. Shneydor (10553)
In many multinational countries several 4. One or more indigenous Banknotes of the Ottoman Empire, is-
languages are spoken, one or more of minority or regional languages; sued by the government since 1840, were
which may be recognized as official. monolingual.3 When the issuing body
5. One or more non-indigenous
Multilingual banknotes become neces- was the Imperial Ottoman Bank, as of
minority or regional languages;
sary for such countries, many of which 1863, the notes became bilingual – Otto-
are trying to attain linguistic equality in 6. An ancient language of historical man-Turkish and (some) French, the lat-
their notes, using equal prominence. This or religious significance.1 ter being the lingua franca of the region
is supposed to be reflected by the graph- at that time and the European language
When a banknote is multilingual and
ics and text printed on the notes. It is not preferred by the empire. There was one
the languages involved have equal legal
always the case: the way the languages are exception: the 1 lira note of 1880–1895, to
status, one expects to see in each of the
arranged on a note is often not balanced, which three languages were added, name-
languages used
a reflection of the socio-political state of ly Greek, Armenian, and Arabic (Fig. 1).4
affairs in the milieu of the issuing body. • The name of the issuing body, The reason for the change derived from
In fact, in most cases certain hierarchy • The denomination in international politics: demonstrating to
in the lingual design is discerned, and in words and in numerals, the world the tolerance of the Empire
some cases the hierarchy is obvious. The to its minorities. No other pentalingual
arrangements often change in time, due • A legal statement on the note was issued by the Ottoman Bank.
to social or political developments and validity of the note,
tensions; for example, a language (or an • A warning against forfeiting
alphabet) is added or, conversely, a lan- (where it is the practice),2
guage is dropped altogether.
• A verbal description of an
In some cases hierarchy is not expected. illustration shown
This is when there is a main, not neces- (where applicable).
sarily official, language and a plurality
of other languages which the issuing In spite of the presumed equal legal sta-
authority does not wish to ignore. One tus, the said inscriptions are often given
may call it language tolerance. Even in in one language only, and only some of
these cases hierarchy may sometimes be them in the other language(s); or the font
used for one alphabet is significantly Fig. 1: The five-language Ottoman 1
discerned. pound note, 1880 (P-59). Denomi-
bigger than the font(s) used for the other
We shall deal with banknotes that are nations at the corners (): French,
one(s); or one language always appears
supposed to provide lingual equality or Armenian, Arabic, and Greek; fourth
on the obverse, the other languages being
to show language tolerance, and examine line in the center, beginning with ‫ ددعرب‬,
limited to the reverse. In other words,
changes of policies and priorities. Hierar- Ottoman-Turkish
the languages are not treated equally, as
chy of languages on bearers of value, i.e. it were; some hierarchy is introduced. The Austro-Hungarian Empire, or the
banknotes as well as coins and stamps, Where equality or near-equality is de- Dual Monarchy of Austria-Hungary,
has recently been studied by several re- sired, the means for achieving it differ was founded in 1867, a union of the
searchers. In the words of one of them, from one country to another. We shall (big) Habsburg Empire and the (smaller)
The range of languages which could be show a few examples, beginning with Kingdom of Hungary. Its first banknotes
chosen for stamps and currency can be early multilingual banknotes. date from 1880. Naturally, they were
summarized roughly as coming from the bilingual, having Austrian (i.e. German)
following list: text (written in Fraktur, or Gothic, hand)
on the obverse and Hungarian text on
1. One or more official or the reverse. This is a type of hierarchy
de facto official languages;
2. One or more national languages;
3. A language of wider
communication, e.g. an
‘international language’
like English or French;

we shall see (many more times). As of note was issued in pairs, one note of Pakistan has two official languages,
1900, the banknotes were issued by the the pair being in English and the other Urdu and English. The State Bank of
Austro-Hungarian Bank, which adhered in French. Until then the notes were Pakistan uses a design we may call ‘one
to the two-language policy; however, the monolingual – English only. Language side per language’, the obverse in Urdu
obverse also showed the denomination equality was better achieved with the and the reverse in English (a familiar
in eight other languages (Czech, Pol- 1937–1954 series, where, however, there type of hierarchy). However, some of the
ish, Croatian, Slovene, Serbian, Italian, was no complete balancing of the usage text in Urdu has no parallel in English
Ukrainian and Romanian; Fig. 2). After of the two languages: English text was (Fig. 6).
all, the Empire was multiethnic. It col- always to the left of the French one (Fig.
lapsed in 1918 following WWI. 4), Thus giving some preference to En-
glish. Equal prominence as it were has
been attained in the 1969–1975 (and
more recent) series of banknotes by the
‘alternating precedence’:
• On the 1-dollar note, ‘UN.ONE’ is
printed, with ‘BANK OF CANADA.
BANQUE DU CANADA’, at the top
(red French, blue English, colours
added here for the sake of clarity);
• On the 2-dollar note, ‘TWO.DEUX’
Fig. 2: The obverse of a 1900 Austro-Hun-
garian banknote (P-4). German language,
is printed, with ‘BANQUE DU
including the warnings against forfeiting CANADA. BANK OF CANADA’, at Fig. 6: A Pakistani 2006 banknote (P-51).
and the denomination (Zehn [10] Kro- the top; Both kinds of numerals – Perso-Arabic
and Western – appear on both sides of the
nen); Denomination in 8 other languages • On the 5-dollar note, ‘CINQ.FIVE’ note. The upper two lines of the Urdu side
at the lower part of the note; the reverse
is printed, with ‘BANK OF CAN- of the note are ‘State Bank of Pakistan’
of the note is in Hungarian
ADA. BANQUE DU CANADA’, at and ‘five thousand rupees’; The star-and-
Moving to another continent, America, the top; crescent emblem, in fact the flag, is pre-
we wish to deal with the Danish West And so on, alternately (Fig. 5).
sented on the Urdu side of the note only.
Indies, which was a Danish colony in the Until 2005, the official language of Sudan
Caribbean consisting of several islands. It seems that such language equality as was Arabic. The obverse of its banknotes
After a long and troublesome history, the presented here has not been attained was in Arabic, the reverse only showing
islands were sold for 25 million dollars anywhere else. BANK OF SUDAN and the denomina-
to the United States in 1917. The colony’s tion in English. The 2005 constitution
last notes were issued in 1905 and were added English as an official language.
bilingual, Danish and English, reflecting The banknotes design changed, and the
the political situation at the time (Fig. 3). notes were organized in much the same
There was no legal necessity to use the way as Pakistan’s, except that the cur-
two languages but this was done, albeit rency had two names: junaih in Arabic
giving Danish some preference. (sometimes junaih sudāni), and Sudanese
pound in English. As of 2006, the En-
Fig 4: A 1954 Canadian banknote (P-66). glish reverse is completely equivalent to
English > French. The same order is ob- the Arabic obverse, excluding the serial
served on the reverse. number, the governor’s signature and his
title (‫( )ظفاحملا‬Fig. 7). Clearly Sudanese
banknotes present a higher degree of lan-
guage equality than Pakistani ones.
Fig. 3: Obverse of a 1905 Danish West
Indies banknote (P-17). Reverse is also
bilingual, Danish and English, with Danish
at the top.
The Ottoman, the Austro-Hungarian,

and the Danish West Indies are early
examples of language tolerance in mul-
tilingual banknotes. We shall now deal
with bilingual banknotes where lan-
guage equality was to be expected.
Canada has two main languages, En-
glish and French, official since 1969. The Fig. 5: Two banknotes of the 1964–1975
1935 series of banknotes was bilingual series (P-86 & P-87)
in a certain way: Each denomination Fig. 7: A Sudanese 2006 note (P-68)

Stack’s Bowers is Your
Premier Resource for World Paper Money
Whether you have a complete collection or a handful of rarities, Stack’s Bowers Galleries will realize
top market price for you. Contact our consignment specialists today to include your world paper money
in one of our landmark auction venues, including the New York International Numismatic Convention,
Hong Kong Showcase Auction, the American Numismatic Association World’s Fair of Money,
and the Whitman Coin & Collectibles Numismatic Expo.
Highlights from our recent auctions include:
CHINA–PEOPLE’S REPUBLIC. ZANZIBAR. The Zanzibar Government. HONG KONG. Chartered Bank of India,
Peoples Bank of China. 10 Yuan, 1953. P-870. 5 Rupees, 1908. P-2. PCGS Very Fine 35. Australia & China. 10 Dollars, 10.3.1863. P-22.
PCGSBG Gem New 65 OPQ. Realized: $129,250 PCGSBG Very Good 8.
Realized: $68,712.50 Realized: $101,575
IRAN. Imperial Bank of Persia.

100 Tomans, 1.6.1923. P-8.
WBG Very Fine Choice 35.
Realized: $49,350
American Bank Note Company and Waterlow & Sons. South American
Specimen Book. Various Countries. Mixed Denominations.
Realized: $141,000
Contact us today to speak with a consignment specialist who

VIET NAM, SOUTH. National Bank of will ensure your collection receives the attention it deserves.
Viet Nam. 1000 Dong, ND. P-4Ap. Proof.
PCGSBG Gem Uncirculated 66 OPQ. 800.458.4646 West Coast | 800.566.2580 East Coast
Realized: $38,240 [email protected]
800.458.4646 West Coast Office • 800.566.2580 East Coast Office

1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916
123 W. 57th Street, New York, NY 10019 • 212.582.2580
[email protected] • StacksBowers.com
California • New York • New Hampshire • Hong Kong • Paris America’s Oldest and Most Accomplished Rare Coin Auctioneer
SBG IBNS GenCons 170131
According to the constitution of Ireland, in 1918–1955 were bilingual, seemingly used for the Serbo-Croatian name; the Cy-
the Irish language, as the national lan- with language equality: Each text in rillic was used for the Macedonian one.6
guage, is the first official language, English Finnish had its equivalent in Swedish.
The denominations were printed in three
being recognized as the second. English However, Finnish text was always above
languages, using the two scripts, as shown
has been the predominant first language or to the left of the Swedish one (Fig. 10).
in Fig. 12. The 1000-Dinar note of 1992
since the later nineteenth century, and this This practice probably reflected feelings
(Fig 13) looks deceptively similar to that of
is reflected by the bilingual banknotes is- of animosity of Finns toward Swedes,
1991. However, the political situation has
sued until 1976: English left of the Irish on resulting from the many years of Swedish
changed, such that one language only is
the obverse (no text on the reverse) (Fig. rule over Finland. Banknotes issued in
used, with its two scripts.
8). As of 1979 the ‘one side per language’ 1955 relegated Swedish text (name of the
prevails, with Irish on the obverse. bank and denomination) to the reverse
of the notes, the obverse showing Finn-
ish only. This was the policy until 1986,
when (some) Swedish reappeared on the
obverse (Fig. 11). The reverse did not
change: Finnish and Swedish, with the
former prioritized.
Fig. 12: A 1991 Yugoslavia banknote (P-

110). On top – ‘National Bank of Yugosla-
via’: first two lines, in Serbo-Croatian in
two scripts; the third line, in Macedonian.
Fig. 8: An Irish Republic bilingual note, The denominations: ΔИНАРА, DINARA –
1977 (P-68). English > Irish. No text on Serbo-Croatian in two scripts; DINARJEV
the reverse – Slovenian, ΔИНАРИ – Macedonian.7
After hundreds of years of Swedish rule,
most of Finland was ceded to the Russian Fig. 10: A Finnish bilingual note, 1945
Empire in 1809 under the name Stor- (P-86). Finnish > Swedish. No text on the
furdstendömet Finland (Grand Duchy reverse.
of Finland in Swedish). The state became
independent in 1917. This explains the
trilingual banknotes issued in the 19th
century: the Tsarist Eagle at the top, two
lines of Swedish text followed by two lines Fig. 13: A 1992 Yugoslavia banknote (P-
of Finnish text, and denomination in 114). Note the precedence given to the
Finnish and Russian in the last line (Fig. Cyrillic script over the Latin one, appear-
ing first vertically and horizontally.
9). The design of the note shows tolerance
of the local languages by the Russian au- Cyprus has become independent of
thorities. However, the hierarchy Swedish Britain in 1961, though this ex-colonial
> Finnish is obvious. power keeps a small portion of the island
for military purposes. The country (in
fact, since 1974, Southern Cyprus only)
has two official languages, Greek and
Turkish, English being a semi-official
one. Banknotes of independent Cyprus,
first issued by the Republic of Cyprus then
Fig. 11: Two 1986 Finnish banknotes (P- by the Central Bank of Cyprus, were ar-
115 & P-119). P-119 has HUNDRA MARK ranged with the two official languages on
(Swedish) added () the obverse, the reverse reserved for En-
The banknotes of Yugoslavia provide in- glish. The arrangement of the obverse is
teresting examples for the way languages such that Greek is left of Turkish or above
and scripts are arranged in multilingual it (Fig. 14); In other words, Greek is pre-
notes. For many years until 1991, the name ferred, in much the same way English was
Fig. 9: A trilingual 1836 Finnish 50 kopek in the Canadian 1954 banknotes and in
note (P-A25). Denomination: Femtio
of the issuing body, National Bank of Yu-
goslavia, was printed in two languages, Ireland’s pre-1979 ones. This preference
[50] Kopek (Swedish, in the text), Viisi
namely Serbo-Croatian and Macedonian.5 was not obvious when the old right-to-left
Kymmendá Kopekaa and ПЯАТЬДЕДЯТЬ
КОПДЕКЪ (Finnish and Russian, respec- Two alphabets – Cyrillic and Latin – were
tively). 6 The Cyrillic alphabets used by South Slavic
languages are not quite the same as the alphabet
The official languages of Finland are 5 The Serbian language uses mainly the Cyrillic
used by Russian.
Finnish and Swedish, the former spoken alphabet and Croatian, the Latin one; the two
by the majority of the population. The languages, and other Balkan languages, are 7 The currency of modern Macedonia is (plural)
banknotes issued by the Bank of Finland mutually intelligible, Serbian-Croatian being a ΔЕНАРИ (denari) rather than ΔИНАРИ
pluricentric language. (dinari).

Perso-Arabian script was used for writing We wish now to present examples of var-
Turkish (Fig. 15). ious multilingual notes, where ‘multi’
may be 3 or more, or a combination of
two numbers.
The Saudi Arabian Monetary Agency is-
sued in AH1372 (1952–1953) notes, called
Hajj Pilgrim Receipts, of 10 rial denom-
ination, whose obverse was hexalingual
and the reverse, pentalingual (Fig. 17).
Other denominations were issued in a few
consequent years. Pilgrim Receipts, used
like travelers checks, were purchased by
Fig. 14: A 1961 Republic of Cyprus
pilgrims at banks in their home countries
banknote (P-40). Greek>Turkish and
and exchanged in Saudi Arabia for Saudi
Greek (ΠΕΝΤΕ ΛΙΡΑΙ)  Turkish (BEŞ
riyals.8 The 10 rial note was the first note
LİRA).
issued in Saudi Arabia.
Fig. 18: A South-African 1928 banknote
(P-85). Note the preference given to En-
glish over Afrikaans.
Fig. 15: A 1949 Cyprus banknote (P-25).

(FIVE POUNDS =) ΠΕΝΤΕ ΛΙΡΑΙ [→]=[←]
‫اريل شب‬. In 1949 Cyprus was still a British
colony.
Malta became independent in 1964

and a republic in 1974, while retaining
its membership in the Commonwealth Fig.17: Saudi Hajj Pilgrim Receipts, 1952–
of Nations. It has two official languag- 1953 (P-1). The main language on the
es, Maltese and English. Pre-1980s obverse is Arabic. Beneath the emblem,
banknotes used Maltese on the obverse denomination in 6 languages: (left to
right) English, Malay, Farsi, Arabic, Urdu,
and minimum of English on the reverse and Turkish; on the reverse, legal text in Fig. 19: A pair of South-African notes of
(Fig. 16), as if English was not an official the same languages except English, with the 1948–1959 series (P-92 & P-93).
language. Furthermore, as of 1986 both Arabic at the top.
sides of the notes are in Maltese only.
South Africa has had several changes
This is an example of extreme language
in its language policy as reflected by its
inequality.
banknotes. Until 1922, the notes were bilin-
gual – English on the obverse, Afrikaans on IN 1992–1999, THE ‘TURNS’
the reverse (the type of hierarchy we have SYSTEM KNOWN E.G.
seen a few times before). These were the FROM CANADA IS USED:
languages of the two colonial communi-
ties, respectively. In 1925–1944 notes, both Denomination Language
languages on both sides, English having the (rand)
preference: on top of the Afrikaans or to its 10 Afrikaans
left, another hierarchy arrangement with
which we are acquainted (Fig. 18). In 1948– 20 English
1959, language equality was improved:
banknotes were issued in pairs, alternating 50 Afrikaans
English or Afrikaans on top (Fig. 19).
100 English
200 Afrikaans
Fig. 16: A Maltese 1967 (1973) banknote (P-

32). The currency unit is lira (pl. liri) in Maltese
and pound in English. ĦAMES LIRI = FIVE
POUNDS. 8 P.J. Symes, A Rial Mystery, pjsymes.com.au/
articles/RiyalMystery.htm 2004.

TABLE 1: LANGUAGES ON THE
NELSON MANDELA BANKNOTES, 2012–2016.
R10 IS THE DENOMINATION 10 RAND, ETC.
Front Back Language
R10 English Afrikaans SUID-AFRIKAANSE

siSwati RESERVEBANK LIBHANGESILULU
LENINGIZIMU AFRIKA
R20 English Setswana BANKAKGOLO YA

isiNdebele AFORIKABORWA
IBULUNGELO-MALI ELIKHULU
LESEWULA AFRIKA
Fig. 20: The first Belgian trilingual banknote
R50 English isiXhosa IBHANKI ENGUVIMBA (P-146). Obverse – French, reverse – Flem-
Tshivenda YOMZANTSI AFRIKA ish and German
BANNGA YA VHUKATI YA
AFRIKA TSHIPEMBE
Ukraine was an independent republic for
three years, 1917–1920, until it became
R100 English Sesotho sa IBHANGLE LOMBUSO
a Soviet Socialist Republic of the Soviet
Leboa/Sepedi LASENINGIZMU AFRIKA Union. The first note it issued, in 1917,
Xitsonga BANKA YA RISEFE YA was quadrilingual: Ukrainian on the ob-
AFRIKA BORWA verse, Russian, Polish and Yiddish on the
reverse (Fig. 21). It is the only note ever
R200 English isiZulu IBHANGLE LOMBUSO issued that uses Yiddish text. The choice
Sesotho LASENINGIZMU AFRIKA
of languages reflects the ethnography of
BANKA YA RISEFE YA
AFRIKA BORWA the region at the time and demonstrates
the wish of the founders of the republic to
attain suitable multinational atmosphere.
1918 and later notes were monolingual.
TABLE 2: TRILINGUAL BELGIAN BANKNOTES IN 1992–2001
Years Denomination Obverse Reverse

1992–1997 10000 French Flemish & German (Fig. 20)
1995–2001 100 Flemish French & German
1995 200 French Flemish & German
1998 500 French Flemish & German
1997 1000 Flevmish French & German
Fig. 21: Reverse of the 1917 Ukrainian note
1994–2001 2000 Flemish French & German (P-1). 3 languages, 3 alphabets: Russian
Polish Yiddish. Ukrainian is used on the
obverse.
This is not the end of the evolution, though. now has three official languages: French, The three Baltic States – Estonia, Lat-
Discriminatory laws began to be repealed Flemish and German. Until 1992, Belgian via, and Lithuania – gained indepen-
or abolished from 1990 onwards, thanks banknotes were bilingual, most probably dence in 1918, immediately after WWI
to the non-violent revolution. Thus, since because the German minority was very (but were occupied by the Soviet Union
2005, the obverse of the notes is in English, small indeed. They were issued in an alter- during WWII). Strangely, Latvia
and the reverse, in two African languages nate order: obverse in French and reverse in and Estonia issued in 1919 trilingual
(Table 1). There are 11 official languages Flemish; the next note in the issue – obverse banknotes, adding two international
in South Africa, including Afrikaans and in Flemish and reverse in French; and so on. languages to the respective local one:
English, the latter being recognized as the The system had to be modified when it was Latvia – Russian and German (Fig.
de facto lingua franca of the nation. decided that the notes should be trilingual, 22), Estonia – English and French (Fig.
and the order of issues turned out to be as 23). One wonders about the choice of
The first Belgian bilingual banknotes, shown in Table 2. Examining the reverses the foreign languages. After 1920, the
using French and Flemish (also known as of the notes shows that German was print- notes of both countries became mono-
Belgian Dutch), appeared in 1889.9 Belgium ed below Flemish or French, respectively, lingual. In the same postwar years,
or to the right of either language. In other Georgia, the country in the Caucasus,
words, German was given lower priority. also issued trilingual notes, the in-
9 Alexis Schwartzenbach, Portraits of the Nation, This is not quite surprising bearing in mind ternational languages being French
Stamps, Coins and Banknotes in Belgium and the demography. and Russian. Georgia was invaded by
Switzerland 1880–1945, Peter Lang, 1999; p. 47.

Soviet Russia in 1921 and subsequently was recognized as the language of com- Palestine under the British mandate
became a Soviet Socialist Republic. munication between the republics. The (1922–1948) is a special case: A bilingual
Soviet Union was dissolved in December country if you consider the local people
1991. Banknotes that bear the date 1991 only, trilingual by law: The mandate given
are monolingual, as are the 1992 notes to Britain by the League of Nations stated
issued by the Russian Federation. that Palestine should have three official
languages, namely English, Arabic and
Hebrew. The Mandatory British Govern-
ment interpreted this directive such that
English should be Primus inter Pares, the
local languages reduced to a lower status.
Arabic was given priority over Hebrew
(probably because there were many more
Arabic speakers than Hebrew speakers).
In all official documents – passports,
Fig. 24: Reverse of a 100 ruble 1919 So- birth certificates, stamps, official notices,
viet note (P-101). ‘WORKERS OF THE banknotes, etc. – the government always
WORLD, UNITE!’ Languages: Russian placed English text at the top or in the
(beneath the emblem), German, French, center and Arabic above the Hebrew or to
Italian, English, Arabic, and Chinese its right.
Fig. 22: Trilingual Latvian 1919 note (P- Since both of the local languages are writ-
2). Obverse – Latvian; reverse – German ten from right to left, priority given to the
(left) and Russian. Arabic language is obvious. An example
is provided here by the 1-pound note (Fig.
27), where ‫( ىنيطسلف هينج‬Arabic) is to
the right of ‫( )י”א(יאניתשלפ טנופ‬Hebrew),
and the parallel ‘ONE PALESTINE
POUND’ is appropriately on top, in the
middle and in bigger font. Furthermore,
some of the text is in English only: ‘JE-
RUSALEM.’, the date, the issuing body,
and ‘MEMBERS OF THE PALESTINE
CURRENCY BOARD’.
Fig. 23: Trilingual Estoian 1919 note (P-18).

Fig. 25: Reverse of a multilingual Soviet
Estonian, English () and French ().
small-change 1 kopeika note, 1924 (P-191)
The Soviet Union issued multilingual
notes as of 1919, when the text in the
foreign languages was the communist
slogan ‘workers of the world, unite!’
rather than the denomination (Fig. 24).10
The choice of languages clearly indicates
that the series of notes bearing the slo-
gan was issued mainly for propaganda
purposes. Multilingual notes with lan-
guages that are actually in use in the
Union began to appear in 1923. Not all
the notes were multilingual; in those
that were, the number of languages in-
creased from 6 in the early twenties (Fig. Fig. 27: Hierarchy in Mandatory-Palestine
25) to 16 in 1947; 16 was the number of currency (P-7 and KM-6). Note: ONE
the Soviet republics (Fig. 26).11 The Rus- PALESTINE POUND, the local languages
Fig. 26: A 1 ruble note; 16 Soviet republics, below: ‫)י”א(יאניתשלפ טנופ – ىنيطسلف هينج‬
sian language was not official although it
16 languages (P-216). Один рубль (Rus- Hebrew Arabic. Coin : Arabic. English (in
sian) (center, big font)), Один карбованець large font), Hebrew
10 I.M. Goryanov and M.A. Murdyan, Russian (Ukrainian), Адзін рубель (Belarusian), Бир
сўм/Bir so‘m (Uzbek), Бiр сом (Kazakh) / Israel has two official languages, Hebrew
Paper Money (1769 – 2010), Moscow, 2014
(Russian and English). Erti maneti/ (Georgian), Бир Манат/Bir and Arabic. For a couple of days, Israel
Manat (Azeri), Vienas rublis (Lithuanian), (founded in May 1948) had three official
11 A difficulty encountered in studying Russian О рублэ/O rublă (Moldovan), Viens rublis languages, but then, still in May 1948, the
paper money evolves from the fact that most (Latvian), Бир Сом (Kyrgyz), Як сўм (Tajik) newly-born State of Israel issued an amend-
pictures in Goryanov and Murdyan show /Mek rrubli/ (Armenian), Бир Манат/Bir ment to the Mandatory legal system stating:
obverses only. Cuhaj is also far from perfect in
this respect.
Manat (Turkmen), Üks rubla (Estonian). Any order in the law which requires the use of

the English language is hereby abolished.
This amendment demoted English to the TABLE 4: SWITZERLAND’S BANKNOTES AS OF 1975
level of a semi-official language.12 The
Bank of Israel, established in December Years Denomination (fr.) obverse reverse
1954, had its own priorities regarding
the three languages: First of all, it chose 1979-92 10 German French
Romansh Italian
the name ‘Bank of Israel’ (English), not
1978-92 20 French German
‘Banque d’Israël’ (French, considered at Italian Romansh
the time to be the lingua franca of the 1978-1988 50 German French
region) nor ‘Bank Israel’ (a translitera- Romansh Italian
tion of the official Hebrew name).13 The (Fig. 30) (Fig. 31)
notes it issued until 1982 had the obverse 1975-1993 100 French German
in Hebrew, the text on the reverse being Italian Romansh
just ‘Bank of Israel’ in the three languages 1976-1992 500 German French
(Fig. 28). In 1982 the Bank became more Romansh Italian
considerate, as it were. In all the notes, 1977-1993 1000 French German
Italian Romansh
Hebrew was used on the obverse only,
and the text on the reverse was the name Italian Romansh
of the bank and the denomination in 1994-1995 20 German French
Arabic and English. The name ‘BANK Romansh Italian
OF ISRAEL’ was placed above the name 1994-2004 50 German French
of the bank in Arabic (Fig. 29) in spite of Romansh Italian
the fact that English was not an official 1996-2003 100 French German
language, whereas Arabic was. Italian Romansh
Italian Romansh
1996-1999 1000 German French
Romansh Italian
represent Switzerland not only as an offi-

cially trilingual country but also alluded
to the percentage distribution of Swiss
Fig. 28: The reverse of a 1979 issue (P-47) languages (1900: German 69.7%, French
22.0%, Italian 6.7%, Romansh 1.2%)”14 .
Romansh became a national (not official)
language in 1938. In the years 1951–1974,
only the three official languages were
used, i.e. French, German and Italian. Fig. 31: The same 1988 Swiss note, reverse
In the last thirty years, arranging the (P-56). French > Italian.
languages on the notes followed the ‘turn The order in which text in various lan-
system’, namely French and Italian on guages is printed should not be taken
one side, German and Romansh on the lightly. A series of notes issued in Mau-
other, as shown in Table 4. Equality was ritius in 1998 had the denomination text
Fig. 29: The reverse of a 1982 issue (P-48). observed – but ‘watch the order’: system- order English-Sanskrit-Tamil instead
Note the space allocated to, and numerals atically, French above Italian and Ger- of the accepted order English-Tam-
size of, ‘500 SHEQALIM’ vs. ‘‫ لقيش‬٥٠٠’ Note man above Romansh (Figs. 30 and 31). il-Sanskrit. “The change in order almost
also that BANK OF ISRAEL is above the
brought the country to its knees. Within
name of the bank in Arabic.
days of the banknotes being issued, Tam-
The Swiss constitution of 1848 defined ils were protesting and burning effigies of
German, French and Italian as Switzer- the Governor of the Bank of Mauritius
land’s official languages. “The banknote […]. Ultimately, the notes were re-issued
commission wanted [in the 1880s] to with the text in the correct order and
peace was restored to Mauritius (Fig.
32). However, both the Governor and the
Fig. 30: A 1988 Swiss note, 1978–1988,
12 Yigal Arkin, Bank Notes and Coins of Israel Managing Director of the Bank of Mau-
obverse (P-56). German > Romansh.
1927–2006, Bank of Israel, Currency Department, ritius lost their jobs over the incident.” 15
2006.
13 Notes had been issued in Israel before the
Bank of Israel was established. The issuing body, a
local leading bank (with British roots), preferred
transliteration to translation, printing on its notes
BANK LEUMI LE-ISRAEL B.M., not ISRAEL 15 P.J. Symes, Banknote Oddities, www.pjsymes.
NATIONAL BANK LTD. 14 Alexis Schwartzenbach, op. cit., pp. 86, 87. com.au/, 2001.

CONCLUSION
We have reviewed a spectrum of ap-
proaches to the design of multilingual
banknotes, especially those that were
supposedly designed in order to attain
language equality. Several approaches
have been discerned, as follows.
(i) The ‘one side per language’, where the
obverse is printed in the language that
the issuing authority prefers and the
reverse in the other language(s), theoret-
ically giving the same information, but
often less. Examples are from Pakistan,
Malta (for some time) and Israel, all of
which have two official languages.
(ii) In some bilingual notes, both official
Fig. 32: Mauritius 1998 and 1999 notes
languages appear on the obverse, but
(P-43 & P-50). English-Sanskrit-Tamil and
‘watch the order’: if both languages are
English-Tamil-Sanskrit, respectively.
written from left to right, and text in
Singapore, too, has four official languag- language A is always to the left of the
es, namely English, Malay, Tamil and text in language B, it is clear that A is
Chinese (Mandarin). On the banknotes, preferred to B. Another way preference
however, one sees English only except for Fig. 34: Ten rupees in 2+15 languages, is expressed is when A is always above
the name of the island-country in very reverse of a 2006–2013 note (P-95a). B. Examples: Canada’s 1954 notes, inde-
small characters in the four languages Note the alphabetical order, chosen in pendent Cyprus’s, Yugoslavia, Ireland,
(Fig. 33). This arrangement, of course, order to prevent hierarchy problems. Belgium (partly), Switzerland obverses
is very far from providing any language and Switzerland reverses in 1929–1996,
Our last example will demonstrate again
balance. This should not come as a sur- and local languages of Mandatory Pales-
language tolerance. Hyderabad, now part
prise, as English has precedence in most tine (where the direction is right to left).
of India, was the only ‘princely state’ in
aspects of Singapore public life.
India that had a full fledged paper cur- (iii) The ‘turn system’, where the lan-
rency in the years 1916–1952, and enjoyed guages appear alternately such that on
wide circulation till 1952 (although the the average a balance is achieved. Recent
state had been annexed by India in 1948). examples are Switzerland (where equali-
The notes are printed in Urdu and other ty is not quite perfect) and Canada.
languages which were current in the state,
(iv) In some cases, no attempt at equality
Kannada, Telugu, Marathi and English,
has been made, Singapore for example.
and demonstrate language tolerance by
New Zealand uses English only although
an authoritative government (Fig. 35).
it has two official languages – English
Fig. 33: A Singapore 1999 banknote (P-42).
and Maori – since 1987 (not counting
The languages (top line, left to right) are:
the sign language, which is also official,
Malay, Chinese, Tamil, and English, all of them
written from left to right. In the coat of arms –
since 2006); Malta has dropped English
MAJULAH SINGAPURA (Malay) altogether.
There are many more banks and other
By its 1950 constitution, India has one authorities that have issued multilingual
official language, Hindi in Devanagari notes than those mentioned here. I have
script. English is semi-official, a lingua chosen notes that I consider represent
franca for the subcontinent. Both lan- trends.
guages are prominent in banknotes, and
for many years they appeared on the ob- We have avoided dealing with bilingual
verse of the notes, with several non-Hindi Fig. 35: A Hyderabad pentalingual 1930
banknotes issued by colonial author-
Asian languages on the reverse. In later Banknote (P-S267). Text at top center: ities, where no language equality was
yeazrs, 13 languages were used in addi- GOVERNMENT CURRENCY NOTE in Urdu considered.
tion to Hindi and English, and recently, Center, denomination in Urdu; around it
15 (Fig. 34), in a way that reminds one of Marathi, Telugu, Kannada, and English. Left
and right denomination in numerals of the
the Austro-Hungarian practice.
five languages.
.

INTERVIEW WITH VICTORIA CLELAND
Chief Cashier of the Bank of England
Jonathan Callaway (3575)
Victoria Cleland has headed the Notes division of the Bank of PERSONAL BACKGROUND AND INTERESTS
England since March 2010, becoming Chief Cashier in March
2014. She has worked at the Bank for over twenty years, having We started with a few questions about Victoria’s career and
studied Politics, Philosophy and Economics at Oxford Universi- outside interests.
ty and gaining an MBA from Imperial College, London. Jonathan Callaway (JC): How did you get to join the Bank?
She has held a range of positions whilst at the Bank including Victoria Cleland (VC): After obtaining my degree I joined an
oversight of payment and settlement systems, the financing of accountancy firm but then saw an advert for a job at the Bank
small businesses, graduate recruitment and acting as private which looked a lot more exciting. I’ve been here ever since and
secretary to the Deputy Governor for financial stability. Before I’ve had a whole range of really stimulating roles at the Bank
taking on her current role she was Deputy Head of the Special over the last twenty years.
Resolution Unit building on her work on the resolution of the
Northern Rock crisis. In Sep- JC: Are you comfortable with
tember 2007 this precipitated the media exposure and inter-
the first run on a bank in the action which comes with your
United Kingdom for over a current job?
century and ended with the VC: I’ve had plenty of expe-
bank being nationalised the rience in previous roles in
following year. working with external organi-
Her current role gives her re- sations, including speaking at
sponsibility for all of the Bank’s conferences and workshops, so
involvement in banknotes the transition has been quite
from design to distribution manageable. It’s also incredi-
and she leads the Bank’s work bly important in making sure
on digital currencies. She has all aspects of note design and
been quoted as saying especially the security features
are brought fully to the public’s
“My role covers far more than Victoria sitting on sheets of uncut new fivers
attention. The Bank believes
signing the banknotes. As
it is important to engage the
Chief Cashier, I am responsible for meeting public demand for
banknotes and maintaining confidence in the physical cur- public as much as it possibly can. People are more informa-
rency. This includes seeking to ensure that we have the right tion-hungry nowadays so I can see this part of my role staying
number and denominational mix of good quality banknotes at the forefront.
in circulation, and through introducing secure ‘state of the art’ JC: When not managing the nation’s banknotes what do you
banknotes, the public have confidence the banknotes they re- find time to do in your spare time?
ceive are genuine. This involves working closely with a range of
key players in the cash industry including, the members of the VC: I enjoy cycling, going to the theatre and I love visiting art
Note Circulation Scheme, financial institutions, retailers, cash galleries, though I have not so far turned into a collector of art
in transit companies and with banknote suppliers.” – it’s a very expensive hobby! I also enjoy going to the many
exhibitions at the major London museums including the British
I first met Victoria in a BBC radio studio for an interview on Library and the excellent Magna Carta exhibition in 2015.
September 13th 2016, the day the new Bank of England polymer
£5 note entered circulation. Our interviewer decided to test the JC: How much did you enjoy your taste of auctioneering (at the
robustness of the new polymer substrate by trying to tear it Spink sale of low numbered Bank of England notes in October
apart with his teeth. He failed, fortunately, but perhaps less for- 2016)? Does an alternative career beckon?
tunately someone then had to take the note back for the Bank. VC: Probably not! It was great fun but more difficult than I had
At least it was in one piece. expected. I think I’ll stick to central banking even though I only
I managed to set my own interview up with Victoria and it took auctioned the first lot in the auction, which fetched a very im-
place on December 7th 2016 in her office in the Bank’s HQ in pressive £4,150. I also enjoyed seeing the buzz in the room and
Threadneedle Street in the heart of the City of London, where the obvious enthusiasm of the many bidders not only for our
I was interested to see there were several examples of early new polymer fiver but also our other notes. And of course I was
English provincial banknotes on the walls alongside a couple delighted at how much we raised for charity – a total of £194,500
of Bank of England notes. Yes, we agreed, some of these notes for the three charities chosen by our staff, the Myotubular Trust,
really are works of art in themselves—a welcome sentiment not The Lily Foundation for research into mitochondrial disease
always expressed by central bankers. and the Bliss charity for the care of premature and sick babies.

PMG Certifies Rare Palestine
Currency Board Notes
PMG was chosen by Jerry and Diane Fishman to authenticate and
grade their rare Palestine Currency Board banknotes.
The Fishman collection is significant for its quality, rarity and scope; it includes some of the
finest specimens, color trials and proofs. Among the banknotes is an issued 50-pound
note from 1927 that is believed to be unique. It has been graded PMG 30 Very Fine.
The notes above are just a few highlights from the phenomenal collection.
Learn more at PMGnotes.com
PMGnotes.com | 877-PMG-5570 United States | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan

BANKNOTE DESIGN 30,000 people responded suggesting 590 different names. The
Committee was then supplemented by three new members,
JC: How does the Bank approach the security aspects of Alice Rawsthorn, Andrew Graham Dixon and John Akomfrah,
banknote design? whose specialised knowledge of the visual arts helped us draw
VC: We are constantly trying to raise the bar in terms of mak- up a shortlist for the final decision, a decision made as always by
ing the notes difficult to counterfeit. The more challenging, the Governor. The three permanent external members will stay
time-consuming and expensive it is for potential forgers the with us as we move forward to consider the next design changes,
more likely it is that they will be deterred. Of course nobody as part of our rolling programme of note replacement.
can come up with a note that is absolutely counterfeit-proof and JC: I understand that during the selection process for the por-
we accept that. We have a team of scientists in the Bank who trait on the £20 note the Scots, Welsh and Northern Irish were
work on new anti-forgery consulted. No English
initiatives and also work man or woman has ever
closely with our suppliers appeared on a Scottish
to ensure they are kept note but the Bank of
abreast of technical de- England has chosen two
velopments. It was coun- Scots (so far) for their
terfeit resilience which own notes. Do you feel
was a key driver in the an obligation to look to
move to polymer. all four nations in the UK
In fact when we started for potential candidates?
to develop the new note VC: Yes, the Bank of En-
we looked not only at gland is the central bank
the polymer substrate of the whole of the UK
itself but also how best we and our notes are used
could exploit the window in all four of the home
feature. The new note nations, so we are very
has a large window with conscious of the need
complex components, to acknowledge these
in particular the image on our notes. One con-
of the Elizabeth Tower sequence of that is the
(“Big Ben”), in gold foil appearance on the new
on the front and silver £5 note of four shields
on the reverse, all with representing each of the
perfect registration. We nations. These contribute
believe this is the first to the overall aesthetics
time such a complex of the design.
window feature has been
deployed on a new note. JC: Has any work been
Our manufacturers and undertaken to select
printers rose to the challenge, with Innovia producing the poly- the next historical character on any of the notes, or even the
mer substrate and De La Rue printing the note. field they might represent? Would you go for engineering, for
example, in the hope that my personal choice of Brunel, one of
JC: The Bank set up a new selection process after the decision Britain’s most inspirational and influential engineers, might yet
was taken to put Churchill on the fiver, (replacing Elizabeth make it on to one of your notes?
Fry, the prison reformer) triggering a campaign to demand that
another female figure should have been chosen. Subsequently, VC: No, not as yet. It will probably be quite some time be-
the Bank announced that Jane Austen would appear on the new fore we need to start another selection process so we remain
tenner. The new selection process involved outside specialists open-minded on any future decisions in that regard.
sitting with Bank officials on an advisory committee. How were JC: Churchill’s portrait contravenes two supposed principles
external members of the committee selected and how did the of portrait engraving on banknotes – in that he is both clean
process of selecting the new £20 note unfold? shaven and more or less bald. Was it a conscious decision to
ignore the engravers’ preference for more hirsute portraits or
VC: The permanent external members of the Banknote Char-
has this aspect of forgery prevention become obsolete given the
acter Advisory Committee, who accompany Ben Broadbent
technical advances in banknote design?
(Deputy Governor for Monetary Policy) and me are Professor
Sir David Cannadine, a leading British historian, Sandy Nairne, VC: We would not select a character solely on the basis of their
former Director of the National Portrait Gallery and Baroness aesthetic appearance. In the past the quality of the portrait en-
Lola Young, an experienced writer and broadcaster. They were graving was absolutely primary but nowadays there are so many
chosen for their breadth of knowledge across a range of areas, other security features we can deploy, such as the micro-text,
including history and the arts. Once the core members of the the window, the hologram feature and the gold and silver foils.
Committee had decided to choose a historical figure from the Apart from the overall quality and appeal of the engraving we
visual arts for the new £20 note we opened the issue up to the look at the broader aesthetic qualities of the note while ensuring
public and invited suggestions for a representative figure. About the key text is clear and crisp.

POLYMER PROGRESS public has taken to examining fivers received in change much
more carefully than they might otherwise have done. What is
JC: has the feedback on the new fiver been positive so far (the the Bank’s view of this?
animal fat issue aside)?
VC: We remind people on our website that it is illegal to deface a
VC: Yes, we were fairly confident it would be after the exten- Bank of England note but we do not respond to individual cases,
sive consultation process with the public and the outcome of it is a matter for the police.
a number of focus groups we ran in 2013. All the surveys at
that time were very positive and so has the response to actually
THE ANIMAL FAT CONTROVERSY
using them. They are popular with the public and shopkeepers
are happy with them. The cash handling companies have not JC: When it was discovered that minute traces of animal fats
encountered any operational issues and again they had been were to be found in the new polymer notes an on-line petition
closely involved at the consultation and development phases. was launched which quickly attracted over 120,000 signatories.
How will the Bank respond to this problem? Might you with-
JC: Someone has put a clip on YouTube showing him rubbing
draw and replace the new notes?
the print off one of the notes. Are you concerned about this and
might you undertake more work to make it even more difficult VC: It is still very early days since this matter came to light. The
to damage the notes? noise around it is already dying down but we do take the issue
incredibly seriously given the obvious upset this has caused to a
VC: Our view is that it is quite hard to damage the notes and
large number of people. We are working hard with our suppliers
such deliberate acts do not unduly concern us. We never claimed
to see what can be done to address the problem. The traces are
they were indestructible! We do not think it is worth investing
contained in the polymer pellets used as feedstock for all poly-
more money to combat what is well beyond the sort of wear and
mer note production and I understand the tallow is needed as
tear the notes would receive in normal circulation.
an acid scavenger at an early stage in the production process. To
JC: The Bank separated for the first time the contracts for sub- my knowledge it is to be found in all polymer notes and this is
strate supply and printing of the new notes. Are you happy with the first time anyone has raised the issue. Traces of animal fats
the outcome in production quality and economic terms? Will can be found in numerous other products such as plastic bags,
this be a feature of future note production contracts? bicycle tyres, some spectacles and many cosmetics. I would pre-
fer not to speculate just a week on as to what further action we
VC: De La Rue won a ten year printing contract and Innovia
might ultimately take.
will supply the substrates for both the £5 and £10 notes. We are
happy with the outcome in the sense that the note quality is
NOTE DISTRIBUTION, INCLUDING
excellent and the notes were all delivered on time. However, we
have not yet awarded a contract for the supply of the polymer TO COLLECTORS
for the new £20 note and a tender process is currently underway. JC: Is the whole note distribution process now outsourced?
JC: Has the portrait of Jane Austen been finalised? Some ac- What role does the Bank play in getting new notes out to the
ademics do not think the engraving on which it is based is a banks and other retail outlets?
genuine portrayal of how she looked, though there seems little VC: We have two cash centres, one in Debden in Essex just out-
else to go on. side London and another in Leeds in the north of England. From
VC: Yes, we did look at the original sketch of her by her sister these notes are supplied to four external organisations, the Post
Cassandra but preferred the more detailed engraving which was Office, the Royal Bank of Scotland, Vaultex (a JV of Barclays and
based on that sketch and which found favour with her nephew. HSBC), and G4S, the security company, who collect the notes
We did take the debate into account before we released the con- from us and manage further distribution to retail outlets, cash
cept image of the new £10 note in 2013. machines and so on. These four companies are responsible for
authenticating the notes to weed out counterfeits and any others
unfit to continue in circulation. All these must all be returned
to the Bank for destruction. In essence the Bank’s role is to be
there at both the birth and the death of each note.
JC: The sale of low numbered notes via a charity auction is now
well established and clearly very successful. Would you consider
providing additional services to collectors given the demand
for low numbered new notes? For example by selling them in
the Bank of England Museum shop? There has been a bit of a
feeding frenzy on internet auction sites as people search for
first prefix (AA 01) notes or others with distinctive prefixes and
numbers. There is clearly demand by collectors for such notes.
What might the Bank be prepared to do to meet that demand?
VC: We can see money can be made from low numbered notes
but we don’t see why it should go to the first people to show
JC: The well-known British artist and engraver Graham Short up at the Bank of England to get them. If anyone is to profit it
recently engraved tiny images of Jane Austen on four new £5 should be the charities we support. If we sold them in the shop it
notes and put the notes into circulation. With a value to collec- would still be impossible to know if anyone buying them might
tors estimated (by the artist, it has to be said) of £5,000 each, the try to sell them on for profit so we are not currently planning

THE FUTURE OF THE £50 NOTE
JC: Are there plans to withdraw the £50, as has been rumoured?
VC: I can confirm there are no such plans. It was only intro-
duced in 2011 and as a low circulation note with strong security
features such as the motion thread we believe it has plenty of life
left in it. Also, it is not heavily counterfeited so there is no driver
on reliance or durability grounds for it to be replaced. Our im-
mediate focus is preparing for the launch of the Jane Austen £10
note next year and the Turner £20 note by 2020.
THE FUTURE OF CASH

JC: A final question: is there a future for cash? In Sweden cash
in circulation is dropping quite markedly as electronic payment
to make any changes to the way we do this. It is not part of our methods take over, surely a trend which will over time impact
job to supply notes directly to the public and we have a well-es- the use of cash in our economy too?
tablished distribution network already. We are content to let
market forces operate here. VC: Yes, in a word, cash definitely has a future! Cash in circu-
lation is growing in the UK at about 5-6% per annum and we
JC: How are the lowest of low numbered notes allocated? Is the continue to see strong demand. This is in common with most
allocation list static or does it change from issue to issue? other countries and Sweden and Norway can be seen as un-
VC: The list has been in use since 1928 and certain numbers are typical of current trends. In fact, the rate of reduction is falling
still traditionally allocated to the Queen (the number one note), there and Sweden has just introduced a new series of notes. We,
the British Museum (no 9) and other individuals and bodies. and industry, see cash remaining an integral part of the British
However, we also make donations of specific numbers to insti- economy for the foreseeable future and we see our role as mak-
tutions who have been helpful to us, for example the Churchill ing sure our banknotes remain fully fit for purpose.
War Rooms were given note number AA01 001945 in recog- JC: Victoria, we have unfortunately run out of time but many
nition of their support in designing the new fiver. Similarly, a thanks indeed for taking time for this interview at what is clear-
£50 note numbered AA01 001736 was donated to the McLean ly a very busy time of the year.
Museum in Greenock, the birthplace of James Watt in 1736. The
list for the Jane Austen £10 note has yet to be finalised. VC: You’re very welcome. It’s been a pleasure.

CIRCULAR LETTERS OF CREDIT
Part 1: America
Ilkka Mäkitie (LM-144)
In our Credit Card era, it has largely been forgotten that previ- cent years, there were not more than a dozen American banking
ously there were also alternative methods for accessing funds institutions who made a regular practice of issuing LOCs and
abroad. The Circular Letter of Credit (LOC), sometimes called whose Credits were generally known in Europe and elsewhere
a “Traveler’s Letter of Credit” predates the Traveler’s Check in the world”. It also seems likely that Circular Letters of Credit
alongside which it operated for some time as a successful were first issued shortly after the Civil War by banking houses
financial instrument for cash withdrawals. However, these let- like Brown Brothers (Fig. 2); Donnell, Lawson & Co.; Duncan,
ters have been neglected, though are at times offered at paper Sherman & Co. (Fig 1); Kountze Brothers; Knauth, Nachoo &
money auctions. It should be noted that LOCs were not bonds Kühne (K. N. & K); Riggs & Co., and others. Pre-Civil War
or stocks, and thus cannot properly be classified as scripophily Letters of Credit have not been seen by this author. Doubtless,
items. As cashable documents used by travelers, their function better known express firms like American Express Co., United
was closer to that of paper money. LOCs were one aspect of the States Express Co. and Wells Fargo Co. were also early issuers.
total range of travel money. Unfortunately, articles or listings From the time of the 20th-century, the issuing of LOCs became
are rare. Thus, the purpose of this paper is to present a review a routine service of significant American banks and banking
and a preliminary listing of LOCs issued in the United States. institutions. After WWII, at the latest, all banks also had
Part two of the series will study Continental European LOCs, well-organized departments for their international business
and part three British LOCs. As the Circular Letter of Credit – including currency purchases and sales – and maintained
was an English innovation, the last article will focus on the relationships with banks worldwide.
founding process for these letters.
Usually the person(s) buying a LOC filled out the purchaser’s
agreement, which provided the identification record and some-
BACKGROUND IN THE UNITED STATES times, when required, even a set of specimen signatures of the
In America, as well in other countries, the Circular Letter of holder or holders and an agreement on other necessary rules.
Credit was addressed to listed offices or bankers (domestic or Provision for the identification of holders was thus obtained
worldwide), authorizing these to cash the drafts of the person from the holder’s signature, either on the face of the letter itself
(or persons) designated on the LOC, up to the total amount or on a separate Letter of Identification/Indication (LOI). The
indicated on the document. These “convertible” letters were latter sometimes contained a list of places and paying bankers,
used by travelers almost exclusively before the days of Travelers were withdrawals could be made (if these were not printed on
Checks, and were in common use on long trips requiring large the LOC itself). LOC and LOI were supposed to be kept separat-
amounts of money until about the 1940s. The word “circular” ed, and later LOIs evolved into simple signature cards.
meant that the document was not addressed to any particular
The way LOC was used through the banking system was narrat-
correspondent, and those who issued such letters were usually
ed on the front page. When LOCs were used, a draft payable to
so well known that any bank would honor the letter upon prop-
the bank’s office or banking correspondent effecting encashment
er identification.
would be drawn upon the LOC. The holders of LOCs requested
The procedure required arrangements by the issuing institution payment of the equivalent of duplicate sight drafts by the issuer
for the encashment of drafts on LOCs by bankers abroad. Any of the LOC. The original and duplicate drafts were then handed
institutions issuing LOCs had to have banking correspondents to him for signature. After careful comparison of the signatures
(or own offices) throughout the world, and definite fixed arrange- with that on the LOI or on the LOC, the correspondent paid
ments with these correspondents for offering cash against such the holder(s) the equivalent in local currency, and endorsed the
LOCs to travelers presenting valid credentials. Before WWI, amount on the LOC itself. After the LOC was returned to the
LOCs were usually issued in British pounds (Sterling), because holder the transaction was completed. Thus the LOC’s security
the Sterling exchange was the best known throughout the entire depended on the double signature. If the signatures did not
world. With the proliferation of British banking worldwide, match, no money was released by the correspondent banking
many early LOCs were also issued with the collaboration of UK house. On the other hand, the holder could get reimbursed if
banks. Moreover, the first LOCs issued in the United States for the LOC was lost.
international use were sometimes also written in French, which
There were blank lines on the reverse side of a LOC for writing
was the international language for diplomacy, banking, and
in withdrawals. The holder surrendered the LOC when the final
postal services, far into the 20th century. During the interwar
draft was made and the credit exhausted. The LOC was attached
period, the majority of American LOCs were issued in U.S. dol-
by the paying agent to the paid draft, and remitted to the issuer
lars, because of the currency’s growing and superior exchange
for final collection and settlement.
value. Significant issuers also supplied LOCs in French francs
for journeys to France or its colonies. Each LOC also stated LOCs acted in a way rather similar to modern Debit Cards:
the maximum withdrawal amount (500 – 10,000 USD or 100 – i.e., they required a deposit, a security method and a bank for
2,500 GBP) and an expiration date (usually one year). withdrawal. After a trip unused deposit was paid back by issuer.
However, the use of LOCs was not always without challenges.
The American Express Company reported in 1921 that “until re-
They could cause considerable delay and inconvenience. Mag-

azines at the time reported that it could
take “a half hour or longer to get cash
from a LOC”. Some banks, to ascertain
the validity of a signature, would have
everyone “from the charwoman up”
scrutinize it. Moreover, travelers could
face additional exchange problems if
they withdrew large amounts of cash
at one time, and then had to exchange
currency every time they crossed a new
frontier.
To sum up, the LOC was used for the
carrying of funds rather than for their
transmittal. Following their widespread
adoption at the turn of the 20th cen-
tury, LOCs remained the dominant
device – though optional to Travelers
Checks – for enabling people to make
withdrawals abroad. Keeping LOCs
was by no means a more secure and
convenient method for protecting funds
than cash only. The golden age of LOCs
blossomed among from the late 19th
century to the 1940s, but it was the Trav-
elers Check that survived until the end
of 20th century. The Travelers Check,
introduced by American Express Co. in
1891 has been attributed to the Compa-
ny’s employment of Marcello Berry after
the company president J. C. Fargo had
had problems in small European cities
obtaining funds with his LOC. Finally,
it should be remembered that in the
United States money orders were also
used to meet travel money needs during
domestic and international travels.
TECHNICAL AND
ARTISTIC FEATURES
At the turn of the 20th century banks
started creating more exquisite engrav-
ings on their LOCs to enhance their
image as financially reliable institutions.
LOCs were to become steel engraved
on protective paper. The borders and
vignettes were often produced using
high-production printing presses from
an engraving worked by skilled engrav-
ers. Impressive watermarks were also
characteristic of early LOCs. The size
of paper is usually ca 8 x 11 inches (A4).
The printers, as could be expected, were
the same firms producing American
banknotes, using very elaborate engrav-
ing methods and special paper and ink.
Almost without exception, LOCs were
[LEFT TO RIGHT] Fig. 1. LOC for 1,000 British Pounds issued by Duncan, Sherman & Co.
printed by the American Bank Note (New York); 1867; Fig. 2. LOC for 100 U.S. Dollars issued by Brown Brothers & Co. (New
Company (ABNC) from the opening York); 1893; Fig. 3. The Merchants National Bank of Saint Paul (Minn.), unused LOC;
years of the 20th century onwards. On 1900–1910; Fig. 4. Carnegie Trust Company’s (New York) LOC; ca. 1910; Fig. 5. Kountze
the other hand, some non-decorative Brothers’ (New York) specimen LOC; 1911; Fig. 6. LOC for 250 U.S. Dollars issued by the
and locally printed LOCs were issued for First National Bank of Elko (Nevada); 1917
domestic use, as is seen in Fig. 6.

Fig. 7. Specimen LOC issued by J. P. Morgan & Co. (New York); 1923; Fig. 8. The Chase National Bank (New York); specimen LOC
from the 1920s to the 1930s
From artistic point of view, the vignettes are not as elaborate commercial LOCs were used in the financing of overseas trade.
and have not the same bold visual excitement than those on A commercial LOC can be defined as a financial instrument
many European Letters of Credit. The designs in the United that enables a banker, on behalf of a buyer, to give formal ev-
States evolved quite evenly and conservatively: bordered sheet idence to a seller of its willingness to permit the latter to draw
with an illustration of the bank’s emblem or the head office in on certain terms, and stipulates in legal form that all such bills
the center. However, a portrait of Alexander Hamilton is seen on will be honored. Documents of this kind cannot be classified as
LOCs issued by the Bank of New York, as is the Statue of Liberty forms of paper money.
on LOCs issued by New York Trust Company. Most likely some
designs have not yet been identified. The colors often varied DUNCAN, SHERMAN & CO. (1867)
between LOCs issued in different currencies by the same bank.
This banking house was established in New York in 1852 by Al-
With the financial burden imposed by the Civil War, LOCs, exander Duncan, Watts Sherman, and William Duncan, but the
among other fiscal documents, and checks became a target for house failed in 1875. Fig. 1 shows a LOC for 1,000 Pounds, and
fundraising: i.e., revenue stamps were introduced. No revenue the letter was issued with the collaboration of the Union Bank
stamps were needed from 1883 to 1898, but they were required of London. The language is French. Some 500 correspondent
again from 1898 to 1901 in order to raise money to defray the banking houses worldwide are listed on the third and fourth
cost of the Spanish American War. page of the document. The withdrawals on the reverse side were
made from November 1867 in London, Bombay, Calcutta, Hong
ILLUSTRATIONS Kong, Shanghai, Yokohama, and finally, in January 1869 from
The Bank of California, but without mentioning the location.
Space does not permit full credit to be given for all the LOCs
Moreover, a revenue stamp typical of the post-Civil War years is
seen so far, and the figures in this article are not comprehensive.
shown. Quite a trip is documented.
Nevertheless, it is hoped that they indicate the scope of this
fairly unknown theme. The following illustrations, present-
ed chronologically, give an overview of the range of material
BROWN BROTHERS & CO. (1893)
available from the 1860s to the 1970s. The author has also listed This bank traced its origin to the early 1800s, and collaborated
LOCs from major 20th century bank institutions although bank closely with its related English house, Brown Shipley & Co. of
mergers make it difficult to obtain a clear picture. As a matter of Liverpool. LOCs were a natural part of the firm’s Trans-Atlantic
fact, paradoxically, a database of LOCs has no published litera- business. The LOC shown in Fig. 2 is a typical example from
ture to refer to. Hopefully, a table could be assembled as a first the closing years of the century, i.e. the design is still quite
stepping stone to a more complete listing in the future. It is clear modest. On the reverse pages some 400 places in Europe where
that there still are unknown issues. withdrawals could be made are listed. Alternative offices in the
larger cities were also mentioned: e.g. some 20 in London, seven
In addition to the Circular Letters of Credit presented here,
in Paris and five in Brussels. The letter was used on a journey to

Fig. 9. Bank of America, (San Francisco); specimen LOC from the 1940s. Fig. 10. American Express Company’s facsimile LOC; 1946.
Antwerp and Brussels in 1893. No revenue stamp was needed. THE FIRST NATIONAL BANK OF
Nowadays the bank is called Brown Brothers-Harriman & Co. ELKO, NEVADA (1917)
THE MERCHANTS NATIONAL BANK This document for $250 can be classified as an example of a LOC
for domestic or intrastate use only. The expiration date was one
OF SAINT PAUL (1900–1910)
month following issue and the letter has been used in Nevada.
Circular Letter of Credit issued by the Merchants National No impressive engravings to enhance the bank’s prestige were
Bank of Saint Paul (Minn.) is an example of very decorative used, or needed (Fig. 6).
style resembling European (French) LOCs. The unused docu-
ment shown in Fig. 3 is addressed to the correspondents in the J. P. MORGAN & CO. (1923)
United States and Canada. Year of issue is printed as 190_. Little
is known about this Minnesotan bank, but its LOC is worth The banking house of J. P. Morgan has been one of the most
showing for the impressive design. The printer is not mentioned. famous of Wall Street’s banks. It was able to use British connec-
tions (Morgan Grenfell) to sell stocks outside the United States.
The twenties were undoubtedly J. P. Morgan & Co.’s apogee. The
CARNEGIE TRUST COMPANY (CA. 1910)
LOC shown in Fig. 7 is also one of the few examples where the
The Carnegie Trust Company was firstly and mainly a domes- year of issue is clearly printed (1923 on the upper right corner).
tic banking firm, but as a part of its business it issued Letters Printer ABNC. The firm joined with the Guarantee Trust Cor-
of Credit for travel. The specimen LOC shown in Fig. 4 is an poration in 1959.
example of high quality engraving and printing making it quite
prestigious. It is noteworthy that the title is written “Foreign THE CHASE NATIONAL BANK (1920S TO 1930S)
Travelers Letter of Credit” – possibly LOCs for domestic use
were also issued. The letter could be dated to around 1910 and The Chase National Bank of the City of New York was founded
the printer is ABNC. in 1877 by John Thompson. In the 20th century it merged with
other financial institutions including the Bank of Manhattan to
create the Chase Manhattan Bank in 1955. The LOC shown in
KOUNTZE BROTHERS (1911)
Fig. 8 represents a typical American LOC, and without referenc-
The Kountze family established Kountze Brothers Bank in New es it could be dated from the 1920s to the 1930s. Printer ABNC.
York in 1867, although the family’s banking operations can be
traced to have originated in Nebraska. Before WWI, the bank BANK OF AMERICA (1940S)
issued LOCs in British pounds and in U. S. dollars, as well as
Traveler’s Checks and other financial forms. The LOC illustrated A.P. Giannini founded the Bank of Italy in San Francisco in
in Fig. 5 is from a booklet of specimen issues with instructions 1904. The bank was renamed the Bank of America in 1930. A
produced by the bank in 1911. The printer is ABNC. fairly typical copy from the 1940s is shown in Fig. 9. The bank’s

Fig. 11. The
National City
Bank of New
York, specimen
LOC; 1930.
Fig. 12. First
National City
Bank (New York);
specimen LOC
and Letter of
identification
from the 1970s
old emblem (sailing ship and a slogan “Worldwide Scope – State- country. Collectors could refer only to a few dealers list of limit-
wide Service”) is seen in the center, and the printer is ABNC. In ed scope, most of which are incomplete and difficult to acquire.
the 1950s and 1960s, it was the largest bank in the United States, Nevertheless, this can also be one reason for collecting; much of
as well one of the biggest worldwide. the reward comes from the research involved in learning about
LOCs and their provenance and banking institutions behind
AMERICAN EXPRESS (1946) them. Spending time researching the history behind LOCs can
even reveal all sorts of engaging stories and famous people.
“American Express” is a well-known travel money brand owned
by the American Express Company (AMEX). The company Unfortunately, most of the LOCs seen are specimens (not an
issued its first LOC in 1891 according a 1921 publication by it unknown phenomenon for European LOCs also) making more
(American Express 1921). The LOCs were issued in U.S. dollars, detailed conclusions or dating difficult. It is also possible that
British pounds and French francs and, by special arrangement, some items were sent to banking houses only as examples of
in another foreign currency the holder may require. LOCs had printing house’s best week, and have possibly never been issued.
also the option that at company’s foreign offices also firm’s This phenomenon can affect the sales of specimens and proofs
Traveler’s Checks were available, in event these were desired from the archives of printing companies.
rather than the currency of the country in which customer was
Why are genuinely used LOCs seldom seen? To answer this
traveling. A specimen from 1946 is illustrated in Fig. 10. Printer
question we must remember that the vast majority of returned
ABNC.
and cancelled LOCs have most likely been destroyed as unnec-
essary papers over the course of time. Research on the topic still
FIRST NATIONAL CITY BANK (1930 AND 1970S) needs to be done, giving the collector a fascinating opportunity
The National City Bank of New York joined with the First Na- to acquire a most interesting cross-section of unknown doc-
tional Bank, New York, in 1955 to form the First National City uments. Once perfectly valid money instruments, their value
Bank New York. A 1930 LOC from the National City Bank of now resides in their intrinsic function, as well in their scarcity.
New York is shown in Fig. 11. In contrast, Fig. 12 shows a late As relics of a former, LOCs provide a focused window into the
and modern LOC, issued by the First National City Bank New past that reveals that handling money abroad was as significant
York during the 1970s. It is of note that the Letter of Identifica- then as it is today.
tion is actually a “Signature Card” with dimensions only 4.9 x BIBLIOGRAPHY:
2.8 inches. Printer ABNC. The bank, nowadays Citibank, has
been one of the country’s most significant. American Express: Travelers Checks and Circular Letters of
Credit. Business Department. American Express Company,
ARE LETTERS OF CREDIT WORTH COLLECTING? 1921
Different designs, printings, engraved vignettes or famous Booker John: Travellers’ money. The Bath Press, UK, 1994
banking institutions may excite interest. Extremely high level Keable David: Travellers cheques, letters of credit, their history
technical excellence can also be an interesting feature. and development, part one 1984. UK, 1984
It is surprising, besides the United States, how widely LOCs McKeever Kent, Ditcheva Boriana: The Circular Letter of Cred-
have been issued throughout the world. However, as mentioned it. www.library.law.columbia.edu/CircularLetterOfCredit
above, there has been almost a complete absence of documentary
literature on the topic. The topic has remained uncatalogued, and
no single volume exists that provides listing of issues from any

Examples of American Letters of Credit in the first half of 20th century. The way of writing LOC
as “Circular Letter of Credit” (CLOC), “Travelers Letter of Credit” (TLOC) or “Letter of Credit”
(LOC) is informed. Knowing company’s history helps dating.
Bank institution Features

American Express Company CLOC. Slightly various designs, one example illustrated
Bank of America TLOC. Slightly various designs, one example illustrated
Bank of California LOCs are mentioned in bank’s information letters (circulars) from
1910s to 1920s, but not seen by the author
The Bank of New York TLOC. A portrait of Alexander Hamilton. Border. Pale blue
Bankers Trust Company, New York CLOC. Bank’s head building in the center. Border. Different colors:
blue and okra
Carnegie Trust Company CLOC. As illustrated
Central Hanover Bank and Trust Company CLOC. Various designs. Some issued in USD, some currency un-
(Manufacturers Hanover Trust Co.) specified. Text only design with border. Printed in various colors
Central Republic Bank and Trust Company, CLOC. Various designs: with border and a rider in center, or w/o
Chicago before mentioned. Bluish grey
Central Union Trust Company of New York CLOC. Bank’s emblem in the center and “Fide et Fiducia”. Bor-
der. CLOCs in GBP were issued with the collaboration of Barclays
Bank, Ltd., London. Red
The Chase National Bank, New York TLOC. As illustrated
Continental Illinois National Bank & Trust Com- TLOC. Text only design with border. Blue
pany of Chicago
Continental National Bank and Trust Company CLOC. Text only design. Border. Issued in USD (brown) and in GBP
of Chicago (blue)
Farmers Loan and Trust Company (New York) CLOC. Elaborate monogram of the company as background print-
ing. Border. Issued in USD (green), and in GBP (mauve).
First National Bank of Kansas City TLOC. Text only design. Border. Blue
The First National Bank of Boston CLOC. Map of the world in the center. Border. Pale blue
First National City Bank (National City Bank of LOC. Various designs, as illustrated
New York)
Guaranty Trust Company of New York CLOC. Various designs, e.g. showing bank’s shield: a dog guarding
a strong-box. Company building in the center. Border. Issued in
USD and in GBP. Texts sometimes in French. Various colors
Mellon National Bank (and Trust Company), LOC. Various designs, with or without the portrait of Thomas Mel-
Pittsburg, Pennsylvania lon. Brown and violet
Mercantile-Commerce Bank & Trust Company, CLOC. Showing bank building (brown) in St. Louis. Ornate blue
St. Louis border
The Merchants National Bank of Boston CLOC. Showing bank’s emblem: lighthouse and shield with sailing
ships and the globe. Blue
J. P. Morgan & Co. LOC. As illustrated (1923)
Morgan Guaranty Trust Company of New York TLOC. Various designs. Usually text only design with elaborate
border. Issued in USD and in GBP. Blue
The National Bank of Commerce in St. Louis LOC. Bank’s emblem showing a sailing ship. Border. Issued in USD
(green), and in GBP (brown)
The National Bank of the Republic of Chicago CLOC. Text only design. Very correct impression even sometimes
w/o “Letter of Credit” seen. No border. Various light colored forms
The National Safety Bank and Trust Company TLOC. Coat of arms with a man, a woman, and an eagle in the
of New York center. Border. Pink
The New York Trust Company CLOC. Statue of Liberty on the upper left corner. Border. Red
The Northern Trust Company, Chicago CLOC. Text only design. No border. Okra
The Public National Bank of New York CLOC. Text only design. Bank‘s name in an arched title. In French
The Public National Bank and Trust Company CLOC. Bank’s emblem, coat of arms, a man, a woman, and an ea-
of New York gle, as well: ”Thrift, Safety, Service” in the center. Border. Green
Wells Fargo Bank and Union Trust Co./ Wells CLOC / TLOC: green / light blue retrospectively. Various designs.
Fargo Bank and American Trust Company Text only design. Border

If you have any of these available for purchase—a trade may be possible also—
please contact me.
David E. Seelye ANA LM IBNS
P.O. Box 13117 NI LM PCDA
Prescott, AZ 86304-3117 SPMC
[email protected] 585-305-4848 CELL

MULTILINGUAL BANKNOTES
AROUND THE WORLD
Urs Graf (0863R)
Most photographs of this study are taken from the website of the the RSFSR. However, many of these states, even small, use dif-
Bank Note Museum (http://www.banknote.ws/) and I thank its ferent languages inside their territory. Sometimes, this doesn’t
owner, Captain Peter. Other photographs have been taken on matter, but also, there may exist tensions, and often, it takes very
various websites and from notes in the authors collection. little to make the relations deteriorate. So, central banks also have
to be careful in the way they handle the problem.
There are many different ways to collect paper money: a country
collection (most popular), a world collection (an impossible task),
a given denomination (e.g. ones, or tens etc.), a motive collection
(allegories, kings and queens, presidents, other famous people;
locomotives, ships, eagles and so on. Also double denomination
notes are interesting. But what with notes using more than one
language? Here, I’m trying to give a look on a possible domain to
collect, with many issues still affordable to the average collector.
There are two categories of multilingual banknote issues to be
considered. The first one are the notes of countries predominant-
ly with a colonial past. In these countries, often the language of
the former colonial power is still the official language, especially
if there are several indigenous languages. English, French, Portu-
guese and Spanish are often the lingua franca, spoken or at least
understood by a large part of the population. Most African and
Asian Nations belong to this category.
The second category are notes with legends shown in two or 1. AUSTRIA / HUNGARY
more languages spoken in the country by more or less important The first issue to show the denomination in other languages than
groups of the inhabitants, not considering occupation powers. It German were the notes issued in 1811 and 1813 by the Privileged
is obvious that there are many political arguments to be taken in United Redemption and Amortization Deputation, for 1, 2, 5, 10,
consideration, especially in Europe, where a lot of changes in the 20 and 100 Gulden, all notes with black printing and blank back.
borders between the different countries have occurred during the On the 1 and 2 Gulden notes, the value is expressed in the upper
19th and the 20th centuries. Especially the boost of nationalism left corner in German and Hungarian, and in the upper right
in the middle of the 19th century and the collapse of the three corner in Czech and Polish:
empires on the continent after WWI – the Ottoman Empire, the
On the notes from 5 to 100 Gulden, it’s in Czech and German
Austro-Hungarian Empire and the Russian Empire – resulted in
on the left border and in Hungarian and Polish on the right one.
a confusing situation with a quantity of new National States, most
However, from 1816 till 1841, all notes issued by the National
of them with linguistic minorities due to the fact that during the
Bank were expressed only in German, but in 1847, on the notes
long-lasting period of these empires, a mix of populations oc-
from 5 to 1000 Gulden, the value was added in a cartouche at the
curred especially in the capitals and large towns.
right side in German and nine other languages of the Empire, in
This article may be continued later, as there remains much to ex- different order on each denomination: Croatian, Czech, Hungari-
amine in the other parts of Europe as well as in other countries: an, Italian, Polish, Romanian, Serbian, Slovenian and Ukrainian.
outside of Europe exist many nations with more than ten spoken This applies also for some Treasury notes.
languages, several of them trying to take it into account when
In 1860 were issued three small change notes for 10 kreuzer (100
issuing banknotes.
Kreuzer being 1 Gulden or florin), differing only by the languag-
es shown on them. The first one (P.A93) has the value on top
PLURILINGUALISM IN
expressed in Croatian and Hungarian; at left, in Serbian (with
AUSTRIA-HUNGARY AND ITS HEIRS cyrillic lettering) and Czech; at right, in Italian and Romanian
As it is well known, Central Europe once was composed es- and at bottom, in Ruthenian (Ukrainian, also in Cyrillic script),
sentially by the Austrian-Hungarian Double Monarchy and the Polish and Slovenian.
German Empire. Especially Austria-Hungary included up to ten
The second one (A94) has the value inside the frame from left in
linguistic regions, not counting the Yiddish, widely spoken but
Czech, Polish, Ruthenian, Slovenian and Hungarian, and on the
not recognized as an official language. The national movements
lower part of the frame in Croatian, Serbian, Italian and Roma-
in the 19th century claimed independence for these nations, each
nian, the latter still in the old script (cyrillic with some different
one proud of its particularities and its own language. After WWI,
letters) while on the third one (P.A95), only Serbian, Hungarian,
the Austrian-Hungarian Empire was dismantled to form four
Italian, Croatian, Czech and Romanian remain inside the frame.
new states: Austria, Hungary, Czechoslovakia and Poland, some
regions of the old Empire being allocated to Romania, Serbia or From 1881 to 1884, the notes issued by the State had identical

designs on both faces, expressed in German on one side and in
Hungarian on the other. Serie and serial number as well as the
signature were printed on both sides, so that it’s formally not
possible to make a difference between face and back but for the
language, and this was obviously intentional (A96).
In 1867, the Habsburg Monarchy was transformed in a Double
Monarchy, the remainders of the Austrian Empire being united
to the Kingdom of Hungary and the Kingdom of Croatia-Sla-
vonia. In 1878, Bosnia and Hercegovina went under military
control auf the Empire. But, in spite of the multiplicity of nations,
the notes issued remained bilingual German / Hungarian. On the
1888 issue, there were slight differences in the design of the notes,
but the serie and number are still on both sides: the design was
inverted on the hungarian side, and the little genius in the lower
corner is completely different:
Even the first notes isued by the Austrian-Hungarian Bank is-

sued in 1880 were only bilingual, with the series printed on the
german side and the SN on the hungarian, but with an overall
design being still identical but the monogram of the bank: Ös-
terreichisch-Ungarische Bank on the german side (left) and Osz-
trák-Magyar Bank on the hungarian side (right):
The only difference can be seen in the monogram at top center:
In 1900, the German and the Hungarian faces were differentiat-

ed by the addition of the respective coat-of-arms: the Austrian
on the German side and the royal Hungarian on the other one.
Furthermore, the value was added, but on the German side only,
Top to bottom: P.A93, A94, A95, A96
in Czech, Polish, Ruthenian, Italian, Slovenian, Croatian, Serbian

and Romanian, between the repeated clause on counterfeits: garian, German, Slovakian, Croatian and Romanian, the latter
still in the old slavonic script.
On the Hungarian side, at the same place, was a warning to the

counterfeiters between two rosaces:
While the difference was merely in the arms on the notes of 10,
50 and 1000 Kronen, on the note of 20 Kronen, the head of an
allegorical woman representing a personification of the Nation
was adapted to the most current types in the two parts of the
Empire: a blond-haired lady with a mural crown for Austria, and
a dark-haired one with St. Stephen’s crown for Hungary.
For the 100-Kronen-Note, the plates were completely redesigned:
the Industry was emphasized on the German side, the Agricul-
ture on the Hungarian:
After WWI, the former Austro-Hungarian double monarchy was

splitted in a series of new national states: Czechoslovakia, Poland,
Yugoslavia, while Transsylvania, the Banat and the Bačka were
attributed to Romania. Hungary never accepted what it consid-
ered as a mutilation of its territory, and during the government
of Admiral Horthy, there was a permanent propaganda against
the loss of these territories (nem ! nem ! soha ! = no ! no ! never !):
From 1912 on, the German and the Hungarian side were com-
pletely different, the value being still in the eight languages as
before on the German side. The last plurilingual note was the
10’000 Kronen of 1918 (P-64 to P-66), using the original plates On the notes, the main legends are in Hungarian only, but the
of the 1000 Kronen of 1902, which had the same design but the issuing authorities continued to show some minority languages
arms on both sides: on the back of the notes, first on the 20 Korona note of the postal
Savings Bank of 1919:
After the war, Austria had to separate herself from the non-ger-
man speaking territories and there was no more necessity for
multilingual issues.
2. HUNGARY
Already in 1848, Hungary issued under Kossuth a series of
notes with the legends in five languages on both sides: Hun- Top to bottom: HUNGARIAN, German, Czech, Ukrainian

Then, adding Romanian and Serbian, on the Treasury Notes is- mentioned 51 % Czechs, 23,4 % Germans, 14 % Slovaks, 5,5 %
sued from 1920 to 1923: Magyars, 3,4 % Ukrainians, 1,3 % German speaking Jews and 1,4
% other ethnies like Poles, Romanians and Roms.
So, it was obvious to take into account the situation, and the first
notes of the new-born Republic showed on the back the value in
six languages, the front being only in Czech:
Top to Bottom: Romanian/German, HUNGARIAN, Slovakian/

Serbian, Ukrainian
The Slovak inscription should correctly be spelled DESAŤ

KORÚN. Also on the 1 million Korona note, the polish value is
misspelled JEDEN MILLION instead of MILJON. But this didn’t Czech Slovak Ukrainian
matter, as there remained anyway very few people with languages German Polish Hungarian
other than Hungarian inside the limits of the new State. From 1926 on, the notes were in Czech only (Národní ...) for 20,
The National Bank of Hungary continued this way from 1926 – 100 and 1000 Korun or in Slovakian only (Národná ...) for 10, 50
1945, like a permanent claim: and 500 Korún, the Czech and Polish legends being omitted from
the back:
Hungarian / German / Slovakian
Serbian / Ukrainian / Romanian

During WWII, Czechoslovakia was parted into Slovakia, under
The last note to have six languages is the 10 million Pengõ note
the puppet government of Mgr. Tiso, and the Protectorate of
with issue date of November 16, 1945. And there also is an error,
Bohemia – Moravia, occupied by the Germans. Both territories
this time in the German text which should be correctly spelled
issued their own notes. Slovakia made several issues of notes in
ZEHN MILLIONEN PENGŐ, the correct plural form:
Slovakian, the value being shown in German, Ukrainian and
Hungarian on the back:
After WWII, Hungary had to admit the definitive loss of the

territories with populations other than of Hungarian language,
and the value of the notes was merely expressed in Hungarian,
beginning with the 100 million Pengő of March 3, 1946 (P.124)
The Protectorate issued notes in German and Czech, both lan-
guages having the same size, but German coming first:
3. CZECHOSLOVAKIA
Czechoslovakia also was an heir of the defunct Austro-Hungari-
an Empire, and as Central Europe had been a melting pot of var-
ious populations, it was almost impossible to avoid the problems
of ethnical minorities in the young Republic: a census of 1921

From 1970 on, the principle of bilingualism was abandoned, and
the notes were again in Czech (20, 100 and 1000 Kč) or in Slo-
vak (10, 50 and 500 Kč) only, as it was during the first Republic.
Finally, on December 31, 1992, the country was split into two
independant States: Bohemia (with Prague) and Moravia (with
Brno) formed the Czech Republic, while Slovakia became a new
State, and each of them issued its own notes.
In 1944, Slovakia as well as the Protectorate were overrun by the
Red Army, which carried its own notes. The face showed the value 4. POLAND
in Czech, Russian and Ukrainian, while the back had only the In Poland were no official plurilingual banknote issues. However,
value in figures: there must be mentioned some necessity notes, like of the towns
of Cieszyn and Bielsk, in the former duchy of Cieszyn (Teschen,
Austrian-Hungarian Empire), and Białystok, the largest city in
northeastern Poland:
When the new State Bank of Czechoslovakia issued its first notes,
they showed only Czech legends, but in 1953, the Slovak language
reappeared on the notes, in first position on the 10 and 50 Korun
notes, and in second position on 20 and 100 Korun:

Book Reviews
Compiled by Mark Irwin (11212)
Do you know of any recent books on paper money that have not yet been reviewed? Do you know of any older
books that have never been reviewed in the IBNS Journal but feel ought to have been? Are you the author or
publisher of a recent book on paper money and would like to see it reviewed? If so, please contact Mark Irwin
at [email protected].
BILLETES ARGENTINOS 1884-2016 have been corrected and prices have been updated for all
pieces. One hoped for improvement for a future edition is
Eduardo Colantonio. Buenos Aires, 2016. Hardback, 229 that relevant historical information about the issues should
pages. ISBN: 978.987.4216281. be included: the book is aimed at the experienced collector
and some written detail is lacking.
Reviewed by Alejandro Dutto (11366)
The structure of the book is easy to read, following current
standards, notes illustrated horizontally with relevant infor-
mation below. In addition, Colantonio has not only created
a new numbering system, but maintained the old Bottero
system as a reference.
This is a well-rounded catalog, highly recommended for the
collectors as a true reference. Hopefully, we will see updates
to it as Argentina’s new banknotes come out. As for overall
structure, the catalog is divided into fifteen chapters, each
corresponding to the main issues in Argentinian paper mon-
ey since 1884. A brief description of each chapter follows:
Chapter I: Banco Nacional – Fraccionarios. This chapter
contains the notes issued under the 1883 and 1884 laws by
Lange and ABN. The notes in this chapter are all fractional.
Chapter II: Caja de Conversión – Fraccionarios. Also con-
tains fractional currency but now covers the issues after the
creation of the Caja de Conversion: 1891, 1892 and 1895.
Chapter III: Bancos Garantidos – Billetes de Tesorería. This
chapter covers the Bancos Nacionales Garantidos issues
with all their varieties and seals (1888 to 1897) and the two
item issue known as the Billetes de Tesorería from 1890.
Chapter IV: Caja de Conversión – La Nación. Issues from
1895 to 1906.
Chapter V: Caja de Conversión – Macros. The traditional
Since the release of Billetes de la Republica Argentina by Ro- Progress Sphinx notes are covered beginning here. This
berto Bottero in 2001, which used to be the de facto standard particular chapter covers the macro note issues from 1899 to
for numbering and overall reference, Argentinian banknote 1903, bigger in size than the rest of the issues of the sphinx
collectors have been waiting for a new, refreshed catalog of issues.
the modern Argentinian banknote world. Well, after waiting Chapter VI: Caja de Conversión – Con Signos Convencio-
for 15 years, Eduardo Colantonio is bringing to the collector nales. Continuing with Progress Sphinx notes, this chapter
market this updated and improved catalog. covers the issues from 1903 to 1908, where the notes were
The catalog expands on the previous one in two ways: to reduced from to their final size and contained symbols on
earlier banknotes and, as expected, to the latest issues. the serial numbers that identified nominal values.
Colantonio has added his material from the banknotes in Chapter VII: Caja de Conversión – Comunes. This chapter
Bancos Nacionales Garantidos, a very popular issue among contains the final Caja de Conversion issue, regular size
Argentinian banknote collectors which traces the origins of notes without symbols. Issued from 1908 to 1935.
the Caja de Conversión in 1890. All of this is brand new con-
tent and was not included in many previous publications. Chapter VIII: BCRA – Efigie del Progreso. The first issue of the
Then, for the latest peso issues, the catalog covers the last 15 Banco Central de la Republica Argentina (BCRA) after its creation
years of issues in detail. Going through the material, it can on May 28th 1935. Similar in size and style to the issue described in
be seen that many errors from previous similar publications chapter VII but with the proper change in issuing authority.

Chapter IX: BCRA – Efigie General San Martin, Libertad This is a seminal catalog of the various overprints and
y Justicia. Issued from 1942 to 1971, this chapter describes stamps affixed to various currencies as a result of the chaos
the series that depicts General San Martin on most notes, as and regime changes during and following World War I, in
well as Liberty (50 cents) and Justice (1 Peso). and around Serbia. Many of the notes overprinted and/or
stamped are those of the former Austro-Hungarian Empire,
Chapter X: BCRA – Pesos Ley Nº 18.188. This chapter de-
which along with Bulgaria occupied Serbia during the war,
scribes notes issued from 1970 to 1983. The issue has the
but also overprinted were banknotes of German Austria (the
highest ever nominal value for an Argentinian banknote:
Austrian remnants post-dissolution, which themselves are
1,000,000 pesos.
Deutschösterreich overprints on former Austro-Hungarian
Chapter XI: BCRA – Pesos Argentinos. Notes issued from notes), as well as of Hungary, Bulgaria, Germany, Romania,
1983 to 1985. Serbia, Montenegro, Russia and France. Some unpublished
notes and overprints from countries that resulted from the
Chapter XII: BCRA – Australes: The Austral series (1985 –
dissolution of Yugoslavia (Croatia, Macedonia, Montenegro,
1991) is known for the new size of the notes, which were the
Bosnia and Herzegovina, and Slovenia) have also been in-
same as the US dollar.
cluded, making for a very interesting melange. The stamps
Chapter XIII: BCRA – Pesos Convertibles – 1er Diseño. First and overprints were used to “revalidate” money by various
design of the current Argentinian peso. military units, courts, churches, cooperatives, banks, sav-
Chapter XIV: BCRA – Pesos Convertibles – 2do Diseño. ings banks, the Government and other institutions, for of-
Second design of the current Argentinian peso. In the main, ficial use in the Kingdom of the Serbs, Croats and Slovenes
these are current issues. (KSCS).
Chapter XV: BCRA – Pesos Convertibles – 3er Diseño. This well-researched book covers all issues created for any
Third design of the current Argentinian peso, currently the region or entity once wholly or partly in the current terri-
subject of a redesign. The chapter also includes the descrip- tory of Serbia, regardless of issuer, as well as all issues by
tion of the 500 peso note, not yet available at the time of civil and military issuers in the Kingdom of Serbia or the
publication. KSCS, or issued under jurisdiction of those authorities. As
a result, the book includes some issues for municipalities in
present-day Croatia, Montenegro and elsewhere, and these
issues would also be found in similar treatises covering
PEČATI I PEČAĆENE NOVČANICE these countries. The catalog covers well over 1,000 different
NOTAFILIJE SRBIJE 1916-1921 varieties.
HANDSTAMPS AND BANKNOTES Several other specialized catalogs exist, written by other
WITH THE HANDSTAMPS OF THE authors, covering overprints and stamped banknotes from
other remnants of the Austro-Hungarian sphere, such as
NOTAPHILY OF SERBIA 1916-1921 Arnold Keller’s catalogue issued in 1962, Borna Barac’s in
Branko Glišić. 2016. Valjevo, Serbia. 392 pages. Hardback. 2002, Kloz and Berger’s in 2006, and Rudolf Richter’s in
US$ 40. ISBN: 9788692017902. 2010. This book complements such books covering other
remnants of the former empire, but to the best of my knowl-
Reviewed by Sev Onyshkevych (10163)
edge, there is no centralized index covering all the various
entities across all countries (Keller’s covers overprints on
Austro-Hungary only).
This is a wonderful catalog for a specialist in this field with
a particular interest in Serbia, particularly one who can read
Serbian. The descriptive part of the book is in Serbian, while
the catalog part is in both English and Serbian. Thus, for
an English-only reader, it is useful as a catalog, but not as
an historical tract (there is an 11-page summary in English
which covers the key points).
The organization of the catalog part itself is first by the
country of the banknote that is overprinted/stamped, then
by type of overprint/stamp, and then by issuer (which may
have many variants, or in the case of some issuer, multiple
villages). This is then cross-referenced with the denomina-
tion/issue of the original banknote. A well-seasoned collec-
tor who can identify overprint types will have difficulty. A
tyro who has bought a banknote with a half-legible overprint
– and might not even know whether it’s a Serbian overprint
or not – will have greater difficulty. The organization of the
catalog is very logical; the challenge for novice collectors is
the sheer complexity of issuers, notes overprinted, types of
overprints and also the legibility of overprints.

The author, who is currently in the US teaching at Princeton for the depth of information accompanying their catalogue
University, mentioned plans to add a searchable index to the information, and this work is no different. For readers inter-
book to make it easier to find an item (if it happens to be ested in the items, there is general catalogue information, il-
from Serbia) by looking up keywords. The catalog also in- lustrating the front and back of most items, but not of every
cludes notes overprinted in error and known contemporary variety, generally only the types; although many varieties
counterfeits. There are likely also some current counterfeits, are illustrated. Watermarks are illustrated where necessary,
as, sadly, there are of virtually every banknote that is over- as are serial numbers where this feature changes on some
printed; while one can find the Serbian overprints occasion- varieties. Catalogue information gives a reference number,
ally for a few dollars, some of them are rare. the denomination, colour and date of issue (or date on the
instrument). Values in VF and UNC are provided.
ВЕДОМСТВЕННЫЕ ВЫПУСКИ ДЕНЕЖНЫХ While the work is valuable for the catalogue information, it
ЗНАКОВ В СССР is just as valuable, perhaps more so, for the histories of the
SPECIAL CURRENCY various instruments listed in the catalogues. While reading
ISSUES OF THE USSR the sections on the Foreign Exchange Certificates, I just
could not believe the level of detail presented, relating to
Mikhail Istomin. 2016. 564 pages. Hardback. Black & White. the history of these certificates and the organizations which
ISBN: 9786177033980. issued them. Where did the author get such detailed infor-
Available from the author: [email protected] mation? While it is possible the catalogue information on
these issues might be represented elsewhere, it is unlikely
Reviewed by Peter Symes (4245)
anyone has researched and recorded these histories in such
depth, especially in English. The book is written entirely in
Russian and English. The catalogue information is present-
ed in both languages and the detailed histories are written
first in Russian and then in English.
Apart from a few military issues, the notes and instruments
presented in this work were unknown to this reviewer. It
was therefore a journey of discovery and one well worth the
effort. If Soviet issues of any type are sought by collectors,
then this work is a valuable addition to a collector’s library. I
can’t help feeling I’ve stumbled across some of these items in
dealers’ boxes and albums over the years, and if I’d known
then what I know now, I would have purchased them.
I do compliment the author on the excellent black and white
images in the book. Although we all like to see colour, some-
times this is impractical. The images are all of a good size
and the contrast in the images is excellent, making them
easy to view and comparisons easily made. I like the work
and I have no hesitation in recommending it.
This is a specialist catalogue, which will be of specific inter-

est to a very limited number of collectors. However, it may
be of interest to collectors of paper money who collect finan-
cial instruments other than banknotes, as it is dedicated to
special currency issues of the Soviet Union—just as the title
states!
Half the book, making up the first chapter, is dedicated to
Soviet Foreign Exchange certificates, while the other half
of the book has the chapters entitled: Torgsin Merchandise
Orders and Sovtorgf lot Merchandise Tokens; Accounting
Vouchers of the OGPU special camps; Orders for Merchan-
dise and Coupons of State Trust “Arctic Coal” on Island of
Spitsbergen; and Soviet War Issues in Europe and Asia in
1944–1945. This last chapter may make the book of interest
to collectors of military currency.
Previous publication by the author have been remarkable

New Issues
Compiled by Hans-Dieter Müller (LM-198)
ANGOLA
 5 Kwanzas 2012
New type, introduced in 2017
Front side: Portraits of José Eduardo dos Santos and António
Agostinho Neto.
Back side: Angola’s coat of arms; Bird flying over Ruacana wa-
terfalls.
Dated: OUTUBRO 2012. Signature of José de Lima Massano (as
GOVERNADOR). Sculpture The Thinker as watermark. Win-
Courtesy of Hans-Dieter Müller and Hartmut Fraunhoffer (www.
dowed security thread with demetalized text on front. Printed
banknoten.de)
by GOZNAK.
Face value: € 0,03 – $ 0.03 BAHAMAS
 10 Kwanzas 2012
 10 Dollars 2016
New type, introduced in 2017
New type, introduced on September 28, 2016.
Front side: Portraits of José Eduardo dos Santos and António
Front side: Map of the Bahamas; Yellow elder flower (Tecoma
Agostinho Neto.
stans); Portrait of the former Minister of Finance Sir Stafford
Back side: Angola’s coat of arms; Pelican flying over Luena
Lofthouse Sands.
waterfalls.
Back side: Two flamingos in flight; Lighthouse at Hopetown on
Dated: OUTUBRO 2012. Signature of José de Lima Massano (as
the Abaco islands; Coat of arms of the Bahamas; Two standing
GOVERNADOR). Sculpture The Thinker as watermark. Win-
flamingos.
dowed security thread with demetalized text on front. Printed
Dated 2016. Signature of Wendy Craigg (as GOVERNOR). Por-
by GOZNAK.
trait of S.L. Sands, electrotype 10 and cornerstones as water-
Face value: € 0,06 – $ 0.06
mark. Windowed ACTIVE™ security thread with demetalized
ARGENTINA text on the back side. Sand dollar as registration device. But-
terfly as green SPARK® element on front. Printed by De La Rue.
 200 Pesos (ND) Face value: € 9.33 – $ 9,96
New type, issued on October 26, 2016.
Front side: Corals; Whale tails; Silhouette of a whale; Head of a
Southern whale (Eubalaena australis) as the main motif.
Back side: Whales; Flowers; Whale and water plants; In the
background the Argentine peninsula Valdes, which is famous
for whale watching; Map of Argentina; Compass rosette; Corals
and Argentina’s coat of arms.
Not dated. Series A. Signatures of Federico Adolfo Sturzenegger
(as PRESIDENTE B.C.R.A.) and Emilio Monzó (as PRESIDENTE
H.C. DIPUTADOS). Whale and electrotype 200 as watermark.
Colour-shifting, windowed security thread on front. Whale tail
as registration device. Denomination (200) as golden SPARK®
element on front. Printed by S.E. Casa de Moneda de Argentina.
Face value: € 11,69 – $ 12.55
Courtesy of Hartmut Fraunhoffer (www.banknoten.de)

BANGLADESH BRAZIL
5 Taka 2016 10 Reais 2010
Design like Bangladesh B348.5 / P53A, but with the new date Design like Brazil B876 / P254, but now bearing the signatures
(2016), bearing the signature of the secretary of finance Mahbub of Henrique Meirelles (as MINISTRO DE FAZENDA) and Ilan
Ahmed and now issued by the Government of Bangladesh. Goldfajn (as PRESIDENTE DO BANCO CENTRAL DO BRASIL).
Face value: € 0.06 – $ 0,06 Face value: € 2,95 – $ 3,16
BELIZE 100 Reais 2010

Design like Brazil B879 / 275, but now bearing the signatures
5 Dollars 2015 of Henrique Meirelles (as MINISTRO DE FAZENDA) and Ilan
Design like Belize B325 / P67, but with a new date (1st DECEM- Goldfajn (as PRESIDENTE DO BANCO CENTRAL DO BRA-
BER 2015) and bearing the signatures of Glenford Ysaguirre (as SIL).
GOVERNOR), Joseph Waight (as FINANCIAL SECRETARY) Face value: € 29,54 – $ 31.56
and Nestor Vasquez (as DIRECTOR). Printed by De La Rue.
Face value: € 2.27 – $ 2,42 CHILE
1.000 Pesos 2015
Design like Chile B296 / P161, but with a new date (2015) and
bearing the signatures of Rodrigo Vergara (as PRESIDENTE)
and Alejandro Zurbuchen Silva (as GERENTE GENERAL).
Face value: € 1,43 – $ 1.53
COLOMBIA
2.000 Pesos 2014
Design like P457, nut with a new date (1. DE AGOSTO DE 2014)
and bearing the signatures of José Darío Uribe Escobar (as
GERENTE GENERAL) and José Tolosa Buitrago (as GERENTE
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) EJECUTIVO).
Face value: € 0,64 – $ 0.68
10 Dollars 2016
Design like Belize B326 / P68, but with a new date (1st MAY  2.000 Pesos 2015
2016) and bearing the signatures of Glenford Ysaguirre (as New type, introduced on November 29, 2016.
GOVERNOR), Joseph Waight (as FINANCIAL SECRETARY) Front side: The Colombian artist Débora Arango Pérez standing
and unknown (as DIRECTOR). Printed by Oberthur Fiduci- and as a portrait; Figure La bailarina Guillermina by D.A. Pérez.
aire, France. Back side: Caño Cristales, also known as the river of five co-
Face value: € 4.54 – $ 4,85 lours, in the Serranía de la Macarena National Park; Various
birds; Extract from an interview with D.A. Pérez; Seal of the
Colombian Central Bank.
Dated 19 DE AGOSTO DE 2015. Signatures of José Darío Uribe
Escobar (as GERENTE GENERAL) and José Tolosa Buitrago (as
GERENTE EJECUTIVO). Portrait of D.A. Pérez and electrotype
2 as watermark. Colour-shifting windowed security thread with
demetalized text on the back side; Lechoso leaves and fruit as
copper-coloured SPARK® element. Number (2) as dark blue OVI
element on front. Bird and letters BRC as registration device.
Printed by Imprenta de Billetes – Banco de la Republica, Co-
lombia.
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) Face value: € 0,64 – $ 0.68
100 Dollars 2016
Design like Belize B329 / P71, but with a new date (1st MAY
2016) and bearing the signatures of Glenford Ysaguirre (as
GOVERNOR), Joseph Waight (as FINANCIAL SECRETARY)
and unknown (as DIRECTOR). Printed by De La Rue.
Face value: € 45,37 – $ 48,48
BOTSWANA
10 Pula 2014
Design like Botswana B124 / P30, but with a new date (2014)
and bearing the signatures of Ontefetse Kenneth Matambo (as
MINISTER OF FINANCE) and Linah Kelebogile Mohohlo (as
GOVERNOR).
Face value: € 0,88 – $ 0,94

(as GERENTE EJECUTIVO). Portrait of V. Gutiérrez and elec-
trotype 10 as watermark. Colour-shifting, windowed security
thread with demetalized text and flowers on the back side.
Water lily and letters BRC as registration device. Tree frog as
copper-coloured OVI element. Printed by Imprenta de Billetes
– Banco de la Republica, Colombia.
Face value: € 3,18 – $ 3.40
COSTA RICA
1.000 Colones 2013
Design like Costa Rica B557 / P274, but with a new date (11 de
setiembre de 2013) and bearing the signatures of Rodrigo Bo-
banknoten.de)
laños Zamora (as EL PRESIDENTE DE LA JUNTA DIRECTIVA)
 5.000 Pesos 2015 and Félix Delgado Quesada (as EL GERENTE DEL BANCO).
New type, introduced on November 9, 2016. Series B.
Front side: Colombian poet José Asunción Silva standing and Face value: € 1,65 – $ 1.77
as a portrait.
2.000 Colones 2013
Back side: Mountainous landscape of Páramos de Colombia Pu-
Design like Costa Rica B558 / P275, but with a new date (11 de
entes de Aque and Espeletia plants; Andean condor in flight; J.A.
setiembre de 2013) and bearing the signatures of Rodrigo Bo-
Silva’s poem Melancolía; Seal of the Colombian Central Bank.
laños Zamora (as EL PRESIDENTE DE LA JUNTA DIRECTIVA)
Dated 19 DE AGOSTO DE 2015. Signatures of José Darío Uribe
and Félix Delgado Quesada (as EL GERENTE DEL BANCO).
Escobar (as GERENTE GENERAL) and José Tolosa Buitrago (as
Serie A.
GERENTE EJECUTIVO). Portrait of J.A. Silva and electrotype 5
Face value: € 3,31 – $ 3.54
as watermark. Colour-shifting, windowed security thread with
demetalized text on the back side; Puya plant as copper-coloured CUBA
SPARK® element. Number 5 as dark brown OVI element on
front. Bumblebee and letters BRC as registration device. Printed 1 Peso 2016
by Imprenta de Billetes – Banco de la Republica, Colombia. Design like Cuba B902 / P121, but with a new date (2016) and
Face value: € 1,59 – $ 1.70 bearing the signature of Ernesto Medina Villaveirán (as PRESI-
DENTE DEL BANCO). Serie GM-11.
Face value: € 0,04 – $ 0.04
20 Pesos 2015
Design like Cuba B908 / P122, but with a new date (2015) and
bearing the signature of Ernesto Medina Villaveirán (as PRESI-
DENTE DEL BANCO). Serie CP-88.
Face value: € 0,81 – $ 0.86
DENMARK
50 Kroner 2014
Design like Denmark B935 / P65, but with a new date (2014) and
bearing the signatures of Lars Rohde and Lars Gerrild Sørensen.
Face value: € 6,72 – $ 7.18
DOMINICAN REPUBLIC
50 Pesos Dominicanos 2015
Design like P189, but with a new date (2015) and bearing the
signatures of Héctor Valdez Albizu (as GOBERNADOR DEL
BANCO CENTRAL) and Simón Lizardo Mézquita (as MINIS-
TRO DE HACIENDA).
Face value: € 1,00 – $ 1.07
banknoten.de) 500 Pesos Dominicanos 2015
 10.000 Pesos 2015
signatures of Héctor Valdez Albizu (as GOBERNADOR DEL
New type, introduced on December 7, 2016.
BANCO CENTRAL) and Simón Lizardo Mézquita (as MINIS-
Front side: Colombian anthropologist Virginia Gutiérrez de
TRO DE HACIENDA).
Pineda standing and as a portrait.
Face value: € 10,01 – $ 10.70
Back side: Leaves, snake, turtle, caiman and fish; Fisherman with
boat on Amazonas river; Extract from V. Gutiérrez’ book Familia 1.000 Pesos Dominicanos 2015
y cultura en Colombia; Seal of the Colombian National Bank. Design like P193, but with a new date (2015) and bearing the
Dated 19 DE AGOSTO DE 2015. Signatures of José Darío Uribe signatures of Héctor Valdez Albizu (as GOBERNADOR DEL
Escobar (as GERENTE GENERAL) and José Tolosa Buitrago BANCO CENTRAL) and Simón Lizardo Mézquita (as MINIS-

TRO DE HACIENDA). Printed by Thomas de la Rue on polymer substrate.
Face value: € 20,02 – $ 21.40 *The note was announced to be released already in 2016, but pre-
sumably effectively introduced in January 2017 only.
ETHIOPIA Face value: € 117,53 – $ 125.57
50 Birr 2015
Design like Ethiopia B333 / P51, but with a new date (2007/2015)
[
and bearing the signature of Teklewold Atnafu (as GOVERNOR).
Face value: € 2,04 – $ 2.18
GEORGIA
 100 Lari 2016
New type, introduced on November 1, 2016.
Front side: Portrait of the Georgian poet Shota Rustaveli;
Extract from the Georgian national epos The Knight in the
Panther’s Skin.
Back side: Lamp post with gas lantern; National Zakaria
Paliashvili Theater of Opera and Ballet in Tbilisi; Georgia’s coat
of arms.
Dated 2016. Signature of governor Giorgi Kadagidze. Portrait
of S. Rustaveli, electrotype 100 and Lari symbol as watermark.
Colour-shifting, windowed security thread with demetalized
text on the back side. Holographic stripe on front. Denomina-
tion (100) as registration device. Ornament as magenta coloured
SPARK® element on front.
Face value: € 34,49 – $ 36.85
HAITI
10 Gourdes 2013
Design like Haiti B845 (P272), but with a new date (2013), bear-
ing the signatures of Charles Castel (as LE GOUVERNEUR),
Georges Henry Fils (as LE GOUVERNEUR ADJOINT) and
Jean Baden Dubois (as DIRECTEUR) and printed on polymer
substrate.
Face value: € 0,14 – $ 0.15
HONDURAS
2 Lempiras 2014
Design like P97, but with a new date (12 DE JUNIO DE 2014)
and bearing the signatures of Marlon Tábora Muñoz (as PRES-
IDENTE), Héctor Méndez Cálix (as GERENTE) and Wilfredo
Cerrato R. (as SECRETARIO DE FINANZAS).
Face value: € 0,08 – $ 0.08
[ Insert here: HNL002-20140612-Front-HF.jpg ]
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
GIBRALTAR 5 Lempiras 2014

 100 Pounds 2015 and bearing the signatures of Marlon Tábora Muñoz (as PRES-
New type, Commemorative issue introduced on January 23, IDENTE), Héctor Méndez Cálix (as GERENTE) and Wilfredo
2017* to commemorate the centenary of the birth of Sir Joshua Cerrato R. (as SECRETARIO DE FINANZAS).
Hassan. Face value: € 0,19 – $ 0.21
Front side: Portrait of Queen Elizabeth II.; Coat of arms of Gi- [ Insert here: HNL005-20140612-Front-HF.jpg ]
braltar. Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
Back side: Portrait of Sir Joshua Hassan, former chief minister
10 Lempiras 2014
of Gibraltar.
Dated 21st August 2015. Signature of Albert Mena (as COM-
and bearing the signatures of Marlon Tábora Muñoz (as PRES-
MISSIONER OF CURRENCY). No watermark. No security
IDENTE), Héctor Méndez Cálix (as GERENTE) and Wilfredo
thread. Holographic stripe. Castle tower as registration device.
Cerrato R. (as SECRETARIO DE FINANZAS).

Face value: € 0,39 – $ 0.42 MENTERI KEUANGAN). Portrait of T. Meutia as watermark.
[ Insert here: HNL010-20140612-Front-HF.jpg ] Solid security thread with demetalized text. Logo of the Nation-
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) al Bank as registration device. Printed by Peruri TC, Indonesia.
Face value: € 0,07 – $ 0.07
500 Lempiras 2014
Design like the unlisted variety dated 2012, but with a new
date (12 DE JUNIO DE 2014) and bearing the signatures of
Marlon Tábora Muñoz (as PRESIDENTE), Héctor Méndez
Cálix (as GERENTE) and Wilfredo Cerrato R. (as SECRETAR-
IO DE FINANZAS).
Face value: € 19,47 – $ 20.81
HONG KONG
100 Dollars 2015 – Bank of China Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
Design like Hong Kong B818 / P343, but with a new date
 2.000 Rupiah 2016
(1 JULY 2015) and bearing the signature of He Guangbei (as
CHIEF EXECUTIVE).
Front side: Portrait of the Indonesian politician and national hero
Face value: € 12,06 – $ 12.89
Mohammad Husni Thamrin; Map of Indonesia; Coat of arms.
INDIA Back side: Sianok canyon in Western Sumatra; Champak (Mag-
nolia champaca); Dancer with plates (Tari Piring).
50 Rupees 2016 Datiert 2016 / 2016. Signatures of Agus Dermawan Wintarto
Design like India B294 / PNL, but with a new date (2016), Martowardojo (as GUBERNUR) and Sri Mulyani Indrawati
without inset letter and bearing the signature of Urjit Patel (as (as MENTERI KEUANGAN). Portrait of Prince Antasari as
GOVERNOR). watermark. Solid security thread with demetalized text. Logo
Face value: € 0,69 – $ 0.73 of the National Bank as registration device. Printed by Peruri
1.000 Rupees 2016 TC, Indonesia.
Design like India B297 / P107, but with a new date (2016) and the Face value: € 0,14 – $ 0.15
inset letter R. Signature: Raghuram G. Rajan (as GOVERNOR).
Face value: € 13,72 – $ 14.65
 2.000 Rupees 2016
New type, introduced on November 10, 2016.
Front side: Portrait of Mahatma Gandhi; Seal of the Reserve
Bank of India; India’s coat of arms.
Back side: Swachh Bharat logo (Gandhi’s glasses); Mangalyaan, the
space probe of the Indian Space Research Organisation (ISRO).
Dated 2016. Signature of Urjit Patel (as GOVERNOR). M.
Gandhi and electrotype 2000 as watermark. Colour-shifting,
windowed security thread with demetalized text on the front
side. Denomination (2000) as registration device.
Face value: € 27,43 – $ 29.31
INDONESIA
 1.000 Rupiah 2016
Front side: Portrait of the Indonesian national heroine Tjut
Meutia; Map of Indonesia; Coat of arms.
Back side: Fort Belgica in Banda Neira (Banda Islands); Orchid;
Dancer with drum (Tari Tifa). Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
Dated 2016 / 2016. Signatures of Agus Dermawan Wintarto
Martowardojo (as GUBERNUR) and Sri Mulyani Indrawati (as

 5.000 Rupiah 2016
Front side: Portrait of the Indonesian politician and national
hero Dr. K.H. Idham Chalid; Map of Indonesia; Coat of arms.
Back side: Gunung Bromo volcano on the island of Java;
Tuberose (Polianthes tuberosa); Dancer with scarves (Tari
Gambyong).
Martowardojo (as GUBERNUR) and Sri Mulyani Indrawati
(as MENTERI KEUANGAN). Portrait of T. Meutia as water-
mark. Solid security thread with demetalized text. Logo of the Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
National Bank as registration device. Printed by Peruri TC,
 20.000 Rupiah 2016
Indonesia.
Face value: € 0,35 – $ 0.37
hero Dr. Gerungan Saul Samuel Jacob Ratulangi; Map of Indo-
nesia; Coat of arms.
Back side: Sea turtle in front of the Derawan islands; Orchid
(Coelogyne pandurata); Dancer with feathers (Tari Gong).
MENTERI KEUANGAN). Portrait of Oto Iskandar di Nata and
electrotype bank logo as watermark. Windowed security thread
with demetalized text. Logo of the National Bank as registration
device. Printed by Peruri TC, Indonesia.
Face value: € 1,40 – $ 1.50

 10.000 Rupiah 2016
hero Frans Kaisiepo; Map of Indonesia; Coat of arms.
Back side: Wakatobi National Park on the island of Sulawesi;
Magnolia (Magnolia vrieseana); Dancer with fans (Tari Pa-
karena).
Martowardojo (as GUBERNUR) and Sri Mulyani Indrawati
(as MENTERI KEUANGAN). Portrait of M. Badaruddin II
and electrotype bank logo as watermark. Solid security thread Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
with demetalized text. Logo of the National Bank as registra-
 50.000 Rupiah 2016
tion device. Printed by Peruri TC, Indonesia.
Face value: € 0,70 – $ 0.75
hero Djuanda Kartawidjaja; Map of Indonesia; Coat of arms.
Back side: Komodo National Park on Sunda islands; Frangipani
flower; Dancer with fans (Tari Legong).
MENTERI KEUANGAN). Portrait of I Gusti Ngurah Rai and
electrotype banklogo as watermark. Windowed security thread
with demetalised text. Logo of the National Bank as registration
device. Printed by Peruri TC, Indonesia.
Face value: € 3,50 – $ 3.74

IRAQ
500 Dinars
Design like Iraq B348 / PNL, but now with Kurdish text on
the back side.
Face value: € 0,39 – $ 0.41
KAZAKHSTAN
1.000 Tenge
Design like Kazakhstan B143 / P46, but now without signature
and without mentioning the National Bank on the back side.
Face value: € 2,83 – $ 3,02
 10.000 Tenge 2016
New type. Commemorative issue, introduced on December 1,
2016.
Front side: Outline map and flag of Kazakhstan; Baitarek
monument and various other buildings in Astana; Portrait of
the Kazakh President Nursultan Nazarbayev.
Back side: Mountain range; Kazakh Eli monument in Astana.
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) Dated 2016. No signatures. Samruk bird and electrotype 10000
as watermark. Solid security thread. Additional windowed
50.000 Rupiah 2016 security thread with demetalized sun and cyrillic letters OH.
Design like Indonesia B606 / P152, but with a new date (2016) Holographic stripe on the back side. Map of Kazakhstan as
and bearing the signatures of Agus Dermawan Wintarto Mar- green SPARK® element. Printed by the Banknote Printing Fac-
towardojo (as GUBERNUR) and Ronald Waas (as DEPUTI tory of the Kazakh National Bank.
GUBERNUR). Face value: € 28,30 – $ 30.24
Face value: € 3,50 – $ 3.74
 100.000 Rupiah 2016
Front side: Portrait of the first Indonesian President Sukarno;
Map of Indonesia; Portrait of the first Indonesian Vice-presi-
dent Mohammad Hatta; Coat of arms.
Back side: Raja Ampat islands; Orchid (Phalaenopsis amabilis);
Dancer with mask (Tari Topeng Betawi).
MENTERI KEUANGAN). Portrait of Wage Rudolf Soepratman
and electrotpye banklogo as watermark. Windowed security
thread with demetalized text. Logo of the National Bank as
registration device. Printed by Peruri TC, Indonesia.
Face value: € 7,00 – $ 7.48
KYRGYZSTAN
500 Som
Design like Kyrgyzstan B224 / P28, but with a new date (2016),
a revised portrait and a round ornament on front. Signature of
Tolkunbek Sagynbekovich Abdygulov (as ТѲРАГА).
Face value: € 6,76 – $ 7,22

1.000 Som
Design like Kyrgyzstan B225 / P29, but with a new date (2016),
a revised portrait and a round ornament on front. Signature of
Tolkunbek Sagynbekovich Abdygulov (as ТѲРАГА).
Face value: € 13,52 – $ 14,45

 2.000 Denars 2016
New type, introduced on December 15, 2016
Front side: 7th. century bronze pendant; Woman wearing a
Macedonian bridal costume.
Back side: Mosaic, showing a gilded vessel flanked by two peacocks.
Dated Ноември 2016. Signature of Dimitar Bogov (as
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) ГУВЄРНЄР). Bridal costume, electrotype 2.000 and corner-
stones as watermark. Colour-shifting, windowed security
LIBERIA thread with demetallized text. Mosaic as registration device.
Printed by Thomas de la Rue.
 500 Dollars 2016
Face value: € 32,23 – $ 34,49
New type, introduced on January 18, 2017
Front side: Woman, elderly man and young man in traditional
clothing.
Back side: Seal oft he National Bank of Liberia; Hippopotamus
with calf.
Dated 2016. Signatures of Boima S. Kamara (as MINISTER OF
FINANCE) and Milton A. Weeks (as EXECUTIVE GOVERNOR).
Coat of arms and CBL as watermark. Windowed RAPID™ secu-
rity thread with demetalized stars. 5-pointed star as registration
device. Printed by Crane Currency.
Face value: € 5,08 – $ 5,43
MACEDONIA
 200 Denars 2016
New type, introduced on December 15, 2016
Front side: Bird; Medieval bronze fibula (brooch); Terrakotta
icon originating from the 6.-7. century.
Back side: Ornamental patterns from the façade of the mosque
Šarena Džamija in Tetovo and from marble tiles from the Ishak
Celebi mosque in Bitola.
Dated Ноември 2016. Signature of Dimitar Bogov (as
ГУВЄРНЄР). Star, electrotype 200 and cornerstones as water- Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
mark. Colour-shifting, windowed security thread with demet-
alized text. Leaf as registration device. Printed by Thomas de MALAWI
la Rue.
 2.000 Kwacha 2016
Face value: € 3,22 – $ 3,45
Front side: Portrait of Reverend John Chilembwe and outline
map of Malawi.

Back side: Mikroscope, Coat of arms of Malawi; Outline map 500 Pesos 2015
of Malawi; Malawi University of Science and Technology. Design like P126, but with a new date (7 DIC. 2015) and bear-
Dated 1st JUNE 2016. Signature of Charles Chuka (as GOV- ing the signatures of Agustín Guillermo Carstens Carstens
ERNOR). Portrait of J. Chilembwe and electrotype 2000 as wa- (as JUNTA DE GOBIERNO) and Alejandro Alegre Rabiela (as
termark. Windowed RollingStar® Cube security thread on the CAJERO PRINCIPAL). Series AT.
back side; Holographc stripe on front. Fish as green SPARK® Face value: € 22,33 – $ 23,90
element with RollingColor effect.
Face value: € 2,56 – $ 2,74 MONGOLIA
50 Tögrög 2016
Design like Mongolia B421 / P64, but with a new date (2016)
and bearing the signature of governor Naidansuren Zoljargal.
Face value: € 0,02 – $ 0,02
NEPAL
 20 Rupees 2016
New type, introduced in 2016.
Front side: Mount Everest; Krishna temple in Patan.
Back side: Two deers; Seal of the Bank of Nepal; Trees in the
background.
Dated: 2016. Signature of governor Chiranjivi Nepal. Rhodo-
dendron as watermark. Windowed security thread on front.
Printed by Thomas de la Rue.
Face value: € 0,17 – $ 0,18
MAURITIUS
100 Rupees 2013
Design like Mauritius B422 / P56, but with a new date (2013)
and bearing the signatures of Yandraduth Googoolye (as
FIRST DEPUTY GOVERNOR), Manou Bheenick (as GOVER-
NOR) and Mohammed Iqbal Belath (as SECOND DEPUTY
GOVERNOR).
Face value: € 2,53 – $ 2,71
MEXICO
20 Pesos 2016
Design like P122, but with a new date (12 JUL. 2016) and bear-
ing the signatures of Roberto del Cueto Legaspi (as JUNTA
DE GOBIERNO) and Alejandro Alegre Rabiela (as CAJERO
PRINCIPAL). Serie Y.
Face value: € 0,89 – $ 0,96 NICARAGUA
50 Pesos 2015
 1.000 Cordobas 2015
Design like P123A, but with a new date (7 DIC. 2015) and bear-
New type. Commemorative note, introduced December 1, 2016.
ing the signatures of Roberto del Cueto Legaspi (as JUNTA
Front side: Coat of arms of Nicaragua, Lines from the poem Pax;
DE GOBIERNO) and Alejandro Alegre Rabiela (as CAJERO
Daisy flowers; Portrait of the Nicaraguanian poet Rubén Darío.
PRINCIPAL). Series S.
Back side: Coat of arms of Nicaragua, Lines from the poem
Face value: € 2,23 – $ 2,39
Pax; White dove in flight.
200 Pesos 2014 Dated: 16 DE NOVIEMBRE DE 2015. Signatures of Ovidio
Design like P125, but with a new date (27 OCT. 2014) and bear- Reyes Ramírez (as PRESIDENTE DEL BANCO CENTRAL DE
ing the signatures of Agustín Guillermo Carstens Carstens (as NICARAGUA) and Iván Adolfo Acosta Montalván (as MIN-
JUNTA DE GOBIERNO) and Alejandro Alegre Rabiela (as ISTRO DE HACIENDA Y CREDITO PUBLICO). Arbutus tree
CAJERO PRINCIPAL). Series AX. and electrotype 1.000 as watermark. Windowed MOTION™
Face value: € 8,93 – $ 9,56 security thread with demetalized trees on front. Denomina-
tion as registration device. Parchment, ink well and quill pen

as green SPARK® element. Printed by Thomas de la Rue. 200 Naira 2016
Face value: € 31,19 – $ 33,38 Design like Nigeria B227 / P29, but with a new date (2016) and
bearing the signatures of Godwin Emefiele (as GOVERNOR)
and Olufemi Fabamwo (as DIRECTOR OF CURRENCY OPER-
ATIONS).
Face value: € 0,59 – $ 0,63

500 Naira 2016
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) Design like Nigeria B228 / P30, but with a new date (2016) and
bearing the signatures of Godwin Emefiele (as GOVERNOR)
NIGERIA and Olufemi Fabamwo (as DIRECTOR OF CURRENCY OPER-
5 Naira 2016 ATIONS).
Design like Nigeria B234 / P38, but with a new date (2016) and Face value: € 1,47 – $ 1,58
bearing the signatures of Godwin Emefiele (as GOVERNOR) and
NORWAY
Olufemi Fabamwo (as DIRECTOR OF CURRENCY OPERA-
TIONS). 50 Kroner
Face value: € 0,01 – $ 0,02 Design like P46, but with a new date (2015) and bearing the
signatures of Øystein Olsen and Trond Eklund.
Face value: € 5,60 – $ 5,99
100 Kroner 2014
Face value: € 11,19 – $ 11,97
200 Kroner 2014
Face value: € 22,39 – $ 23,95
500 Kroner 2015
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) Design like P51, but with a new date (2015) and bearing the
signatures if Øystein Olsen and Trond Eklund.
50 Naira 2016
Face value: € 55,97 – $ 59,86
Design like Nigeria B237 / P37, but with a new date (2016) and bearing
the signatures of Godwin Emefiele (as GOVERNOR) and Olufemi PAKISTAN
Fabamwo (as DIRECTOR OF CURRENCY OPERATIONS).
Face value: € 0,15 – $ 0,16 50 Rupees 2016
Design like Pakistan B234 / P56, but with a new date (2016) and
the signature of governor Ashraf Mahmood Wathra,
Face value: € 0,44 – $ 0,47
PHILIPPINES
20 Piso 2015
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI-
NAS) and Amando M. Tetangco jr. (as TAGAPANGASIWA NG
BANGKO SENTRAL).
Face value: € 0,37 – $ 0,40
20 Piso 2015A
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) Design like P206, but with a new date (2015A) and bearing the

signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- 500 Piso 2016A
NAS) and Amando M. Tetangco jr. (as TAGAPANGASIWA NG Design like P210, but with a new date (2016 A) and bearing
BANGKO SENTRAL). the signatures of Rodrigo Duterte (as PANGULO NG PILIPI-
Face value: € 0,37 – $ 0,40 NAS) and Amando M. Tetangco Jr (as TAGAPANGASIWA NG
BANGKO SENTRAL).
20 Piso 2016
Face value: € 9,36 – $ 10,02
signatures of Rodrigo Duterte (as PANGULO NG PILIPINAS) 1.000 Piso (2016A)
and Amando M. Tetangco jr. (as TAGAPANGASIWA NG Design like P211, but with a new date (2016A) and bearing the
BANGKO SENTRAL). signatures of Benigno S. Aquino III (as PANGULO NG PILIPI-
BANGKO SENTRAL).
20 Piso 2016F
Face value: € 18,73 – $ 20,04
Design like P206, but with a new date (2016F) and bearing the
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- 1.000 Piso (2016A)
NAS) and Amando M. Tetangco jr. (as TAGAPANGASIWA NG Design like P211, but with a new date (2016A) and bearing
BANGKO SENTRAL). the signatures of Rodrigo Duterte (as PANGULO NG PILIPI-
BANGKO SENTRAL).
20 Piso (2016G)
Face value: € 18,73 – $ 20,04
Design like P206, but with a new date (2016G) and bearing the
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- 1.000 Piso (2016G)
NAS) and Amando M. Tetangco Jr (as TAGAPANGASIWA NG Design like P211, but with a new date (2016G) and bearing the
BANGKO SENTRAL). signatures of Benigno S. Aquino III (as PANGULO NG PILIPI-
Face value: € 0,37 – $ 0,40 NAS) and Amando M. Tetangco jr. (as TAGAPANGASIWA NG
BANGKO SENTRAL).
50 Piso 2016
Face value: € 18,73 – $ 20,04
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- SAUDI ARABIA
BANGKO SENTRAL).  5 Riyals 2016
Face value: € 0,94 – $ 1,00 New type, introduced on December 26, 2016.
Front side: Shaybah oil refinery; Portrait of King Salman bin
50 Piso 2016G
Abdulaziz.
Design like P207, but with a new date (2016G) and bearing the
Back side: Field with flowers and with mountains in the back-
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI-
ground; Coat of arms of Saudi Arabia.
Dated 2016. Signatures of governor Ahmed Abdulkarim Alk-
BANGKO SENTRAL).
holifey and MINISTER OF FINANCE Ibrahim bin Abdulaziz
Face value: € 0,94 – $ 1,00
bin Abdullah al-Assaf. King S. bin Abdulaziz, electrotype 5 and
50 Piso 2016H cornerstones as watermark. Windowed security thread with
Design like P207, but with a new date (2016H) and bearing the demetalized text on front. Printed by Thomas de la Rue.
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- Face value: € 1,24 – $ 1,33
 10 Riyals 2016
BANGKO SENTRAL).
Face value: € 0,94 – $ 1,00
Front side: Royal palace; Portrait of King Salman bin Abdulaziz.
100 Piso 2016A Back side: King Abdullah Finance District in Riyadh; Coat of
Design like P208, but with a new date (2016A) and bearing the arms of Saudi Arabia.
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- Dated 2016. Signatures of governor Ahmed Abdulkarim Alkho-
NAS) and Amando M. Tetangco jr. (as TAGAPANGASIWA NG lifey and MINISTER OF FINANCE Ibrahim bin Abdulaziz bin
BANGKO SENTRAL). Abdullah al-Assaf. King S. bin Abdulaziz, electrotype 10 and
Face value: € 1,87 – $ 2,00 cornerstones as watermark. Windowed security thread with
100 Piso (2016F)
demetalized text on front. Printed by Thomas de la Rue.
Design like P208, but with a new date (2016F) and bearing the Face value: € 2,49 – $ 2,66
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI-  50 Riyals 2016
NAS) and Amando M. Tetangco Jr (as TAGAPANGASIWA NG New type, introduced on December 26, 2016.
BANGKO SENTRAL). Front side: Al-Sakhra mosque; Portrait of King Salman bin
Face value: € 1,87 – $ 2,00 Abdulaziz.
100 Piso 2016H
Back side: Al-Aqsa mosque in Jerusalem; Coat of arms of Saudi
Design like P208, but with a new date (2016H) and bearing the Arabia.
signatures of Benigno S. Aquino III (as PANGULO NG PILIPI- Dated 2016. Signatures of governor Ahmed Abdulkarim Alkho-
NAS) and Amando M. Tetangco jr. (as TAGAPANGASIWA NG lifey and MINISTER OF FINANCE Ibrahim bin Abdulaziz bin
BANGKO SENTRAL). Abdullah al-Assaf. King S. bin Abdulaziz, electrotype 50 and
Face value: € 1,87 – $ 2,00 cornerstones as watermark. Windowed MOTION™ security
thread on front. Denomination as green SPARK® element on

front. Printed by Thomas de la Rue. SEYCHELLES
Face value: € 12,44 – $ 13,32
 25 Rupees 2016
Front side: Seychelles magpie robin (Copsychus sechellarum).
Back side: Seychelles killifish (Pachypanchax playfairii); Plant;
Seychelles blue pigeon (Alectroenas pulcherrimus).
Dated 2016. Signature of Caroline Abel (as GOVERNOR). Magpie
robin, electrotype 25 and Seychelles and cornerstones as water-
mark. Colour-shifting, windowed Kinetic StarChrome® security
thread. Denomination (25) as registration device. Coat of arms as
holographic patch on front. Printed by Thomas de la Rue.
Face value: € 1,70 – $ 1,82
Courtesy of Owen W. Linzmayer (www.banknotenews.com)
 100 Riyals 2016

Front side: Al-Masjid al-Nabawi mosque in Medina; Portrait of
King Salman bin Abdulaziz.
Back side: Aerial view on the Al-Masjid al-Nabawi mosque;
Coat of arms of Saudi Arabia.
bin Abdullah al-Assaf. King S. bin Abdulaziz, electrotype 100
and cornerstones as watermark. Windowed MOTION™ securi-
ty thread on front. Denomination as purple SPARK® element on
front. Printed by Thomas de la Rue.
Face value: € 24,89 – $ 26,63
 500 Riyals 2016
Front side: Kaaba in Mecca; Portrait of King Abdul Aziz.
Back side: Kaaba in the courtyard of the Holy Mosque in Mecca;
Coat of arms of Saudi Arabia.
bin Abdullah al-Assaf. King S. bin Abdulaziz, electrotype 500 Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
and cornerstones as watermark. Windowed MOTION™ securi-  50 Rupees 2016
ty thread on front. Denomination as golden SPARK® element on New type, introduced on December 5, 2016.
front. Printed by Thomas de la Rue. Front side: Giant day gecko (Phelsuma sundbergi); Seychelles
Face value: € 124,43 – $ 133,17 black parrot (Coracopsis barklyi).
Back side: Seychelles tree frog (Tachycnemis seychellensis);
Plant; Seychelles white-eye bird (Zosterops modestus).
Dated 2016. Signature of Caroline Abel (as GOVERNOR). Par-
rot, electrotype 50 and Seychelles and cornerstones as water-
mark. Colour-shifting, windowed Kinetic StarChrome® security
thread. Denomination (50) as registration device. Coat of arms
as holographic patch on front. Printed by Thomas de la Rue.
Face value: € 3,39 – $ 3,63
Courtesy of Owen W. Linzmayer (www.banknotenews.com)

 100 Rupees 2016
Front side: Giant bronze gecko (Ailuronyx trachygaster); Flow-
ers; Seychelles black paradise flycatcher (Terpsiphone corvina).
Back side: Aldabra banded snail (Rhachistia aldabrae); Plant;
Seychelles sunbird (Cinnyris dussumieri).
Dated 2016. Signature of Caroline Abel (as GOVERNOR). Para-
dise flycatcher, electrotype 100 and Seychelles and cornerstones
as watermark. Colour-shifting, windowed Kinetic StarChrome®
security thread. Denomination (100) as registration device. Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
Coat of arms as holographic patch on front. Snail as purple
SPARK® element on the back side. Printed by Thomas de la Rue. SIERRA LEONE
Face value: € 6,78 – $ 7,26 1.000 Leones 2013
Design like B125 / P30, but with a new date (4th AUGUST
2013) and bearing the signatures of Sheku Sambadeen Sesay
(as GOVERNOR) and Andrina Rosa Coker (as DEPUTY
GOVERNOR).
Face value: € 0,13 – $ 0,13
5.000 Leones 2013
Design like B127 / P32, but with a new date (4th AUGUST
2013) and bearing the signatures of Sheku Sambadeen Sesay
(as GOVERNOR) and Andrina Rosa Coker (as DEPUTY
GOVERNOR).
Face value: € 0,63 – $ 0,67
SINGAPORE
2 Dollars (ND)
Design like Singapore B208 / P46, but with one solid star
below the word EDUCATION on the back side.
Face value: € 1,30 – $ 1,40
2 Dollars (ND)
Design like Singapore B208 / P46, but with two solid stars
below the word EDUCATION on the back side.
Face value: € 1,30 – $ 1,40
Courtesy of Hartmut Fraunhoffer (www.banknoten.de) 2 Dollars (ND)
Design like Singapore B208 / P46, but with two hollow stars
 500 Rupees 2016 below the word EDUCATION on the back side.
New type, introduced on December 5, 2016. Face value: € 1,30 – $ 1,40
Front side: Flowers; Seychelles kestrel (Falco araea); Flowers.
Back side: Seychelles tiger chameleon (Archaius tigris); Flowers 10 Dollars (ND)
and insects; Seychelles scops owl (Otus insularis). Design like Singapore B210 / P48, but with two solid houses
Dated 2016. Signature of Caroline Abel (as OVERNOR). below the word SPORTS on the back side.
Kestrel, electrotype 500 and Seychelles and cornerstones as Face value: € 6,52 – $ 6,98
watermark. OPTIKS™ security thread. Denomination (500) 50 Dollars (ND)
as registration device. Coat of arms as holographic patch on Design like Singapore B205 / P49, but with two solid stars
front. Chameleon as golden SPARK® element on the back side. below the word ARTS on the back side.
Printed by Thomas de la Rue. Face value: € 32,61 – $ 34,91
Face value: € 33,92 – $ 36,30

1.000 Dollars (ND) and bearing the signatures of unknown (as LE PRÉSIDENT
Design like Singapore B207 / P51, but with one solid house be- DU CONSEIL DES MINISTRES) and Tiémoko Meyliet Koné
low the word GOVERNMENT on the back side. (as LE GOUVERNEUR).
Face value: € 652,28 – $ 698,11 Face value: € 1,45 – $ 1,55
SWEDEN ZIMBABWE
100 Kroner 2014  2 Dollars 2016 (Bond note, pegged 1:1 to the US-Dollar)
Design like the notes issued in October 2016, but bearing the New type, introduced on November 28, 2016.
signatures of Johan Gernandt and Stefan Ingves. The serial Front side: Chiremba balancing rocks in Epworth.
number prefix B indicates that the banknote was printed in Rückseite: Eternal Flame of Independence monument and
2014. Parliament House in Zimbabwe’s capital Harare.
Face value: € 10,53 – $ 11,27 Dated 2016; Signature of John Panonetsa Mangudya (as GOV-
ERNOR); Zimbabwe bird and electrotype RBZ as watermark;
500 Kroner 2014
Windowed security thread with demetalized text on front;
Design like the notes issued in October 2016, but bearing the
Zimbabwe bird and star as registration device.
signatures of Johan Gernandt and Stefan Ingves. The serial
Face value: € 1,88 – $ 2,00
number prefix B indicates that the banknote was printed in
2014.
Face value: € 52,67 – $ 56,37
URUGUAY
200 Pesos Uruguayos 2015
Design like Uruguay B548 / P89, but with a new date (2015),
the signatures of Elizabeth Sonia Oria (as SECRETARIA
GENERAL) and Alberto Grana (as PRESIDENTE) and addi-
tional or enhanced security features (e.g. denomination as
registration device; holographic, windowed security thread;
map of Uruguay as OVI element). Series F.
Face value: € 6,50 – $ 6,95
VENEZUELA1
50 Bolivares 2015
Design like P92, but with a new date (5 DE NOVIEMBRE DE
2015) and a new signature combination.
100 Bolivares 2015 Courtesy of Hartmut Fraunhoffer (www.banknoten.de)
Design like P93, but with a new date (5 DE NOVIEMBRE DE
2015) and a new signature combination.
500 Bolivares 2016
This new denomination is based on the 2 Bolivares note
(P88) showing the portrait of Francisco de Miranda on its
front side and two Orinoco river dolphins on its back. Dated
18. DE AGOSTO DE 2016.
5.000 Bolivares 2016
This new denomination is based on the 20 Bolivares note
(P91) showing the portrait of Luisa Cáceres de Arismendi on
its front side and two hawksbill turtles on its back. Dated 18.
DE AGOSTO DE 2016.
20.000 Bolivares 2016
This new denomination is based on the 100 Bolivares note (P93)
showing the portrait of Simon Bolivar on its front side and two
red siskins on its back. Dated 18. DE AGOSTO DE 2016.
WEST AFRICAN STATES
1.000 Francs 2016

Design like West African States B121 / P115, but with the serial
number prefix 16, indicating that the note was printed in 2016
1 Due to the high inflation in Venezuela it doesn‘t seem reasonable to publish a

face value for its banknotes.

News from the Chapters
Compiled by Art Levenite (2863)
The IBNS currently has many regional and topical chapters that hold periodic
meetings open to all members and the public. For information on joining a chapter,
or to find out when and where the next meeting will be held, visit the chapter’s web
site or contact the presiding officer of the chapter.
EAST MIDLANDS CHAPTER showed some Spanish republican stamp a photograph by the Society Photogra-
currency featuring well known people pher, Dorothy Wilding.
Simon Biddlestone, Chairman of the time printed on them, while Alan
Portrait 3, in profile, followed quickly
Cole had 3 Ukraine Bank emergency
behind with issues from Bermuda and
bank cheques from 1924 Kiev. Dave
Cyprus again in 1952.
Kenney showed a BoE £50 skit note of
the Queen’s Diamond Jubilee together The most used image seen is Portrait 4,
with a Gold leaf £50. Robin Hill passed again by Dorothy Wilding, that was used
September 2016 meeting:
round an Exeter local issue note to the on 14 different countries for nearly 30
Thirteen members attended the Septem- value of £4.50 commemo-rating the years. Five distinct variations of the por-
ber meeting with apologies for absence 450th anniversary of the cities ship ca- trait exist and those variations happen in
from another eight. Recent publications nal. Several new collectors who live in the engravings of all 3 banknote printers
on show included the 2016 World Poly- our area have joined the IBNS, they will (Waterlow, Bradbury, Wilkinson, and De
mer Notes hardback book which was be contacted by Simon to invite them to La Rue). Portrait 5 was only used by the
received well by members, and English join our chapter and/or future meetings. Commonwealth of Australia, later the
Provincial Notes 2016 Edition by Rich- Our speaker for the day was chapter Reserve Bank, in profile and in a bas-re-
ard Dennett that at first sight appears chairman Simon Biddlestone whose lief form (appearing raised rather like a
to be based on Roger Outing’s standard topic was ‘Portrait Banknotes of Queen coin) and with a full crown, not usually
work. Auction season was highlighted Elizabeth II – Part 1’. Simon began with seen in portraits. Portrait 6 was unique
with Spink catalogues of world notes, an introduction of his banknote collect- in that shortly after issue the people of
Great Britain and Ireland notes, Pudsey ing history, which has been for most of Canada complained that the Queens hair
special prefixes from the Bank of Scot- his life, beginning as a child in far-flung had (what looked like) an image of the
land, and a charity auction of mainly the countries of the Commonwealth. The ‘Devil’ so the full note issue from $1 to
new £5 polymer issue. Also an extensive talk proper began with a profile of the $1000 were withdrawn and a ‘Modified
auction catalogue from Christoph then Princess Elizabeth who became Head’ engraving was issued. For the con-
Gärtner and another world catalogue Queen at the young age of 26 as prob- cluding two portraits of the first decade
from DNW. Vicky Cole passed round ably the most photographed person in of Commonwealth note issues, Portrait
several album pages of Spanish notes history but certainly the most prolifical- 7 was again in profile and featured an
including regional issues from the 1930s ly seen portrait on bank-notes. The first image used extensively on stamps as well
revolutionary period sourced from the portrait to be used, by Marcus Adams, as Seychelles and Falklands banknotes.
internet. The new Bank of England was on the 1935 Bank of Canada Royal Portrait 8 was used internationally as
polymer £5 note was discussed in detail Portrait series of a Princess Elizabeth the official portrait of the Queen and
with inflated prices supposedly paid on aged just 8 years old. A beautiful and can be seen in Films, TV and at official
eBay be-ing questioned. In general, the engaging portrait of a small child who establishments and functions during the
polymer note was well received by mem- (no one knew) would become Queen. Is- 1950s and 60s. Simon was congratulated
bers who thought it was historically in- sued for just 2 years, the series featured and thanked for putting together a fas-
teresting (with Churchill in the reverse) two versions, one solely in English, and cinating and detailed account of the first
and aesthetically pleasing in the new the other solely in French for the prov- 8 portraits of the 33 that exist (so far) on
turquoise colours. Dennis Kiely showed a ince of Quebec. One of the most sought banknotes featuring likenesses of Queen
£1 Royal Bank of Scotland first issue after examples for any QEII collection. Elizabeth II.
1982 note included in a Typhoo Tea Portrait 2 (or portrait 1 as Queen) was
promotional pack. Simon Biddlestone released very soon after the death of November 2016 meeting:
handed round an Albania 1949 100 King George VI in 1952 and before her
lekë replacement prefix note and a Ven- coronation, issued by Ceylon in two Following lunch at a local inn to wel-
ezuela set of Z replacements from 2 to engraved versions and Jamaica some come the day’s speaker, it was good to
100 Bolivars issued around 2015. Vicky years later with slight variations, from see a turnout of 16 members supporting

the meeting. Laurence Pope explained LONDON CHAPTER January 2017 meeting:
how he had been to Portugal research-
Claire Lobel, Liaison Officer Our first meeting of the year drew 18
ing the country’s colonial issues, where he
attendees. As ever, we started with Show
was presented with three superb books on
& Tell which saw a wide range of new ac-
banknotes of Macao, Mozambique, and the
quisitions brought to the table. Roughly
Cupertino de Miranda Museum. Displaying
in order of appearance these were:
highlights from recent acquisitions, Dennis
Keily proudly showed off a Bank of Scotland • Three English provincial notes is-
www.ibnslondon.org.uk
£100 note from 1962, Robin Hill showed the sued in three different towns by the
latest Royal Bank of Scotland polymer note, same partnership, Eliot, Pearce &
november 2016 meeting:
and Welsh Black Sheep Bank notes to fea- Company, who collapsed in 1897.
ture in November’s talk. Nigel Morley had The 16 attendees enjoyed a lively Their notes are scarce, although
acquired various German scrip items dating meeting not spoiled by a brief AGM the Weymouth and Dorchester is-
from 1847 to 1946 of non-standard materials where we disposed of the formal sues are seen a lot more of-ten than
including coal and rubber. Eddie Nurcombe business in just a few minutes. Thanks the Portland issue which is rare
had spotted the same vignette (a native were given to our perennial Chairperson enough not to have featured in
American Indian) being used on a USA note Pam West, and to the other Committee either of the standard catalogues.
of the Bank of Washtenaw (Michigan) and members including Simon Narbeth
• Continuing the English provincial
an American cheque of a similar vintage. (Treasurer), Jonathan Callaway
theme, a Farnham Bank £10 note
Mark Ray had a set of uncut sheets of USA (Programme Organiser), Claire Lobel
in really nice grade was shown.
Dollar bills acquired on a visit to the Bureau (Liaison Officer), and last but not least,
of Engraving and Printing in Washington. Robin Hill (IT support and enabler of • A very scarce Guildford Bank £10
Dave Kenney showed a set of notes from kit for slide shows by our speakers). note issued by the failed part-
Düsseldorf, 1918, and Simon Biddlestone Thanks were also given to Andy Georgiou nership of William Sparkes and
had replacement notes of the new Scottish who has chaired the World Paper Money Anthony Lee. The bank failed the
polymer issues, new QEII portraits on notes Fair (WPMF) organising committee for day after Sparkes, the principal
of New Zealand and Australia, and private 21 years (and counting), Gareth Thomas partner, had committed suicide.
issues from Cornwall and from Herm in the for dealer liaison for the WPMF, and Ken By coincidence the same day the
Channel Islands. Hutton for all-round support and pro- Penny Black, the world’s first post-
viding special overprints and handmade age stamp, was first issued on the
Future Talks:
pads for give-aways to WPMF attendees. 6th of May, 1840.
• January 28, 2017: Robin Without all these volunteers we would
• The Aughnacloy Bank plate and
Hill, Welsh Notes not be meeting monthly and we would
the pulls made from it made
not be able to continue the WPMF.
• March 25, 2017: another appear-ance. We were
John van den Bossche, Having got the AGM out of the way we told that the plate, found in poor
Rhodesia & Zimbabwe moved on to Show & Tell. Offerings this condition and badly kinked, was
month included a 1940 Bank of England actually now in better condition
• May 27, 2017: Tim Lawes,
£20 note, a rare and late date for this de- than when found, having been
UK Treasury Notes
nomination and shown alongside a rare straight-ened out by the pressure
Our speaker for the day was Andrew Patti- Hull Branch £5 note from 1937. We also needed to print from it.
son of Spink, London, talking on Military saw a cheque prepared for the Imperial
• Three Commercial Bank of Scot-
Payment Certificates of the United States Bank of England, one of those short lived
land £1 notes from the early 1950s
of America. In use from 1946 to 1971 on joint stock banks from the 1830s whose
were shown, to illustrate the story,
American bases overseas, Andrew explained banknotes are seen far more often than
recently dramatized on British TV,
where, when and why they were used, and the cheques, and also a set of three Dutch
of the Scot-tish serial killer Peter
the denominations issued. Starting with notes issued for their post-war occupying
Manuel. He was finally convicted
post-WWII issues dated 1947 (as Series 47- troops in Germany by the Ministerie van
on the evidence of the serial num-
1) for use by troops in Europe, then through Oorlog. These are rare and had not been
bers on notes he had stolen from a
various Asian issues of 1959-65, including seen by any of us before.
victim and then spent in local pubs
the Philippines, Vietnam and Korea due
The main business of the evening was and clubs. The bank had recorded
to the wars fought there. Andrew kept us
our annual auction. There were over 50 the serial numbers when they
entertained explaining the various issues
lots and all items on offer had been do- were is-sued and this provided the
and designs, including the final designs that
nated by our members. The lots essential corroboration needed to
were prepared but never issued. Meetings
included banknotes (of course!), send him to the gallows. A unique
are held at Beeston Community Fire Station
promotional notes, tea towels with case of a serial killer being caught
at 1:30 pm on the last Saturday of alternate
banknote designs and a host of other by serial numbers!
months.
material related to paper money. The
• A very rare 1986 Royal Bank of
auction was great fun with plenty of
Scotland £10 replacement note
spirited bidding. The pro-ceeds totaled
was shown, unique in that the De
a very impressive £604, all of which was
La Rue replacement prefix Z/1 was
added to club funds.
used on a note print-ed by Brad-

bury Wilkinson. De La Rue had Our programme through to summer In general business, matters discussed
just acquired Bradbury and while 2017 now looks as follows: included a report on a very successful nu-
they had had time to introduce mismatic show recently held in Bendigo
• 23 February 2017
their prefix system they had not in Central Victoria and the sale of New
Pam & Pete West: ‘How
got round to changing the print- Zealand’s 1934 10-shilling note with the
to Spot a Bernhard’,
ers’ imprint on the note. number one serial number. David also
• 30 March 2017 tabled a record of the presentations from
• Three early Bank of England
Geoffrey Todd: ‘German the Melbourne 2015 Convention he had
cheques were shown, dated between
Notgeld issues 1914-1922’, prepared and which is now available for
1751 and 1766, all hand written with
members to purchase.
the only printed element being the • 27 April 2017
‘cheque’, the term used at the time Prof Iain Stevenson: ‘French For our meeting topic, Frank Robinson
for the ornamental device found on paper money from 1720’, gave a PowerPoint presentation covering
the left hand edge of cheques (and his recent holiday to the island nations of
• 25 May 2017
many banknotes of that time) where Fiji, Tonga and New Zealand. He covered
Paul Wilson (former De La Rue
they were cut from their counterfoil. the scenery and culture of the countries
employee): ‘Tales from De La
This was used literally to check the and, naturally, their banknotes. Frank
Rue’ (title to be confirmed),
item’s authenticity when pre-sented generously distributed some two-pa’anga
for payment. • 29 June 2017 notes from Tonga to members.
Richard Morel (British Library):
• Finally, a folder of partly hand
‘Indian Government anti-
written preparatory material for September 2016 meeting:
forgery collaborations c.1918’,
the book Mon-ey for All by Richard
Nine members attended with apologies
Williams, the creator of the Welsh • 27 July 2017
received from three.
Pound. This original material in- Jennifer Adam (Curator, Bank
cluded sketches and proofs of some of England Museum): ‘The Bank Stephen Prior and others showed the
of the banknotes he went on to of England Museum’s display of new Australian five-dollar note that
issue (illegally, as it turned out). the new Jane Austen £10 note’. was released on the 1st of September.
This led into a discussion of many top-
Clearly our members had been busy since
MELBOURNE CHAPTER ics including where notes have been ob-
we last met at our pre-Christmas dinner!
tained and the serial number prefixes.
Ian Yarde, Secretary
After a lengthier than usual Show & Tell, The general consensus was in favour of
the floor was given to our speaker, Geof- the note, especially the technology and
frey Grant, the author of the first cata- the security devices, with the only dis-
logue of English provincial banknotes, sension being a little disappointment
[email protected]
a hugely valuable and pioneering work that the design had not been updated
and not superseded for well over 30 auguSt 2016 meeting:
more, particularly with a new portrait
valuable years. His talk was not, howev- of the Queen. Alan Flint has been in
er, on banknotes but on early exchequer Eleven members attended with apologies touch with Rob Cook at Note Printing
documents. This fascinating talk covered received from four. A warm welcome Australia and will pass on our feedback
the period from about 1600 to the late was also extended to visitor Jane Ventur, to him. Alan tabled the latest issue of
1780s and focused on the history of the daughter of Frank Robinson. the Reserve Bank’s Currency magazine
Exchequer itself. This was originally a In recent acquisitions, David White featuring a special wraparound publi-
government office responsible for col- showed four banknotes from Portugal cising the note along with an explana-
lecting revenue and making payments on being the 20-, 50-, 100 – and 1000-escu- tory flyer.
behalf of the sovereign, auditing official do notes of the 1960–1961 series (SCW- David White tabled a proof copy of
accounts, and trying legal cases relating PM P163, P164, P165 and P166), arguably The Banknotes of Guinea-Bissau, an
to revenue collection. Geoffrey took us their last great designs of the ‘classic’ era. updated and enlarged version of the
through a wide range of historical docu- The 50-escudo note was printed by De book project based on the work of Peter
ments, most hand written but later ones La Rue, while the others were by Brad- Symes. It was noted that Trevor Wilkin
part-printed, and gave us much insight bury Wilkinson. Stephen Prior tabled an was recently elected to the IBNS Hall of
into the early development of the English eclectic collection of four items including a Fame and Stephen Prior said he would
financial system. We all learnt a huge ‘stage money’ five-pound note based on be in New Zealand with Trevor on the
amount about how the monarch, or later a Bank of NSW (New South Wales) following weekend where a presenta-
his or her government, raised money, private issue (MVR Type 7); the note tion would be made. Frank Robinson
how taxes were collected, and how the and others with the same ‘front’ on both reminded members that the Sydney
early financial markets began to develop sides, may have been produced for use in convention was now only five weeks
around government debt instruments the 1957 film Robbery Under Arms. His away and he obtained confirmation of
such as annuities. What could easily have other items were an obsolete US five-dol- attendees, talks and displays.
been a very dry subject was brought to lar note issued by The Government Bank,
life through numerous illustrations and Washington DC; a 19th century cheque With Peter Symes retiring as Australian
insightful commentary. from the Union Bank of Australia, Membership Secretary of the IBNS; the
Adelaide; and a treasury bill from New members decided to sign and forward a
Caledonia dated 27 March 1880. thank you card and a five-dollar ‘short

MIDWEST CHAPTER
Jeff Gaffke, Secretary

In old Business, we have received the
5 DVDs from the CSNS to be used for
future programs. As for new business,
a discussion was held concerning how
to get young people interested in the
hobby. A vote was held regarding the
March 11th, 2017 meeting to be
held as a possible open house and a
special presentation concerning the
hobby in an effort to obtain new
members and generate interest. The
subjects of adver-tising, flyers, local
newspaper ads will need to be
Stephen Prior (right) presenting David White (left) with the Coin Buyers International addressed by the member-ship. A
Perpetual Trophy. bulletin from the South Shore Coin
Club regarding this issue will be
snorter’ to Peter in appreciation of his photographs was shown. The 2017 obtained and discussed. This project
service to the IBNS. convention will be hosted by the Perth will be a subject at future meetings.
Chapter and, following general agree-
Collecting Commemorative Banknotes A big thank you was given to Forrest
ment among delegates, it is likely that
was the meeting topic and Laurie Webb Schumacher for his presentation on
the 2018 convention (the twentieth joint
gave an extensive PowerPoint presenta- African country bank notes. Also,
convention) will be hosted by the Mel-
tion covering these ‘aristocratic’ notes. Neil Shafer has once again secured our
bourne Chapter in Hobart, Tasmania.
meeting room for 2017. Thank
David White’s display of the banknotes
you, Neil!
O ctober 2016 of Portugal at the Sydney Convention
was judged the best exhibit by a Mel- Exhibits from the November meeting:
Meeting Alan Flint gave a talk at the • Ken Johnson: Coin Club
meeting covering many aspects of bourne Chapter member. Stephen Prior
bourse purchases,
counterfeit banknotes, including his officially presented the award to David
own personal experiences when work- with the Coin Buyers International Per- • Garrett Schumacher:
ing in the Reserve Bank of Australia in petual Trophy, for the 11th time. Russian and Wisconsin
early 1967 during the time of the great obsolete bank notes,
David Radtke gave a PowerPoint pre-
10-dollar note forgeries. sentation covering various aspects of • Forrest Schumacher: Great
the banknotes of Thailand. His talk in- Britain and Australian
N ovember 2016 M eeting cluded the reigns of the Thai monarchs, bank notes, and a Hong
(in particular Rama IX, the recently Kong note of value,
We had a good turnout of twelve mem- deceased Bhumibol Adulyadej), note
bers with apologies received from three. • John Viel: Mexican
printers, numismatic products, com-
and Chilean notes,
Stephen Prior showed the latest RBA memoratives, paper and polymer notes,
(Reserve Bank of Australia) product, a and replacement notes. • Jeff Frievalt: the infamous
folder containing two five-dollar notes: ‘sex’ Seychelles bank note,
a new 2016 ‘wattle series’ note and a D ecember 2016 M eeting • Al Schrinsky: Chinese
note of the previous series. The note training money,
of the previous series is dated (20)15 The last meeting of the year was a pleas-
and is only available with this product. ant social evening at the Mail Exchange • Neil Shafer: early English trial
Alan Flint showed an article from Cur- Hotel in Melbourne where ten members designs and Congreve back,
rency magazine detailing the processes enjoyed good food and conversation to
• Bob Free: Depression
involved in replacing Glenn Stevens’ celebrate the festive season.
scrip and a star note,
signature on Australian notes with that
• Steve Welli: some new
of new Governor Philip Lowe.
bank note acquisitions,
The members who attended reported
• Leon Sayran: Armenian and
on the IBNS Sydney Convention held
Russian Transcaucasian
the previous month; all agreed it was
bank notes,
a successful event and a selection of

• Bob Olson: military chit book, • Jeff Gaffke: Zimbabwean note world. In a fine effort by all, the recent
of which he is the author. and notes from the 1950’s, acquisitions segment of the meeting
resulted in 93 notes being displayed.
December 2016 meeting: In support • Peter Jacobsohn: history
of a vote to be held at the March 11th, of the leper colony at the The meeting concluded with a tender
2017 meeting regarding a possible open island of Molokai, sale. The chapter’s funds were boosted
house and a special presentation con- by more than A$200 thanks in no small
• Leon Saryan: Scholar Dollars
cerning the hobby in an effort to obtain part to the generous donation of lots
from Oak Creek schools,
new members and generate interest, from our special guest Trevor.
display cases can be made available • John Helm: pin ball
for the members to show their interests machine update,
D ecember 2016 meeting:
and their bank notes. Tom Dallmann,
• Gene Mitchell: notes
Neil Shafer, Peter Jacobsohn, and Gary The final meeting for the year was at-
from his birth date,
Bieringer have volunteered to form a tended by 19 members and one visitor.
committee for the implementation of • Ken Johnson: Lyn Knight Five displays were assembled by mem-
setting up the open house and whatever auction bank notes, bers for the display competition. Four
other ideas that may develop. Also, the members were volunteered to perform
• Neil Shafer: 1933 note and
club has been informed that the meeting the unenviable task of judging the
leper colony coins,
room will not be available on October displays. Thanks to Steve Milner, Steve
17th, 2017. Other plans will have to be • Ruth Menting: bank notes Farmers, Miles and George for their
made. Elections will be held at the Jan- of her birth year, judging. The results of the display were
uary meeting. as follows:
• Stanley Campbell: French notes
Exhibits from the December meeting: and a Swiss bank note book, • 1st place and receiving the
Graeme Bamford Shield: Robin
• Jeff Gaffke: inflation • Forrest Schumacher: notes with
Hughes for ‘Paper Money of the
notes of Zimbabwe and birthday month and year,
Independent Venetian Republic’,
the new commemorative • John Viel: Cuban note,
note from Canada, • 2nd place: Colin Meikle for
• Tom Dallmann: checks. ‘Bank of Scotland 1970 – 2006’,
• John Helm: verbal report
of his various escapades, • 3rd place: Brent Arthurson
PERTH CHAPTER
for ‘Fiji – Emergency
• Garrett Schumacher: Philippine Robin Hughes-d’Aeth, Secretary Issues of World War 2’,
leper colony bank notes,
• 4th place: Ian Stannard for
• Neil Shafer: American Express
‘The Banknotes of Belize’, and
travelers’ checks marking
the centennial of their use, • 5th place: Ralph Ditton
for ‘Military Chits of
• Bob Free: $100 Franklin note november 2016 meeting: Australia for Vietnam’.
silver proof from 2004,
Twenty-one members and a special Discussion took place concerning
• Leon Saryan: US Mint guest, Trevor Wilkin, attended the No- several recent world note issues. India
booklet from 1880, vember meeting. Trevor had attended a has withdrawn the 500 and 1000 rupee
• John Viel: Albert show in Mandurah the previous three notes from circulation in an effort to
Einstein bank note, days and was able to attend our meeting.curb criminal activities, and Zimbabwe
• Gene Mitchell: demonetization The recent IBNS Sydney Convention is issuing ‘Bond’ notes. So far only a $2
of Indian currency. was discussed. Seven Perth members note has been issued, as well as a $1 coin.
attended and all voted it was a great The theme for this meeting was ‘multi-
A big thank you to Neil Shafer for em- success. One possible criticism was the lingual notes’. This produced 63 notes
ceeing the bank note game he developed limited space for the numerous displays featuring at least 2 languages. A further
for military fest. The game was fun and to fit in the room. The 2017 Convention 40 notes were displayed as recent acqui-
a real test of our numismatic knowledge. is to be held in Perth. sitions.
Members were reminded that the De- Festive wishes were exchanged as the
January 2017 meeting: cember meeting will include our display meeting wound up. Our next meeting is
In the matter of new business, the competition with the Graeme Bamford in February.
meeting in October will be held on the Shield to be contested. The 2017 Perth
24th rather than the 17th of the month. ANDA Show will be held on the 11th
Garrett Schumacher was elected as the and 12th of February at Domain Stadi-
new president of the club with Gary um, the same venue as in the past.
Bieringer and Jeff Gaffke remaining as The theme for this meeting was Har-
Vice President and Secretary / Treasurer bours. Fifty-eight notes were displayed
respectively. showing a range of harbours around the
Exhibits from the January meeting:

Spain Chapter attendees outside the restaurant following their December meeting..
SPAIN CHAPTER The discussion was lively, with topics VANCOUVER CHAPTER
ranging from the future of the IBNS
Jaime Sanz, President (Chapter certificates and journals were David Owen, President
distributed), to the growing predom-
inance of paper money auction sales
and third party grading. Most members
lamented the decline of floor shows and
the difficulty of accessing quality mate- Clint O’Toole, Secretary
rial outside the auction circuit. Mem-
Tomas Calvar, Secretary
bers shared recent acquisitions which
included some wonderful Spanish and
other European notes. Particularly im-
pressive were two Spanish notes shared
by vice-chairman Tomás, a 100 pesetas The last meeting of the chapter for the
December 2016 meeting:
‘Dama de Elche’ from 1938 (P90) and year was the annual Christmas dinner
Our young club had a very successful and a 100 pesetas from 1880 (P-21). Both held on November 23rd at its now cus-
pleasant meeting in December shortly notes were in wonderful original con- tomary location of the Balkan House
before Christmas, with a total attendance dition, and the Dama de Elche had the Restaurant in suburban Burnaby. The
of 16 between chapter members and guest additional attraction of being only the dinner was well attended with 27 people
friends. Attendees included visiting mem- third known example with a regular se- present, including a number of mem-
bers from the Basque Country (Aritz), Va- rial number, since that Republican Civil bers’ wives. Only 12 of those there were
lencia (Paquito, Raul and Sergio), Vallad- War issue never reached circulation IBNS members. There was no business
olid (David and Ignacio), Segovia (Tomas) and all numbered examples were until scheduled, the gathering was devoted
and of course from Madrid (Fernando Sr. recently believed destroyed. to socializing and eating great platters
and Jr., Gonzalo, Eduardo, Lucio, Ramiro of meats and vegetables. The meeting
and myself). It was of great satisfaction to With great company, great food and
was entertained by chapter member and
the chapter officials to see so many mem- wonderful banknotes to share, everyone
amateur magician Ed Goldberg whose
bers making an effort to be in Madrid for had a grand time. We agreed to repeat
show this year included a trick using
the occasion. And the occasion was feted the event soon in Q1 2017 and to ex-
Zimbabwe’s Z$500 million banknotes.
with a very generous lunch at a Galician plore the possibility of having rotating
A donation auction ended the evening
restaurant specialising in seafood, fish meetings in other locations around the
by raising a small addition to the chap-
and heavenly omelettes. country, although that might mean low-
ter’s funds. The next meeting of the
er attendance
chapter is set for February 22nd, 2017

We buy single notes,
collections, hoards
No group too large.
We especially want
British, Scottish, Irish
C INCRAFT
East European and
Chinese notes
Opposite the British Museum We have been helping

collectors for the past 57
ritish
We Buy and Sell Bnotes years. How can we help
and World Bank you?
45 Great Russell Street,

London WC1B 3LU
Tel 020-7636-1188
Fax 020-7323-2860
or 020-7836-4707
Web www.coincraft.com
Email [email protected]

at the usual venue, the Burnaby Public NORTH CAROLINA CHAPTER TURKISH CHAPTER
Library at 6:30 pm.
Stanley J. Serxner, Secretary Reha Yucememis, President
ARABIC CHAPTER ROCKY MOUNTAIN REGIONAL
Dr. Ali Mehilba, President CHAPTER
David Feely, President
BURNLEY CHAPTER
Geoff Sutcliffe, Chair- ROMANIA CHAPTER
man and Secretary
Florin Mercea, Secretary
INDIA BANKNOTE
COLLECTORS CHAPTER RUSSIAN CHAPTER
Rezwan Razack, Chairman Dmitriy Litvak, President
LOS ANGELES CHAPTER SYDNEY CHAPTER

Scott McNatt, President Tony James, Secretary
THE NETHERLANDS CHAPTER

A.W. (Bert) Koffeman
NEW YORK CITY CHAPTER
Suresh Jagannathan, President

www.Banknotes.com
www.Banknotes.co
We Offer Graded
Graded Middle
Middle East,
East, India,
India,
North Africa, Persian Banknotes
Persian Banknotes
IBNS
IBNS Member
Member #11931
#11931
PUTTING FINANCIAL HISTORY

IN YOUR HANDS ...
For further
information contact
Max Hensley
President US Chapter
BRITISH NOTES
BRITISH NOTES 116 Parklane Dr.,
San Antonio, TX 78212
Pam West
[email protected]
Pam West
Philip Atkinson
Membership Secretary
167 Barnett Wood Lane,
Ashtead, Surrey
KT21 2LP, UK
[email protected]
Or visit our website

www.scripophily.org
Join the International Bond and Share Society, supporting collectors

of vintage bonds and shares from all countries since 1978. For $32, £20
or €25 annually, receive:
◆ Three issues a year of our full color 32 page journal Scripophily with news,
Top prices paid for single items and collections
collections in-depth articles, auction reports and more
◆ Membership Directory listing dealers, auction houses and fellow collectors
British Notes • PO Box 257 • Sutton • Surrey
Surrey •• SM3
SM3 9WW
9WW
◆ Members-only part of the Society website, scripophily.org
Tel: 020 8641 3224
◆ Several mail bid auctions each year
www.britishnotes.co.uk
◆ Monthly evening meetings in London and breakfast meetings at annual major
Email: [email protected]
[email protected] collector events in New York City, Washington DC and Antwerp, Belgium
Life Member IBNS No. 79
79
International Bank Note Society Journal 55.4 77

Quarter
Quarter Page
Page adverts.indd
adverts.indd 61 05/09/2016 18:27
05/09/2016 18:43
robertsworldmoney.com
email: [email protected]
10% off Coupon Code : IBNS2017
(good until April 15, 2017)
Quality banknotes from around the world

New lists every two weeks (via email)
Signup for a Roberts World Money account
and receive a 5% discount on all purchases
User friendly website with over 4,500 items listed:

 world banknotes
 private issue banknotes
 local currency and scrip
Online purchases secured by Paypal

Money back guarantee - 1 business day shipping
MEL STEINBERG & SON WORLD BANKNOTES

World Paper Money Military Payment Certificates
Allied Military Currency
Please Contact
Think of our generous offer when you sell.
Tim Welo
Catalog of Costa Rican banknotes, all
color photos, 1858-2012, 497 pages with
to purchase an ad in
an addendum – a must have catalog.
Comprehensive and beautiful. Postpaid $180.00
www.banknotes-steinberg.com IBNS JOURNAL

Essie Kashani
Weekly price lists Special price lists P.O. Box 222
(See page 73 forChino
contact
Hills,information)
CA 91709-0008
United States
Jeremy Steinberg (909) 627-2776
P.O. Box 752
[email protected]
San Anselmo, CA 94979
www.exoticworldbanknotes.com
U.S.A. www.essiekashani.com
Phone: (415) 640-3602 or (707) 765-4406
[email protected] IBNS ANA SPMC LANSA
78 INTERNATIONAL
78 International
BANKBank
NOTENote Society
SOCIETY Journal56.1
JOURNAL 55.4
DISNEY DOLLARS
Please Contact WANTED
OFFER UNCIRCULATED
Tim Welo DISNEY DOLLARS
1 DOLLAR 2002 "A" STEAMBOAT WILLIE
1 DOLLAR 2003 "A" MICKEY
$17.00
$12.50
to purchase an ad in 1 DOLLAR 2003
1 DOLLAR 2005
"D" PRICES
HIGH
1996
MICKEY PAID ALL GRADES $12.50
"A" CHICKEN LITTLE 5$ AND 10$ $22.00
THRU 2002
IBNS JOURNAL
OTHER DATES ALSO WANTED INCLUDING 1$$25.00
1 DOLLAR 2005 "A" CINDERELLA NOTES.
POST 1$ USA OUTSIDE USA $2.50
GARY SNOVER
Email:
P.O. [email protected]
BOX 93141
GARY SNOVER, P.O. BOX 93141, LAS VEGAS, NV 89141
(See page 73 for contact inforåmation) LAS VEGAS, NV 89193
I also buy Disney Dollars
Michael Morris
Quality World Currency
Since 1987
www.morrismoney.com
P.O. Box 20046 • Minneapolis, MN 55420-0046 • USA
Request a free list

Email: [email protected]
Tel: 952-881-9403 Fax: 952-888-4874
World Paper Money

from Afghanistan to Zimbabwe
Please
Please Contact
Contact
Tim Welo
Tim Welo W. Ribi, Hauptseestr.121, CH-6315
Morgarten, Switzerland
to purchase an ad in [email protected]
to purchase an ad in
IBNS JOURNAL
the IBNS Journal.
(See page 73 for contact information)
Notes for Sale
Large competitively priced selection of new and older notes.
British Commonwealth, Africa, Mexico, Latin America,
Russian, Asian, etc.
(see page 73 for contact information) Frequent Lists
Michael Knabe
P.O. Box 3648
Clovis, CA 93613-3648, USA
[email protected]
International Bank
INTERNATIONAL Note
BANK Society
NOTE Journal
SOCIETY 55.4 56.1
JOURNAL 79
79
8 . . . . . . Banknote World
7 . . . . . . CGB
Ad Index
79 . . . . . . Classic Numismatics (Barry Driver)
WORLD PAPER MONEY
13 . . . . . . Coincraft
Akkermans, 10 MY BUSINESS SINCE 1966
77 . . . . . . Colin Narbeth & Son LTD
Archives International Auctions PRICE LIST ON REQUEST
Back Cover
Inside Back . Cover
. . . Dix Noonan Webb
you may also visit my web site: www.garysnover.com
ATS
47 . Notes,
. . 79. . . Educational Coin Company E MAIL: [email protected]
Auktionshaus
74 . . . . Christoph Gartner, 4
. . Eijsermans-Events GARY SNOVER
P.O. BOX 93141
Banknote
78 . . . World,
. . 6. Essie Kashani LAS VEGAS, NV 89193
Banknotes.co, 77 Tel. (661) 666-0163
79, 80 . . . . . Gary Snover
Canadian Paper Money Society, 80
48 . . . . . . Heritage Auctions
CGB, 5
73 . . . . . . IBNS Auction Whole sale/Retail
Coincraft, 72
77 . . . . . . International Bond and Share Society NEPAL PAPER MONEY
Colin Narbeth & Son LTD, 77 www.nuphil.com
78 . . . . . . Kate’s Paper Money
David Seelye, 43 Coins, Paper money, Tokens, Postage stamps, Commemorative covers,
Special event covers, Stationery, Everest and other expedition covers, etc.
78 . . . . . . Mel Steinberg & Son Errors – Banknotes, Coins and Postage Stamps.
Dix Noonan Webb
Back
79 . Cover
. . . . . Michael Knabe SHANKAR SHRESTHA
G.P.O. BOX: 8622,
Educational
79 . . . Coin
. . Company,
. Michael36
Morris KATHMANDU, NEPAL
E-mail: [email protected]
Exotic
76 . .World. . Banknotes, 77Coins and Currency
. . Page’s Updated price list available – Banknotes/coins.
Gary Snover, 79, 80 2013 and 2014 year pack book of postage stamps available.
77 . . . . . . Pam West FREE: Banknote Book of Nepal Rastra Bank 2005 available in pdf version.
Heritage Auctions, 17
55 . . . . . . PMG
IBNS Auction, 76
14 . . . . . . Polymer
International Bond and Share Society, 77
78 . . . . . . Robert’s World Money
Kate’s Paper Money, 78 Please Contact
Tim Welo
80 . . . . . . Shankar Shrestha
Mel Steinberg & Son, 78
Inside Front Cover . . Spink
Michael Knabe, 79
42 . . Morris,
Michael . . 79 . . Stack’s Bowers and Ponterio to purchase an ad in
18 . .Hunters,
Numis . . .72 . Track & Price the IBNS Journal.
Page’s
80 . . Coins
. . and
. Currency, 22Kozin
. Vladimir THE PRESIDENT OF THE
Pam
79 . West,
. . 77
. . . W. Ribi CANADIAN73PAPER
(see page for contact
MONEY information)
SOCIETY
CORDIALLY INVITES IBNS MEMBERS
PMG, 33
80 International Bank Note Society Journal 55.4 TO JOIN THE CPMS.
Polymer, 2
Membership includes
Robert’s World Money, 78 • the current quarterly CPMS Journal
IBNS_v55no4_112916.indd 80 (available by download or by mail) 11/29/16 10:20 AM
Shankar Shrestha, 80 • an extensive downloadable archive and

• an annual educational meeting with
Spink
discounted luncheon for members.
Inside Front Cover
$20 for downloadable & $30 for mailed Journal
Stack’s Bowers, 25 payble in CDN funds to Canadian members and
Track & Price, 18 US funds to the rest of the world
W. Ribi, 79 A sample issue is available at

www.cpmsonline.ca/ibns

The Collectors’ Auctioneer
Monday 24 April 2017
Palestine : Currency Board, £50 Colour Trial

dated 30 September 1929
Should you wish to consign a single note or your entire collection,

please contact Chris Webb [email protected]
16 Bolton Street, Mayfair

London, England, UK, W1J 8BQ
Telephone +44 020 7 016 1700
Fax +44 020 7 016 1799
www.dnw.co.uk
Email [email protected]

IBNS Sample Journal

Uploaded by

Copyright:

Available Formats

IBNS Sample Journal

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

IBNS Sample Journal

Uploaded by

Copyright:

Available Formats

VOLUME 56, NUMBER 1, 2017

Tamar: The Lady King

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 1

IBNS Hall of Fame

Milan Alusic Mike Crabb Arthur C. “Art” Matz Ward D. Smith

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 3

CGB - 36 rue Vivienne 75002 PARIS - FRANCE

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 5

Buying and Selling

We have a large collection of We Wholesale Banknotes and Coins

We sell Gold and Silver Coins.

Shop from anywhere in the World!

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 7

8 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1

BSP governor Amando Tetangco Jr. said the Philippines is one

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 9

Twice a year on thursday at the Maastricht show

Auction 28: Belgium

Auction 27: Straits Settlements

Auction 33: German East Africa

Auction 32: Poland

Auction 29: Iran

Auction 8: Netherlands Indies Auction 30: France

Future dates: 2017: 20 April, 21 September. 2018: 5 April, 27 September.

If you need information or for consignment, please contact:

Bid live during our sales at the-saleroom.com

The National Numismatic Collection (NNC) at the Smithsonian Institution’s National

This collection consists of more than 40,000

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 11

10 yuan banknote, China, 1940

12 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 13

14 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1

SIGNATURES ON BANK OF BENGAL NOTES

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 15

Signature 6: J.W. Sherer (1820-24) (Only few Commerce series

Signature 7: J.A. Dorin (1826-1830), signed Commerce Series

Signature 12: James Blair (1855-1865), Secretary and Treasurer,

Signature 8: J.B. Plumb (1838-1859), signed Commerce Series

Signature 13: Robert Hunter (1845-1850), Secretary & Treasurer,

Author email: [email protected]

16 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1

BC-13 $50 1935

British Guiana Government of British Guiana

Germany Federal Republic 50 Deutsche Mark ND

Always accepting consignments. Contact us today.

Real auction results

Data from all the major auction houses and eBay

Available in your local currency and local language

Results based on individual notes sold

Selelction by country and Pick or other catalog number, and

get to most current and complete auction sales data.

Already used by:

As of November 2, 2016 1,079,436 auction results

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 19

20 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1

printers chose for the 5 franc a “civilian”

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 21

22 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.1 23