Thursday, December 13, 2012

Images of new Libya banknotes published

According to The Libya Report dated 04-12-2012, new 1, 5, 10, 20 and 50 Libyan Dinar banknotes are expected to come into circulation from early 2013.

Fiji Unveiled a New Series of banknotes for 2013

Fiji has unveiled a new banknote series featuring unique flora and fauna. Queen Elizabeth II's portrait will no longer be featured on the notes. The landmarks featuring on the back of the notes will be retained. The new notes will go into circulation on January 2, 2013.

The new $5 note will be a polymer plastic note. It will be green and will feature the parrot Kulawai which has not been sighted for years.

The $10 note will feature the fresh water fish called the Beli.

The $20 note will feature the bird Kacau Ni Gau.

The $50 note will feature the Tagimoucia.

The new $100 note will have the Nanai or Cicada. It is an insect that appears once every 8 years.

Thursday, November 8, 2012

Euro banknotes to be redesigned with image of Greek ‘Europa’

THE EURO BANKNOTES are to be given a redesign to include the image of the Greek mythological figure of Europa, the ECB has confirmed.

ECB president Mario Draghi this afternoon confirmed that the banknotes would be given an overhaul, beginning with the €5 note, of which the new notes will begin circulation in May 2013.

The new design will include Europa’s likeness in their watermarks and in the hologram that appears down the side of the notes – in a measure which Draghi said would benefit “from advances in banknote technology”.

Three security features – the hologram, the watermark, and the inclusion of a coloured number ’5′ in the upper corner which – similar to the larger denominations of notes – will change colour from grey to emerald green when tilted.

The other security features, and the final design of the note, will be unveiled at an event in Frankfurt in March.

The image of Europa – the mythological figure who was seduced and abducted by Zeus – is derived from a vase housed in the Musée du Louvre in Paris.

Bloomberg, which had news of the redesign several months ago, reported that the new notes would also include slightly different colours to the current range of notes. The notes are also expected to feature an expanded map of Europe to reflect the larger membership of the EU.

The Euro notes and coins only became legal tender in January 2002 – when the EU had only 15 member states, most of them from the western part of the continent. Most Eastern countries joined the Union in May 2004, during Ireland’s last presidency of the Council of the EU.

Draghi said the new design of notes would circulate in parallel to the current designs, with adequate public notice given before the first range of notes is no longer legal tender.

The current notes will permanently be eligible for exchange at national central bank offices after they cease to be legal tender, Draghi said.

Monday, October 22, 2012

Canada Unveils a Seven-Story High Bank Note Image on Office Building

Canada’s central bank spent the equivalent of nearly 2,000 new $20 bills — or close to $40,000 in total — to announce the new polymer banknote and display a seven-story image of it on the Bank of Canada’s headquarters in downtown Ottawa.

A seven-story image of the front and back of the $20 bill was installed in May on the bank’s east tower to show off the new banknote and announce it will officially go into circulation in November.

Broken down, the central bank paid $35,832 (or about 1,792 worth of the banknotes) to a digital imaging company on the design, production and installation of the two images on the glass office tower, according to the documents.

The images were printed on a product called “Clearview,” which displays the note from the outside, but is transparent to people inside the building.

An additional $2,640 (or the equivalent of 132 new or old $20 banknotes) was also paid to a window washing company to clean the building’s glass tower and help prepare the seven-story display between the second and eighth floors. The bank paid an additional $452 to a party rental company for a tent that was used for the outdoor news conference with Carney and Flaherty.

The images of the new $20 bill are affixed on the building facing the high-traffic corner of Wellington and Bank streets and will remain there for a total of six to 12 months.

The bank felt it was important to promote the new bill and help educate Canadian consumers and retailers so they know it will gradually be released into circulation, beginning Nov. 7.

Friday, October 19, 2012

When Banks Were Able to Print Their Own Money, Literally

By Jessica Lautin and B.J. Lillis
Oct 19, 2012 1:36 PM ET
Bloomberg.com

In 2012, it isn’t unusual to go days without using actual money: Lunch goes on the debit card, a clothing purchase goes on the credit card and in some cities even parking meters take plastic. As the Internet and instruments of credit continue to transform our relationship with money, it is worth reflecting on the forms that money has taken in the past.

Before the institution of federally backed paper currency in 1862, the government didn’t see issuing paper money as its responsibility. Although it coined gold and silver, there was never enough in circulation to provide an effective medium of exchange. Because the Constitution prohibited states from printing money, banks became the primary suppliers of paper money in the U.S.

From 1791 to 1811, and then again from 1817 to 1836, the First Bank of the United States and the Second Bank of the United States brought a degree of order to this system, both regulating the issue of bank notes and issuing their own trusted notes. But when Andrew Jackson failed to renew the second bank’s charter in 1836, private bank notes proliferated unchecked. By the 1850s, U.S. banks had issued more than 10,000 kinds of bank notes, varying in size, denomination, design and value. (Many of them are now on display at the Museum of the City of New York.)
Bank Notes

There were significant problems with this system, in which money often wasn’t worth the paper it was printed on. In theory, a bank note derived its value from its ability to be redeemed for gold or silver at the issuing bank, but what banks could live up to that promise? Those that were poorly capitalized went to great lengths to ensure that their notes weren’t redeemed. For example, the Union Bank of Tennessee issued notes only redeemable in New Orleans. In the small town of Versailles, Kentucky, an agent who came to redeem notes at the local bank was hanged in effigy by local citizens. Banks also suspended redemptions during financial panics, and when a bank failed, its notes became worthless.

When banks couldn’t provide an adequate supply of money, other institutions stepped in. In particular, there was demand for small-denomination bank notes and coins. (In 1840, per- capita annual income in the U.S. was about $65, so a $1 bank note was a lot of money.) Hotels, restaurants and bars that didn’t have enough coins and bank notes to make change issued their own money in small denominations. A note issued by one hotel promised “to pay on demand twenty five cents in current funds when presented in sums of $1 & upwards.” A note worth 25 cents in the hotel lobby would have changed hands at a steep discount just a few blocks away. Meanwhile, small towns issued bank notes of a few cents to support local commerce. In Virginia, people were reduced to cutting apart large bank notes and circulating them in pieces.

In this unpredictable environment, spending a dollar required some serious thinking. A wallet might have three, five or a dozen different bank notes -- a bull’s head staring back at you from a Bull’s Head Bank note, or a Marine Bank bill illustrated with ships -- not to mention foreign coins from around the world and personal checks, which also circulated as money. Most bank notes traded at a discount based on the reputation of the bank and how far the note was from where it originated.

A shop owner had even more variables to consider. When a consumer opened his wallet to pay, the proprietor turned to his local edition of “Bicknell’s Counterfeit Detector and Bank Note Reporter,” or to “Van Court’s Counterfeit Detector and Bank Note List.”

Counterfeit Guides

These guides not only identified counterfeits, they also reported the prices of bank notes on the local market. (As professional note brokers traded and speculated, prices rose and fell.) Thumbing through a counterfeit detector, the store owner would try to assess the value of the bank notes at hand. He took a hard look at the person handing over the bills, judging value based on the person’s race, class, dress, comportment and reputation.

Counterfeiters exploited this feature of the system, and passed themselves in addition to their notes, dressing and acting as proper ladies and gentlemen. And with so many bank notes from so many banks, counterfeiters flourished. Some simply invented whole banks. Others erased the name of a failed bank and replaced it with that of a reputable one.

Of course, as 19th-century observers frequently noted, a poorly capitalized bank that printed notes it couldn’t redeem was, in the end, little different from a counterfeiting operation.




About the authors

(Jessica Lautin is the Andrew W. Mellon postdoctoral curatorial fellow at the Museum of the City of New York. B.J. Lillis is a fellow at the museum. The exhibit “Capital of Capital: New York’s Banks and the Creation of a Global Economy” will be running at the museum through Oct. 21. The opinions expressed are those of the authors.)

Banknote scans courtesy Museum of the City of New York

Tuesday, October 9, 2012

$2 Canadian Bank Note Valued at $15,000+

By CoinWeek on September 25, 2012 9:10 AM

Eleven years after the Bank of Canada discontinued the two dollar bill with the Royal Canadian Mint’s Toonie, some of the older notes can be worth a huge premium over face value. The unique feature of this note comes down to the signature and prefix combination on the note.

The Thiessen-Crow signature combination was intended to begin with $2 note AUK 164000 to replace the Crow-Bouey signature. However, notes with the Thiessen-Crow signature have been discovered in series AUG to AUN. Notes with the prefix AUH are extremely rare with Thiessen-Crow signatures.

To date, there are only five known $2 notes with the AUH Thiessen-Crow combination, and this is the finest known example graded by PMG as Almost Uncirculated.

The 1986 AUH $2 series note will be hitting the auction block on September 28, 2012 through Geoffrey Bell Auctions in Toronto Ontario at the Toronto Coin Expo.

Thursday, October 4, 2012

Rare banknotes' owner hopes to coin £11,000

This is Cornwall
Thursday, October 04, 2012

RARE black and white Cornish banknotes produced 200 years ago when Truro, Falmouth, Helston and Redruth printed their own money are set to fetch up to £11,000 at auction.

Of the 28 banknotes, four could sell for up to £600 each when they go under the hammer at Spinkin Bloomsbury, London, on Tuesday.

The banknotes have been put up for sale by Jersey-based property tycoon David Kirch, 75, who is said to be Britain's joint 75lst richest man, alongside Robbie Williams, David Bowie and George Michael, each said to be worth an estimated £100 million.

Mr Kirch's collection of English provincial banknotes, worth about £1 million, will be sold in four parts.

It is described by Barnaby Faull, head of the banknotes department at Spink, as "the best collection of English provincial banknotes by miles".

Mr Faull added: "All towns and cities used to issue their own banknotes. Merchants would set up their own banks. But their notes could only be used locally."

Among the Cornish notes in the Spink auction are:

a proof of a Miners Bank;

five guineas note (£5.25) undated but produced between 1796 and 1803 (as a proof, it was never issued) expected to sell for between £400 and £600. The Truro-based Miners Bank was founded in 1759 and in business for 131 years until 1890, when it became part of Bolitho, Williams, Foster, Coode, Grylls and Co Ltd, the Consolidated Bank of Cornwall, which was taken over in 1905 by Barclay and Co Ltd, which became Barclays Bank Ltd in 1917;

a Falmouth Bank £1 note issued on April 10, 1811, described by Spink as "rare" is set to fetch between £500 and £600. This bank was founded in 1809, but what happened to it is a mystery;

two Helston notes are expected to sell for between £500 and £600 each. They were both produced by the Helston-based Union Bank of Cornwall, which was founded in 1788 and also later became part of Barclays Bank;

an unissued West Cornwall Bank £5 note, featuring on engraving of a tin mine, could sell for between £300 and £400. The short-lived Redruth-based West Cornwall Bank was founded in 1812 and ceased trading in 1820.

Wednesday, October 3, 2012

Rare century-old $5 Alaska bill to be auctioned

The $5 bill displayed for decades on Charles Fairbanks IV's wall was long a treasured family heirloom from Alaska. Now, to the surprise of the grandson of a turn-of-a-century vice president, it's also become a likely treasure trove.

By RACHEL D'ORO
Associated Press

ANCHORAGE, Alaska —
The $5 bill displayed for decades on Charles Fairbanks IV's wall was long a treasured family heirloom from Alaska. Now, to the surprise of the grandson of a turn-of-a-century vice president, it's also become a likely treasure trove.

The rare find is expected to fetch as much as $300,000 at auction this month when a Texas auctioneer plans to put it up for bids in Dallas and online as part of the American Numismatic Association National Money Show.

The bill was presented in 1905 to Vice President Charles W. Fairbanks - Theodore Roosevelt's No. 2 - and was from the First National Bank of Fairbanks, Alaska. The family has had it in their possession ever since and recently decided to auction it off through Dallas-based Heritage Auctions.

"It's a wonderful, wonderful find," said Dustin Johnston, director of Heritage's currency auctions.

Auction officials say the Fairbanks bill that features an image of President Benjamin Harrison is a highlight that's expected to sell for $200,000 to $300,000. The minimum starting bid is $120,000.

Fairbanks always knew the bill was special, at least to his family, given that it was presented to the former vice president as a memento from the frontier city named after him.

Fairbanks learned last year that the uncirculated note's estimated value had skyrocketed far beyond the estimate of $50,000 to $60,000 set in the mid-1990s, which prompted him to start locking it up whenever he traveled.

With the new estimate, the 66-year-old great-grandson no longer felt comfortable displaying it on a wall in his Santa Barbara, Calif., home.

It was no longer just a framed family keepsake, so off it went to a safety deposit box.

"Why stress out and worry about something?" Fairbanks said. "It'd be like having a Monet in the house."

But keeping it hidden didn't do anyone any good. So Fairbanks decided to consign it to Heritage. He said his family has plenty of other historical memorabilia, or he wouldn't have done it.

Charles W. Fairbanks was a U.S. senator from Indiana in the late 1890s when he was credited with playing a key role to resolve a border dispute with Canada triggered by the Klondike Gold Rush. As a result of his efforts, most of the disputed territory went to the United States.

But the real reason the city of Fairbanks was named after him was because he played a key role in the appointment of a federal judge, James Wickersham, a man Fairbanks met during the border dispute, according to University of Alaska Fairbanks historian Terrence Cole. To return the favor, Wickersham urged city founders to call the settlement Fairbanks.

"He said, `I owe everything that I am to him,'" Cole said.

Auction officials also note the bill's rarity. Only three banks in Alaska - out of more than 12,000 banks nationwide - issued the bills.

The Fairbanks bill was just one of four notes of its kind in the $5 denomination that were issued in 1905 by the now-defunct Alaska bank, according to Johnston. One of those bills sold 15 years ago for close to $100,000 and the market has "really picked up for the rarest pieces," he said.

A third bill is in storage at the University of Alaska Museum of the North in Fairbanks, collections manager of ethnology and history Angela Linn said Wednesday. The bill is in pristine condition and looks as if it just came off the printing press, she said, adding that its distinctive quirk is a curve in part of the edge.

The bill being auctioned is unfolded and there is no wear, either, Johnston said. Its color is a little muted because the family displayed it for so long. There also have been some minor restorations to the back corners, but Johnston doesn't expect that to affect the selling price, given the bill's rarity, pedigree and history.

It's probably one of the better national bank notes that will come to auction over this decade, he said.

"It's easily in the top five of what I've handled," Johnston said.

Sunday, September 30, 2012

The Never Issued Canada $10 and $20 Banknotes by Giori

In 1963, the Bank of Canada was considering the issue of a new series of bank notes to counteract the expanded counterfeiting of notes from the 1954 series. Several security printing firms were invited to submit designs. Giori, based in Lausanne, Switzerland, submitted both a $10 and a $20 model depicting Queen Elizabeth on the face and a landscape scene on the back. Although both models were rejected by the Bank of Canada, their design marked a significant departure from the more traditional look of the 1954 series. New graphic elements and security features were proposed to reduce counterfeiting.

Bank of Canada, $10 face and back model from Giori (1964)
Bank of Canada, $20 face and back model from Giori (1964)

Friday, September 28, 2012

The £50 note that's worth £820

By Simon Ward
lovemoney.com

A £50 note that sold for £820 was among the highlights of a Bank of England banknote auction that raised more than £50,000 for charity.

The reason for the high price tag for a seemingly ordinary banknote? It had the serial number AA01 000888. Early serial numbers are highly prized among notaphilists (paper money collectors). And the number eight is considered lucky in much of Asia, which is where many collectors live.

The £50 note was one of the recent 2011 designs featuring entrepreneur Matthew Bolton and engineer James Watt. It was also the first to feature the signature of new Bank of England Chief Cashier Chris Salmon.

Another £50 note with the serial number AA01 000013 sold for £700, while AA01 000018 went for £660.

Two uncut sheets of 35 £50 notes (pictured left) sold for £5,500 and £3,900 respectively. The value of the notes on the sheets was £1,750. The Bank of England deliberately holds back other notes with low serial numbers for sales such as this one.

The first issues of all banknotes ending with 01 are presented to the Queen, with 02 going to the Duke of Edinburgh and 03 to the Prime Minister. The proceeds from the auction will be split between UK charities the British Association for Adoption & Fostering and the Kids Company.

Thursday, September 27, 2012

More counterfeit banknotes in Guanacaste

Inside Costa Rica

GUANACASTE – September 27th, 2012 – The Fuerza Publica seized approximately 727,000 in “new” fake banknotes this past weekend, all of which were found in the province of Guanacaste.

The first to be found was a bill very similar to the new 50,000 colones banknote that a merchant in Bagaces received on Friday.

On Saturday, thanks to tipsters who assisted the police, the authorities were able to recover 727,000 colones worth of counterfeit banknotes in 20 thousand, 10 thousand, 5 thousand and 2 thousand denominations. All of the bills were modeled after the new style of banknotes that hit the streets just a few weeks ago.

The police were also able to arrest two subjects by the last names Carrera Fonseca and Perez Arrieta, At the time of their arrest in Tamarindo, the men were carrying the counterfeit money in their underwear, according to the Regional director of the Fuerza Publica in Guanacaste, Rafael Angel Araya.

According to information from Araya, counterfeit bills began circulating in the area some six months ago.

Banknotes Reflect Glory of Nation State

Posted by Ian Black
Thursday 27 September 2012 11.44 EDT
guardian.co.uk

Rare auction of Arab world currencies provides rich pictorial display of region's turbulent modern history.

King Hussein of Jordan looks out, in youthful profile, on one side, with Jerusalem's Dome of the Rock on the other. Saudi Arabia's founder, King Abdel-Aziz Ibn Saud, glowers against a background of the grand mosque at Mecca. Old British protectorates in the Gulf mark advertise their independence with timeless images of dhows and palm trees - and the oil derricks that gave them enormous wealth. Palestine's transformation into Israel is marked out in paper money.

Banknotes – sometimes dubbed the "calling cards of nation" - reflect changing political and economic fortunes across a century and a half of Middle Eastern history, the collapse of empires, war, revolution and unrest. Hundreds of them that make up the collection of George Kanaan, a Lebanese banker, are being auctioned in London next week in the biggest sale of its kind to take place in Britain. It is worth an estimated £500.000.

Money famously has no smell, yet hard currency showcases the public face of power and prestige and captures dramatic stories: items under the hammer include banknotes from the final decades of the declining Ottoman empire, their elaborate Arabic script replaced within a few years by the newly-Europeanised Turkish alphabet of the nationalist moderniser Kemal Ataturk.

Paper currency from independent Iraq traces the evolution of the Hashemite monarchy installed by the British in the 1920s until its overthrow in 1958 – when King Faisal II was murdered. Later in the republican era there appear the first pictures of Saddam Hussein, first in uniform and then in a dark suit. Since his overthrow in the wake of the 2003 US-led invasion, Iraqi banknotes have reflected enduring themes from the country's history – minarets, Assyrian carvings and fortresses. For the first time the Kurdish language is to be incorporated into new notes being issued next year.

The 30 years of British rule in Palestine are represented by banknotes issued in English, Arabic and Hebrew as Jewish immigration gradually changed the balance of power. Israel issued its own notes after its war of independence and the Palestinian "nakbah" in 1948 – with themes ranging from pioneering to science and Galilean landscapes as well as a grandmotherly-looking Golda Meir.

Offerings from the Gulf reflect the dizzying pace of change in the 20th century. Kings and mosques dominate Saudi notes. Emirati designs feature coffee pots sparrowhawks and falcons – reminders of desert traditions. And who could have predicted that the currency issued by the Qatar monetary authority would help build one of the world's richest countries? Yemen's divisions are represented in banknotes from north and south, now united into one poor and unstable country.

Kanaan's collection is not comprehensive: Iran, Syria, Lebanon and Egypt are significant gaps – as are the countries of the Maghreb.

Recent events there are a reminder of the role banknotes can play at times of change. Last year £1bn worth of Libyan currency that had been printed in Britain was confiscated in line with a UN freeze on state assets. It was later handed to the rebels who overthrew Muammar Gaddafi. Since then dinar notes with Gaddafi's flamboyant picture on them have been withdrawn by the central bank in Tripoli.

Neighbouring Tunisia, which experienced the first of the revolutions of the Arab spring, has destroyed banknotes with any images linked to the overthrown President Zein el-Abidine Ben Ali. Egypt seems likely to reflect the end of Hosni Mubarak's 30-year rule in the design of its future currency.

De la Rue, the British security printer, reportedly hailed the Arab uprisings as a source of possible new business – of the kind it found in eastern Europe after the collapse of communism. It provided the currency for the new state of South Sudan but refuses to say who, if any, its new Middle Eastern customers are.

Syria has experienced problems with its banknotes because the Austrian firm which used to print them stopped when EU sanctions were imposed over the Assad regime's violent crackdown on protests. Russia is said to have taken over, though the central bank in Damascus denied this, insisting that it was business as usual. All will doubtless be clarified in future catalogues and auctions.

Old Prince Edward Island Bank Notes

CBC News Posted: Sep 27, 2012 1:49 PM AT

A New Brunswick man is looking to cash in on some old currency from Prince Edward Island.

Geoff Bell is from Shediac, N.B. and has taken some very old P.E.I. bank notes to the Toronto Coin Expo. Bell has four rare bank notes that are expected to fetch a big price at a Toronto auction this weekend. The bills were issued by the Summerside Bank in the 1800's.

Bell's collection includes a pair of one of a kind bank notes, including a $4 bill from 1866.

"They're very difficult to find," said Bell. "Any Summerside notes are difficult to find, but to find two unique ones and then two of such great condition, well it's unheard of really."

Bell says the starting bid for the rare $4 bank note is $25,000.

Wednesday, September 26, 2012

Potential New Australian Banknotes

ADAM SHAND
The Australian
September 27, 2012 12:00AM

The Reserve Bank has been working on a top-secret project for five years to issue a new series of polymer bank notes for Australia at a cost so far of $9.3 million.

The Australian can reveal that the project, dubbed Next Generation Bank Note, has been mired in power struggles within the bank relating to cost overruns and delays that have left the currency upgrade more than two years behind schedule.

The project began with ambitions of breathing new life into the currency after Reserve Bank research had shown that the majority of Australians could not name the faces on the national currency. The Australian has obtained a full set of concept ...

The design brief for the Reserve Bank’s new generation $5 bank note did not initially include the Queen. Instead Father of Federation Sir Henry Parkes was to be the star.
Australia’s first female political candidate Catherine Helen Spence featured on a special commemorative $5 note back in 2001 and was set to return with a new portrait in Gerry Emery’s NGB design.
RBA research shows most Australians cannot name the faces on our money. The lyrics to Waltzing Matilda help identify AB 'Banjo' Paterson instantly.
Poets and writers feature heavily on Australian bank notes. The typewritten verse of poet and journalist Dame Mary Gilmore brings a haunting sense of authenticity to Garry Emery's NGB design for the tenner.
Englishwoman Mary Reibey was transported to Australia as a convict but went on to become a successful businesswoman in Sydney. The RBA removed biography captions early on in the NGB project to avoid lecturing the public.
The NGB design brief called for the expression of 'Australian characteristics'. The Reverend John Flynn, who founded what became the Royal Flying Doctor Service, is rendered before a dramatic outback scene.
Allan 'Chirpy' Campbell the great-nephew of Aboriginal inventor and author David Unaipon has vowed to sue the Reserve Bank for $30 million over the 'unauthorised' use of Unaipon in the present $50 note. But he loves this new image.
The new portrait of teacher Edith Cowan with outback kids captured a youthful spirit the design brief called for before the Reserve Bank returned to safer territory in later versions.
Legendary diva Dame Nellie Melba was set for a spectacular return to her heyday in the new portrait commissioned but we're staying with the older stodgy image of today's $100 note.
Sir John Monash, Australia's greatest general, knocked polar explorer Douglas Mawson off the $100 when our biggest note changed from paper to plastic in 1996.