Thursday, January 31, 2008

Crisp Banknotes for Chinese New Year

Gung Hay Fat Choy! (translate: Congratulations on instant prosperity!)

Chinese New Year is based on lunar calendar. Because of cyclical lunar dating, the first day of the year can fall anywhere between late January and the middle of February. This year, the Chinese year 4706 begins on Feb. 7, 2008 – The Year of the Rat on the Chinese Zodiac.

The Chinese New Year is celebrated in Asian communities all over the world. It’s a tradition for married adults to give brand new banknotes in red envelopes to children for good luck.

Thursday, January 24, 2008

$10 buys 20 years of plastic

Written by Adeline Teoh | Friday, 25 January 2008

The polymer banknote turns 20 on Sunday, with manufacturer Securency International celebrating the release of the $10 note, which was released to commemorate Australia’s bicentenary in 1988. Following the success of the $10 note, the Reserve Bank released a full series—from $5 to $100 notes—between 1992 and 1996.

Polymer banknotes were developed after high quality counterfeits of the 1966 Australian decimal paper series were detected in circulation.

The Reserve Bank worked with the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to develop new banknote material with higher security and improved durability.

Wednesday, January 16, 2008

Zimbabwe's Mounting Monetary Crisis

At the time of independence in 1980, one Zimbabwean dollar (ZWD) was worth US$1.50. Since then, rampant inflation and the collapse of the economy have severely devalued the currency.

Zimbabwe started using bearer checks since 2003.

In the August 2006 currency reform, 1 new ZWD was exchanged for 1,000 old ZWD. The highest denomination was then 1000 new ZWD.

Only Last month, the Reserve Bank of Zimbabwe released three high denomination bearer checks into circulation: 250,000 ZWD, 500,000 ZWD and 750,000 ZWD.

Due to continued runaway inflation, Reserve Bank Governor Gideon Gono told a news conference that the bank will introduce this Friday a new set of even higher denomination bearer checks: 1 Million ZWD, 5 Million ZWD and 10 Million ZWD. The latter is worth about US$333 at official exchange rate, but only US$3 in the parallel market.

Dr. Gono, the way to stop hyperinflation is to restore fiscal responsibility, not printing more money - Economics 101.

Monday, January 14, 2008

Is Inscription on Pakistani Banknotes Indicative of Guilt Trips?

Every banknote in Pakistan reminds its owners that to make an honest living is a form of piety in itself.

This practice dated back to 1982 when it first appeared on a 1 Rupee note.

On the back of all recent Pakistani notes are inscribed in Urdu:

husool-e-rizq-e-halal ibaadat hai
making an honest income is prayer

The inscription is inside the circle just below State Bank of Pakistan.

Saturday, January 12, 2008

Face on a banknote a break with convention

Sir Edmund Hillary died Friday in Auckland, New Zealand. He was 88. Hillary was most famous for being the first to successfully ascent Mount Everest. He reached the 29,035-foot (8850 m) summit on May 29, 1953 at 11:30 a.m. local time.

The Dominion Post | Saturday, 12 January 2008

Sir Edmund Hillary broke the rules when his face first appeared on the New Zealand $5 note in 1992.

Until then it had been the accepted international convention that only the faces of heads of state and dead people could appear on banknotes.

At the time, the Reserve Bank was engaged in a major redesign of New Zealand's banknotes and had undertaken wide public consultation.

Then Reserve Bank governor Dr Brash said his original plan had been to keep the Queen on one of the notes, then have one dead male Pakeha (scientist Ernest Rutherford), one dead female Pakeha (women's suffrage campaigner Kate Sheppard) and one dead Maori (MP and Cabinet minister Apirana Ngata) and one dead sports person sharing the five notes.

Finding a suitable candidate for the last was a problem.

"It was difficult to find someone of sufficient stature. When I had guests at the dinner table I would ask them. The first person they suggested was Ed Hillary."

He decided to break with convention and asked Sir Ed directly.

"He was out of the country at the time - I think he was in Germany. But Lady Hillary put me in touch with him. To my great delight he agreed."

Dr Brash said Sir Ed was well deserving of the Honor. "He was an extraordinary man."

Reserve Bank spokesman Mike Hannah said Sir Ed had insisted the backdrop to his portrait should show Aoraki/Mt Cook and not Mt Everest. The image also included a Ferguson tractor.

There are 19 million $5 notes in circulation.

Banknotes personally signed by Sir Ed are now expected to catch the attention of collectors.

A thousand of the banknotes were provided by the Reserve Bank for the Sir Edmund Hillary Project. About 800 notes are left, available for about $700 each.

Thursday, January 10, 2008

I Don't Get It!

A note similar to this one but in a much poorer condition was sold for $3,597.36 yesterday at eBay. It’s Poland 10 Zlotych, dated 1919, but issued in 1924.

The seller described the condition of the note as having 2 tears 3.4 and 0.9 cm in the central fold, some smaller ones in the margin, and the right bottom corner repaired.

The note has a listed catalog value of $35. Thirty people bided on the note. Is there something they knew that I don’t?

Tuesday, January 8, 2008

Thailand is a Country for Currency Commemoratives!

By George Cuhaj

Thailand has been active in using numismatic items for fundraising projects in support of the King's Charities.

On December 5 2007, in honor of his 80th Birthday, a three note uncut sheet (on the face) featuring a 1, 5, and 10 Baht note designs from 1945.

The Back of the sheet features one complete image, in age groups. The top, behind the 1 Baht feature his childhood, the 5 Baht area features his Wedding, Coronation and royal visits, and the back of the 10 Baht features recent Thai development and an image from his 60th anniversary of accession to the throne.

The large format sheet comes in a very nice folder.

In recent years, the royal family has issued commemoratives for their Golden Wedding Anniversary, Centennial of Thai currency, The kings 60th Birthday, The King and the Queens 72nd Birthday. All of these are very well designed notes, and have proved popular.