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 Friday, September 21, 2007
Philippines takes charge of spelling
Posted by David

After the name of the nation's president was misspelled on 100-piso notes that were issued to circulation a couple years ago, the central bank of the Philippines has decided to take things into its own hands.

Instead of farming out its bank note production, the Philippines plans to upgrade its production capabilities and print its own notes. This according to an article on Inquirer.net, a Philippines online news source.

If you're interested in coins and bank notes of the Philippines, you might enjoy this blog by a fellow called Rex whose profile says he's in Iloilo City, Philippines.



9/21/2007 2:37:50 PM (Central Daylight Time, UTC-05:00)  #  Comments [1]
 Thursday, September 20, 2007
"I'm a $5, I'm a $5"
Posted by David

"I'm a $5, I'm a $5. You need to pay attention, I'm a $5." That's what Bureau of Engraving and Printing Director Larry Felix says the newly unveiled $5 bill design screams.

And he's quite right. Its new design makes it distinctively a $5 note. From the new light purple coloring to the large purple 5 on the back, the little yellow 05s on front and back and the four new watermarks of 5 numerals, this is clearly a $5 bill. You can see images at www.banknotereporter.com.

The colorized $5 design debuted online at 9 a.m. Eastern today. I'm in the Central time zone, so I logged in at about 7:50 my time and went to www.moneyfactory.gov/newmoney.

I was concerned about technical glitches, so I was viewing the site on two computers, one a Mac and one a PC, on separate high-speed Internet lines. On two screens I watched a clock count down to the big moment, and ... voila! Right on time, streaming video began playing. Music played, graphics moved. There were images of notes being produced. A voice-over started.

Then it froze. And jumped. On both computers.

Oh great. It wasn't loading fast enough for the players. My guess is that there were a lot of people trying to view it at that time. Or maybe it was my Internet speed. I wonder how it worked for others — did you view it? If so, I hope you'll post a comment about your experience.

Eventually I got through all of the video, but first I wanted to break away and take part in the press Q&A that was made available at 9:30 Eastern. I had preregistered, so I figured this should work smoothly.

Alas, when I tried to type my questions, nothing happened. I tried several times with no luck. I decided I'd e-mail my questions and follow up on the phone, similar to what I'd do if the unveiling event had been a live ceremony that I wasn't able to attend in person.

While I let the video continue to load on one computer, I used the other to download images of the new design. I read information about the $5 online and typed up my initial report. It was posted at NumisMaster.com, www.banknotereporter.com and www.numismaticnews.net by about 10:15 a.m. Central, thanks to quick work by Dave Harper, Lisa Bellavin and Maggie Pahl. You can see images of the new note at those sites.

Even though I experienced some technical glitches, I think this digital debut was a solid success. It brought everyone interested in the information directly to the source. It eliminated any chance of terrorist interference — which may sound odd to most of us but is a real consideration when staging a live event.

I just hope my Internet is upgraded by the time the $100 is unveiled.



9/20/2007 11:01:51 AM (Central Daylight Time, UTC-05:00)  #  Comments [2]
 Wednesday, September 19, 2007
Don't expect orchid blossoms
Posted by David

We've heard before that the number of bank note engravers is decreasing. One estimate I once saw in GW Magazine put that number at about 40 worldwide. But I wouldn't hold them to that number.

It's not just engravers, and it's not just in the United States — here's an article about Japanese note designers passing once closely guarded knowledge to youth of today.

Given my own clumsy art experiences with linoleum prints, I don't doubt the estimate given as to how long it takes to develop the engraving talent.



9/19/2007 4:47:34 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Friday, August 10, 2007
Clemy goes to Hessler
Posted by David

Congratulations to Flying Cloud Kowalski, known to most of us as Gene Hessler. He received the Clemy Award at the Numismatic Literary Guild's annual NLG Bash Aug. 9.

Keeping with tradition, the top annual award given by the NLG was announced by last year's winner, Barbara J. Gregory.

Earlier in the evening, Hessler had been given a rubber chicken, held aloft in the accompanying photo by Scott Travers while a laughing Dorothy Harris looks on. The rubber chicken presentation was likely a move intended to distract and confuse, as the Clemy announcement is normally a surprise to the recipient.

The complete list of NLG award winners will appear at the NLG Web site soon.




8/10/2007 1:13:40 AM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Thursday, August 02, 2007
Chicago-district 2003A $2 sheets coming
Posted by David

Starting Wednesday, Aug. 8, the Bureau of Engraving and Printing will offer uncut and partial sheets of Series 2003A $2 Federal Reserve Notes from the Chicago Federal Reserve district.

Presumably there are no changes from the current prices being charged for 2003A $2 sheets from the San Francisco district:

32-note sheet, $90
16-note sheet, $55
8-note sheet, $33
4-note Sheet, $21

Aug. 8 happens to coincide with the American Numismatic Association's World's Fair of Money, so I'd expect to see the Chicago district $2 sheets at the BEP's booth there.



8/2/2007 12:26:30 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Tuesday, July 31, 2007
Zimbabwe in for more of same
Posted by David

If you hadn't heard, times are tough in Zimbabwe. Inflation is wildly high, currently over 5,000%. the government ordered prices to be cut in half earlier this year. Reports state that around 5,000 people who have failed to obey the imposed price controls have been arrested. There's no real currency, the government providing instead series of bearer checks in different denominations.

Circulation of the current set, which was to expire today, has been extended for a year, and a new top denomination issued, a Z$200,000 dated Aug. 1, 2007.

Some online news reports have said that this new bearer check has a security strip to help combat counterfeiting, and that the Zimbabwe government has a new currency in the works.

No end in sight, though, for these hard times.



7/31/2007 4:41:44 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
Money maker talks
Posted by David

Ever wonder what the CEO of an international bank note production and security technology firm does to relax?

You can find out in Christine Selb's Times of London interview of Lee Quinn, group CEO of De La Rue.

The article notes Quinn's desire to advance De La Rue businesses outside of bank note production, areas such as passports, identity cards and electronic identification, among others.

With no plan to leave bank notes behind, though:

"Sales to emerging markets, which are likely to remain cash-based in the near future, is expected to compensate for the West’s predilection for plastic. Growing wealth in countries such as China means increasing demand for ATMs and the crisp, new bills that they dispense. In Europe, two thirds of all transactions continue to be made in cash," the article states.

The article also recalls the company's quick work creating and distributing new currency for Iraq in 2004:

"The company printed a billion new Iraqi bank notes in 100 days, chartered 24 747s to take the money to Baghdad, then worked with the country’s central bank to retire the old currency and circulate the new one within a few months. 'That’s an unprecedented feat,' Mr Quinn says."


7/31/2007 4:09:46 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Wednesday, July 25, 2007
Was it the paper money vote?
Posted by David

Election results for the American Numismatic Association board of governors race were announced today by the ANA. Other than Barry Stuppler, president-elect, and Patricia Jagger Finner, vice president, the board will consist of new faces.

You can read the news at Numismaster.com, then get some commentary from new board members at the blog Buzz with Dave Harper.

From a personal perspective, it was a pleasure to see and talk with some of the new ANA board members at recent paper money shows. Chet Krause, Joe Boling and Wendell Wolka were at the Memphis paper money show a few weeks ago. Radford Stearns trekked to the Chicago Paper Money Expo last March, as did Cliff Mishler and others.

I applaud them for their attentions to the paper money hobby during the lead-up to the voting. Is it fair to expect we'll see them just as often at paper money events now that the race is over? I hope so!

Congratulations to all the winners.


7/25/2007 5:03:15 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Wednesday, July 18, 2007
50-euro note most counterfeited
Posted by David

The European Central Bank's latest report on euro note counterfeiting shows that "The €50 was the most counterfeited banknote in the first half of 2007, accounting for around a half of the total counterfeits found in circulation."

Total number of fake euros found in the first half of 2007 was listed as 265,000, meaning fake €50s seized numbered about 132,500 notes with a face value of €6,625,000. That's $9,138,127.50 in today's U.S. dollars.

Actually, 265,000 out of about 11 billion notes in circulation isn't bad.

Fakers' fondness for the €50 is not new. It has been the denomination of choice for counterfeiters nearly continually since the euro's introduction to circulation in January 2002. The €50 was the most counterfeited denomination until 2006, when the €20 took the lead. Now the €50 has reemerged on top, but notably the €100 fakes are coming on strong.

Altogether, these three denominations have typically made up 85-90 percent of all euro fakes seized.

The ECB reports on this twice a year. For perspective, here are the totals from previous reports:

2002/1 - 21,965 fakes removed from circulation in this six-month period
2002/2 - 145,153 "

2003/1 - 230,534 "
2003/2 - 311,925 "

2004/1 - 307,223 "
2004/2 - 287,000 "

2005/1 - 293,000 " (the €50 made up 62% of this total)
2005/2 - 286,000 "

2006/1 - 300,000 " (the €20 took the lead this period, 44% vs. the €50's 36%)
2006/2 - 265,000 " (the €20 held its lead, at 36% vs. the €50's 31%)

2007/1 - 265,000 " (the €50 reemerges at 50% vs. the €20's 15%)



7/18/2007 2:52:55 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Wednesday, July 04, 2007
Newsweek columnist notes rise of digital dollars
Posted by David

The rise of digital currency has hit mainstream media, or at least the radar of Newsweek columnist Robert J. Samuelson:

"We have crossed a cultural as well as an economic threshold when plastic and money are synonyms and the crime of choice is identity theft, not bank robbery," he writes.

Samuelson provides a few facts and figures in his recent column entitled "The Vanishing Greenback."

I'm not sure what milestone was reached to prompt his column, and that's part of his point, that in general as a whole we've not paid much attention — though I suspect those at The Liberty Dollar would argue that.

I wonder if Samuelson's column will inspire a few more people to collect bank notes?



7/4/2007 5:29:15 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
 Tuesday, July 03, 2007
"With secretory mucus, it's 17 days"
Posted by David

That's how long one strain of flu virus remained viable on paper money in a lab, according to Swiss researcher Yves Thomas. Presumably it was Swiss paper money, as the study was commissioned by the Swiss National Bank.

Without mucus the longest-lived virus in the study lasted about three days.

To its credit, the study does not pretend to address realistic conditions of regular paper money usage.



7/3/2007 4:46:18 PM (Central Daylight Time, UTC-05:00)  #  Comments [1]
 Thursday, June 28, 2007
CIA's 'family jewels' disappoint
Posted by David

For all the mainstream news coverage of their release, the Central Intelligence Agency's "family jewels" are a numismatic disappointment.

The collection of memos and reports — assembled in 1973 to document CIA activities dating back to 1959 that might be "delicate," "inappropriate" or have "flap potential" — contains no mention of currency.

No partially censored notes about cooperation with the Secret Service in an operation to mop up any 1964-D Peace dollars that might have escaped the Denver Mint.

No orders for CIA staff to create a 1944-dated export license for a 1933 $20 gold piece — wouldn't that be fun!

I admit I did not read all 693 pages. The closest they appear to get to collecting, though, is concern that a Silver Spring, Md., police shooting of a gun collector could be construed to have connection to the agency because it had supplied some equipment and training to the police. Police intercepted a phone call in which Mr. Ballou spoke of a plan to "kill a cop." If Mr. Ballou had thrown a coin at officers instead of picking up an antique gun, we'd have a real hobby tie. He also likely would not have been paralyzed.

I don't mean to make light of these activities. I'm just looking for hobby aspects. There's a lot of ground to cover in there, about CIA surveillance of Americans (such as politically active college students, John Lennon, and journalists of the time including Brit Hume), about a plot to assassinate Fidel Castro using a member of the mob and, one that seems odd to me, about CIA sharing costs of a White House mailing after public comments about Cambodia resulted in massive public response. And there's plenty more.

Maybe someone in the Cuban Numismatic Association can tell us if there are any direct connections between the CIA's activities and people involved with Cuba's currency.

If you see any numismatic ties to the CIA "family jewels," do tell.


6/28/2007 11:33:02 AM (Central Daylight Time, UTC-05:00)  #  Comments [0]