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Volume 48, Number 2, 2009 

Journal 

Banknotes of Mali 

Foreign Banks in China, Part III 

What Might Have Been 

The Banknotes of Iranian Azerbaijan 

Right on the Money – The Beginning and the End 

Who is Who on Turkmenistan’s New Banknotes

Editor’s Column 

There are some interesting items in this edition, which I am sure will appeal 

to most readers. Weldon Burson’s article on the Banknotes of Mali leads this 

edition, followed by John Sandrock’s work on the Foreign Banks in China, 

concluding a wonderful overview of a very large topic. Mark Tomasko’s musings on 

engravings that were never used on banknotes but ‘might have been’, is followed by 

an article on the notes of Iranian Azerbaijan, and Omer Yalcinkaya’s views on the new 

notes of Turkmenistan. 

Readers should particularly note Weldon Burson’s article, not because of the 

content, which is nevertheless well worth reading, but because of the way the article 

came to be written. At the 2008 Memphis Paper Money Show, Weldon exhibited 

a very fine display of the banknotes of Mali. After the Show, Weldon collected the 

material he had used for the display and converted it into the article printed in this 

edition of the IBNS Journal. 

I know at many shows and chapter meetings IBNS members present displays 

and provide talks covering a broad range of topics. I encourage members to consider 

turning their talks and displays into articles for the Journal, just as Weldon has done. I 

know it takes effort to do so, but the end product will be appreciated. 

I have mentioned the subject before, but the Society is still seeking an Editor for 

the Journal. The role is largely one of co-ordination, as there is an excellent team 

already doing most of the work. However, there does remain room for someone to 

press their own stamp on the Journal. So, if you have an interest in taking up a most 

rewarding job, please contact me or First Vice President Christof Zellweger. 

Peter Symes 

President’s Message 

At the recent IBNS Board meeting in 

Valkenburg, it was announced that 

Joseph E. Boling, Life Member 8, had 

become an Honorary Director for Life. This is 

a significant appointment in the history of the 

IBNS, as there have previously been only three 

Honorary Directors for Life – Mrs Adolph B. 

(Ruth) Hill, Fred Phillipson and Bill Stickles. 

Joe is currently the Treasurer and Archivist 

of the Society and has been President and 

Advertising Manager of the IBNS. He is 

considered by many to be the corporate 

memory of the Society and has always been 

an active contributor to the Board and the 

Society. As well as dedicating much of his 

time over many years to the IBNS, Joe has 

contributed to other organizations, currently 

being a Governor of the American Numismatic 

Association. 

To become an Honorary Director for Life, ninety per cent of board members have 

to concur with the nomination of the president. That it was possible to get the board 

to concur with the recommendation, with the required majority, shows the respect 

Joe has invoked throughout the Society. I offer my congratulations to Joe along with 

those of the Board and the membership. 

Peter Symes 

Joseph E. Boling, Honorary Director for 

Life, wearing his Gold Medal for Service 

with IBNS Chain, awarded in 2001. 

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). 

Table of 

Contents 

2 Society Officers and Directors 

6 Letters 

8 Banknote News 

Compiled by Murray Hanewich 

3649 

9 Classic Note 

11 New Issues 

Compiled by Ronny Hick 8967 and 

Hans-Dieter Müller LM-198 

28 Banknotes of Mali 

Weldon Burson 4686 

33 Foreign Banks in China 

John E. Sandrock 26-C 

45 What Might Have Been 

Mark D. Tomasko 6645 

52 The Banknotes of Iranian 

Azerbaijan 

Peter Symes 4245 

58 Who is Who on Turkmenistan’s 

New Banknotes 

Omer Yalcınkaya 6706 

61 Right on the Money – The 

Beginning and the End 

Don Cleveland LM-136 

63 Bank Note of the Year 

64 Book Reviews 

67 Chapter News 

Compiled by Art Levenite 2863 

73 IBNS Announcements 

75 Annual Financial Statement for 

2008 

76 Minutes of the IBNS Board 

Meeting 

78 New Members 

79 Where do we come from? 

84 Ad Index 

84 Classifieds 

84 Free Ads 

IBNS Journal 48.2 1

Society Officers and Directors 

President 

Peter Symes 

GPO Box 933 

Sydney NSW 2001 

Australia 

Ph: ++61-2-9401-5572 

president@ibns.biz 

First Vice President 

Christof Zellweger 

Giessenstr. 3 

Au (SG) CH-9434 

Switzerland 

skanderbeg@bluewin.ch 

Second Vice President 

Ron Richardson 

P.O.Box 38704 

Metro. Postal Outlet 

North Vancouver BC V7M 3N1 

Canada 

ron.richardson@asiapacific.ca 

Immediate Past President 

Marcus Turner 

451 Autumn Springs Drive 

Avon IN 46123, USA 

maturner@indy.rr.com 

General Secretary and 

Assisstant Treasurer Australia* 

David White 

7 Burraneer Close 

Ferntree Gully VIC 3156 

Australia 

Ph: +61 3 9763 4451 

general-secretary@ibns.biz 

UK Membership Secretary* 

Vacant. Send correspondence to: 

36 Lee Heights 

Bambridge Court 

Maidstone Kent ME14 2LG 

United Kingdom 

uk-secretary@ibns.biz 

US Membership Secretary* 

Brian Giese 

P.O. Box 081643 

Racine, WI 53408-1643, USA 

Ph: 262-632-4810 

Fax: 262-638-1954 

IBNSus@yahoo.com 

Chapters Secretary 

Dave Kenney 

36 Lee Heights 

Bambridge Court 

Maidstone Kent ME14 2LG 


kenneydp@aol.com 

Treasurer* 

Joseph Boling 

PO Box 29344 

Indianapolis IN 46229-0344 

USA 

Ph: 317-894-2506 

Fax: 317-894-2910 

joeboling@aol.com 

Assistant Treasurer 

Wendell Wolka 

P.O. Box 1211 

Greenwood IN 46142, USA 

Purduenut@Aol.com 

Assistant Treasurer UK 

Clive Rice 

25 Copse Side, Binscombe 

Godalming Surrey GU7 3RU 


Ph: +44 1483 429168 

IBNSuk@talktalk.net 

Editor IBNS Journal (acting) 

Peter Symes 

GPO Box 933 

Sydney NSW 2001 

Australia 

Ph: ++61-2-9401-5572 

editor@ibns.biz 

Education Programs Manager* 

Don Cleveland 

4 Burdoo Way 

Mt. Martha VIC 3934 

Australia 

oregon@pac.com.au 

US Librarian 

American Numismatic 

Association 

Attn: Librarian 

818 North Cascade Avenue 

Colorado Springs CO 

80903-3279 

USA 

Ph: ++1-719-482-9859 

UK Auctioneer* 

David Hunt 

PO Box 412 

Halifax W. Yorks HX3 5YD 


Ph: ++44-1422351646 

Fax: ++44-1422344709 

Chair, YN Committee* 

Joel Shafer 

PO Box 170985 

Milwaukee WI 53217, USA 

Ph: 414-350-6980 

grbaypa@aol.com 

Grievance and Discipline 

Program Manager* 

Tony Alsop 

17 Jetty Road 

Clifton Springs VIC 3222 

Australia 

Ph: 04-0933-1900 

alsoptony@hotmail.com 


Assistant 

Hans van Weeren 

Karakietlaan 6 

Leidschendam NL-2261 CK 

Netherlands 

hansvanweeren@ziggo.nl 


Assistant 

Agnel Quiss 

NCT Middle East FZE 

PO Box 17071 

Jebel Ali 

Dubai 

UAE 

mgrmmradi@yahoo.com 


Assistant 

Stanley Serxner 

5888 Glen View Drive 

Virginia Beach VA 23464-9003 

USA 

Ph: 479-4072 

Director Region 1 

Bryan Taylor 

784 Fremont Villas 

Los Angeles CA 90042-5146 

USA 

btaylor@globalfinancialdata.com 


Joel Shafer 

PO Box 170985 

Milwaukee WI 53217, USA 

Ph: 414-350-6980 

grbaypa@aol.com 


Simon Biddlestone 

66 Moorsholm Drive 

Wollaton 

Nottingham Notts. NG8 2EF 


simonbid@ntlworld.com 


Hans van Weeren 

Karakietlaan 6 

Leidschendam NL-2261 CK 

Netherlands 

hansvanweeren@ziggo.nl 


Ali Mehilba 

247 el Horia Ave. Sporting 

PO Box 861 

Alexandria 

Egypt 

AliMehilba@yahoo.com 


Ian Yarde 

PO Box 95 

Flinders Lane VIC 8009 

Australia 

Ph: 03-9610-7079 

ian.yarde@connexmelbourne. 

com.au 


Joseph Guerdy Lissade 

88, Rue de la Reunion 

Port-Au-Prince 

Haiti 

glissade@brh.net 

At Large Directors 

Thomas Augustsson 

Fornhojdsvagen 12, 3tr. 

Sodertalje S-152 58 

Sweden 

thomasaugustsson@bredband.net 

Jonathan Callaway 

10 Luttrell Avenue 

Putney 

London SW15 6PF 


CALLAHILJO@ukonline.co.uk 

Don Cleveland 

4 Burdoo Way 

Mt. Martha VIC 3934 

Australia 

oregon@pac.com.au 

David Cieniewicz 

P.O. Box 3310 

Huntsville AL 35810, USA 

dcien@hiwaay.net 

George Cuhaj 

PO Box 433 

Iola WI 54945, USA 

George.Cuhaj@fwpubs.com 

*Ex officio board member Continued on page 4 

2 IBNS Journal 48.2

Society Officers and Directors 

continued from page 2 

At Large Directors 

(continued) 

Peter Eccles 

P.O. Box 2937 

Auckland 1 

New Zealand 

eccles.coins@xtra.co.nz 

Kate Gibson 

PO Box 819 

Camberley Surrey GU16 6ZU 


kate@ibns.biz 

Steve Milner 

PO Box 436 

Wembly WA 6913 

Australia 

durham_111@yahoo.com.au 

J. M. J. M. (Hans) Seems 

Graafschap Loonstr. 4 

Horn NL-6085 CA 

Netherlands 

jmjm-horn@hetnet.nl 

Frank Spinelli 

CP 264 

Bergamo Centro 

Bergamo 24121 

Italy 

spinfrank@yahoo.com 

Paul Walters 

502 E. Rutherford St. 

Landrum SC 29356, USA 

paul3149@charter.net 

Wendell Wolka 

P.O. Box 1211 

Greenwood IN 46142, USA 

Purduenut@Aol.com 

Additional Appointed 

Positions 

General Advertising Manager* 

Tim Welo 

P.O Box 208 

Purdys NY 10578-0208, USA 

Ph: 203-750-8838 ext 14 

twelo@optonline.net 

Archivist 

Joseph Boling 

PO Box 29344 

Indianapolis IN 46229-0344 

USA 

Ph: 317-894-2506 

Fax: 317-894-2910 

joeboling@aol.com 

Awards Program Manager* 

Milt Blackburn 

Box 33888 

Station D 

Vancouver BC V6J 4L6 

Canada 

Ph: 1-604-821-0130 

Fax: 1-604-273-5922 

Assistant Awards Program 

Manager 

Ron Richardson 

P.O.Box 38704 

Metro. Postal Outlet 

North Vancouver BC V7M 3N1 

Canada 


Legal Counsel* 

James Downey 

1534 Pennsylvania Street 

Sturgeon Bay WI 54235, USA 

Ph: (920) 746-9066 

mufelika@itol.com 

Webmaster 

David White 

7 Burraneer Close 

Ferntree Gully VIC 3156 

Australia 

Ph: +61 3 9763 4451 

webmaster@ibns.biz 

Honorary Positions 

Honorary Directory for Life 

Joseph E. Boling 

Secretary Emeritus 

Milan Alusic 

*Ex officio board member

Letters 

Dear Editor, 

Are the ‘Madagascar Action Plan’ commemorative notes an 

unauthorized ‘illegal’ issue? In the issue of Numismatique & 

Change no 397 of October 2008, an article by Josef Gerber 

entitled: Un billet commemorative au plan d’action Madagascar 

2007-2012 appeared. This article discussed and featured a special 

commemorative note of Ariary 2,000. This note differed from the 

normal note by: 

• Being overprinted with ‘Madagascar Action Plan 2007-2012’. 

• A special serial number with a prefix MAP. 

• Being overprinted with ‘Madagascar naturellement’. 

In the IBNS Journal Volume 48 Number 1, 2009, a picture 

of another of these MAP notes: Ariary 5,000 appears in the 

section ‘New Issues’. To my knowledge these are the only two 

denominations of MAP notes to have been produced. What is 

interesting about these notes is that they appear to have been 

produced without the knowledge or authorization of the Banque 

Central de Madagascar!! 

In November 2008 I was in Antananarivo and with Mr. 

Gerber’s article in hand I went to the Banque Central de 

Madagascar with high hopes of securing some of these MAP 

notes. I went inside past the heavily armed soldiers protecting 

the building and was directed to the receptionist. She was very 

helpful but said that she had never heard of any such MAP notes. 

When I showed her the article she was even more surprised. She 

phoned the Governor’s secretary and asked her about the notes. 

The answer came back straight away that no one is aware of these 

notes. I gave her the article and she said she would personally look 

into the matter and that I should come back the next day. I took 

the occasion to ask her for some general issue UNC notes also. 

She happily took my order. 

Next day she had all my UNC notes as ordered. But she was 

categorical. She had spoken to all the officials responsible for 

Madagascar’s bank note production and none was aware of, or 

had authorized the production of any MAP notes. She concluded 

that if such notes existed (and clearly they do) then their 

production must have been authorized by the Minister of Finance 

or the President and that the people at the Banque Central de 

Madagascar were very annoyed about this. ‘Heads would roll’ she 

seemed to imply! 

And indeed they have. Last week President Marc 

Ravlomananana resigned after two months of civil disorder and 

street protests that had left over 100 people dead. He handed 

power to a Military committee that a few hours later handed 

power to the ex-lord mayor of Antananarivo who is now the 

Interim President. That is likely also the end of the Madagascar 

Action Plan, as the international community has refused to 

recognize the new regime and has cut all non-humanitarian aid to 

Madagascar. 

Owen Griffiths 

IBNS member 6367 

The overprinted Ariary 5,000, which now has a questionable pedigree. 

Dear Editor, 

Banknotes depicting coins is a thematic very much ignored. 

Since coins are strongly related to banknotes and most of them 

have very high artistic value and tremendous historic interest one 

would expect this thematic should be more closely studied and 

further research should be done on it. 

I trust that one of your specialists will soon look into it. 

Closing this letter I kindly request banknotes collectors interested 

in the thematic in question to contact me. Thank you very much. 

Sincerely, 

Antonis Philippou 9951 

24 Tsalouhidi Str 

54248 Thessaloniki 

GREECE 

Two Greek banknotes (P. 128 and P.130) depicting coins on them. 


Dear Editor, 

The Central Bank of Iran is now issuing checks for 500,000 and 

1,000,000 rials, which are circulating as banknotes; but should 

they be considered as banknotes? The highest denomination 

“banknote” now circulating in Iran is the 50,000-rial note 

(P.149), which has two signature varieties. Based on today’s 

exchange rate this note is worth about USD5.00. 

Despite the demand for higher denomination banknotes the 

Central Bank of Iran has refused to print banknotes in higher 

values. This task was left to local banks, Bank Meli, Bank Saderat, 

Bank Melat, etcetera, to print “Bank Cheques”, which were 

valid for circulation but could only be cashed at issuing banks. 

Depending on the bank the denominations were anywhere from 

100,000 rials to 2,500,000 rials. 

This created not only confusion, but restrictions. While 

merchants accept any “Bank-Cheques”, each utility bill has to 

be paid to a certain bank. So, if you had Bank Saderat “Bank- 

Cheques” in your wallet, and you wanted to pay your water bill, 

which has to be paid at Bank Melat’s branches, you could not use 

Bank Saderat’s “Bank-Cheques”. 

Eventually, the Central Bank started issuing high value 

banknotes; however, to avoid acknowledging inflation and 

calling them “banknotes”, they introduced the new notes as “Iran 

Cheques”. These notes are now circulating all over Iran and all 

the local banks have been asked to withdraw their local “Bank 

Cheques”. The Iran Cheques are not used once, like a personal 

or bank check, but circulate as currency without endorsement 

along with banknotes of smaller denominations. The new “notes” 

are vended from ATM machines and are printed on both sides 

(unlike most checks). 

The 500,000- and 1,000,000-rial Iran Cheques illustrated here 

are signed by Mazaheri (signature #29). They have all the security 

features of a banknote, such as a security thread, which carries the 

text “The Central Bank of the Islamic Republic of Iran” in Persian, 

and a watermark, which is Ferdowsi the famous Persian poet. 

(Hakīm Abu’l-Qāsim Firdawsī Tūsī (935–1020), more commonly 

transliterated as Ferdowsi, was a Persian poet and author of the 

Shāhnāmeh, the epic Persian poem.) Does the introduction of this 

watermark augur the end of the Khomeni watermark? 

The Central Bank’s “Iran Cheques” are printed in Iran where, 

for more than 15 years, Iran has been printing their banknotes on 

paper manufactured in Germany. (A new facility in Babol in Iran 

will soon produce security paper for Iran’s banknotes.) 

Currently, branch banks receive the new notes from the 

Central Bank and stamp them on the back with the branch 

name and the date before placing the notes into circulation. This 

measure is probably for control or preventing counterfeiting; but 

I suspect this practice is temporary and will soon be abolished. 

On two previous occasions, once in 1952 and again in 1980, 

Bank Meli was forced to issue Emergency Circulating Checks (Pick 

70ABC and 126A). Those were bearer checks, which were: printed 

on one side, printed in Persian with no English text, valid only within 

Iran, and circulated only for a short time (in the case of P.126A 

maybe only a month). What the Central Bank has now issued should 

be considered as banknotes, even though the Central Bank, due to 

political, financial and social reasons, calls them “Cheques”. 

Respectfully, 

Armen Hovsepian LM-106 


Banknote News 

Compiled by Murray Hanewich 3649 

Sudan May Print New Somali Notes 

Sudan’s government said it would print new currency for the 

Somali Government, Sudanese News Agency reported on Sunday. 

The finance minister of the Somali Government Sharif Hassan 

Sheik Adan visited Khartoum, the Sudanese capital, recently to 

talk about the proposal. 

Sudan’s minister for finance Dr. Awad Ahmed Jaz and his 

Somali counterpart Sharif Hassan Sheik Adan met in Khartoum 

on 29 April 2009 and Sudan pledged to help Somalia with 

printing the bank notes. Dr. Jaz said that Sudan will help Somalia 

with the development of the financial institutions. He added 

that Sudan would renew the trade relations between Somalia and 

Sudan. Somalia’s President Sheik Sharif Sheik Ahmed recently 

visited Sudan and met with Sudanese President Omar Hassan 

El-Beshir. 

Somalia has a single bank note of 1000 Somali Shillings which 

Somali businessmen have reprinted many times. 

Mareeg Online – 01/05/2009 

Nrb Printing New Notes To Meet Supply Crunch 

Responding to the increasing shortage of banknotes of higher 

denominations, the Nepal Rastra Bank (NRB) board has 

authorized the management of the central bank to raise the 

volume of the existing printing order for 500-rupee notes to 100 

million units. 

A central bank source informed myrepublica.com that a 

meeting was held, during which members of the management 

expressed dissatisfaction over the failure of the bank’s management 

to forecast future demand for the notes and to take timely steps to 

forestall shortage. 

“The meeting concluded that there was an inability on the 

part of the bank to meet the demand for these notes because 

the existing stock and the printing order that has been placed so 

far are not even enough to meet even normal demand,” said the 

official. 

Besides the scarcity of 500-rupee notes, there has also been a 

dip in the number of 1000-rupee notes circulating in the country. 

Notes with these denominations have become scarce because there 

have recently been unusually high and unexpected withdrawals 

from the banking system, said the official. 

According to the new authorization, a French company that 

had bagged the order to print the 60 million units of 500-rupee 

notes will now get an offer from the NRB to print an additional 

40 million units. The shipment of notes from the earlier order is 

expected to arrive in the capital Kathmandu by the end of July. 

Apart from the 500-rupee notes, the central bank has also 

placed an order for 100 million units of 1000-rupee notes; but 

that consignment will not arrive until 10 January 2010. 

Xinhua 

Fortress Paper Hints At New Swiss 50 Francs 

Fortress Paper Ltd., whose paper is used to print the Swiss 

franc, may more than triple capacity as central banks circulate 

more and higher-quality money to fuel national economies and 

foil counterfeiters. “North Vancouver, British Columbia-based 

Fortress will decide by August 2009 whether to raise security 

paper capacity to about 10,000 tons a year from 3,000 tons,” 

Chief Operating Officer Alfonso Ciotola said in an interview in 

Frankfurt. A new type of security paper sandwiches a polymer 

strip between two layers of paper, with a plastic window for 

banknotes to foil counterfeiters. Switzerland will use new paper on 

a redesigned 50-franc note later next year, according to the Swiss 

National Bank. All of Switzerland’s currency has been printed on 

Fortress paper since 1979, and the company supplies paper to 

25 central banks. Its paper is used by six of the countries sharing 

the euro currency. Paper to print currencies is made from cotton 

and linen, rather than wood pulp, and euro notes are all cotton. 

Security paper, which Fortress makes at a mill in Landqart, 

Switzerland, is also used for passports, visas, lottery tickets and 

train tickets. 

Joseph Mapother / Bloomberg News 

Homemade Money: Printing Regional Banknotes to Build a Local 

Economy 

Great Barrington, Massachusetts has developed a new, regional 

form of currency. The BerkShares program follows in the footsteps 

of several other regional currencies, but takes the idea of local 

economic planning to a new, impressive level. 

One obvious reason for printing money is the fact that it’s 

exceedingly lucrative: the raw materials of paper and ink are 

relatively cheap; the hard part is convincing someone to exchange 

them for cold, hard cash. To this end, it helps if the bills in 

question are attractive, original pieces of art. 

On a corporate level, homemade money offers a way for 

communities to develop their local economies and encourage 

local businesses. Great Barrington’s money, by comparison, is 

far more complex. The largest regional currency in the country, 

there is approximately $2.4 million in BerkShares in circulation, 

and they are accepted by 400 stores in Western Massachusetts. At 

this point, residents and visitors to the area can buy an extremely 

wide variety of goods and services with the regional currency; 

moreover, with an exchange rate of $0.95 “federal” dollars to one 

“Berkshare,” consumers essentially get a five per cent discount 

from using the bills. 


Beyond this, the banknotes are also quite attractive. Designed 

by John Isaacs, they feature locally-produced portraits of regional 

heroes W.E.B. DuBois, Herman Melville, Norman Rockwell, 

Robyn Van En, and the Mohican Indians, the first settlers of the 

area. Professionally printed, they have counterfeit protections and 

resemble British pound notes. 

The ultimate goal of BerkShares is to help develop an economy 

that consumes what it produces and produces what it needs. 

Eventually, it is hoped to decouple the regional currency from the 

US monetary system, tying it to a “basket of local commodities.” 

In the meantime, BerkShares are a handy way to encourage people 

in Western Massachusetts to support neighborhood businesses, 

while helping to defray the increased costs of regionallymanufactured 

products. 

Bruce Watson / Berkshares Inc. 

Classic Note 

This classic note of the Scottish series was designed and engraved 

by William Home Lizars, one of the finest engravers working in 

Scotland in the 19th century. The essential design features appear 

in many similar forms amongst Scottish £1 notes of that era and 

the “square” dimensions and the three beautifully engraved vignettes 

all make it unmistakably Victorian and unmistakably Scottish. The 

use of Gaelic in the motto in the border is unusual even in Scotland 

and the words translate as “The land of the Mountains, the Valleys 

and the Heroes”. 



New Issues 

Compiled by Ronny Hick 8967 and Hans-Dieter Müller LM-198 

This list of new banknotes has been compiled with the 

assistance of IBNS members and our thanks go to those 

who have helped us. 

We welcome input from all readers of the IBNS Journal and 

ask that reports of new issues be sent to new-issues@ibns.biz; but, 

before sending scans please check whether we are already aware 

of a new issue and also if we have a suitable image. Simply go 

to the IBNS web site, www.theIBNS.org, and select New Issues 

from the menu. All new issues for the next IBNS Journal will be 

listed there as they are reported. (If scans are submitted, please 

scan the images at 300 dpi and at 100%.) Unfortunately, we don’t 

have enough space in the Journal to illustrate all notes that are 

submitted, but we will reproduce as many as we can. 

In the list the entries with “◊” indicate the note is a new type 

and eligible for the IBNS Bank Note of the Year Award, whereas other 

entries are new varieties, with changes in signatories, dates, etcetera. 

Exchange rates, current at the time of listing, are given in 

Euros and US Dollars. Exchange values are calculated as at 18 

April 2009 unless otherwise stated. 

Abbreviations: DLR: De La Rue; FCO: François-Charles 

Oberthur; JEZ: Johan Enschedé en Zonen 

Albania 

New signature: 

Courtesy of banknoteshop@gmx.net 

500 Leke 2007 

Issue date: 16.02.2009 

Design like P-68, but with new date. New signatures. Enhanced 

security features: windowed metallic security thread, cornerstone 

watermark. Printer DLR. 

Face value € 3.86 – $5.04 

Courtesy of Peter Mosselberger 

1000 Leke 2007 

Design like P-69, but with year 2007. New signatures of 

GUVERNATORI and DIREJTORI displayed above. 

Face value € 7.72 – $10.08 

◊ 2000 Leke 2007 

Issue date: 29.12.2008 

New type. Purple. King Gent on front. Amphitheatre in 

archeological site Butrint near Saranda, Great Yellow Gentian 

(Gentiana lutea) on back. Size 160 mm x 72 mm. Paper: high 

quality security paper with cotton fiber. 

Face value € 15.44 – $20.16 

Courtesy of Hartmut Fraunhoffer 

IBNS Journal 48.2 11 

Aruba 


The signatures of Jeanette R. Semeleer (as DIRECTEUR) and 

Hassanali Mehran (as PRESIDENT) now appear on the new 

Aruban banknotes. Printer: JEZ 

10 Florin 01.07.2008 

Design like P-16, but new date and new signatures. 

Face value € 4.28 – $5.59 

25 Florin 01.07.2008 

Design like P-17, but with new date and new signatures. 

Face value € 10.70 – $13.97


50 Florin 01.07.2008 

Design like P-18, but with new date and new signatures. 

Face value € 21.39 – $27.93 


100 Florin 01.07.2008 

Like P-19, but with new date and signatures 

Face value € 42.78 – $55.87 


Australia 

100 Dollars 2008 

Design like P-61, but with year 2008 (first two digits of serial 

number). Signatures: Glenn R Stevens and Ken R Henry. 

Face value € 54.22 – $71.04 

Courtesy of Peter Symes 

Bangladesh 

50 Taka 2008 

Design like P-41, but with year 2008. Signature: Salehudin 

Ahmed. 

Bermuda 

New series issued 9 March 2009, dated 1 January 2009. Printer: 

DLR. All the new Bermudan banknotes are printed in vertical 

format. Watermark: hibiscus flower and sailing ship. Serial 

numbers “prefixed” by a Bermuda onion. 

◊ 2 Dollars 2009 

New type. Turquoise. Bluebird (sialia sialis) and small portrait of 

Queen Elizabeth II in profile on front. Dockyard clock tower and 

statue of Neptune on back. See-through device: butterfly. Hybrid 

banknote, map of Bermuda and tuna fish on plastic strip. 

Face value € 1.53 – $2.00 

Courtesy of Ömer Yalcinkaya 


New type. Pink. Blue Marlin (makaira nigricans) and small 

portrait of Queen Elizabeth II in profile on front. Horseshoe Bay 

beach and Somerset bridge on back. See-through device: dolphin. 

Hybrid banknote, map of Bermuda and tuna fish on plastic strip. 

Face value € 3.83 – $5.00 



◊ 10 Dollars 2009 

New type. Purple. Blue Angel Fish (pomacanthidae) and 

small portrait of Queen Elizabeth II in profile on front. Ship 

Deliverance and Commissioner’s House in Hamilton on back. 

See-through device: turtle. Hybrid banknote, map of Bermuda 

and tuna fish on plastic strip. 

Face value € 7.66 – $10.00 


◊ 20 Dollars 2009 

New type. Green. Whistling Frog (eleutherodactylus johnstonei) 

and small portrait of Queen Elizabeth II in profile on front. 

Gibb’s Hill Lighthouse and St. Mark’s Church on back. Seethrough 

device: lizard. Hybrid banknote, map of Bermuda and 

tuna fish on plastic strip. 

Face value € 15.32 – $20.00 


◊ 50 Dollars 2009 

New type. Yellow. Long tail bird (phaeton aethereus) and small 

portrait of Queen Elizabeth II in profile on front. St. Peter’s 

Church on back. See-through device: bird. Hybrid banknote, map 

of Bermuda and tuna fish on plastic strip. 

Face value € 38.29 – $50.00 


◊ 100 Dollars 2009 

New type. Red. Red Cardinal (cardinalis cardinalis) and small 

portrait of Queen Elizabeth II in profile on front. House of 

Assembly on back. See-through device: flower. Hybrid banknote, 

map of Bermuda and tuna fish on plastic strip. 

Face value € 76.58 – $100.00 



Canada 


Design like P-103, but with year 2006 on back. Signatures: 

Jenkins as GOVERNOR and Dodge as DEPUTY GOVERNOR. 

Face value € 12.62 – $16.48 


Design like P-103, but with year 2007 on back. Signatures: 

Jenkins as GOVERNOR and Dodge as DEPUTY GOVERNOR. 

Face value € 12.62 – $16.48 

Chile 

10,000 Pesos 2008 

Design like P-157, but with year 2008. Signatures: José de 

Gregorio Rebeco as PRESIDENTE and Alejandro Zurbuchen 

Silva as GERENTE GENERAL. 

Face value € 13.21 – $17.25 

Colombia 

1000 Pesos 13.08.2007 

Design like P-456, but with new date. 

Face value € 0.33 – $0.43 

5000 Pesos 15.11.2006 


Face value € 1.63 – $2.13 

10,000 Pesos 17.11.2006 


Face value € 3.26 – $4.26 

20,000 Pesos 20.11.2006 


Face value € 6.53 – $8.52 

50,000 Pesos 24.11.2006 


Face value € 16.32 – $21.31 

Cuba 

1 Peso 2008 

Design like P-124, but with year 2008. Watermark: Celia Sánchez 

Manduley. 

Face value € 0.03 – $0.04 

10 Pesos 2008 

Design like P-117, but with year 2008. 

Face value € 0.29 – $0.38 

20 Pesos 2008 

Design like P-118, but with year 2008. Watermark: Celia Sánchez 

Manduley. 

Face value € 0.58 – $0.75 

50 Pesos 2008 

Design like P-121A, but with year 2008. 

Face value € 1.44 – $1.89 

10 Pesos Convertibles 2005 

Design like P-FX-45, but with year 2005. 

Face value € 8.27 – $10.80 

Czech Republic 

500 Korun 2009 

Design like P-20, but with year 2009 and enhanced security devices 

including color-changing element at the rose on front, wider security 

thread, OMRON-dots (small yellow circles). Signature: Zdenek 

Tůma. Printer: Statni Tiskarna Cenin. 

Face value € 18.63 – $24.32 

Denmark 

50 Kroner 2007 


Face value € 6.71 – $8.76 

Djibouti 

10,000 Francs (2009) 

Design like P-41, but with new bank title [BANQUE CENTRALE 

DE DJIBOUTI]: in French on front and in Arabic on back. Watermark 

with arms and new with letters BCD. Same signatures as on P-41. 

Face value € 42.77 – $55.85 


Egypt 

20 Pounds 16.08.2006 

Design like P-65, but with new date. Watermark: Tutankhamen’s 

mask. Signature: Farouk Abdel Baky El Okdah. 

Face value € 2.70 – $3.54 

Courtesy of Christof Zellweger 


20 Pounds 14.06.2007 

Design like P-65, but with new date. New watermark: Cleopatra 

in three-quarter profile. Signature: Farouk Abdel Baky El Okdah. 

Face value € 2.70 – $3.54 

50 Pounds 26.06.2007 

Design like P-66, but with new date. New watermark: Cleopatra. 

Signature: Farouk Abdel Baky El Okdah. 

Face value € 6.74 – $8.80 

Courtesy of Ronny Hick 

50 Pounds 03.03.2008 

Design like P-66, but with new date. New watermark: Nefertiti. 

Signature: Farouk Abdel Baky El Okdah. 

Face value € 6.74 – $8.80 

100 Pounds 10.09.2007 

Design like P-67, but with new date. New watermark: Sphinx in 

three-quarter profile. Signature: Farouk Abdel Baky El Okdah. 

Face value € 13.48 – $17.60 

Courtesy of Thomas Augustsson 

100 Pounds 10.10.2007 

Design like P-67, but with new date. New watermark: Sphinx in 

three-quarter profile. Signature: Farouk Abdel Baky El Okdah. 

Face value € 13.48 – $17.60 


Guatemala 

1 Quetzal 12.03.2008 

Design like previous issue, but with new date. New signature for 

GERENTE GENERAL: Manuel Augusto Alonzo Araujo; PRESIDENTE 

unchanged: Maria Antonieta Del Cid Navas de Bonilla. Polymer plastic. 

Face value € 0.10 – $0.12 

Guinea 

10,000 Francs 2008 

Design like unlisted issue from 2007, but with year 2008. Added 

security element: silver metallic underprint for diagonal letters RG 

right of girl’s head. 

Face value € 1.55 – $2.03 

Courtesy of Andrew Roberts 

Hong Kong 

100 Dollars 01.01.2008 from Hong Kong and Shanghai Banking 

Corporation Limited 

Design like P-209, but with new date. Signature title: 

EXECUTIVE DIRECTOR. 

Face value € 9.88 – $12.90 

Courtesy of Chris Twining (www.pagescoinsandcurrency.com) 

20 Dollars 01.01.2008 from Bank of China 

Design like P-335, but with new date. Signature and signature 

title unchanged. 

Face value € 1.98 – $2.58 


50 Dollars 01.01.2008 from Bank of China 

Design like P-336, but with new date. Signature and signature 

title unchanged. 

Face value € 4.94 – $6.45 


India 

New signature: Dr. D. Subbarao 


5 Rupees 2009 

Design like P-88A, but dated for first time on back. Letter E in 

underprint of serial number. Signature: Dr D. Subbarao. 

Face value € 0.08 – $0.10 

10 Rupees 2008 

Design like P-95, but with year 2008. No underprint letter in 

serial number. New signature: Dr. D. Subbarao. 

Face value € 0.15 – $0.20 


Design like P-95, but with year 2008. Letter A in underprint of 

serial number. Signature: Y. Venugopal Reddy. 

Face value € 0.15 – $0.20 


Design like P-97, but with year 2008. No underprint letter in 

serial number. Signature: Y. Venugopal Reddy. 

Face value € 0.77 – $1.00 


Design like P-97, but with year 2009. Letter E in underprint of 

serial number. Signature: Dr D. Subbarao. 

Face value € 0.77 – $1.00 

100 Rupees 2009 

Design like P-98, but with year 2009. Letter R in underprint of 

serial number. Signature: Dr D. Subbarao. 

Face value € 1.53 – $2.00 

500 Rupees 2008 

Design like P-93, but date (2008) on back. Letter L in underprint 

of serial number. Signature: Y. Venugopal Reddy. 

Face value € 7.69 – $10.04 

500 Rupees 2009 

Design like P-93, but with year 2009 on back. Letter R in 


Face value € 7.69 – $10.04 

1000 Rupees 2008 

Design like P-94, but date (2008) on back. No underprint letter 

in serial number. Signature: Y. Venugopal Reddy. 

Face value € 15.38 – $20.08 

1000 Rupees 2009 

Design like P-94, but with year 2009 on back. No underprint 

letter. Signature: Dr D. Subbarao. 

Face value € 15.38 – $20.08 

1000 Rupees 2009 

Design like P-94, but with year 2009 on back. Letter R in 


Face value € 15.38 – $20.08 

Iran 

◊ 20,000 Rials (2009) 

New type. Blue-green. Front like P-148. Back: Al-Aqsa-Mosque in 

Jerusalem. New signatures not identified as yet. 

Face value € 1.53 – $1.99 


Jamaica 

500 Dollars 15.01.2008 

Design like P-85, but with new date. Signature 13 (Derick Milton 

Latibeaudiere). Printer: DLR. 

Face value € 4.31 – $5.63 

Jordan 

1 Dinar 2008 - AH 1429 

Design like P-34, but with year 2008. Signature 28. 

Face value € 1.08 – $1.41 

5 Dinars 2008 - AH 1429 


Face value € 5.39 – $7.04 

10 Dinars 2007 - AH 1428 


Face value € 10.79 – $14.08 

Kyrgyzstan 

◊ 5000 Som 2009 

New type. Green. Front: Suimenkul Chokhmorov. Back: cinema Ala-Too 

and mountains. Watermark: Suimenkul Chokhmorov. Printer: FCO. 

Face value € 93.39 – $121.95 



Lesotho 

20 Maloti 2009 

Design like P-16, but with year 2009. Signature: Dr Moeketsi 

Senaoana. Watermark: Arms with electrotype 20. 

Face value € 1.72 – $2.24 

Courtesy of Ny Andry 

Liberia 


Design like P-27, but with year 2006. New signatures: Dr 

Antoinette Sayeh as MINISTER OF FINANCE and J. Mill Jones 

as EXECUTIVE GOVERNOR. 

Face value € 0.12 – $0.15 

Libya 

◊ 1 Dinar (2009) 

Issue date: 03.03.2009 

New type. Design like P-68, but new colors: purple-red. Ghaddafi on 

front. Mosque on back. Signature: 7 (Farhat O. Bengdara). Series 7. 

Face value € 0.59 – $0.77 


◊ 5 Dinars (2009) 

Issue date: 03.03.2009 

New type. Design like P-69, but new color: light red. Camel 

moved to right and looks now to right. Monument to the battle 

in Al-Hani on back. Signature: 7 (Farhat O Bengdara). Series 7. 

Face value € 2.95 – $3.85 


◊ 10 Dinars (2009) 

Issue date: 03.03.2009 

New type. Design like P-70, but new color: light green. Omar 

el-Mukhtar moved to right and looks now to left. Proclamation of 

Great Socialist People’s Libyan Arab Jamahiriya with fortress Sabha in 

Central Libya at left on back. Signature: 7 (Farhat O Bengdara). Series 7. 

Face value € 5.89 – $7.69 



Mexico 

100 Pesos 20.11.2007 

Design like P-118, but with marks for the visually impaired. Series DX. 

Face value € 5.83 – $7.61 

Courtesy of Antonio Ramirez Garcia 

Mongolia 

1 Tugrik 2008 

Design like P-52, but now dated. New signature and new signature title. 

Face value € 0.0005 – $0.0007 

500 Tugrik 2007 


Face value € 0.27 – $0.35 

Netherlands Antilles 

25 Gulden 01.01.2008 

Design like P-29c, but with new date. Watermark: bank logo. 

Printer: JEZ. 

Face value € 10.64 – $13.89 

Paraguay 

◊20,000 Guaranies 2007 

New type. Light blue. La Mujer Paraguayana on front. 

Headquarters of Banco Central del Paraguay in Asunción on back. 

Series B. New positions for some design elements in comparison 

with P-225. Printer: Crane Currency. 

Face value € 3.05 – $3.99 


◊ 100,000 Guaranies 2007 

New type. San Rogue Gonzalez de Santa Cruz on front, Itaipu 

dam and stylised sun on back. Series D. Motion-security strip on 

front (elements on strip “move” when note is tilted in the light). 

New positions for some design elements such as face-to-back 

register in comparison to P-227. Printer: Crane Currency. 

Face value € 15.27 – $19.94 


Sierra Leone 

5000 Leones 27.04.1997 

Like P-21, but with minor changes and new date. Additional 

silver security element to right of portrait on front. 

Face value € 1.24 – $1.61 

5000 Leones 15.07.1998 

Like P-21, but with minor changes and new date. Additional 

silver security element to right of portrait on front. 

Face value € 1.24 – $1.61 

10,000 Leones 04.08.2007 

Design like P-29, but with new date. Signatures unchanged. 

Printer: DLR (unchanged). 

Face value € 2.47 – $3.23 


Courtesy of Andrew Roberts 

Switzerland 

10 Franken 2006 

Design like P-67, but with year 2006 (first two digits of serial number 

indicate the year of issue). Found signature: 74 (Raggenbass and Roth). 

Face value € 6.57 – $8.58 

200 Franken 2006 

Design like P-73, but with year 2006 (first two letters of serial number 

indicate the year of issue). Signatures: 74 (Raggenbass and Roth), 76 

(Raggenbass and Blattner) and 77 (Raggenbass and Hildebrand). 

Face value € 131.39 – $171.57 

Courtesy of Christof Zellweger 

Tonga 

◊ 1 Pa’anga (2009) 

Issue date: 21.01.2009 

New type. Green. King George Tupou V and arms on front. 

Humpback whale on back. Size: 150 mm x 70 mm. Signatures: 

Feleti Vaka’uta Sevele as PALEMIA ‘O TONGA and ‘Otenifi 

Afu’alo Matoto as MINISITA PA’ANGA. Watermark: King 

George Tupou V and letters NRBT. Printer: DLR. 

Face value € 0.35 – $0.46 

Courtesy of Steffen Simon 

◊ 2 Pa’anga (2009) 

Issue date: 21.01.2009 

New type. Red. King George Tupou V and arms on front. Students 

in front of a school and rugby player on back. Size: 150 mm x 70 

mm. Signature: Feleti Vaka’uta Sevele as PALEMIA ‘O TONGA and 

‘Otenifi Afu’alo Matoto as MINISITA PA’ANGA. Watermark: King 


Face value € 0.71 – $0.92 



◊ 5 Pa’anga (2009) 

Issue date: 21.01.2009 

New type. Purple. King George Tupou V and arms on front. Royal 

burial tombs (Langi) in Mu’a on Isle of Tongatapu on back. Size: 

150 mm x 70 mm. Signatures: Feleti Vaka’uta Sevele as PALEMIA 

‘O TONGA and ‘Otenifi Afu’alo Matoto as MINISITA PA’ANGA. 

Watermark: King George Tupou V and letters NRBT. Printer: 

DLR. 

Face value € 1.77 – $2.31 


◊ 10 Pa’anga (2009) 

Issue date: 21.01.2009 

New type. Light blue. King George Tupou V and arms on front. 

Statues on pedestals on back. Size: 150 mm x 70 mm. Signature: 

Feleti Vaka’uta Sevele as PALEMIA ‘O TONGA and ‘Otenifi 

Afu’alo Matoto as MINISITA PA’ANGA. Watermark: King 


Face value € 3.53 – $4.62 


◊ 20 Pa’anga (2009) 

Issue date: 21.01.2009 

New type. Brown. King George Tupou V and arms on front. 

Headquarters of National Reserve Bank of Tonga in Nuku’alofa on back. 

Size: 150 mm x 70 mm. Signatures: Feleti Vaka’uta Sevele as PALEMIA 

‘O TONGA and ‘Otenifi Afu’alo Matoto as MINISITA PA’ANGA. 

Watermark: King George Tupou V and letters NRBT. Printer: DLR. 

Face value € 7.07 – $9.23 


◊ 50 Pa’anga (2009) 

Issue date: 21.01.2009 

New type. Light green and yellow. King George Tupou V and arms 

on front. Royal Palace on back. Size: 150 mm x 70 mm. Signatures: 

Feleti Vaka’uta Sevele as PALEMIA ‘O TONGA and ‘Otenifi Afu’alo 

Matoto as MINISITA PA’ANGA. Watermark: King George Tupou 

V and letters NRBT. Printer: DLR. 

Face value € 17.67 – $23.08 



United Arab Emirates 

100 Dirhams 2008 – AH 1429 

Design like P-28, but with year 2008. New signature of Khalil 

Foulazi as Chariman of the Board of Directors. Coat of arms 

altered, with redrawn eagle and changes to the shield, which now 

contains the UAE flag surrounded by seven stars. 

Face value € 20.85 – $27.22 

Courtesy of Amal Mehilba 

Old arms at the left and new arms at the right. 

Vietnam 

10,000 Dong 2008 

Design like P-119, but with year 2008 (the first two digits of 

serial number indicate the year). 

Face value € 0.43 – $0.56 

Courtesy of Vinh Nguyen 

20,000 Dong 2008 



Face value € 0.86 – $1.12 


100,000 Dong 2008 



Face value € 4.29 – $5.61 


500,000 Dong 2008 



Face value € 21.47 – $28.03 


Zimbabwe 

Currency reform: 1 new Dollar = 1 Trillion old Dollars 

Old banknotes can co-circulate until 30.06.2009. All business 

entities were required to show the prices of goods and services in 

both currencies from 02.02.2009 to 28.02.2009. 

Banknotes do not really circulate and the Rand from South 

Africa, Pula from Botswana and Dollar from the US are widely 

used. Because of the non-circulation of the Zimbabwean currency 

the black money exchange market collapsed with the last known 

rate (02.02.2009) being 1 Dollar = 300 ZWD (the official 

exchange rate at the time of compilation was $1 = 22 ZWD). 

All new Zimbabwean banknotes have the following security 

devices: color shift stripe with letters RBZ on front, color-shifting 

Zimbabwe bird in former watermark area, see-through chevrons 

on either side. No watermark. Signature: Gideon Gono. 

◊ 1 Dollar 2009 

Issue date: 02.02.2009 

New type. Turquoise. Chiremba Rocks in Matapos National Park 

on front. Village scene with two workers (like P-2) on back. Face 

value € 0.003 – $0.004 




Issue date: 02.02.2009 

New type. Green with orange underprint. Chiremba Rocks in 

Matapos National Park on front. Kariba Dam and reservoir and 

tigerfish (like P-1) on back. 

Face value € 0.01 – $0.02 


◊ 10 Dollars 2009 

Issue date: 02.02.2009 

New type. Red. Chiremba Rocks in Matapos National Park on 

front. Ruins of Great Zimbabwe (like P-8) on back. 

Face value € 0.03 – $0.04 


◊ 20 Dollars 2009 

Issue date: 02.02.2009 

New type. Dark blue on light blue underprint. Chiremba Rocks 

in Matapos National Park on front. Power station in Hwange 

(like P-10 and P-11) on back. 

Face value € 0.06 – $0.08 


◊ 50 Dollars 2009 

Issue date: 02.02.2009 

New type. Purple. Chiremba Rocks in Matapos National Park on 

front. Power station in Hwange (like P-10 and P-11) on back. 

Face value € 0.14 – $0.19 



◊ 100 Dollars 2009 

Issue date: 02.02.2009 

New type. Brown. Chiremba Rocks in Matapos National Park on front. 

View of Harare and Freedom Flame monument (like P-3) on back. 

Face value € 0.29 – $0.38 



Issue date: 02.02.2009 

New type. Green on yellow underprint. Chiremba Rocks in 

Matapos National Park on front. Elephants (like P-12) on back. 

Face value € 1.44 – $1.88 


Updates 

Notes announced in former IBNS Journals where scans were not 

available at the time of publication. 

Bosnia-Herzegovina 

10 Konvertibilnih Maraka 2008 

Design like P-63, but with year 2008. Signature: Kemal Kozaric 

as GUVERNER. 




as GUVERNER. 




as GUVERNER. 





as GUVERNER. 


Macao 

20 Patacas 08.08 2008 

New type. Ruins of Sao Paulo Cathedral on front; Banco da China 

Macao headquarters building on back. 


50 Patacas 08.08 2008 

New type. Lighthouse Farol da Guia on front; Banco da China 

Macao headquarters building on back. 


1000 Patacas 08.08 2008 

New type. Old Senate building on front; Banco da China Macao 

headquarters building on back 


Moldova 

50 Lei 2008 




100 Lei 2008 



Saint Thomas & Prince 

100.000 Dobras 2008 

New type. Francisco José Tenreiro on front; White tower in Prince 

on back. 


Zambia 

50.000 Kwacha 2008 



Zimbabwe 

20.000.000.000 Dollars 2008 

New type. Chiremba Rocks on front; ruins of Great Zimbabwe 

and Botanic Garden on back. 


50.000.000.000 Dollars 2008 

New type. Chiremba Rocks on front; ruins of Great Zimbabwe 

and headquarters of Reserve Bank on back. 



10.000.000.000.000 Dollars 2008 

New type. Chiremba Rocks on front; headquarters of Reserve 

Bank and ruins of Great Zimbabwe on back. 


20.000.000.000.000 Dollars 2008 

New type. Chiremba Rocks on front; miner and grain storage 

facility on back. 


50.000.000.000.000 Dollars 2008 

New type. Chiremba Rocks on front; Kariba Dam and elephant on back. 


100.000.000.000.000 Dollars 2008 

New type. Chiremba Rocks on front; Victoria Falls and buffalo on back. 



Banknotes of Mali 

Weldon Burson 4686 

Geography 

The Republic of Mali is a West African country four-fifths the 

size of Alaska with a population of about 11 million. Much of its 

territory lies in the Sahara and the only fertile area is along the 

Niger and Senegal rivers in the south. The capital is Bamako— 

other major cities include Mopti, Gao, and Timbuktu. 

History 

Caravan routes have passed through Mali since A.D. 300. The 

Malinke Empire ruled parts of the area from the 12th to the 16th 

century, and the Songhai Empire reigned over the Timbuktu- 

Gao region in the 15th century. Morocco conquered Timbuktu 

in 1591 and ruled until French colonization at the end of the 

19th century. The current area of Mali was called Upper Senegal 

and Niger from 1900 until 1920, when it was renamed French 

Soudan. It was a province of the colony of French West Africa, 

whose capital was originally St. Louis and subsequently Dakar. On 

20 June 1960, the province became independent and formed with 

Senegal the Federation of Mali. When the federation dissolved 

after only three months, it adopted the name of Republic of Mali 

on 22 September, 1960. 

Government 

In the 1960s, Mali pursued markedly left-wing policies under 

President Modibo Keita. Keita was overthrown in 1968 and 

the military ruled until 1991, when dictator Moussa Traoré was 

ousted. The country then made a peaceful transition to democracy 

and has had a popularly-elected government since that time. The 

current president is the popular and respected Amadou Toumani 

Touré who was elected in 2002 and re-elected in 2007. 

Economy 

Mali’s per capita gross domestic product (GDP) of US$470 places 

it among the world’s 10 poorest nations. Agricultural activities 

occupy 70% of the labor force. Despite adverse conditions 

(drought, declines in cotton prices, and the closure of import/ 

export routes through the Ivory Coast), political stability and 

market-oriented policies have led to steady economic growth over 

the past 15 years. 

Emergency issues for Upper Senegal – Niger and French Soudan. 

Banque De L’Afrique Occidentale (BAO) 

The semi-private Banque de l’Afrique Occidentale (BAO) succeeded 

the Banque du Senegal in 1903 and was licensed by the French 

Government to issue notes for African colonies. Most of the notes 

which circulated in the Mali area from 1903-1932 were issued 

at St. Louis or Dakar. The BAO opened a branch in Bamako in 

1925, but no notes were issued there. After 1933, general issues 

for French West Africa were the circulating currency. 

Notes of the Banque de l’Afrique Occidentale such as this French West 

Africa 5F issued at Saint Louis circulated in Mali during the colonial period, 

but none were issued there. 

Emergency Issues 

A shortage of coins during World War I led to the issuance of 

small-value banknotes throughout France and its colonies. In 1917, 

emergency notes of 0.50, 1, and 2 francs were authorized for all 

West African colonies. A 50-centime note was issued in 1919 for 

Upper Senegal and Niger. In 1922, another 50-centime note was 

issued with the new name of French Soudan. Both notes were 

printed by Chaix of Paris and are quite rare. One- and two-franc 

notes are not known. Signatures on these notes are as follows: 

Upper Senegal and Niger Le Tresorier-Payeur 

Marcel Rouffle 

French Soudan Le Tresorier-Payeur 

Marcel Rouffle 

Le Lt-Gouverneur 

Louis Periquet 

Le Lt-Gouverneur 

August Brunet 


Early BCEAO Issues (1959-61) 

In 1955, France transferred emissions authority for French West 

Africa from the BAO to the new Institut d’Emission de l’Afrique 

Occidentale Francais et du Togo. The Bank of France designed and 

printed a new series of notes for the region. The Institut d’Emission 

was converted in 1958 to the Banque des Etats de l’Afrique de l’Ouest 

(BCEAO) to serve as a central emissions authority for the soon-to-beindependent 

West African colonies. The 1955 designs were continued 

as a common currency for all eight member countries. After an initial 

issue in 1959, the BCEAO decided it needed to identify emissions for 

individual countries. An overprint system such as that used for other 

French colonies was originally considered. This approach, however, 

was eventually rejected because of fear that notes with one country’s 

overprint might not be fully accepted in other member countries. 

As a result, the BCEAO adopted a code letter system to identify the 

country of issue. Mali was assigned the letter “D”. The new notes 

were printed by the Bank of France and began circulating in 1959. 

Only five issues are known for Mali before it seceded from the 

BCEAO in 1962. All are extremely rare. 

The BCEAO originally considered an overprint system for its notes. 

The only example known of the Mali 1000 francs dated 1961 (West 

African States 403Db). 

Banque de la Republique du Mali (1962-68) 

In his push leftward, President Modibo Keita pulled Mali out of 

the BCEAO in 1962. BCEAO notes in circulation were recalled 

and destroyed. Severe penalties were applicable for anyone who 

continued to hold BCEAO notes—several businessmen were 

executed. New notes, printed by Statni Tiskarna Cenin in Prague 

and bearing Keita’s portrait at left, were issued by the Mali central 

bank. The notes were pre-dated to the founding of the Republic 

of Mali on 22-9-1960. 

First series 500 francs note (Mali 3) issued by the Banque de la Republique 

du Mali. 

A second series of notes was issued in 1967, similar to the 

first, but with Keita’s portrait at right and printed by Thomas de 

la Rue. Only one week was given to exchange the old notes and 

many people, especially in remote areas, saw their savings wiped 

out as a result. Although Keita was overthrown by a military coup 

in late 1968 and the central bank renamed, these notes continued 

to circulate until 1971, when replacements became available. 

Banque de la Republique du Mali notes carry the following signatures: 

Sign. 1 Ministre des 

Finances 

Attaher Maiga 

Sign. 2 Min. des Finances 

Attaher Maiga 

Le Gouverneur 

Lamine Sow 

Ministre d’Etat 

Jean Marie Kone 

Le Gouverneur 

Alpha Oumar 

Cisse 

Second series 1000 francs note (Mali 9) issued by the Banque de la 

Republique du Mali. 


Banque Centrale du Mali (1968-84) 

Following the overthrow of Keita, a new central bank was 

established in 1968 under the tutelage of the French Government. 

It adopted more traditional emissions and foreign exchange 

procedures with less promotion of special government projects. As 

a price for guaranteeing convertibility of the Malian franc, France 

assumed authority to designate both the director-general of the 

bank and half the administrative board. The appointed directorsgeneral 

were all French until 1983. (Only after an agreement had 

been reached for Mali’s re-entry into the BCEAO was a Malian 

named director-general.) 

New notes were ordered from the Bank of France and placed 

in circulation beginning in late 1970. Because these notes are both 

scarce and colorful, they are highly sought-after by collectors and 

recently have appreciated rapidly in value. They are undated, but 

carry seven additional signature combinations: 

Le Directeur General Le President du Conseil 

Sign. 3 Paul Marquis Abdoulaye Sangare 

Sign. 4 Georges Dussine Abdoulaye Sangare 

Sign. 5 Georges Dussine Oumar Makalou 

Sign. 6 Andre Clary Oumar Makalou 

Sign. 7 Andre Clary Ibrahim Bocar M’ba 

Sign. 8 Raymond Miege Ismaila Kanoute 

Sign. 9 Younoussi Toure Abdoulaye Sow 

Signature 3 (1970) appears only on the 10000 francs note; 

signature 9 (1983) only on the 500 and 10000 francs. 

This 5000 francs (Mali 14a) issued by the Banque Centrale du Mali is in 

demand because of its colorful design. 

BCEAO (1984-present) 

After the 1968 coup, an agreement between Mali and France had 

called for return to the BCEAO within five years. In fact, the 

reintegration took 16 years. Throughout the 1970s, Burkina Faso 

(Upper Volta) blocked re-admission because of a border dispute. 

Mali finally rejoined the BCEAO in June, 1984 and notes were 

again issued with the “D” code letter. Since 1984, Mali has been 

fully integrated into the BCEAO system. Because re-entry was 

almost achieved several years earlier, the first set of new “D” notes 

had already been printed and carry 1981 dates. The 5000 and 

10,000 franc BCEAO notes are printed by the Bank of France; 

most of the lower denomination notes by Oberthur. 

The Bamako branch typifies the avant-garde architecture of BCEAO offices. 

The following second-series BCEAO notes are known with a 

“D” code letter (10,000- franc notes are undated): 

Date Sign. 500 fr 1000 fr 5000 fr 10000 fr 

1981 15 X X X X 

1981 17 X X 

1984 17 X 

1984 18 X X 

1985 19 X X X X 

1986 20 X X X X (2-digit) 

1987 20 X X X X (3-digit) 

1988 14 X X X X 

1989 14 X 

1989 21 X X X 

1990 21 X 

1990 22 X X X 

1991 22 X 

1992 23 X 

1992 24 X 

A third series of BCEAO notes began in 1991 and continued 

through 2003. Signatures were moved to the back of the notes, 

and the year indicated by the first two digits of the serial number. 

A new 2500 francs denomination was issued, but rejected by the 

public and discontinued after three years. Counterfeiting was a 

major problem for the 10,000- franc note of this series. 


The key to identifying this high-grade counterfeit is the open”4” in the 

serial number; also the signature does not fit the date. 

The following third-series notes are known with a “D” code letter: 

Date Sign. 500 fr 1000 fr 2500 fr 5000 fr 10000 fr 

1991 22 X X 

1992 23 X X X X X 

1992 25 X 

1993 25 X X X X 

1994 26 X X 

1994 27 X X X 

1995 27 X X X X 

1996 28 X X X X 

1997 28 X X X X 

1998 28 X X X X 

1998 29 X X 

1999 29 X X X X 

2000 30 X X X X 

2001 30 X X X X 

2002 31 X X X 

2003 31 X X X 

Mali is the only country for which the BCEAO issued a 500-franc note 

dated 2003. 

A fourth series began in 2003. The 500-franc note was 

discontinued and replaced by a coin. A new 2000 francs issue was 

introduced and thus far has been much better received than the 

2500 denomination of the previous series. Years of issue are again 

indicated by the first two digits of the serial number. The tiny 

2003 on the reverse represents the start of the series and is not a 

date of issue. Examples with a “D” code letter: 

Date Sign. 1000 fr 2000 fr 5000 fr 10000 fr 

2003 32 X X X X 

2004 32 X X X X 

2005 33 X X X X 

2006 33 X X X X 

2007 34 X X X X 

The new 2000-franc denomination appears to have gained acceptance. 

Signatures 

The following signatures exist for BCEAO notes issued for Mali (these 

signatures have no relation to the signatures on Republic of Mali notes): 

(1959-61) 

Sign. 1 

(1981-present) 

Sign. 14 

Le President 

Robert Tezenas du 

Montcel 

Le President du Conseil 

Abdoulaye Kone 

Le Directeur General 

Robert Julienne 

Le Gouverneur 

Abdoulaye Fadiga 

Sign. 15 Edmond Ky Abdoulaye Fadiga 

Sign. 17 Moussa Tondi Abdoulaye Fadiga 

Sign. 18 Boukary Adji Abdoulaye Fadiga 

Sign. 19 Mamadou Toure Abdoulaye Fadiga 

Sign. 20 Komla Alipui Abdoulaye Fadiga 

Sign. 21 Abdoulaye Kone Alassane Ouattara 

Sign. 22 Idelphonse Lemon Alassane Ouattara 

Sign. 23 Frederic Korsaga Alassane Ouattara 

Sign. 24 Paul Dossou Alassane Ouattara 

Sign. 25 Roch Marc Kabore Alassane Ouattara 

Sign. 26 Roch Marc Kabore Charles Konan Banny 

Sign. 27 Soumaila Cisse Charles Konan Banny 

Sign. 28 Niamien Ngoran Charles Konan Banny 

Sign. 29 Ide Gnandou Charles Konan Banny 

Sign. 30 Abdoulaye Diop Charles Konan Banny 

Sign. 31 Kossi Assimaidou Charles Konan Banny 

Sign. 32 Ayaovi Tignopka Charles Konan Banny 

Sign. 33 Gregoire Laorou Charles Konan Banny 

Sign. 34 Jean-Baptiste Compaore Damo Justin Baro 

Note: This article is an adaptation of an exhibit presented at the 2008 

Memphis Paper Money Show. For questions or comments concerning 

this article, please contact the author at wburson@earthlink.net 


Wanted to Purchase 

Hong Kong Macau 

China Foreign Banks China 

Rare banknotes from Hong Kong, in particular prior to 1900. 

Macau, particularly notes of the first issue by Barclay & Fry 1905-1941. 

China foreign banks, particularly proofs, specimens, and issued notes prior to 1900. 

China, scarce and rare notes from all government, provincial, and local banks. 

Please contact us, or meet us at the New York International in January, the London IBNS 

Congress in October, or at auctions in Hong Kong, Singapore, and Beijing, or elsewhere. 

William Barrett 

wbarrett@videotron.ca 

Box 9 Victoria Station 

Montreal, Quebec, CANADA H3Z 2V4 

TEL: 514-937-4131 FAX: 514-937-8075

Foreign Banks in China 

Part III – Republic of China Issues (1912-1945) 

John E. Sandrock 26-C 

While the old established banks were contending with 

their own problems, the Americans, Japanese, and 

Europeans entered Chinese banking as new partners 

eager to share in the lucrative oriental market. Passage of the 

Federal Reserve Act in 1913 gave American banks the right to 

establish offices in foreign countries. At this point the United 

States, Great Britain, France and Japan organized an International 

Banking Consortium in order to balance financial power in 

China. Numerically, American and Japanese banks outnumbered 

the European banks, changing the old financial structure. Only 

Table 1 – Foreign Banks in the Republic of China (1912 – 1942) 

a select few banks retained the right to print and circulate their 

own paper money within China. For a list of all foreign banks 

operating in China during the Republican era see Table 1. 

The American Foreign Banks of the Republican Era 

Of the new foreign banks established in China between the two 

World Wars, nine were from the United States, two from Japan 

and one each from France, Italy and Norway. One bank was of 

uncertain origin (see Table 1). We shall discuss them in order. 

Of the American banks, the largest was the American Oriental 

Banking Corporation. Incorporated in 1917, the AOB was in reality 

Issuing Authority and (Branches) Parent Country Dates Denominations 

American Oriental Bank of Fukien (Foochow) United States 1922 1, 5, 10 dollars 

American Oriental Bank of Shanghai (Shanghai) United States 1919 

1924 

1, 5, 10 dollars 

1, 5, 10 dollars 

American Oriental Bank of Tientsin (Tientsin) United States 1924 5 dollars 

American Oriental Bank of Szechuan (Chungking) United States 1922 1, 5, 10 dollars 

Asia Banking Corporation (Changsha, Hankow, Peking, Shanghai, 

Tientsin) 

United States 1918 1, 5, 10, 20, 50, 100 dollars 

Asiatic Commercial Bank (Shanghai) United States 1926 1, 10 dollars 

Bank of Canton, Ltd. (Hankow, Shanghai, Swatow) United States 1917 1, 5, 10, 50, 100, 500 dollars 

1920–1922 1, 5, 10, 50, 100 dollars 

China Specie Bank, Ltd. (Shanghai) Britain? 

USA? 

1922 1, 5, 10, 50, 100 dollars 

Chinese American Bank of Commerce (Hankow, Harbin, Peking, 

Shanghai, Shangtung, Tientsin) 

United States 1920 1, 5, 10, 50, 100 dollars 

Chinese Italian Banking Corporation (Hankow) Italy 1921 1, 5, 10, 50, 100 yuan 

Bank of Chosen 

Japan 

1911 1, 5, 10 gold yen 

(Various Manchurian Offices) 

(Korea) 1916 10, 20, 50 sen 

1919 10, 20, 50 sen 

Credit Commercial Sino-Français (Peking) France 1923 1, 5, 10 yuan 

Bank of East Asia, Ltd. (Hong Kong, Shanghai) Great Britain 1924 1, 5, 10, 50, 100 dollars 

Exchange Bank of China (Peking, Tientsin) Japan 1920 1, 5,10, 50, 100 dollars 

1928 10, 20 cents 

Industrial and Commercial Bank (Hankow, Shanghai) United States 1921 1, 5, 10 dollar 

Banque Industrielle de Chine (Canton, Hankow, Mukden, Peking, 

Shanghai, Swatow, Tientsin) 

France 1914–1920 1, 5, 10, 50, 100, 500 dollars 

Mercantile Bank of India (Hong Kong, Shanghai) Great Britain 1916–1924 1, 5, 10, 50, 100 dollars 

National City Bank of New York (Canton, Hankow, Harbin, Peking, United States 1928–? taels, dollars; precise 

Shanghai, Tientsin) 

denominations unknown 

National Commercial and Savings Bank (Hankow, Shanghai) Great Britain 1924 1, 5, 10, 50, 100 dollars 

Park-Union Foreign Banking Corporation (Shanghai) Canada 

USA 

1922 10, 50 dollars 

Sino-Scandinavian Bank (Ch’ang Li, Chinwangtao, Peking, Suiyan, Norway 1922 1, 5, 10 yuan 

Tientsin, Yungchi, Yungtsun) 

1925 10, 20, cents 

1926 16, 30, 32, 48, 50, 80 copper coin 

Note: Italicized denominations are illustrated in this article. 


a group of four different banks, each with its 

own business interests and right to issue bank 

notes. These four were the American Oriental 

Bank of Shanghai, the American Oriental Bank 

of Fukien, the American Oriental Bank of 

Szechuan and the American Oriental Bank of 

Tientsin. The Shanghai bank (three-fourths 

American owned and one-fourth Chinese 

owned) focused on the import and export of 

trade goods. The Szechuan bank was set up 

in 1921 with an authorized capital of one 

million gold dollars. As the only foreign bank 

west of Hankow, it acted as the major foreign 

exchange and deposit bank for western China. 

The Chinese partners bought out the Szechuan 

bank in 1932, at which time it became a 

Chinese institution. 

The American Oriental Bank of Fukien, 

established in 1922, also had a capitalization 

of one million gold dollars. It was jointly 

owned with fifty-two percent of the ownership 

American. It is believed the Fukien bank did 

a large remittance business with Chinese- 

Americans who had immigrated to America 

from the Fukien-Kwangtung area from 1850 

onwards. The immigrants provided cheap 

labor for the building of railroads in the 

west, and in the goldfields, after gold was 

discovered in California in 1849. In fear that 

the Chinese wave of immigration posed a 

threat to Western civilization—a crisis known 

as the “yellow peril”—Congress passed the 

Chinese Exclusion Act of 1882 halting further 

immigration. Those already in the USA sent 

part of their wages from the railroads, gold 

fields, laundries and restaurants, back to 

Chinese relatives via the American Oriental 

Bank branches. 

The function of the American Bank of 

Tientsin is unknown. It must have been a 

small operation, as only one bank note is 

known to have been issued there—a 5 dollar 

note dated 1924. American Oriental Banks 

of Shanghai, Fukien and Tientsin closed in 

1935 as a result of the failure of their foreign 

exchange business, brought about by China’s 

abandonment of the silver standard. 

The Bank of Canton, Ltd. was founded by 

Chinese Americans. The principal founders 

were the Fok family of San Francisco. This 

was a breakthrough for Chinese entrepreneurs 

inasmuch as the bank was the first totally 

Chinese foreign-owned bank in China. 

Branches were set up in Shanghai (1917) and 

Hankow and Swatow (1922). All branches 

issued bank notes of 1, 5, 10, 50 and 100 

dollar denominations, with the Shanghai 

branch having a 500-dollar note as well. These 

attractive notes featured the Shanghai Bund 

on the obverse and a view of Hong Kong 

with Victoria Peak in the background on 

the reverse. When China went off the silver 

standard in 1935, the bank failed along with 

Bank of Canton 10-dollar note of the Shanghai branch dated 1917. 

American Oriental Bank of Szechuan 1 silver dollar note (front and back) and an American 

Oriental Bank of Fukien 10-dollar note, both dated 1922. 


several others. In 1936, Dr. T.V. Soong, reorganized the Bank of 

Canton, reopening it with additional branches in Hong Kong and 

Macao. By then its right to issue bank notes had been revoked. 

As the twentieth century opened, American businessmen, 

encouraged by American diplomats in China, increasingly sought 

to profit from the Chinese market by taking on Chinese partners, 

a difficult task usually ending in failure. An exception was the 

Chinese-American Bank of Commerce. This joint-venture bank, 

founded in 1910, was organized with Chinese and Americans 

each providing half the capital. Registered in Peking , it obtained 

permission to issue its own notes in China. The firm proved that 

despite great difficulties, self-interest, ideal circumstances, and 

luck could overcome the problems that usually defeated others. 

Shortly after its founding, the bank moved its headquarters from 

Peking to Shanghai to escape the political atmosphere of the 

capital, while seeking greater commercial freedom in Shanghai. 

The bank maintained branches in Hankow, Harbin, Peking, 

Shanghai, Shangtung and Tientsin. Bank notes of 1, 5, 10, 50 

and 100 dollars, dated 15 July 1920, were produced. 

The position of Executive Director was held by a North 

Carolinian, James A. Thomas. Earlier in his career, Thomas gained 

a reputation as an ingenious salesman for the American Tobacco 

Company. He was originally sent to China in 1897 to explore the 

Asian market. Later his company merged with the British Tobacco 

Company to form the British American Tobacco Company (BAT), 

which became one of the most successful foreign undertakings in 

China. Thomas had been the Managing Director of BAT from its 

beginning in 1905; when in 1920, he obtained a leave-of-absence 

from BAT to organize the Chinese-American Bank of Commerce. 

His Southern friends were looking for new export opportunities for 

American hand-rolled cigarettes and were eager to have their own 

bank in China to facilitate their business. As Thomas later wrote: 

“It was obvious to me that China was changing all the time and I 

never thought of refusing to go wherever my company sent me. I was 

carried along by wanderlust and the desire to establish new markets 

for American cigarettes”. 

James Thomas was also quite the philanthropist. From his 

Shanghai office, he helped found two schools, a medical college, and 

a famine-relief committee. Perhaps more than anyone else, he was 

also responsible for introducing a nation to a smoking habit that 

persists today. 

The bank produced two separate issues, all in dollar 

denominations. The principal vignette on the first issue was a rosette 

motif at the center flanked by a Chinese shield and laurel wreath at 

left, and a small Statue of Liberty at right. In the second issue, the 

Chinese shield is retained and the Statue of Liberty enlarged within 

an oval, with ships and an airplane in the background. 

Chinese-American Bank of Commerce 5 dollar, second issue, Shanghai 

note of 1920. 

By 1929, Chinese-American Bank of Commerce investors, upset 

that the bank lacked a clear business direction for the future and 

tired of internal squabbles, sold off their stock. The bank was forced 

to close shortly thereafter. Most of the bank’s notes were redeemed. 

Of the Industrial and Commercial Bank, Limited, almost 

nothing is known. Despite my research, I could find no references 

to this bank, other than the fact that it maintained an office 

in Shanghai at number 24 on the Bund, where it built an 

imposing building in 1924. The bank also had a Hankow office, 

which issued 1-, 5-, and 10-dollar notes in “local currency” 

dated 1 January 1921. Another reference stated this bank was 

the successor to the Chinese-American Bank of Commerce. 

Apparently the bank survived the Japanese occupation of China 

during World War II, or perhaps had been taken over by Chinese 

interests by that time, because it has emerged today as the largest 

bank in the People’s Republic of China. 

The American-owned Industrial and Commercial Bank, Ltd. remains 

somewhat of a mystery in that so little is known of its operations in China. 

Little, too, is known of the Park-Union Foreign Banking 

Corporation. It was another joint-venture bank organized to operate 

in China, and jointly owned by the National Park Bank of New 

York and the Union Bank of Canada with headquarters in New 

York. A Shanghai branch was opened on 1 October 1919. Only 

recently have this bank’s notes been discovered. A set of notes was 

printed on the Shanghai branch in denominations of 10 and 50 

dollars “local currency”. These are known only in specimen form, 

which leads me to believe they never saw circulation in China. 

The bank was obviously less than a success, as a few short years 

later, the New York Times carried the following story in its business 

section on 15 March 1922 under the banner: Park-Union to Quit 

the Foreign Field 


“Directors of the Park-Union Foreign Banking 

Corporation, jointly owned by the National Park Bank 

and the Union Bank of Canada, decided yesterday to 

wind up its affairs on 1 April, and announced that after 

that date its business will be conducted at the offices of 

the Asia Banking Corporation, 35 Broadway. 

“The Park-Union, feeling that the foreign field is 

limited under present business conditions, intends to 

withdraw gradually from its activities under the above 

management. The capital of the institution being wound 

up was $4,000,000. The closing of Park-Union makes 

it the fourth bank organized in 1919 to quit the foreign 

trade business and liquidate.” 

The Park-Union Foreign Banking Corporation was an American-Canadian 

joint-venture bank with an office in Shanghai. Bank notes were prepared, 

but never saw circulation before the bank was liquidated. 

The Asia Banking Corporation was established in 1918 with 

its China headquarters in Shanghai. This American bank was 

organized to promote the export of United States’ goods to 

China. In addition to the Shanghai office, the bank established 

branches in Changsha, Hankow, Peking, and Tientsin, the 

traditional commercial centers. It circulated bank notes in 

denominations of 1, 5, 10, 20, 50 and 100 dollars throughout 

China. Capitalization was in the amount of $4,000,000. 

In its second year of business, the Asia Banking Corporation 

severely disrupted the Shanghai market by excessive speculation 

in foreign exchange. Shortly thereafter the bank acquired the 

interests of the former Park-Union Foreign Banking Corporation. 

It could sustain operations only a few more years before it, too, 

was merged with outside interests. Its merger with the National 

City Bank of New York took place in 1924. 

Asia Banking Corporation 10-dollar note from its Shanghai branch dated 

1918. These handsome notes were the product of the American Bank 

Note Company. 

The Asia Banking Corporation’s headquarters was in Shanghai, although it maintained four other branches as well. The 5-dollar note is shown here. 


Another United States foreign bank operating in China of 

which nothing is currently known, is the Asiatic Commercial 

Bank. That it maintained a branch in Shanghai in 1926 is 

substantiated by the existence of two of its notes (the 1 and 10 

dollar local-currency notes), which are depicted in the Standard 

Catalog of World Paper Money (SCWPM), Vol. 1. The designs 

used (the 10-dollar note depicts the popular Chinese floral 

vase motif) suggest that this was another venture of Chinese- 

Americans bent on trade with the mother country. 

Last, we come to another mystery, the National City Bank 

of New York. During World War I, European payments for war 

supplies furnished by the United States poured into New York 

City, gradually making it the world’s new financial capital. 

Although the National City Bank of New York entered the 

international business world at the turn of the century, it had 

not paid much attention to Asian markets. By acquiring the 

assets of the International Banking Corporation in 1915, it 

overnight became one of the largest foreign banks in China. 

Kann reported in the Far Eastern Economic Review that upon 

taking over, the National City Bank of New York acquired all 

the China branches of the International Banking Corporation 

and continued them under its own name. He goes on further to 

state “... It redeemed the former bank’s notes and issued others 

under its own name, both in taels and dollars. The excellent 

standing of the National City Bank of New York ensured an 

excellent reception for its fiat money, the volume of which was 

at no time large”. Kann surely knew of this first-hand as he 

spent a lifetime in residence in China while managing banks 

right up to World War II. Ji substantiates this in his book A 

History of Modern Shanghai Banking, where he states: “The 

several branches of the National City Bank of New York began 

to circulate notes in both local currencies of silver taels and 

dollars”. So the mystery is, if this were so, why has none of 

the National City Bank of New York notes ever been reported 

or illustrated? And why have none surfaced in numismatic 

collections? 

Shanghai branches of the Industrial and Commercial Bank (left) and the Russo-Asiatic Bank (right). 

British Banks of the Republican Era 

Successor to the Chartered Bank of India, London and China 

in 1893, the Mercantile Bank of India carried on from its head 

office in London. The Bank maintained branch offices in Hong 

Kong and Shanghai. The business scope of the Mercantile Bank 

of India was much narrower than that of its predecessor, however, 

concentrating on the triangular trade between India, China and 

the British Isles. At no time was the bank’s note issue large. This 

bank remained active until shut down by the Communists, along 

with all remaining European banks, in 1950. 

Ten dollar 1916 Shanghai branch issue of the Mercantile Bank of India. 

The National Commercial and Savings Bank was founded by the 

Chekiang Provincial Railroad Company in Hangchow in 1907 

to promote industry along the railway. It had a paid-up capital 

of 1 million Chinese dollars. The Shanghai branch was opened 

in August 1908. One month later the bank was granted the right 

to issue bank notes. The bank was unusual in that it placed 100 


percent cash reserves against its outstanding notes, an extremely 

conservative measure, making this bank one of the soundest 

financial institutions. Its other source of income came from its 

real-estate business. Considerable profits were made through 

the purchase and development of Shanghai land for commercial 

and residential use. The National Commercial and Savings Bank 

exercised its right to issue notes in 1924, and stopped issuing 

them altogether after the national currency reform of 1935. 

At one point, due to a shortage of bank notes in circulation, 

the bank authorized its notes to be cut in half so they could 

circulate at one-half their face value. Each half had to be signed 

by a bank official to be accepted. Most whole notes in collections 

today are, in reality, two halves joined together. 

The British and Belgian Industrial Bank of China’s existence 

was discovered only when several of its bank notes surfaced 

unexpectedly. Kann reports that these notes, in the amount of 

5 and 10 taels, were issued at Changsha, the capital of Hunan 

province. It is not known if the bank ever opened its doors to 

business. Since Hunan province was intensely anti-foreign and 

noted for opposition to all things foreign, especially regarding 

control of the local financial market, it is quite possible that the 

bank was never permitted to operate there, despite the organization 

having been set up and Changsha bank notes printed. The notes 

may be seen by examining the SCWPM, Vol. 1. 

National Commercial and Savings Bank 5-dollar note of 1924 depicting the 

Great Wall of China on its obverse and two hemispheres on the reverse. 

In this example the serial numbers do not match due to the bank having 

earlier authorized its branches to cut their notes in half to fill a shortage of 

smaller denominations. 

The Bank of East Asia, Ltd. was founded at a time when British 

banking institutions dominated colonial Hong Kong. After World War 

I, the crown colony saw a rapid rise in the establishment of Chineseowned 

banks, founded to serve the island’s Chinese population. These 

were typically family owned. One of the first of these was the Bank 

of East Asia. Four families, the Lis, Wongs, Kans and Fungs joined 

together to found the bank in 1918. The headquarters was opened in 

Hong Kong at number 2 Queen’s Road in 1919, with other branches 

following in Shanghai, Saigon and Haiphong (French Indochina). 

The bank prospered during the 1920s and ‘30s, becoming one of the 

most prominent locally-owned banks. A new headquarters building 

was constructed in Hong Kong in 1935, underscoring the bank’s 

rise to prominence. This building may be seen on the reverse of the 

bank’s notes. The 1924 issue depicts a Shanghai street scene on 

the obverse and the new headquarters building on the reverse. 

Bank of East Asia specimen 50 dollar note from its Shanghai branch. The 

note shows a circa 1924 Shanghai street scene on its front. 

There are possibly other banks of British origin which did 

business in China and issued their own bank notes, but at this 

point I am not aware of them. It is always possible notes issued 

by one of these institutions will yet surface, adding another 

dimension to numismatic history. The above discussion was based 

upon all relative information available in the works of Kann and 

Ji as well as SCWPM, Volume 1 and various articles which have 

appeared on the internet. 

Other Foreign Banks of the Republican Era 

The newest Japanese entrant to China’s finances was the Exchange 

Bank of China. It was established in 1918 with a capital of 

10,000,000 Japanese yen. In sharp contrast to the previous 

Japanese government’s “tough demands” attitude toward China, 

the new cabinet installed in 1916 emphasized a spirit of economic 

cooperation. To this end a special banking group was formed 

consisting of the Exchange Bank of China, the Bank of Taiwan 

and the Bank of Chosen. This was a subterfuge, of course, to 

insure that China remained pro-Japan and to guarantee Japanese 

economic interests in Manchuria. The Japanese then made 

significant railway, mining and telegraph loans to China under 

the guise of Sino-Japanese friendship. 


Exchange Bank of China 5 dollars (front and back), Tientsin issue, of 1920. 

The principal reason for the formation of the Exchange Bank 

of China was to ensure the loans were paid off in a timely manner. 

The bank’s capital was paid-in by the Bank of Taiwan, the Bank 

of Chosen, various Chinese investors and even a northern warlord 

with a one million yen deposit! 

The Exchange Bank of China was granted the privilege of 

issuing its own bank notes. This was done at its branches in 

Peking and Tientsin in 1920, and again in 1928. Notes were 

issued in amounts of 10 and 20 cents, 1, 5, 10, 50 and 100 

dollars. They were the work of the Chinese Bureau of Engraving 

and Printing in Peking. The dollar denominated notes have a 

central vignette of a gate in a walled city, while the cent notes 

show a steamer at sea. 

Pro-Japanese sentiment was never high amongst the Chinese. 

When the Chinese military general Chang Cho-lin was killed 

by the Japanese Shantung military in 1927, a widespread anti- 

Japanese movement arose in China. The bank found itself unable 

to compete with other banks, and after a severe run on the bank 

in December 1928, it was forced to close. 

Another Japanese note-issuing bank was the Bank of Chosen. 

As mentioned above, it formed part of the consortium furnishing 

capital for Japanese business ventures in China. Originally designated 

the Bank of Korea in 1909 under Japanese protectorate status, it 

was renamed the Bank of Chosen as a Japanese government bank in 

1911. The bank was useful to the Japanese in their Chinese ventures. 

By changing the name to the Bank of Chosen in 1911, the Japanese 

avoided direct involvement in Chinese affairs by having its colonial 

bank carry out its business instead. 

Exchange Bank of China 20-cent note of 1928 (above) and the Tientsin 

10-dollar note (below). The color of the notes varied between the Peking and 

Tientsin branch. Another interesting anomaly was the use of control letters 

and symbols on the notes, such as “M”, “P”, “T”, “33”, “37”, etcetera. The 

20-cent (top of page) and 5-dollar (at left) notes shown here both contain 

the “P” overprint. 

Strictly speaking, this institution, with its multiple branches in 

China and Manchuria, never had a foreign note issue in terms of 

Chinese currency. Instead, it used the same gold-yen denominated 

notes which circulated at home in Korea. Bank of Chosen notes 

were the currency of Korea, but the Japanese maintained a fixed 

policy that they also be systematically spread through Manchuria 

as well. This practice ended when the Japanese installed China’s 

last emperor, Pu Yi, on the throne of their newly created buffer 

state Manchukuo. Commencing 1932 the Bank of Chosen 

withdrew its notes from Manchuria to accommodate the first 

issue of Central Bank of Manchukuo notes. 

Obverse of the Bank of Chosen 1 gold yen note showing an Old Man at right. 


Reverse of the 1 gold yen Bank of Chosen note. The Japanese circulated these notes widely in Manchuria, even though they were not specifically 

designated as Chinese currency. 

The Bank of Chosen maintained no fewer than sixteen 

branches—all in northern China. Principal offices included 

C’hang-chun, Harbin, Fuchiatien, Kirin, Manchuli and Tsitsihar. 

Notes issued were based on the Japanese gold yen. The bank notes 

were known to the Chinese as “laotou piao”, or old man money, 

because of the elderly Korean gentleman depicted on the note’s 

obverse. This bank ceased to exist after World War II. 

The only French bank to operate during the Republican 

regime in China (1911-1949) was the Credit Commercial Sino- 

Français. That it was a Chinese-French joint venture bank there 

is no doubt. It probably served French interests with the central 

government inasmuch as its sole office was located in Peking. 

From there it circulated a series of 1-, 5- and 10-yuan notes dated 

1923. The reverse of each note carries the inscription “Société 

Anonyme”, which translated means “limited company”, or “Ltd.” 

Research on my part could uncover no additional information 

relative to this bank. 

Now we come to the Chinese Italian Banking Corporation, 

which issued notes familiar to most collectors. This too was a 

joint-venture bank which operated under the Chiang Kai Shek 

republican regime — or did it? This is an open question, because 

the only notes that have ever appeared on the market are unissued 

remainders. The notes conspicuously carry no place of issue on 

their reverse. So what is the story? Did the bank ever function as a 

foreign bank in China? Did it have branch offices there, and if so, 

where were they located? Or, were the notes prepared and never 

used? The SCWPM states that the bank was organized in 1920 

and reorganized three years later as the Italian Bank of China 

— a bank which did not have authority to issue notes. No other 

known references are available to shed light upon the subject. For 

years I had assumed that, like the Park-Union Foreign Banking 

Corporation, the notes were prepared in anticipation of the bank’s 

doing business in China, and that for some reason plans changed 

and the bank never opened. 

France’s sole bank to operate in the Republic of China was the Credit Commercial Sino-Français. Its 1-yuan note of 1923 is shown here. Its note issue 

must have been extremely small. 


Well, now we know that wasn’t so because, by pure chance, a 

Chinese Italian Banking Corporation note unexpectedly surfaced, 

which proves the bank’s existence if only for a short period. Some 

years ago my old friend, Hank Barton, discovered a circulated 

Chinese Banking Corporation bank note in a dealer’s junk box. 

The note was what I would call a “rag”, definitely undesirable from 

a collector’s point of view. Being a serious Chinese note collector, 

Hank immediately recognized the note’s significance. There on the 

reverse of this well circulated, torn and contemporarily repaired rag 

of a note was the branch of issue—Hankow. Hank was very proud 

Chinese Italian Banking Corporation 5 yuan remainder note, together with Hank Barton’s 

note issued on the Hankow branch. Note the lower serial number on the issued note, 

and the signatures, which are lacking on the remainder. 

of the fact that he had proven the bank’s actual existence as a foreign 

bank in China. He later gave the note to me. I have illustrated its 

reverse here. Two series of remainders exist, all dated 1921, and 

without signatures or branch of issue. 

The last foreign bank of which we have a history is the Sino- 

Scandinavian Bank — and we wouldn’t have that if it was not 

for an Oslo University graduate student who decided to write his 

Master’s thesis on the Sino-Scandinavian Bank (1921-1927) – A 

Norwegian Bank in China? Bjørn Rønning’s welcome thesis sheds 

light on the bank where there was none before. 

Funding for the Sino-Scandinavian 

bank came mainly from Chinese 

entrepreneurs seeking trade with 

Scandinavia. The balance of capital was 

provided by Norwegian and Danish 

sources. Paid-in capital amounted to 

2,500,000 yuan in silver dollars. The bank 

was chartered by the Republic of China 

on 21 July 1921. Headquarters for the 

bank were set up in Peking and operations 

commenced on 7 January 1922. 

The Sino-Scandinavian bank’s 

business seems to have been limited to 

the Tientsin and Chingwangtao areas. 

There were seven branches in all, four 

of which issued only yuan notes. The 

Tientsin branch also issued 10- and 20cent 

notes, in addition to the standard 

1-, 5- and 10-yuan bills. Two branches, 

Chinwangtao and Yungtsun, issued 

small-change notes denominated only 

in copper coins. The denominations 

must have been tailored to the peculiar 

needs of each area, as the values 

differ from those normally used. 

Chinwangtao’s copper notes were for 

16, 30, 48 and 50 copper coins; while 

Yungtsun’s were in amounts of 16, 30, 

32, 48 and 80 coppers. These are most 

unusual multiples! 

Other variants make this series 

interesting for the collector. The 

yuan notes come in two varieties: 

those printed for original circulation 

and those overprinted with colorful 

guilloches— possibly a second 

issue, with the guilloches added to 

distinguish it from the first. Some 

notes also contain control overprints 

in the form of numbers and Chinese 

characters. Also, notes with a stated 

branch on their reverse were frequently 

overprinted for issue by a different 

branch, for example, “Peking” over 

“Tientsin”. 


The predominant feature of the 1-, 5- and 10-yuan notes was a 

vignette of a shoreline with a pagoda on a hilltop on the obverse, 

and a Viking ship on the reverse. The Tientsin 10- and 20- cent 

notes picture a stone bridge on their obverse, while the coppercoin 

notes feature the Great Wall of China on their reverse. The 

notes are signed by J.W.N. Munthe and Fartsan T. Sung. All were 

the product of the Bureau of Engraving and Printing in Peking. 

Johan Munthe was an interesting figure. He went to China 

in 1887 and participated in the Sino-Japanese War of 1894 

as a volunteer. His background in cavalry tactics, learned in a 

Norwegian non-commissioned officers’ school, earned him an 

instructor’s job in rebuilding and modernizing the Chinese army. 

In this position, he was a close associate of the Chinese Army 

chief, Yuan Shih-k’ai. When Yuan became the first president of 

the Republic of China, Munthe was made aide-de-camp with the 

rank of lieutenant-general. Eventually he became head of police 

forces guarding the legation headquarters in Peking, a position he 

held until 1935. Munthe signed all Sino-Scandinavian Bank notes 

as an officer of the bank. 

Fartsan Sung did not take office as Director until 1 July 1924. 

This suggests that most of the notes were released to circulation 

during or after 1924. The availability of such a large number of 

the bank’s notes at this late date, also suggests that the bank failed 

and was unable to redeem its notes. Ji verifies this when he states 

in his book “Affected by a severe bank run in Peking in 1928, the 

bank closed its business shortly thereafter.” He does not explain, 

however, why the run on the bank took place. 

Sino-Scandinavian 10 yuan, Peking branch note, dated 1 February, 1922. 

Overprinted second issue of the same 10 yuan note (at lower left) with 

added guilloche. This note is on the Tientsin branch. 

The 5-yuan issue of the Peking branch of the Sino-Scandinavian Bank 

overprinted “Yungchi Currency”. 

Sino-Scandinavian Bank, Tientsin, small-change 20-cent note (front and 

back), dated 1925. 


Sino-Scandinavian Bank, Yungtsun branch, 30-copper coin specimen note. 

Sino-Scandinavian Bank, Yungtsun branch, 80-copper coin note obverse. 

Sino-Scandinavian Bank, Yungtsun branch, 80-copper coins, specimen 

note reverse. 

The final foreign bank which prepared notes for circulation in 

China was the China Specie Bank, Ltd. I am aware of this bank 

only because of the proof notes it left behind. These notes appear 

in 1, 5, 10, 50 and 100 dollars “local currency”. No amount of 

research has otherwise confirmed its existence. My guess is this 

was a United States or British venture organized to capitalize 

upon Chinese and Western trade opportunities in the 1920s. In 

all probability, it was founded in the United States, as its proof 

notes were the product of the American Bank Note Company. 

These proof notes indicate that an office in Shanghai was at least 

contemplated. It’s likely the company never opened for business. 

China Specie Bank notes are very attractive. The obverse of the 

note shows fantasy Chinese silver dollars with the four characters 

“Chung Hua Kuo Pao” (China—one dollar) on the face. The 

one-dollar note contains a single dollar; the 5-dollar note, five 

silver dollars; and so on. The reverse of the notes display a scene 

containing a steam train with livestock in the foreground and 

windmills in the background. 

China Specie Bank, Ltd., 50-dollar proof note, dated October 1922. In all 

probability this bank was planned but, for some reason, never opened. 

Have we now exhausted our inquiry into the foreign note 

issuing banks of China? Maybe. What is the possibility that 

still unknown foreign banks, which circulated their currency 

in China, will surface in the future? I would say it is possible, 

but highly unlikely at this stage. Readers with additional 

information on China’s foreign note-issuing banks and their notes 

are encouraged to share this information with our readers by 

contacting the author or the editor of the International Bank Note 

Society Journal. 

Bibliography 

Arnold, Julien China – A Commercial and Industrial Handbook, 

Washington, D.C., 1926, Government Printing Office. 

Beyer, Erwin Die Banque Industrielle de Chine, Geschichte und 

Bank noten, Grafschaft, Germany, 2004, privately published. 

Beyer, Erwin The Sino-Scandinavian Bank: History and Bank 

notes, Grafschaft, Germany, 2004, privately published. 

Ferrin, A.W. Chinese Currency and Finance, Washington, D.C., 

1919 Government Printing Office. 

Ji, Zhaojin A History of Modern Shanghai Banking, London, 

2003, M.E. Sharpe, Inc. 

Kann, Eduard The Currencies of China, Shanghai, 1926, Kelley 

and Walsh, Ltd. 

Kann, Eduard Far Eastern Economic Review, Hong Kong, 1956- 

1957, various volumes. 

Keller, Arnold Das Papiergeld der Deutschen Kolonien, Munster, 

Germany, 1967, Numismatischer Verlag H. Dombrowski. 

Kuhlmann, Wilhelm China’s Foreign Debt, Hanover, West 

Germany, 1983, privately published. 

Lee, Frederic E. Currency, Banking and Finance in China, 

Washington, D.C., 1926, Government Printing Office. 

Rønning, Bjørn R. “Sino-Scandinavian Bank (1921-1927) – En 

Norsk Bank i Kina”, University of Oslo, 1970, graduate thesis. 

Tamagna, Frank M. Banking and Finance in China, New York, 

1942, Institute of Pacific Relations. 

Yang, Lien-sheng Money and Credit in China, Cambridge, 

Massachusetts, 1952, Harvard University Press. 

1 “Peking” is used instead of the modern spelling of “Beijing”, as 

the old spelling is used where it appears on the bank notes. 


What Might Have Been 

Mark D. Tomasko © 6645 

For those of us who 

collect proof bank note 

engravings, it is always 

interesting to come upon a 

portrait that looks as though 

it were done for a particular 

country’s notes, only to 

discover that the Standard 

Catalog of World Paper Money 

lists no such notes using the 

portrait. 

For example, some 

years ago I acquired the 

engraving materials of Leo C. 

Kauffmann, an excellent bank 

note picture engraver whose 

specialty was portraits. He was 

the only twentieth-century 

picture engraver I know to twice move from the U.S. Bureau of 

Engraving and Printing to American Bank Note Company. One 

of the many Kauffmann portraits I did not have space to show 

in my review of his work (published in the November-December 

1998 Paper Money) was “Dr. Soekarno/President of Indonesia/ 

Bank Sirkulasia Indonesia” (Figure 1). This portrait was engraved 

in September 1950, and approved on 5 October, 1950. But ... 

it never appeared on Indonesian notes. What happened? I have 

found no “Bank Sirkulasia” notes, and only two photographs of 

models of 1 Rupiah and 1000 Rupiah notes by American Bank 

Note which appeared in a Smythe auction. As for issued notes, 

the English bank note firm of Thomas De La Rue & Co. received 

Figure 1. Portrait of Dr. Soekarno of Indonesia, engraved by Leo C. 

Kauffmann in 1950 for the American Bank Note Company. The portrait 

was never used. (enlarged) 

Figure 2. Indonesian 10 Rupiah note, 1950, Thomas De La Rue & Co. (reduced) 

the contract for the 5 and 10 Rupiah notes of 1950. (Figure 2 

shows the 10 Rupiah note.) The portrait used on the De La Rue 

note is a bit large for the size of the note, though it works rather 

well. The American Bank Note portrait is more appropriate for the 

relatively small note size, but the De La Rue notes are Republic 

Indonesia Serikat notes. In 1951 Security Banknote, another U.S. 

firm, received the contract for the 1 Rupiah and 2½ Rupiah notes, 

though neither had portraits. In any case Leo Kauffmann’s fine 

portrait was consigned to “what might have been.” 

A number of bank note firms sought the contract for the 

Cuban notes of 1949–1950. From 1934–1949 the U.S. Bureau 

of Engraving and Printing produced notes for the Republic of 

Cuba. But in 1949–1950 Banco Nacional de Cuba became the 

issuer, and American Bank Note, Security Banknote, Thomas De 

La Rue, and possibly also Columbian Bank Note (Chicago) and 

Waterlow sought the business. 

Murray Teigh Bloom’s The Brotherhood of Money (BNR Press, 

1983), sheds some interesting light on the unusual course of this 

order. Originally this was a typical tender in which the competing 

suppliers would submit models and prices. But Henry M. Keith, 

American’s leading salesman in Latin America, took credit for 

convincing the Cubans that not just models, but finished notes, 

(presumably for at least one denomination) were needed to 

properly judge the competitors. He claimed to have done this 

because De La Rue traditionally produced models with beautiful 

hand-drawn portraits and vignettes (as did Waterlow), which 

sometimes looked better than the finished engraved product. 

While we don’t know what De La Rue’s essay(s) looked like, we 

do know that Security Banknote’s proposed note is another case 

of “what might have been.” 

William F. Ford of American Bank Note’s picture engraving 

department produced an excellent portrait of Jose Marti (Figure 3) 

for the 1 peso notes, the proof of which may be seen in Figure 4. 

While researching the engravings for this article, I discovered 

that this portrait was engraved in 1934–1935, indicating that 

American Bank Note had evidently been interested in the 


contract for the Cuban notes issued in 1934. Edward Grove 

engraved a portrait of Marti for Security Banknote (Figure 5), 

and Figure 6 shows the face of one of the engraved essays Security 

produced (there were three version of the face, with differences 

in the seal and face tint). Ed Grove was a fine engraver, but not 

a good match for William Ford. In 1948, a year prior to this 

engraving, Grove had joined Security Banknote from the U.S. 

Bureau of Engraving and Printing. 

Figure 3. Proof of William F. Ford’s engraving of Jose Marti, 1934-1935, 

American Bank Note Company. (enlarged) 

Figure 4. Trial color proof of the intaglio portion of the 1949 Cuban 1 peso 

note, American Bank Note Company. (reduced) 

Figure 5. Die proof of Security Banknote’s version of Jose Marti’s portrait, 

engraved by Ed Grove. (enlarged) 

Figure 6. Face proof of one of Security Banknote Company’s essays for Cuban 1 Peso note, Series 1949, with Ed Grove’s engraving of Jose Marti. 

(enlarged) 


Figure 7. Portrait of Jose Marti, engraved for the Columbian Bank Note 

Company, Chicago. Engraver unknown. 

While working on this article I happened to be looking at 

some Columbian Bank Note portraits, and I noticed one of Jose 

Marti (Figure 7). I had forgotten this portrait, and realized that 

it might have been prepared for the same competition in 1949, 

though it also could have been done for a bond. Unfortunately 

there are no engraving records for Columbian Bank Note, and the 

engraver of the portrait is therefore unknown. 

It was a substantial investment for a bank note company to 

engrave portraits and vignettes before an order was received. 

Occasionally it was a requirement of the tender, as in this case. 

The downside, of course, is what happened to Security Banknote, 

and presumably the firms other than American Bank Note who 

competed for the contract—expensive engraving that was never 

used, not only of the portrait, but also the master dies and tints 

for the entire face and back of the 1 peso note. Of course, there 

would be the chance of future tenders, but in the case of Cuba, 

the work of the firms other than American Bank Note ended up 

solely as “what might have been.” American Bank Note kept the 

business until Castro’s revolution a decade later. 

Perhaps one of the most interesting examples of a “what might have 

been” engraving is a portrait that was twice passed over, once for an 

ordinary reason and the second time for an extraordinary reason. This 

is the second Robert Savage engraving of Edward the Prince of Wales. 

When the 1935 series of Canadian notes (the first notes of 

the Bank of Canada and the first Canadian small-size notes) 

were planned, there was a Canadian Bank Note/American Bank 

Note model for a $5 note bearing the portrait of the Prince of 

Wales. The portrait (Figure 8) shows the prince in a uniform 

of the Welsh Guards, with a hat, and was previously used on 

the $2 Dominion of Canada note of 1923. (In 1920 Edwin 

Gunn engraved another, different portrait of the Prince in the 

Figure 8. Portrait of HRH Prince of Wales, Canada Special A-20 Canadian 

Bank Note Company Ottawa, engraved by Robert Savage in 1923. Used 

on the $2 Dominion of Canada notes of 1923. (slightly reduced) 

Figure 9. Photograph of HRH Prince of Wales as Colonel-in-Chief of the 

Seaforth Highlanders. Image from Gordon Beckles’ Coronation Souvenir 

Book, 1937. 


same uniform for the Merchants Bank of Canada.) Walter Allan 

related in his article “Essays and Proofs for the 1935 Bank of 

Canada Issue” in The Canadian Paper Money Journal of 1993 that 

Canadian Bank Note ordered another engraving of Prince Edward 

in July 1934 from its parent, American Bank Note Company. 

This portrait was to be based on a photograph of Prince Edward 

in his Seaforth Highlanders uniform (Figure 9). Robert Savage, 

the leading American Bank Note picture engraver in the first half 

of the twentieth century, had the honor of engraving this portrait. 

Engraving records indicate that this portrait of the Prince of 

Wales in his Seaforth Highlanders uniform, X-V-116 (Figure 10), 

was approved on 9 August, 1934. The die carries the title “HRH 

Prince of Wales/Bank of Canada/X-V-116/Canadian Bank Note 

Company Ltd.” However, work on the note (originally the $2 

note according to the Engraving Record card, but apparently later 

the $5 note, according to Walter Allan’s article) was stopped on 

September 4, 1934. The reason no doubt is the fact that the order 

for the $5 note of 1935 went to British American Bank Note, using 

a portrait of the Prince engraved by Harry Dawson, an engraver 

who trained at American Bank Note and who later freelanced and 

engraved for the U.S. Bureau of Engraving and Printing. 

The X-V-116 portrait is a very fine Savage engraving, 

considerably smaller (to fit the new, small-size notes) than his 

previous Prince Edward portrait and with a lighter background. 

Figure 10. Portrait of HRH Prince of Wales, Bank of Canada, X-V-116, 

Canadian Bank Note Company Ltd. engraved by Robert Savage in 1934. 

(enlarged) 

But even after being passed over for the 1935 series, the portrait 

had a second chance. The 1937 series of Bank of Canada notes 

were to have the king on all denominations, and on January 20, 

1936, King George passed away and Prince Edward succeeded 

him. Pencil notations (not shown) on Figure 10, presumably 

written in 1936 when the 1937 series of Bank of Canada notes 

were being developed read “background same as King Geo.” This 

is the major change made to produce XV-116A (Figure 11), a 

“laydown” of the portrait with the new, darker background. (For 

an explanation of how a portrait or vignette is altered via the 

transfer process, see my article “Altering a Vignette” in Bank Note 

Reporter, June 2000.) XV-116A now has a significantly different 

title, “H.M. King Edward VIII/Bank of Canada/XV116A/ 

Laydown of XV116/Canadian Bank Note Co. Ltd.” 

The engraving record card for XV-116A notes that it was 

“worked over and new background engraved by Robert Savage.” 

The approval date is quite significant: 12 November, 1936. Less 

than a month later, on 10 December, 1936, King Edward VIII 

abdicated so that he could marry the woman he loved, and 

a Robert Savage engraving was for the second and final time 

consigned to “what might have been.” 

Canada was the site of another, if less dramatic, unused 

portrait in the early 1950s. The Bank of Canada was overseeing 

the preparation of an entirely new set of Canadian bank notes 

Figure 11. Portrait of HM King Edward VIII, Bank of Canada, XV116A, 

Laydown of X-V-116, Canadian Bank Note Company Ltd. Worked over 

and new background done by Robert Savage in 1936. (enlarged) 


Figure 12. Portrait of Queen Elizabeth II engraved by William F. Ford of 

American Bank Note Company for Canadian Bank Note Company. This 

portrait was never used. (enlarged) 

bearing the portrait of the new Queen Elizabeth. American Bank 

Note asked its top engraver, William F. Ford, to engrave a new 

portrait of Queen Elizabeth II for use by its Canadian subsidiary, 

Canadian Bank Note Company. Ford had done a number of 

portraits of British royalty for Canadian stamps and bank notes, 

and it is not surprising that Ford engraved this portrait. His 

portrait of Queen Elizabeth is shown in Figure 12. 

However, in a rare instance of rejection for Bill Ford, the 

Bank of Canada decided to use the portrait of Queen Elizabeth 

engraved by George Gunderson of the British American Bank 

Note Company, the other bank note printer in Canada (Figure 

13). A comparison of Ford’s portrait with Gunderson’s portrait 

Figure 13. Portrait of Queen Elizabeth II engraved by George Gunderson of 

British American Bank Note Company, and used on the Series 1954 Canadian 

bank notes prepared by both British American and Canadian Bank Note. 

(enlarged) 

reveals numerous differences in the engraving styles and 

techniques of the two men. Ford’s has a smoother, more polished 

skin texture and more lights in the hair, while Gunderson’s has 

a more forceful facial appearance with more overall contrast 

of lights and darks. Both are fine portraits, but Gunderson’s 

makes the stronger impression. Figure 14 shows a proof of the 

intaglio portion of the $20 note by Canadian Bank Note, with 

Gunderson’s British-American Bank Note engraving. There 

was, however, a price the Bank of Canada paid for choosing 

the Gunderson portrait: the subsequent controversy over the 

supposed “devil’s face” outline in the hair. 

Figure 14. Proof of intaglio portion of $20 Canadian note, Series 1954, prepared by Canadian Bank Note, with Gunderson’s 

portrait of Queen Elizabeth II. (reduced) 


Figure 15. Die proof of Giuseppe Garibaldi, engraved by William F. Ford 

for the American Bank Note Company in 1944. The issue of notes by 

American Bank Note for which this portrait was prepared never occurred. 

(enlarged) 

An interesting and unusual portrait of World War II vintage, 

our next “what might have been,” is Giuseppe Garibaldi (Figure 

15), also done by William F. Ford in 1944 for a possible Bank of 

Italy issue that ended up being printed in Italy rather than in the 

U.S. American Bank Note engraving records show the original 

order was dated 26 May, 1944, and the Garibaldi portrait was 

approved on 11 August, 1944. Ford engraved it in June and July, 

1944. The complicated story of this order that was later cancelled 

may be found in Soldi di d’Italia, Guido Crapanzano’s 1995 

book on Italian bank notes, though the dates he gives and Ford’s 

involvement don’t seem to quite fit the engraving record dates. 

The last “what might have been” story for this article takes 

us to the Philippines. Joseph Poveromo, one of the younger 

engravers at American Bank Note, engraved a good portrait 

of Apolinario Mabini (Figure 16). When I started this article 

I assumed that this portrait was engraved around the period 

1948–1950, when the first new, primary post-war Philippines 

currency was done. But Poveromo would have been too junior 

to have done it then, and after consulting the engraving records 

I saw that it was approved January 16, 1958, on an American 

Bank Note “stock” order from 1956. “Stock” does not refer to 

stocks and bonds, but rather, “stock” as in putting the portrait 

into their stock of portraits. Interestingly, the engraving record 

card notes that the original photograph (from which the portrait 

was engraved) was “returned to Broad Street 7/8/52” (“Broad 

Street” being 70 Broad Street in New York City, American Bank 

Figure 16. Die proof of Apolinario Mabini, engraved by Joseph Poveromo 

for the American Bank Note Company in 1957. The portrait was never used. 

(enlarged) 

Note’s headquarters at that time), indicating that American either 

likely bid or considered bidding on the Philippines notes of 1949. 

Having Joe Poveromo engrave Mabini’s portrait was probably 

a combination of practice for a younger engraver and a desire 

to have a bit of an advantage on future Philippine bank note 

orders. However, American Bank Note never produced notes for 

the Philippines, and Poveromo’s engraving became part of “what 

might have been.” 

Other examples of “what might have been” in bank note 

engraving exist, and I may eventually add to the record of this 

interesting but little-known aspect of bank note work. 

Anyone with comments or questions on this article may 

contact the author at mntomasko@att.net. 

Sources: 

Murray Teigh Bloom’s The Brotherhood of Money; George Cuhaj’s 

Standard Catalog of World Bank Notes, Vol. II; Gene Hessler’s The 

Engravers Line; Guido Crapanzano’s Soldi di d’Italia; Gordon 

Beckles’ Coronation Souvenir Book 1937; Walter Allan’s “Essays 

and Proofs for the 1935 Bank of Canada Issue” in the 1993 issue 

of The Canadian Paper Money Journal; and engraving records and 

information in the possession of the author. All illustrations are 

from the author’s collection. 


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The Banknotes of Iranian Azerbaijan 

Peter Symes 4245 

Iranian Azerbaijan is a province of Iran situated in north-west 

Iran, bordering the Republic of Azerbaijan. It is populated 

predominantly by Azerbaijanis and over the centuries there 

have been strong cultural and religious links between the people 

either side of the Araxes River, which forms much of the border 

between Iran and Azerbaijan. Iranian Azerbaijan has always been a 

part of Persia or Iran, unlike the neighbouring state of Azerbaijan, 

which has seen periods of independence and periods of 

incorporation within the Russian Empire and the Union of Soviet 

Socialist Republics. While Iranian Azerbaijan has never been an 

The 5-krans note has the serial number at the upper centre and no perforations. 

The front of the 1-toman note shows the serial number at the right and the denomination perforated at 

the upper centre. 

independent entity, there was a brief attempt at autonomy during 

1945 and 1946. Support for autonomy came from the Soviet 

Union, amidst political manoeuvring that commenced the ‘cold 

war’. During the period of autonomy, a series of banknotes was 

issued by the autonomous government and it is that issue which is 

the focus of this study. 

The border between Iran and Azerbaijan, under Imperial 

Russian control and later under Soviet Control, had been 

acknowledged for many years. While the Russians respected the 

border, they had ambitions south of the Trans Caucasus and in 

1941 had prepared a pact with Nazi 

Germany whereby the Russians were 

willing to recognize German influence 

in many areas, in return requiring that 

the area south of the Trans Caucasus 

be recognized as a focus of Russian 

aspirations. However, Germany invaded 

Russia and the pact was never signed. 

At the outbreak of World War II 

Iran was neutral, but there was much 

support for the Germans, both by the 

Iranian government and the Iranian 

people. However, Russia and Great 

Britain saw the need to secure Iran to 

allow transport from the Persian Gulf 

to Russia, particularly as early defeats 

suffered by the allies closed off access 

to much of Russia. In order to secure 

Iran, the Russians moved from the 

north, the British from the south, and 

they met in Tehran on 16 September 

1941. On the same day Reza Shah, the 

dictator of Iran, abdicated in favour of 

his son Muhammed Reza. Reza Shah 

had been an autocratic ruler who had 

upset the minorities of Persia in two 

significant matters. First, he had refused 

to acknowledge the requirements of the 

Constitutional Code that stated regional 

governments were to be established. 

Second, he had commenced a program 

of Persianization that had seen local 

languages and cultures sacrificed in 

favour of a national language and culture 

imposed by the central authorities in 

Tehran. 

Following the occupation of Iran, 

several treaties were concluded between 

the Russians, British and Iranians, all 

supporting the occupation and rule 

in Iran for the duration of the war. 

Under one treaty, the occupying forces 

promised to leave Iran within six 

months of the end of the war. However, 

the Soviet occupation of northern 

Iran took on vestiges of more than a 


wartime occupation. The Soviet occupying force consisted of 

many Azerbaijanis from Soviet Azerbaijan who often brought 

their families with them. The Russians sponsored theatre 

companies and cultural groups from Baku in visits to the region 

and established press and publications that supported Russian 

and Soviet Azerbaijani ideas. As the war lengthened and the 

occupation continued, the Soviet Union launched a concerted 

effort to establish a permanent Soviet presence in northern Iran, 

often promoting the concept of a ‘Greater Azerbaijan’. 

When Muhammed Reza ascended the throne under the 

guiding hand of the British and Russians, he was forced to restore 

the constitutional monarchy. With the formation of the new 

parliament, many new political parties were organized, with one 

of the most significant being the Tudeh. This was a party of the 

people, with strong leftist tendencies and, due to Soviet influence, 

had strong support from Tabriz, the principal city in Iranian 

Azerbaijan. Nonetheless, divisions began to appear in the Tudeh 

as elements from the north, seeking 

autonomy for the Azerbaijani-speaking 

people of Iran, clashed with the central 

party elements who saw Iran as a nation 

state and rejected ideas of autonomy for 

minorities. 

As the war in Europe moved toward 

conclusion, Soviet-sponsored activity 

in the province of Azerbaijan increased. 

Labour disputes and strikes became more 

frequent, as the Tudeh and the trade 

unions exercised their power. In one 

instance, during August 1945, buildings 

were occupied by members of Tudeh in 

defiance of the Iranian government, and 

the Iranian troops were forced to stay 

in their barracks by Russian troops, to 

prevent response to the disturbances. 

Although the situation calmed down, 

during the disturbance the Tudeh 

called for autonomy and recognition of 

Azerbaijani as the official language of the 

region. 

One man who had been prominent 

in the activities of the Tudeh in Tabriz 

was Sayyid Jafar Pishevari. Supported 

by the Russians, Pishevari had been 

nominated for a seat in the Fourteenth 

Majlis (parliament), but his nomination 

was thwarted by claims of irregularities 

in his nomination. In Tabriz, he decided 

that the Tudeh was no longer the vehicle 

by which Iranian Azerbaijan would 

win autonomy and so, on 3 September 

1945, a proclamation was published 

by Pishevari and signed by seventy-six 

of his compatriots by which he formed 

the Democratic Party of Azerbaijan. 

Although the new party took over 

the local branch of the Tudeh, the 

Democratic Party sought a much wider 

base then just the workers and elements 

of the political left. The party was open 

to all Azerbaijanis, no matter their place 

in society. 

Within two days of being founded, the party commenced 

publishing a newspaper, called Azarbaijan, which was written 

entirely in Azerbaijani. Reaction to the formation of the new 

party was dramatic, with the Tabriz Workers Union joining the 

party in a matter of days, and very soon party membership had 

reached over sixty-five thousand. On 2 October 1945 the Central 

Committee of the party was formed and elected Pishevari as 

leader. As the editor-in-chief of the newspaper and leader of the 

party, Pishevari called for changes and reforms, but he did not call 

for Iranian Azerbaijan’s independence. 

However, the constant calls for reform and taunts launched 

towards the Iranian government demanded attention by the 

central authorities. Two battalions despatched to quell the 

disturbances were rendered ineffective by the Russians who 

refused to let them enter the territory. The Democratic Party then 

handed out arms to their members, drawn from stocks seized 

by the Russians during their occupation of Iran. Faced with the 

The back of the 1-toman note shows the three edicts for the circulation of the note. 

The 2-toman note displays the perforations and the stamp used on all toman-denominated notes. 


military threat from Tehran, on 20 November 1945 the National 

Constituent Congress declared the Autonomous Government 

of Azerbaijan, which was intended to operate within Iran as 

an autonomous region and not as a secessionist state. On the 

surrender of the Tabriz Iranian Army Corps to the Autonomous 

Government in December 1945 most of the Corps joined the 

Azerbaijani Army. The army, not surprisingly, was modelled on 

the Red Army. 

Much of the discontent that fermented in Iranian Azerbaijan 

was due to the program that imposed Persian culture and 

language on various ethnic minorities during the reign of Reza 

Shah. Many observers, including the British, saw the opportunity 

for Iran to decentralize its authority, with Iranian Azerbaijan being 

the first of many provinces that could undertake reforms of their 

local governments. Following the example set by the Democratic 

Party of Azerbaijan, the Kurds of Iranian Azerbaijan created the 

The 5-toman note uses the common pattern of all notes. Notes in this series can not always be found 

in high grade. 

The 10-toman note is one of the more difficult to acquire in this series. 

Kurdish Democratic Party in Mahabad and declared autonomy 

on 22 January 1946. The two autonomous governments did 

not see eye to eye, as the Kurds were claiming territory that the 

Azerbaijanis believed was theirs, and conflict was averted only 

through the intercession of the Russians, who supported both 

administrations. 

With a functioning government and civil service, the 

Azerbaijani regime under Pishevari implemented significant 

reforms in the region. Land owned by absentee landowners was 

seized and distributed to the peasants, while peasants farming 

under resident landlords gained a larger share of their harvests. 

A law was passed making it a capital offence for a public official 

to take a bribe and examples were set, with at least two senior 

officials being hanged for their crimes. Prices of goods were 

controlled, hoarding was punished, and the cost of living reduced 

significantly. Minimum wages and minimum working hours were 

set, and the unemployed were set to 

work under government programs. 

Other reforms included replacing 

public servants of the Shah’s regime 

with people sympathetic to the goals 

of the Democratic Party, setting up 

schools, a broadcasting station, a 

theatre, a university, and establishing 

Azerbaijani as the national language. 

Although Pishevari’s government 

continued to declare its aversion 

to independence, they were being 

manipulated by the Soviet army 

of occupation. Despite declaring 

they would leave northern Iran 

six months after the war ended, 

Stalin later stated that the Russian 

occupation would end six months 

after Japan’s surrender, not six 

months after Germany’s surrender. 

However, the appointed time passed 

and the occupation continued. It 

appears that Russia was hoping that 

the Azerbaijanis and Kurds would 

seek independence and opt to be 

included in the Soviet Union. So, 

while Iranian Azerbaijan continued 

to avow loyalty to Iran, their actions 

often went counter to their words. 

The problem of understanding 

whether the push for autonomy 

within Azerbaijan was a challenge 

to the central government to 

recognize the requirements of the 

Constitutional Code, or whether it 

was a push for self-determination 

is reflected in the issue of postage 

stamps in December 1945. The 

Iranian stamps were issued with an 

overprint consisting of ‘Azerbaijan 

National Government, 21 Azar 

1324’ 1 . If the push was only for 

regional autonomy, then issuing 

postage stamps with local overprints 

was a step that seemed to usurp the 

rights of the central government. 


In the area of finance, the autonomous government 

nationalized the larger banks and a new currency was introduced. At 

this stage, the currency of Iran was the ‘Rial’, with ten rials equivalent 

to one ‘Toman’. The currency issued by Iranian Azerbaijan was 

denominated in ‘Tomans’ and ‘Krans’, with one toman equivalent to 

ten krans. This reflected the structure of the Iranian currency up to 

1931, when it was reformed to Rials and Tomans. So, while the new 

currency maintained the toman as the principal denomination, krans 

became the sub-unit rather than rials. The new currency was issued in 

the denominations of: five krans, one toman, two toman, five toman, 

10 toman and 50 toman. 

The currency was issued under the authority of the Treasury 

of the National Government of Azerbaijan. It is not known 

whether the issue of the currency was due to a shortage of 

Iranian currency, or whether the notes were intended to replace 

Iranian currency, making a statement on the aspirations of the 

Azerbaijanis. The fact that the notes were issued in Tomans, which 

had been superseded in Iran for some years, suggests that the issue 

of the notes was a statement indicating nationalistic aspirations. 

Had the notes been issued in Rials (as opposed to Tomans and 

Krans), then one might suspect the notes were issued to cover a 

shortage in currency. 

The new notes were all in the same format, with a number of 

panels, or cartouches, holding text surrounded by arabesques. The 

central panel reads: ‘Azerbaijani National Government Treasury 

Bond’. The four corner panels state the denomination and read, for 

the different denominations: five krans, one toman, two toman, 

five toman, ten toman, and fifty toman. The date ‘Esfand 1324’ 

appears in a panel at the bottom centre of each note. The underprint 

for each note is a pattern consisting of a pale colour on which 

is repeated the word ‘Azerbaijan’ many times in very small text. 

The notes were signed by Ghulam Reza Ilahami as the ‘Vazir 

Malieh’ (Minister of Finance) and an unknown signatory as the 

‘Khazanehdar’ (treasurer). Ilahami (1904-?) was an Azerbaijani, 

born in Tabriz, and belonged to the urban upper class. He was 

well-educated, having obtained a degree in political science. Prior 

to the founding of the Autonomous Government of Azerbaijan, 

Ilahami was the Mayor of Tabriz, although he held no affiliations 

with a political party. After the fall of the government he fled to 

Soviet Azerbaijan where he died in exile. 

While each note is predominantly the same design, there 

are differences between the five-krans note and the higher 

denominations. First, each of the higher denomination notes 

has the denomination perforated in the upper centre. The fivekrans 

note has no perforated denomination. A single serial number 

appears at the centre right on the higher denomination notes, 

whereas for the five-krans note, the serial number is in the upper 

centre. Finally, there is a rubber stamp on the higher denomination 

notes at the centre left, whereas for the five-krans note the rubber 

stamp can be found at the centre left or centre right. 

The rubber stamp is a circular stamp, which has the date 

‘Esfand 1324’ in the centre. The first day of Esfand 1324 was 

20 February 1946, so it appears that the notes were prepared 

for circulation in either late February or early March 1946. The 

text in the upper arc of the stamp reads ‘Azerbaijan National 

Government’, while the text in the lower arc reads ‘Treasury’. 

The back of each note carries three lines of text reading: 

1. The Azerbaijan National Government guarantees this bond. 

2. In exchange for this bond, goods can be obtained in all 

stores in Azerbaijan. 

3. Those who try to counterfeit the bonds will be brought to 

court and sentenced to death by the court. 

With the exception of the 50-toman note, the signatures are 

printed on the notes. 2 The 50-toman notes exist in a number of 

varieties. On one variety of issued notes, the signatures appear 

in black ink, while on another variety the Minister of Finance’s 

signature is black and the Treasurer’s signature (at the right) is 

red. Like the other denominations, the issued notes have the 

This is a remainder of the 50-toman note. Issued notes of this denomination are scarce and hand-signed notes are rare. 


usual blue rubber stamp and the number ‘50’ perforated in 

the upper centre. The 50-toman note has two ‘rosettes’ of nine 

holes perforated to either side of the ‘50’ on the issued notes. 

The 50-toman note is commonly found as a remainder, with the 

signatures printed (as for the other denominations), but without 

the rubber stamp and perforated value. (This suggests that the 

rubber stamp and the perforated value were applied near the time 

of issue.) It is not known whether this variety of the note, with the 

printed signatures, was ever placed into circulation; as all issued 

notes of this denomination appear to have been hand signed. 

The first period of progressive reform within Iranian Azerbaijan 

did not last long. Soviet influence was insidious, with many 

officials in the new government being Azerbaijanis from Soviet 

Azerbaijan. A secret service was set up to target people opposed to 

the new government, and it was not long before some of the laws 

intended for reform were being used against political opponents. 

For example, land was taken from people opposed to the new 

regime and distributed to the peasants. People who opposed the 

regime soon started disappearing, taken from their homes at 

night, and opposition to the Autonomous Government became 

less demonstrative as the terror increased. 

The much vaunted return to the Azerbaijani language soon 

became a fertile ground for writers and editors from Soviet 

Azerbaijan, as Soviet-sponsored literature increased. The 

authentic Azerbaijani of Iranian Azerbaijan was overwhelmed by 

interference from the Russian-influenced Azerbaijani of Soviet 

Azerbaijan, as books and the press became dominated by Sovietissued 

publications. 

With the advent of the Cold War, the occupation of northern 

Iran by Russia and its aspirations in the Middle East were causing 

concern to the British and Americans. In an ‘incident’ that is 

regarded as the first confrontation of the Cold War, the Russians 

initially bolstered their forces in Iran and then withdrew after 

Iran promised to establish a Soviet-Iranian oil company. In April 

1946 overtures by the Iranian government to Pishevari resulted 

in several positive meetings. In Tehran, politics had shifted 

to the left with a change in government, and there seemed to 

be a willingness by Tehran to come to an agreement with the 

Autonomous Government in Tabriz. Although initial talks were 

disappointing, in May 1946, following the withdrawal of Russia 

from northern Iran (including Iranian Azerbaijan), the talks 

became more productive. Despite losing the backing of his Soviet 

allies, Pishevari negotiated terms favourable to the Azerbaijanis, 

while making concessions to the central government. The outlook 

for his regime was looking politically sound and the negotiations 

that commenced in April seemed to be coming to a positive 

conclusion in August. 

However, even as the political gains were being savoured, 

the tide was turning against the Democratic Party in Iranian 

Azerbaijan. Discontent at Russian influence, diminishing respect 

for religious institutions and religious values by the new regime, 

conscription, grain collections, and crop failures, all led to 

increased opposition to Pishevari’s regime. 

In a political coup, Qavam al-Saltanah, the Iranian Prime 

Minister, turned the situation on its head. Until October1946 

he had shared government with leftist parties and he was not 

willing to be confrontationist. But after the Russians departed 

and his position firmed, he formed a new government without 

the left and immediately refused to negotiate further with the 

Azerbaijanis. Qavam declared national elections would be held in 

December 1946, and Iranian armed forces would supervise the 

elections in all provinces, including Azerbaijan. 

Feeling betrayed and now aware of his isolation, Pishevari 

postured and defied Tehran, pouring forth invective from Tabriz. 

But rather than rallying support from the people of the region, local 

opposition to Pishevari’s regime continued to grow. On 8 December 

1946 the Iranian army marched into Iranian Azerbaijan and met 

little resistance. Most of the officials in Tabriz realized the end had 

come, and some sought to negotiate with the central government. A 

call to fight to the death by Pishevari on 11 December was ignored 

and the Central Committee of the Democratic Party of Azerbaijan 

admitted defeat on 12 December 1946. 

It is estimated that Pishevari’s regime was responsible for the 

death of over five hundred people. Unsurprisingly retribution 

followed hard on the heels of the Iranian occupation, not from 

the Iranians, but from the disaffected population of Iranian 

Azerbaijan. Many of those who had been part of the failed regime 

met an untimely death, usually from a crude gibbet. Truckloads 

of Azerbaijanis from the toppled government crossed into Soviet 

Azerbaijan, but there was, to the surprise of many, no support 

from the Soviet Union to restore the regime. The status quo was 

restored only when Iranian Azerbaijan came once more under the 

control of the central government. 

It is not known what happened to the currency issued by 

the Autonomous Government. In all likelihood, it became 

worthless and was not honoured by the Iranian administration. 

The availability of large numbers of 50-toman remainder notes 

suggests that these notes were in transit at the time the coup 

failed. These notes are common and easily available for collectors. 

Other denominations are less easy to obtain, but are available. As 

is the case for many other banknotes issued throughout history, 

the notes of the Autonomous Government of Azerbaijan remain 

one of the few tangible reminders of a distant event, an event 

now often romanticized, but which altered little in the fortunes of 

Iranian Azerbaijanis at the time. 

Bibliography 

Abrahamian, Ervand Iran Between Two Revolutions Princeton 

University Press, Princeton, USA. 

Farahbakhsh, Fereydon. Standard Catalogue of Iranian Banknotes 

Tehran 2005. 

Fawcett, Louise L’Estrange Iran and the Cold War – The 

Azerbaijan Crisis of 1946 Cambridge University Press, 

Cambridge, UK. 

Hovsepian, Armen http://www.iranbanknotes.com/ 

Lenczowski, George Russia and the West in Iran, 1918-1948 

Cornell University Press, Ithaca, USA, 1949. 

Swietochowski, Tadeuz Russia and Azerbaijan – A Borderland in 

Transition Columbia University Press, New York, USA, 1995. 

Correspondence 

Prof. Peter Hill of the Australian National University 

Dr. M. Mehdi Ilhan of the Australian National University 

Footnotes 

1 The Iranians used the Jalaali or Persian calendar. 

2 Farahbakhsh, in his catalogue of Iranian banknotes, lists only 

lower denomination notes (i.e. all but the 50-toman note) with 

printed signatures, but then writes that lower denomination 

notes ‘signed by hand will be charged 40% over normal price’. 

Therefore, it cannot be said whether the lower denomination 

notes were ever issued with hand-written signatures. 


Who is Who on Turkmenistan’s 

New Banknotes 

Omer Yalcınkaya 6706 

Turkmenistan underwent a monetary reform and released 

a new series of banknotes on 1 January 2009; the first 

banknote issue after President Saparmurat Turkmenbashi 

passed away in December 2006. During his rule, Turkmenbashi 

(originally Saparmurat Atayevich Niyazov) was an absolute 

power in his country, making himself a national hero. The name 

Turkmenbashi (Head of Turkmens) was given to him by the 

parliament which was totally under his control. 

His name was given to streets, stadiums, factories, schools, 

institutes, airports, seaports and even cities. His birthday was 

made a national holiday and his mother’s birthday was celebrated 

as Mother’s Day. Slogans were everywhere, such as Halk, Watan, 

Türkmenbaşy (Nation, Motherland, Turkmenbashi). 

I met him personally three times and, despite his general 

image as a repressive dictator, I can say he was actually a friendly 

person. He used to call me doganym which means “my brother” 

in Turkmen. He signed a Turkmenistan banknote and one of his 

books at my request. He grasped my arm to give a sincere pause 

for a picture together with him. It would be hard to imagine such 

a friendly person being a dictator… However he did have a high 

degree of megalomania concerning his personal cult. 

Turkmenbashi has appeared on each banknote issued in 

Turkmenistan, except the one- and five-manat notes of the first 

issue of 1993. Since 2003, the governer’s signature on the notes 

was replaced by Turkmenbashi’s signature. 

The long expected monetary reform in Turkmenistan took 

place on 1 January 2009. One US Dollar was nearly 15,000 

Manats in the free market before the reform, making the highest 

denomination note 10,000 manat worth only 65 U.S. cents. 

When I worked in Turkmenistan, shopping was difficult, as I had 

to carry bundles of notes with me. Credit cards were not widely 

accepted and most of the time my briefcase was full of notes just 

to pay for lunch. 

With the reform, the new currency, which is still called 

the “manat”, is equal to 5,000 old manat. The new banknote 

denominations are 1, 5, 10, 20, 50, 100 and 500 manat. 

All the notes bear the the governor’s signature under the title 

Başlyk as in pre-2003 notes. Except for the highest denomination 

500-manat note, the portraits of Turkmenbashi are now replaced 

with figures from Turkmenistan’s history and literature. 

Before giving details of the banknotes, let’s briefly look at the 

Turkmens. Turkmens consist of the Oghuz or Western Group 

of Turkic people together with the Turks of Turkey, Azeris and 

the Gagauz people, who are Christian Turks living in their 

autonomous land in Moldova. The languages in this group are 

similar to each other and are mutually intelligible, almost like 

dialects of the same language. 

Turkmens, Azeris and Turkish people have a common history 

and culture. Turkmens established their first state in 1037 as the 

Seljuks Sultanate in Central Asia (also known as Seljukid Empire). 

Seljuks further conquered the vast territory of Persia (modern 

Iran) and moved into Anatolia (modern Turkey). The sultanate 

dissolved into feudal lordships in Anatolia, which were re-united 

by Osman Bey, later to be known as the Ottoman Empire, taking 

the Arabic version of his name – Othman. Therefore, having the 

same historical roots, the figures on the new Turkmen notes are 

actually common to all Oghuz Turks. 

We can now consider each denomination. (The Pick numbers 

are anticipated to be allocated as indicated.) 

P22 1 Manat (120 x 60 mm): 

Togrul Bey Türkmen (990-1063): Also known as “Tugrul Bey” 

is the founder of the Seljuks Sultanate in 1037 and is known as 

the man who united the Turkmens. On the obverse of all notes 

is written Şu banknot tölegleriň ähli görnüşleri üçin ýöreýär (This 

banknote is legal tender for all payments). On the reverse there 

is the Beyik Saparmyrat Türkmenbaşynyň Milli Medeniyet Merkezi 

(National Cultural Centre of Great Saparmurat Turkmenbashi). 

All notes bear on the reverse the motto of Turkmenbashi: XXI 

Asyr – Türkmeniň Altyn Asyry (XXI Century—Golden Age of the 

Turkmens). 

P23 5 Manat (In Turkic languages there is no plural form for 

numerals. 126 x 63 mm): 

Soltan Sanjar Türkmen (1085-1157): Also known as “Sultan 

Sancar”, he was a Seljukid Sultan, who ruled from 1118 to 1153. 

During his rule most of Persia was conquered. On the reverse are 

buildings called Garaşsyzlyk Binasy (Building of Independence) 

and Bitaraplyk Binasy (Building of Neutrality), the latter a 

monument in Ashgabat with Turkmenbashi standing on top. 


P24 10 Manat (132 x 66 mm): 

Magtymguly Pyragy (1733-1783): Also known as 

“Makhtumkuli”, he is the most prominent figure in Turkmen 

poetry; emphasizing unity and independence in his works. 

The reverse features the main building of the Central Bank of 

Turkmenistan. 

P25 20 Manat (138 x 69 mm): 

Görogly Beg Türkmen (eleventh century): Also known as 

“Köroğlu” in Turkey and Azerbaijan. He is a folk poet famous 

in this part of the world for his protest poems against the feudal 

lords. His works were later combined as Köroğlu Destanı (The 

Legend of Köroğlu). On the reverse there is the Ruhyýet Köşgi 

(Palace of Spirituality). 

P26 50 Manat (144 x 72 mm): 

Gorgut Ata Türkmen (fourteenth century): Known as “Dede 

Korkut” in Turkey, “Dede Qorqud” in Azerbaijan, “Qorqyt Ata” 

in Kazakhstan, “Qorqut Ata” in Kyrgyzstan and “Qo’rkut Ota” 

in Uzbekistan. He is the hero of a 14th century epic legend 

about the Oghuz Turks, although few people believe he was a real 

person. This legend was banned in the Soviet Union during the 

Stalinist era, due to the fear that it might unite the Turkic people 

of the USSR. The reverse of the note features Türkmenistanyň 

Mejlisi (The National Assembly of Turkmenistan). 

P27 100 Manat (150 x 75 mm): 

Oguz Han Türkmen (second century B.C.): Oguz Han or Oghuz 

Khan is believed to be the founder of the Hun Empire in 209 

B.C., the first Turco-Mongolian state known in recorded history. 

All the Turkic peoples know him as the hero of the epic legend 

Oguz Kagan. On the reverse is Prezident Köşgi (President’s Palace). 

P28 500 Manat (156 x 78 mm): 

Saparmurat Turkmenbashi (1940-2006): The first president of 

independent Turkmenistan. I think I have said enough about 

him. On the reverse is Kypçak Metjidi (Kipchak Mosque). 

The 500-manat note is not designed for general circulation, 

but is for interbank transactions; though it is available at a high 

price. On the fixed exchange rate of one Dollar being equal to 

2.80 Manats, its face value is 178 Dollars, more than double the 

average monthly wage in the country. 

The features common to all banknotes are: 

• They were printed by De La Rue (DLR). 

• Each note has a watermark depicting the portrait featured 

on the obverse of that note. 

• All notes have two security stripes, one being an imbedded 

thread with the value in numerals. 

• Stripes of the famous Akhalteke carpet designs, both on 

the obverse and reverse. (Turkmen carpets are known as 

Bukhara carpets in the West.) 

• Intaglio printing on obverse, which can be felt with the 

fingertips. 

• Micro printing applied inside the geometric figures on the 

obverse. 

• UV feature with denomination. 

• Raised marks for the visually impaired. 

• 50-, 100- and 500-manat notes have an eight-point, starshaped 

hologram on the obverse. 

One last remark: There used to be a free market rate prior 

to the currency reform, which was three times higher than the 

official rate. The monetary reform aimed to abolish the black 

market. The Central Bank took the former free market rate as 

its base in setting foreign exchange rates. In addition, after the 

reform, it is strictly forbidden to take the national currency 

out of Turkmenistan. If the current rate survives as a stable 

exchange rate, it may take time for Turkmen notes to become 

widely available to collectors at “normal” prices, because of the 

additional costs of taking them out of the country. 


Right on the Money – The Beginning 

and the End 

Don Cleveland LM-136 

One of the most complicated and bizarre objects to 

appear on a banknote is the illustration of the Aztec Sun 

Calendar on Mexico’s paper money. This design was used 

on the face of Mexican one-peso banknotes from 1936 to 1970, 

and again, in a slightly modified form, on the back of Mexico’s 

500-peso banknotes between 1979 and 1984. The Standard 

Catalog of World Paper Money, Volumes II and III, lists 24 issued 

types and one specimen of the one-peso design (P-28 a-e; 

P-38a-d; P-46a, b; P-56a, b; and P-59a-l, and s) and five types of 

the later 500-peso design (P-69, P-75a, b; and P-79a, b). 

The Sun Calendar represents one of two calendars employed 

by the Aztecs. The first of 365 days provided seasonal information 

to farmers and marked other yearly occasions. The second used 

a 260-day year, the Sun Calendar being an example, and was a 

calendar designating religious and ceremonial holidays, festivals, 

sacrifices, and dates for auspicious actions, such as going to 

war, crowning leaders, and naming children. But hidden in the 

calendar are two more sinister dates—the exact date the world was 

created 5003 years ago, and the date it will end—21 December 

2012. Accompanying panels foretell exactly how the world will be 

destroyed—by water, earthquakes and ravaging monsters. 

Face of Mexico P-59k, featuring the Aztec calendar Sun Stone. The small 

coloured spots on the banknote are platelets imbedded in the paper. 

Back of P-59k depicting Mexico’s Independence Monument. 

The calendar depicted on Mexico’s banknotes is the largest and 

most important of several stone calendars found by archaeologists 

over the years in various parts of Mexico. Directly evolved from 

Mayan calendars, each differs in details, such as the gods and 

objects portrayed, and the way they are rendered, much as one 

would find on modern calendars, but the dating information 

provided is essentially the same. 

The Sun Stone on the banknotes was carved from a single 

piece of granite, 3.6 meters (12 feet) in diameter and weighing 

24 metric tonnes. Commissioned by the Aztec King Itzcoatl in 

A.D. 1427, the sculpture was not completed until 1479, when it 

was mounted on top of the temple of Tenochtitlan, in the capital 

of the Aztec Empire, now known as Mexico City. The task of 

moving such a heavy object to the top of the temple would have 

been massive—the Aztecs had no knowledge of the wheel—and it 

would have had to have been transported on skids. A chronicle of 

the ceremonies accompanying the stone’s placement has been lost 

to history, but the celebrations would certainly have gone on for 

days and been marked by a massive number of human sacrifices. 

Unfortunately for the Aztecs, their beautiful stone calendar 

stood for only 40 years. In 1519, Hernan Cortez captured 

Tenochtitlan and the Spaniards destroyed the temple and buried 

the calendar stone in the city square. It was later dug up and 

incorporated in a cathedral built by the Spanish in 1790. In 1856, 

the calendar was moved to the National Museum of Mexico 

where it can be seen today. For those of us without the time or 

means to go to Mexico, we can see it Right on the Money. 


Bank Note of the Year 

Announcement 

After reviewing government banknote issues worldwide last year, 

the International Bank Note Society (IBNS) has selected their 

Banknote of the Year from among the many countries issuing new 

currency designs in 2008. This year, the International Bank Note 

Society’s Board of Directors has chosen as the most attractive new 

issue of 2008, the Central Bank of Samoa’s 20-tala note. Samoa’s 

20-tala banknote beat eight other banknotes nominated by IBNS 

members, two of which were also from the Pacific region. 

With striking, eye-catching yellow and gold colours and bold 

and innovative security devices, the 20-tala note easily eclipsed its 

competition in the views of the IBNS judges. The judges liked 

the Central Bank’s emphasis on tourism, achieved by highlighting 

one of the nation’s picturesque waterfalls—a refreshing departure 

from the standard practice of portraying famous persons on 

paper money. The reverse design was also praised for featuring 

Samoa’s national bird, the Manumea, and the national flower, the 

Teuila; the two symbolizing the uniqueness of Samoa’s natural 

environment. 

Sharing the spotlight with the Central Bank of Samoa is the 

designer and printer of the banknote, UK-based De La Rue 

Currency, one of the world’s foremost producers of paper money 

and securities. De La Rue’s creative blend of state-of-the-art 

security features and design elements maintains its long tradition 

of superior banknote design and printing, significantly adding to 

the appeal of the 20-tala banknote, according to the IBNS Board. 

The International Bank Note Society is proud to commend the 

Central Bank of Samoa and De La Rue for producing and issuing 

the 2009 Banknote of the Year. 

Presentation 

On Thursday 30 April 2009 a ceremony was held in Sydney, 

Australia, to present the award for the IBNS Bank Note of the 

Year to Leasi Papali’i Tommy Scanlan, the Governor of the 

Central Bank of Samoa. Members of the Sydney Chapter were 

in attendance to greet the guest of honour and also present were 

Brooke Banks of De La Rue Cash Processing Solutions and John 

Mulhall, editor of The Australasian Coin and Banknote Magazine. 

Governor Scanlan was welcomed to the small gathering and 

immediately fell into easy conversation with IBNS members. 

After a short time IBNS President Peter Symes presented the 

Governor with a plaque and two IBNS medallions. The plaque 

was presented to the Central Bank of Samoa as the issuing 

authority of the Bank Note of the Year, while the medallions were 

for the signatories of the note—the Governor and the Minister of 

Finance. 

In presenting the award, Peter Symes spoke briefly about 

the IBNS and the reasons why the Samoan 20-tala note won 

the award. Governor Scanlan responded, saying how pleased 

he was the note won the award. News of the award had spread 

throughout Samoa, with the Government and people pleased at 

the recognition it had brought them. 

Following the formalities the Governor spent time fielding 

questions on Samoa, their Rugby players, and the banknotes. He 

held the interest of the group as he discussed the long process of 

designing the notes, the input he had in the process, and how the 

designs were finally approved. He spoke of the special features 

in the notes, but politely and tactfully refused to be drawn into 

disclosing secrets on the note issue—having been pressed on 

certain aspects by eager IBNS members. 

Ending all too soon, it was a pleasure to have presented the 

award to a disarmingly friendly, witty and astute head of the 

Central Bank of Samoa. It is anticipated that an award to De La 

Rue and the designer of the note will be made later in the year. 

Governor Tommy Scanlan (at left) receiving the Award from IBNS President 

Peter Symes. 


Book Reviews 

Das Geld des Terrors (Money of 

the Terror) 

Hans-Ludwig Grabowski, 456 pages, hard cover, color illustrations, 

German, published by: Battenberg Verlag, D-Regenstauf, Germany 

ISBN 978-3-86646-040-9 

Reviewed by Christof Zellweger LM-86 

Hans-Ludwig Grabowski has put together information on 

items of payment used in camps and ghettos during the 

Nazi terror regime, not only on German territory, but also 

in the occupied zones. The book is not just a listing of the various 

items used for payment but it tells us how the financial system 

worked in the camps and ghettos. Did you know that prisoners 

were able to receive funds or make transfers? I was very surprised 

to find so much new information. 

The book is split in roughly four themes. Part one covers items 

of payment used in concentration camps. This part takes up about 

two thirds of the book. The second part covers items of payment 

used in Jewish ghettos. Part three covers commemorative items 

issued like medals or overprinted notes and the fourth part is 

about forgeries of items from part one and two. The latter two 

parts only take up a minor part of the book. 

Part one is split again in two parts. The first part explains the 

financial system in the concentration camps, how money transfers 

worked, how prisoners could get special payment in forms of 

Prämienscheine (premium bonds) for cigarettes, food, etcetera. Why 

was it essential for the terror regime that the inmates worked in the 

concentration camps? This part is illustrated with documents about 

money transfers, regulations, accounting papers, etcetera. 

The second part has information about 17 concentration camps, 

always with information about the camps, followed by the various 

items of payments–premium bonds, vouchers, money replacement, 

etcetera–are listed with color photographs, size, and rarity. 

Part two, about the ghettos, is similarly structured as for 

the concentration camp issues and has information about six 

different ghettos. 

Das Geld des Terrors is a well-researched book that puts together 

a wealth of information. It is a must to have for every person 

seriously interested in the holocaust, or money from that era. 

Unfortunately, the book is in German only, but the photos of 

the items and grades of rarity are also understandable for a non 

German-speaking person. 

The book can be ordered from: 

H. Gietl Verlag 

P.O. Box 166 

D-93122 Regenstauf 

Germany 

e-mail: info@gietl-verlag.de 

The cost of the book is: 39.90 Euros plus postage. Postage to 

European countries is 4.80 Euros and to all other countries 9.00 

Euros. Payment can be made by MasterCard or VISA. 

Banknotes of Bhutan 

Anil R. Bohora and Gylfi K. Snorrason, 137 pages, soft cover, 

colour illustrations, English, Published by Anil R. Bohora 

ISBN 978-81-7525-881-5 

Reviewed by Peter Symes 4245 

Anil Bohora and Gylfi Snorrason, both members of the 

IBNS, have produced an outstanding reference work 

on the banknotes of Bhutan. Although the series of 

banknotes issued in Bhutan is relatively short, it is nevertheless a 

popular area of collecting and this is a timely publication, given 

the recent release of a new series in 2007 and 2008. 

The authors have attempted to include as much information 

on the subject as they could possibly gather. Particular attention is 

paid to the context in which the notes were issued, with sections 

dedicated to the Kingdom of Bhutan, the national symbols, the 

kings of Bhutan, auspicious symbols, and monuments of Bhutan. 

These elements are linked with their use on the banknotes. Also 

included are a history of banknotes in Bhutan, signatories of the 

notes, watermarks used on the notes, and the printers of the notes. 

For each banknote two pages are dedicated. On the righthand 

page are coloured illustrations of the front and back of the 

notes and, where available, images of specimen and proof notes. 

Examples of serial numbers for each prefix are also illustrated 

(excluding the prefix used on the illustrated note). On the lefthand 

page are the following details: denomination, issue dates, 

signature, printer, size, paper type, serial number prefixes, whether 


specimen notes are known, prefixes for replacement notes, rarity, 

security features, and descriptions of the designs for the front and 

the back of the note. 

The authors have introduced their own numbering system, 

based on the series of notes, and reference is made to the 

corresponding ‘Pick’ numbers, both for each note’s description 

and in a summary chart at the back of the book. 

For information and detail, the book can not be faulted, 

although there are some minor annoyances in the design of the 

book. There is insufficient space for the page gutters, the space 

between the text and the spine of the book. This means that the 

reader often has to press open the pages, placing pressure on 

the spine, to read all the text. The page numbers for the evennumbered 

pages are not on the outside of the page, making a slight 

inconvenience when flipping though to locate a specific page. Apart 

from this, the book is a pleasure to read and worth purchasing. 

Banknotes of Bhutan costs US$25.00 plus $6.00 for shipping 

and handling. 

It is available from the publisher: 

Mr. Anil. R. Bohora 

Bohora House 

Gangapur Road 

Nashik 422001, India 

enterandbuy@yahoo.com 

InterCrim-press 

A recent member of the IBNS is InterCrim-press, a Moscowbased 

publishing house specializing in publications concerning 

paper money. Several of their publications are highlighted here, 

but more detail can be found on their web site at www.icpress.ru 

Their postal address is 51/53, Bolshaya Pochtovaya str., Moscow, 

105082, Russia and the email contact is sell@icpress.ru Prices and 

details on ordering the books can be found on the web site. 

Banknotes of the World: Currency 

Circulation 2008 

640 pages, soft cover, colour illustrations, English and Russian 

Published by InterCrim-press, Moscow 

ISBN 978-5-9286-0057-7 

Banknotes of the World is the flagship publication of 

InterCrim-press. This hefty tome is published to provide a 

chronicle of currency circulating throughout the world in 

the twenty-first century. There are similar publications servicing 

markets wanting to know current currencies throughout the 

world but this publication and its monthly updates is a worthy 

competitor for this market. 

While institutions are their principal focus, they do have an 

eye for the collector and collectors of modern and new issues 

might do well to consider a subscription. 

With all notes in circulation throughout the world illustrated 

in full colour, it is a very handy reference. In many instances the 

notes of previous series are illustrated and details of currencies 

withdrawn from circulation are included. Dedicated collectors 

will find the reference work faulty in the significant aspect that all 

varieties of banknotes are not identified. Notes introduced with 

signature and date varieties are not mentioned. However, where 

security elements change, such as the addition of, or changes 

to, security threads, watermarks, holograms, etcetera, then the 

variations are generally noted. Indeed, for most illustrations, the 

security features of the notes are specifically identified. 


While, from a collector’s point of view, Banknotes of the World is 

not a ‘catalogue’ this deficiency is to a certain extent ameliorated by 

the presentation of the notes in full colour, identification of security 

features on the notes, and the data presented on each note issue. 

Complementing this major work are regular monthly 

updates issued as a ‘News Bulletin’ of 30 to 50 pages, advising 

of new issues and notes withdrawn from circulation, along with 

interesting articles, news, and advice on counterfeits detected in 

circulation. Some of the articles in previous editions will have 

been of interest to many collectors, articles such as ‘History 

of Goznak: milestones and Achievements’, which outlines the 

history of the Russian note-printing works, and ‘Watermark’, 

which gives an overview of the development of watermarks. (Both 

articles in the July 2008 bulletin.) The News Bulletin is also 

available as an online edition. 

U.S. Dollars: Genuine or Counterfeit? 

Alexy Masich,104 pages, soft cover, colour illustrations, English 

Published by InterCrim-press, Moscow 

ISBN 978-5-9286-0057-7 

Written by an expert in paper money forensics, who 

worked for the State Bank of Russia and several 

commercial banks, this book aims to educate its readers 

to detect forgeries of United States banknotes. Replete with detailed 

images, facts on issues and production, and methods of identifying 

forgeries, it is a comprehensive study on the subject and aimed clearly 

at people unfamiliar with the subject. 

From the point of view of a collector, there is much information 

that determines varieties and the range of notes issued, apart from the 

obvious benefit of the subject it addresses. Several security features 

are explained in detail with reference to the US banknotes, such 

as microprint, guilloche patterns, magnetic security features, and 

infrared security features. Although intended for the non-collector 

market, it is a book that would be useful to many collectors and of 

special interest to collectors of counterfeit notes. 

World banknotes past and present… 

For a vast online selection of World banknotes 

www.katespapermoney.com 

kate@katespapermoney.co.uk 

Life Member of the IBNS 

Kate Gibson, PO Box 819, Camberley GU16 6ZU 


Tel: 00 44 (0)1252 548026 


Chapter News 

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. 

News from Your Chapter Secretary: 

It is with great pleasure that I announce the Rhodesia-Zimbabwe 

Banknote Collectors Chapter as an official topical chapter of the 

IBNS. Certification was attained on the 26th of April 2009 and 

chapter number 18 was allocated. I am sure you will all join me in 

congratulating Steve Milner for his efforts in getting the chapter 

up and running. At inauguration, there are 26 IBNS members 

and 12 non-IBNS members, which make it the fourth largest 

chapter in the organization, a massive achievement. If this area of 

collecting interests you, please contact Steve at: durham_111@ 

yahoo.com.au. His first newsletter in January (online) was great 

and the next is due as I write this article. 

We get strong representation from most chapters in each issue 

of the Journal, but I would like to see updates from the other 

chapters that rarely submit their chapter’s events, etcetera. So 

come on, let us know what has been happening locally, since the 

last Journal. 

It is my responsibility to promote and increase the chapters 

and their numbers where possible. So for all of you out there who 

are still not affiliated to one of our chapters, why not? The meetings 

are good fun and of great interest, and where else can you get such 

a vast font of knowledge on a subject as diverse as ours, all in one 

place at the same time. So seek out your local or themed chapter 

that is of interest to you and join in, or if you are a little more 

ambitious, look into starting your own chapter, if you need to know 

how or need a list of people local to you, just ask. 

Finally, it is my intention to hold a competition between 

chapters, initially just for fun, but who knows if it takes off? 

Details to follow next time. 

Thanks for reading and enjoy the following articles from our 

chapters. 

Dave Kenney 8311 

Chapters’ Secretary 

kenneydp@aol.com 

Arabian Gulf Chapter 

Mohammed H. Yousef, President 

P.O. Box 31755 

Sulaibekhat 90808 

Kuwait 

abujassimm@hotmail.com 

Arabic Chapter 

Dr. Ali Mehilba, President 

247 el Horia Avenue Sporting 

P.O. Box 861 

Alexandria 

Egypt 

alimehilba@yahoo.com 

Belgian Chapter 

Wilfried Bracke, President 

150 Kleitkalseide 

B-9990 Maldegem 

Belgium 

IBNSbe@wanadoo.fr 

March 2009 meeting: After a six month period of administrative 

difficulties, our quarterly magazine for the members of Billeta 

Belgica has reappeared. It is with pleasure that we welcome our new 

Secretary, Carlos Faucon, who replaces Christian Casterment. Carlos 

would welcome articles on worldwide banknotes and information on 

forthcoming paper money fairs, to be included in our magazine. Our 

quarterly reunions continue to be held at the Patisserie Centrale, Saint 

Catherine Street in Brussels, the next being on June 13th. 

At the Maastricht 2009 Paper Money Fair on April 14th in 

Valkenburg, Netherlands, our Hon. Treasurer, Christian Selvais 

and the Hon. Chapter Secretary, David August, and other IBNS 

members from Europe, met up with the IBNS president Peter 

Symes. The topic of discussion was possible methods that could be 

used to reduce the bank charges on the IBNS membership fees paid 

by those members paying the fees in euros. It is thought that these 

bank charges, which are considered a bit excessive compared to the 

annual IBNS membership fee, may be restraining the number of 

Europeans continuing to remain IBNS members and paying their 

annual fee if they are unable to use other systems such as PayPal, 

credit cards etc. Any suggestions on this matter would be gratefully 

received. 

Burnley Chapter 

Geoff Sutcliffe, Chairman and Secretary 

22 Delamere Road 

Gately, Cheadle 

Cheshire SK8 4PH 

UNITED KINGDOM 

gff.stclff@ntlworld.com 

March 2009 meeting: The chapter meeting of the 19th of March 

at Nelson House was opened by our newly elected chairman Geoff 

Sutcliffe, with a warm welcome to the 20 members present and 

including two apologies. 

Richard Underwood was invited to give his illustrated talk which 

was totally centered on the Jamaican $1000 banknote, which features 

Michael Manley and the Jamaican Giant Swallowtail Butterfly. Further 

illustrations showed hundreds of other examples of butterflies in the 

design and the security features of this beautiful banknote. The talk was 

roundly applauded and is a part of Richard’s extensive and very detailed 

article in the IBNS Journal 48.1 entitled ‘Insect Images on Banknotes’. 

The natural break for refreshments provided a second opportunity 

to view the large auction display, and socialise with friends one 

only sees at the meetings. The auction was very successful with 

approximately 75% of lots sold. A good night was had by all. 

On closing the meeting, the members were reminded of the large 

(free) Stamp/Coin/Banknote Fair at York Racecourse on the 17/18th 

of July, where many of the chapter members will meet up to further 

their collecting interests. 


Czech Chapter 

Evzen Sknouril, President 

Vaclavske nam. 21 

110 00 Praha 1 

Czech Republic 

IBNScz@quick.cz 

www.IBNS.wz.cz 

420-224-109-425 fax 

420-224-109-455 phone 

East Midlands Chapter 

Simon Biddlestone, Chairman 

66 Moorsholm Drive 

Nottingham NG8 2EF 


simonbid@ntlworld.com 

January 2009 meeting: Nine members attended. Discussion 

took place on various IBNS matters including nominations for 

Banknote of the Year 2008, and the state of the IBNS website. 

It was pointed out that an index to all the IBNS journals was 

available for download from the IBNS website. Although the 

actual articles were not available online, it is very useful as it is 

comprehensive and can be sorted or searched, e.g., for a particular 

subject or author. 

Recent acquisitions shown by members included a low grade 

but scarce note of German Cameroon from 1914, and a recently 

issued book on French Chamber of Commerce notes, in French 

by Jean Pirot. A poster showing all current Scottish banknotes was 

also shown, in full colour, with copies being downloadable from 

www.scotbanks.org.uk. 

Further, to previous discussions about a new IBNS logo, a 

mock-up had been prepared. Despite the original discussion being 

prompted by the IBNS itself, communication had been received 

that the society was not looking to change its logo. Nevertheless 

members were pleased with what had been prepared, and hoped it 

may be of some use in the future. 

Member’s Favourite Notes: Each member had been asked to 

bring along a favourite note to talk about for five or ten minutes, 

and eight members had done so: 

• Norman Logan: French 500 francs, 1945, depicting the Comte 

de Chateaubriand, 

• Alan Cole: two intriguing, and related, but uncatalogued 

Mongolian war bonds from around 1919, 

• Eddie Nurcombe: Japanese Ozu Han 2 monme note from 1746, 

• Roger Outing: a unique Childs Bank archive, consisting of a 

book relating to the banks history, with the original proof copy, 

the handwritten manuscript, and original notes and cheques as 

illustrated in the book, 

• Mark Ray: German 1000 mark note of 1910, 

• David Carew (in absentia): a Bank of England, green, one 

pound series A (1928–1960), 

• Margaret Spick: Vietnamese 5000 dong, from 1975, depicting a 

leopard, 

• Simon Biddlestone: a Bank of Canada $20 of 1935 depicting 

HRH Princess Elizabeth, in English & French versions, and, 

• Laurie Scully: Thailand 100 baht commemorative for the 72nd 

birthday of Queen Sirikit. 

The above list hardly does justice to the fascinating stories told by 

members regarding their favourite notes. Many of these short papers 

would have made fascinating topics for a whole meetings talk. All 

were warmly received, and everyone enjoyed the opportunity to take 

part, and talk on a subject specific to their interests. 

March 2009 meeting: The meeting opened with apologies 

from David Carew who was supposed to be the day’s speaker, 

but who was unfortunately not able to attend. The chairman had 

asked for suggestions or volunteers by email and was pleased to 

say that two members had offered talks at short notice. The latest 

IBNS Journal was discussed. It was thought that the articles were 

particularly good, but that there were too many large pictures of 

similar notes in the new issues section, e.g., Zimbabwe dollars, 

which could be covered using less space. 

Simon passed round a Canadian 1967 $1 note with a gold 

foil addition of a Canadian flag on the obverse. The Bank of 

Canada had confirmed that it had not been issued like that, and 

was worth no more than its face value. This note and similar 

were being advertised on the internet as special issues, which 

clearly they are not. Readers beware! Eddie Nurcombe showed 

various Han-Satsu bargains recently acquired, including one 

with mainly Chinese text, which may have been issued on the 

Chinese mainland. Mark Ray had acquired a set of unissued, 

but cancelled, Newfoundland Government issues dated 1911- 

12 that appear not to have been recorded until now. Alan Cole 

showed a particularly rare Albanian note (Pick 1, cancelled), 

which probably dates from 1925. Two Bank of England updates 

were announced, discoveries of prefixes that were previously 

unconfirmed, namely prefix 82 (in 82J & 82K) on Page £1’s 

(B339a), and prefix B on Page £20 (B328). 

New Publications: Eddie had purchased a recently issued book 

on German camp money by Tieste, with German text, valuations 

and many colour pictures. Two recent publications by survivors of 

the wartime Nazi forging of English notes were on show. The first 

simply titled Counterfeiter, by Moritz Nachtstern, telling the story 

of his reminiscences as a Norwegian Jew transported to the death 

camps, now in English from his original book released soon after 

the war ended, the second entitled The Devil’s Workshop by Adolf 

Burger, the story and memoirs of one of only two living survivors. 

At short notice, Mark had offered to prepare a talk entitled 

‘Emergency Money’, and produced a wide ranging illustrated talk 

including siege issues, civil and world wars, inflation and small 

values, military issues, and camp notes. Almost all countries appear 

to have issued emergency money at some time, so there was no 

shortage of material for the talk. Alongside the presentation a good 

selection of emergency notes from the Philippines (WWII period) 

and from Germany (WWI period) were displayed. 

The Holland Chapter 

Ed van den Brul, President 

Biezenwal 13 

Oudewater 3421 BE 

The Netherlands 

vdbrul@hetnet.nl 

www.worldbanknotes.nl 

London Chapter 

Pam West, Chairperson 

P.O. Box 257 

Sutton 

Surrey SM3 9WW 


pamwestbritnotes@aol.com 

www.IBNSlondon.org.uk 

January 2009 meeting: There were about a dozen members 

at our January meeting to hear a talk by Jonathan Callaway on 

Scottish banknote engravers. Jonathan brought along a number of 

notes from his collection to illustrate the talk which focused on the 

steel plate engravers who took the art of banknote engraving to new 

technical and artistic heights during the 19th century. Showing a 

couple of Kirkwood notes engraved on copper plate. Just to put the 


later notes into context and provide a base for comparison, he looked 

at examples of the work of W. H. Lizars, perhaps the finest engraver 

of the lot, and W. & A. K. Johnston, the brothers who took over 

Lizars’ firm, and many of his engraving contracts when he died. Lizars 

worked not just for Scottish banks, he won contracts in Ireland, 

England, the Isle of Man, Canada and India. Last but not least, Lizars 

also produced the only notes prepared for the Bank of Poyais, an 

imaginary bank from an imaginary country whose proprietor, the 

self-styled Cazique of Poyais otherwise known as Gregor MacGregor, 

lured unsuspecting settlers from Scotland to his stretch of virgin 

jungle in Central America. Very few of the worthless notes survived, 

but we were able to examine one which looked like it had spent some 

time in the jungle before making it back to a safe home in England! 

Other engravers covered included Joseph Swan, Hugh Wilson and 

Gilmour & Dean from Glasgow, Thomas Ivory and James Fenton 

from Dundee and George Waterston from Edinburgh, who produced 

a new design for the Bank of Scotland and confidently announced it 

to be inimitable by photographic means. This of course just provoked 

a challenge from the forgers of this world and he had to modify his 

designs to combat a near-perfect imitation which appeared in 1885. 

It was produced by a master-engraver rather than a photographer, so 

he may technically have been right in his assertion. 

The talk was well received by those present and, the speaker 

hoped, stimulated interest in Scottish banknotes generally. 

February 2009 meeting: Our speaker this month was Pete West, 

husband of Pam, who brought along a selection of notes from his 

private collection (so private in fact that Pam wasn’t even aware he 

had some of them!) The highlight was definitely the specimen £1000 

Treasury Bill with the John Bradbury signature, which is a very scarce 

item indeed and quite a find. Pete has also managed to find some 

interesting Bank of England pieces including a handwritten cheque 

of 1756 and a £5 note “issued” by James S. G. Boggs, a well-known 

artist who made a name for himself by drawing currency on paper, 

then offering the drawing as payment for goods. He was arrested 

and tried (unsuccessfully) and his art lives on – in Pete’s collection at 

least. Pete also showed us Isle of Man notes with rare serial numbers, 

such as number one and one million, the latter clearly showing that 

the final zero had been added by hand (as is common practice at the 

printers Thomas de la Rue). After a lively meeting we retired to a 

nearby Lebanese restaurant for the chapter’s annual dinner, arranged 

as a thank you to all the volunteers who help out with our annual 

Congress show. We enjoyed a superb meal and had the unexpected 

bonus of a display of belly-dancing. Sadly, no photographs were taken 

for this report! 

April 2009 meeting: Our speaker this month was Professor Iain 

Stevenson, a keen collector of Scottish notes and a Scot himself. Iain 

took us through a number of examples of Scottish forgeries and the 

stories behind them. Many of the early private banks had their notes 

forged and in some cases the forgeries are the only record we now 

have of their issues. What makes many of the forgeries that much 

more interesting is who actually produced them, for example, we 

heard about a nice sideline developed by French prisoners-of-war 

from the Napoleonic Wars, who were being held at Penicuik near 

Edinburgh. They went into banknote production, apparently carving 

some of the designs on rabbit bones! Of course most were made using 

good old fashioned pen and ink. 

From the 1820s, a new revenue stamp design, intended to combat 

forgeries, was introduced, invented by Sir William Congreve. This 

“compound plate printing” method was not wholly successful due to 

production difficulties, but for today’s collectors the intricacy of the 

printed stamps it produced, using a system of interlocking plates so 

that parts of the design were in red and parts in black, clearly defeated 

the best forgers. This makes it easy to tell if the note has been forged 

or not. What we also heard from Iain was that some clever forgers 

managed to dupe the Stamp Office into applying a genuine revenue 

stamp to a forged note! 

Iain also had more modern forgeries to show us, produced by our 

old friend the colour photocopier. What lets these efforts down is 

usually the quality of the paper but they have fooled enough people 

in recent years to worry the banks and cause them to change their 

note designs more often than they would have wished. 

All in all this was a fascinating talk and Iain was roundly 

applauded for his contribution. 

Melbourne Chapter 

Ian Yarde, Secretary 

P.O. Box 95 

Flinders Lane 

Melbourne, VIC 8009 

Australia 

ian.yarde@connexmelbourne.com.au 

December 2008 meeting: The meeting was held on the18th 

of December 2008 with an early start time of 6:30 p.m. Nine 

members attended with six apologies received, including one from 

Don Cleveland who had journeyed again to Papua New Guinea for a 

temporary work assignment. 

Frank Robinson and Bill Xynos, chapter members and president 

and secretary respectively of the Numismatic Association of Victoria 

(NAV), presented a number of awards to chapter members who 

prepared exhibits for show in the Australian Numismatic Dealers 

Association (ANDA) fair held in Melbourne in September. A special 

NAV award (the Max Stern Perpetual Trophy) was presented to Alan 

Flint for the best presentation made at an NAV meeting during 2008. 

General business included discussion over the 2009 membership 

fees and a plan to hold a joint meeting with the Geelong Numismatic 

Society (GNS) early in the new year. Frank Robinson also advised 

that the NAV has for sale a medallion celebrating the centenary of the 

Scouting Movement in Australia. 

Our meeting topic (or theme) was ships on banknotes with most 

members participating by showing various examples. Ships and 

other water vessels, both modern and ancient, appear on numerous 

banknotes worldwide and a good variety was on show for the 

meeting. 

The meeting concluded at 7:30 p.m. when we walked a short 

distance to a local restaurant to celebrate the end of the year and the 

festive season. 

Bill Xynos, Exhibitions Organiser of the NAV (left) presents the impressive 

Max Stern Perpetual Trophy and miniature to Alan Flint. 

February 2009 meeting: Our first meeting for 2009 was 

held on the 19th of February with sixteen members present with 

two apologies received. Don Cleveland was welcomed back from 

Papua New Guinea and he generously distributed a new two-kina 


note to each member. This note has an overprint of the Bank of 

Papua New Guinea’s logo and celebrates the bank’s 35th anniversary. 

A number of items of correspondence was received including 

an email detailing a possible scam in South Africa involving a ‘500rand 

note’ doing the rounds. It seems the ‘note’ was designed, quite 

legitimately, for a contest held by the South African Reserve Bank, 

but printed images of it are now being used in an attempt to defraud 

members of the public. 

A number of reports were discussed including Bill Xynos’ 

extensive treasurer’s report and planning for the Australian IBNS 

convention to be held in Melbourne later in the year. 

Our meeting topic was Colombia with Mauricio Diaz-Chavarro 

delivering (in Colombian national dress) a PowerPoint presentation 

on many aspects of his home country. 

Mauricio Diaz-Chavarro donned national 

dress for his presentation. 

March 2009 

meeting: Our 2009 

annual general meeting 

was held on the 19th 

of March with fifteen 

members and one guest 

attending. Apologies 

were received from three 

members. 

Several members 

showed their recent 

acquisitions with 

Stephen Prior tabling 

a very impressive 

hand-drawn facsimile 

of an 1881 Bank of 

England fifty-pound 

note apparently done by 

a schoolboy for an art 

project. 

Frank Robinson gave 

an update on progress made securing a venue for our convention 

and Tony Alsop gave details of the planned joint meeting with the 

Geelong Numismatic Society in April. 

Chapter elections were held and, with one exception, all positions 

were uncontested. Our team for 2009 is President: Stephen Prior, 

Vice President: Alan Flint, Secretary: Ian Yarde, Treasurer: Bill Xynos, 

Newsletter Editor: David White, Conventions Manager: Frank 

Robinson, Returning Officer and Auctioneer: Don Cleveland. 

President Stephen Prior then had the pleasant duty of presenting 

years of service membership certificates to three members. Les 

President Stephen Prior presented years of service certificates to (left to 

right) Girts Riverans, ten years; Les Thomas, twenty-five years and Don 

Cleveland, ten years. 

Thomas received a twenty-five year certificate and Don Cleveland 

and Girts Riverans received certificates for ten years membership. 

Meeting topic for the evening was an auction of various material 

brought in by members. 

Midwest Chapter 

John Helm, President 

1827 17th Avenue 

Grafton, WI 53024 

United States 

sspmanager@aim.com 

January 2009 meeting: Gene Mitchell looked into getting Ho 

Chi Minh notes for the 2009 Chicago Paper Money Exposition 

(CPMX) cards and found that the prices of the notes were higher 

than our budget allowed so we went with our second choice. Gene 

will purchase the Castro notes soon. Thanks for your work, Gene! 

Central States Numismatic Society (CSNS) sent the chapter 

a card to vote yes or no to a change in their bylaws regarding the 

division of duties between elected officers. Members in attendance 

voted ‘yes’ unanimously. 

Our extended auction and show and tell combo went over very 

well. Members had a great time participating. 

February 2009 meeting: Souvenir cards are done and were 

available to members in attendance. They are still US$5.00 and can 

be purchased at the IBNS table at the CPMX show. Previous years’ 

souvenir cards can be purchased for the same price. 

The IBNS nominated Jeff Swindling, Scott Rottinghaus, and 

Joe Boling for the ANA Board of Governors and Cliff Mishler for 

president. The newsletter has begun to be emailed to members who 

would like it to be done that way. To receive the free banknote, 

put your name on the list, and please send me an email at IBNS@ 

me.com. To people that have my email already, you can use that one. 

This address will be forwarded to my personal email. At the meeting 

we passed out sheets requesting that members write down what they 

collect. This information will be compiled and put into a list to share 

amongst the Midwest chapter only. 

Jim Downey presented an entertaining program on Wisconsin 

Depression Scrip. Members enjoyed the program and learned a lot 

about this not too well known topic. Jim also gave a brief anatomy of 

the new digital Catalog of World Paper Money. 

March 2009 meeting: The club purchased the new Standard 

Catalog of World Paper Money – General Issues catalog for the club, it will 

be used as a library book. To be put in touch with the person storing 

the catalog, please contact Andrew Keene at IBNS@me.com. Also, we 

are encouraging members to opt having the newsletter emailed to them 

versus being sent United States Postal Service to be more eco-friendly. 

Please contact the email above to be put on this list. 

No new business was discussed. The chapter members enjoyed an 

extended auction and show and tell. 

Perth Chapter 

Robin Hughes-d’Aeth, Secretary 

P.O. Box 207 

South Perth, Western Australia 6951 

Australia 

gurkha2@bigpond.com 

Shanghai Chapter 

Liu Min 

Room 901 

No. 12, Lane 64 

Xin Hua Rd. 

Shanghai 

China 

manager@paper-money.net 


South African Chapter 

The South African Chapter of the IBNS is no longer active. If 

members from South Africa would like to form a new chapter, 

please contact the Chapters Secretary (see above for contact 

information) to indicate your interest. 

Southern California Chapter 

Stewart Westdal, President 

P.O. Box 221077 

San Diego, CA 92192-1077 

United States 

swestdal@san.rr.com 

February 2009 meeting: At noon on February 5th, we 

held our third meeting in the Long Beach Convention Center. 

The chapter had only six members attending, partly due to this 

meeting being held on a weekday, and eight other members were 

at their tables at the Long Beach show. 

Announcements included: 

• The recertification of our chapter for 2009, 

• Members of our chapter are invited and encouraged to meet 

with other IBNS members in a gathering during the American 

Numismatic Association Show in Los Angeles at the Los Angeles 

Convention Center on Saturday, August 8th . More details as to 

the time and location will be available later (this is a “show and tell” 

gathering among other things, so bring something to talk about), and 

• We have a new chapter member, Richard Henke. 

It had been hoped that we would seek nominees for election of 

officers for the coming year but due to the low turnout, requests 

for nominations would be sent to all members in coming weeks. 

Nominees will be asked if they are interested in holding office 

and will be on the ballot only if they accept nomination. Ballots 

will be mailed shortly thereafter. We also have a ballot measure to 

return our meeting day back to the Saturday of the Long Beach 

Show, more details will be in the mailing. 

For the edification of members, Jim Noll gave a presentation 

on new slot machine paper data “chits” with many examples 

to display. Stewart Westdal spoke of the earliest banknotes of 

Iceland, printed on the backs of Danish notes between 1791 and 

1815, and the first truly Icelandic notes of 1885, P1 through P3, 

with a display of photocopied notes. Both presentations may be 

viewed on the chapter website, www.freewebs.com/scibns under 

presentation summaries. 

In March we were asked to conduct a “familiarization/ 

orientation” for the IBNS at the May Long Beach show; after 

varied three-mail exchanges with Collectors Universe, we will have 

booth 1423 on Saturday, May 30th, to hand out Journals and 

application forms, display various notes, etcetera, from 11 a.m. to 

1:30 p.m., after which we’ll have a meeting in Room 102-C. 

Sydney Chapter 

Tony James, Secretary 

G.P.O. Box 1398 

Sydney, NSW 2001 

Australia 

info@tonyjamesnoteworld.biz 

February 2009 meeting: Twelve members attended the 

February meeting of the Sydney Chapter, which got underway 

with the usual business of administration. The 2009 program 

for the chapter was distributed and discussion took place on 

the possibility of the Sydney Chapter joining other Australian 

chapters on a visit to Indonesia, proposed by one of our Sydney 

members now living in Jogjakarta. 

After a display of recent acquisitions, the balance of the 

evening’s activities was given over to the topic of the banknotes 

of central Asian nations. Peter Symes presented collections from 

Turkmenistan, including notes of the latest issue, and Azerbaijan, 

including the modern and early notes of the twentieth century. 

Jamie Alder displayed an eclectic array of notes from Afghanistan, 

Uzbekistan, Kyrgyzstan, and Mongolia. 

As usual, the displays raised much discussion as various 

intricacies of the different issues were described. Many of the 

notes had been seen by some members for the first time and 

allowed areas of collecting to be investigated by these members. 

March 2009 meeting: Twelve members attended the March 

meeting, which had as its theme ‘North Africa’. This was one of the 

more active meetings the Sydney Chapter had seen for some months. 

Many recent acquisitions were passed around, showing how the 

IBNS members were stimulating the collector market during the 

‘recession’. A number of items shown had been purchased through 

major auctions, although the usual markets had also been tapped. 

Jim Noble spoke of the forthcoming Noble Auction with 

particular attention paid to a collection of military items. IBNS 

administrative business dealt with various matters, including the 

annual convention in Canberra in May and the annual Australian 

Convention to be held in Melbourne later in the year. 

Four people presented displays of notes from North African 

countries and spoke to their displays. Mark Freehill presented a 

fine collection of Egyptian notes, David Meltz presented his early 

Algerian, Mali and Moroccan notes; Peter Symes displayed modern 

Algeria, Libya, and the notes of the Rif Revolt; and Grahame 

Austin presented Tunisia, Djibouti, and US North African issues. 

The strong round of displays, which generated much interest, and 

the earlier abundance of recent acquisitions saw a late close to the 

meeting, which was nevertheless appreciated by all. 

April 2009 meeting: Thirteen members attended the April 

meeting, which was again an active meeting. Administrative 

matters turned to three conventions, the Canberra convention in 

May, the annual Australian convention to be held in Melbourne 

on the 24th and 25th of October, and a proposed convention to 

be held in Indonesia in the next year or so. Certainly, members of 

the chapter have a lot to anticipate in the coming months. 

Members showed many recent acquisitions, after which Trevor 

Wilkin and Peter Symes gave reports on their visit to the Paper 

Money Show in Valkenburg. Jim Noble gave a report on the 

successful auction recently held by Noble Numismatics, showing 

yet again how strong the market remains. 

The topic for the evening was ‘Greater India’ and three 

presentations were made. Tony James presented his collection of 

Indian notes, Grahame Austin displayed notes from Tibet plus Indian 

notes and ephemera from World War II, and Peter Symes laid before 

the members his notes of Bangladesh. Each display was addressed by 

the presenter and questions fielded. Not surprisingly, it was another 

long evening; but can you have too much of a good thing! 

Turkish Chapter 

Cem Barlok, President 

P. Kutusu 346 

34115 Sirkeci 

Istanbul 

Turkey 

cembarlok@yahoo.com 


Vancouver Chapter 

Ron Richardson, Secretary 

P.O. Box 38704 

Metro Postal Outlet 

North Vancouver, BC V7M 3N1 

Canada 


www.ibns-vancouver.org 

February 2009 meeting: The first meeting of the New Year 

saw 22 members (14 of them IBNS members) gather to hear 

a presentation on ‘The Banknotes of Pakistan, 1947-2007’. 

The PowerPoint program had been assembled by Melbourne 

chapter member Ian Yarde, who generously shared a copy with 

his Vancouver colleagues. The Vancouver version was run and 

narrated by Ron Richardson, using the images gathered by Ian. 

The program traced the history of Pakistan’s paper currency from 

the first independence issues, through the changes brought about 

by the separation of East Pakistan into the independent state of 

Bangladesh, up to the current series. 

A number of members brought along “show and tell” items. 

Among them was a simulated 1932, white, £5 produced for use 

in movie-making by MGM Studios; a rare Newfoundland 1907, 

50-cent note; and £1, £5 and £100 notes from the Royal Bank of 

Scotland’s castle series. As has become usual, Ed Goldberg offered 

an update on the latest tragic developments in the Zimbabwe 

economy and its farcical currency issues. The meeting wished 

good luck to founding members and well-known paper money 

dealers Tom and Anna Sluszkiewicz who have moved from 

Vancouver to live in Ontario. 

As usual, there was discussion of a series of upcoming 

shows, two locally in Vancouver; a regional show near Seattle 

in Washington State; the American Numismatic Association’s 

Midwinter Show in Portland, Oregon; and the April Maastricht 

Paper Money Show which several chapter members planned 

to attend. It was also confirmed that the chapter will hold a 

meeting in August in conjunction with the Canadian Numismatic 

Association’s annual convention, which is to be held in 

Edmonton, Alberta. Former IBNS Newsletter editor, Murray 

Hanewich, will present a program on ‘The Banknotes of Yemen’, a 

topic he has been researching for some years. 

After the meeting ended at 9 p.m., many of the members 

gathered at a nearby coffee shop to continue exchanging news, 

views and gossip. 

April 2009 meeting: On a beautiful spring evening, 13 IBNS 

members and eight other collectors gathered to hear a fascinating 

presentation by chapter member David Hamilton on the latest 

issues of his fantasy Antarctica note series and a brand new issue 

for the Galapagos Islands. Before the program, there were the usual 

housekeeping issues discussed: recent and coming shows in the 

area; a report of the Maastricht IBNS Board meeting; details of 

the chapter’s planned participation in the Canadian Numismatic 

Association Convention in August; and show-and-tell. 

In December 2007, David Hamilton outlined to the chapter 

the origin of his now popular Antarctic notes and the trials and 

tribulations involved in getting them into production. He ended 

that talk with the introduction of the first polymer note of the 

current Antarctic series, a 1 dollar issue. In the past year he has 

added 5 and 20 dollar denominations to the series and last month 

the newest issue, 10 dollars. The 10 dollar note pays tribute to 

the famous polar explorer Capt. Robert Scott. David gave a 

fascinating talk on how he acquired the main illustrations on 

the note. They were reproductions of four stained glass windows 

honouring Scott from a church in the English village of Binton, 

Warwickshire, where Scott’s brother-in-law had been rector. To 

get the quality of illustrations of the windows (the work of noted 

stained glass artist Charles Kempe), David made a lightning trip 

to England just to photograph the panels! The latest addition 

to David’s fantasy series is a note “from” the Galapagos Islands 

marking the 200th anniversary of the birth of Charles Darwin, 

whose book, The Origin of Species, made the Galapagos famous. 

The islands are part of Ecuador which today has no domestic 

currency. The country uses the U.S. dollar. The Galapagos note 

is of 500 nuevos sucres, produced in polymer, and with the text 

entirely in Spanish. This first issue of the note may become a 

minor rarity, because of a spelling error in the Spanish text. It will 

soon be replaced. 

The next meeting of the Vancouver Chapter will be on June 30 

at Burnaby Public Library. 

Test Your Knowledge 

This quick quiz is just for fun; there are no prizes and no competition. How many questions can you answer without looking up a 

reference book? The answers are on page 75. 

1. What is the main unit of currency in Samoa? 

2. An ‘avos’ is a unit of currency. 100 avos equals 1 ________? 

3. Kemal Atatürk appears on the notes of which country? 

4. The painting Horse Driving in Hortobágy by Janos Visky 

appears on a bank note of which country? 

5. Which animal is depicted on all these notes? 

a. India Rs.2 – P27, P29 & P30 

b. Nepal Rs.500 – P20, P27, P35, P43, P50 

c. Vietnam 500 Dong – P33 

6. African politician Patrice Lumumba (1925-1961) appears 

on the bank notes of two countries, name the countries. 

7. The bank notes of the ‘Standard Chartered Bank’ circulate 

in which country or territory? 

8. Canadian bank notes are traditionally printed by which 

two companies? 

9. ‘Operation Bernhard’, the World War II German effort to 

counterfeit Bank of England bank notes, was preceded by 

which aborted operation? 

10. Since 1996, how many languages, apart from Hindi and 

English, are used on bank notes issued in India? 


IBNS Announcements 

Call for Nominations 

The next twelve months constitute an election year in the IBNS. In 

the next six months, leading to 31 December 2009, nominations for 

all positions on the Board of the IBNS will be sought. Early in 2010 

election ballots will be distributed, returned and counted. The results 

of the election will be announced in June 2010. 

Past experience indicates many members feel nominating 

themselves for a position on the Board requires experience which 

only comes from long-term membership, or from being well known 

within the paper money fraternity. This is not the case. Enthusiasm 

to assist and a desire to improve the IBNS are the only real requisites; 

although members must have been a member in good standing for 

an unbroken period of two years as of 1 January of the election year, 

continuous through to the date of election. 

Please don’t be shy of putting your own name forward, or the name 

of someone whom you think would be a good servant of the Society; and 

please consider the future of the IBNS and the contribution you might 

make. If you have any questions, about the role of a director, please check 

the bylaws or contact a member of the Nominations Committee. 

While we have many months to work on the process, it is time for 

members to think about nominations for the election. If you would 

like to work for the IBNS as a Director, please contact one of the 

committee members: 

Patrick Smeekens 

Postlaantje 3 

3851 NM 

Ermelo 

The Netherlands 

p.smeekens@chello.nl 

Peter Eccles 

PO Box 2937 

Auckland 1140 

New Zealand 

eccles.coins@xtra.co.nz 

Srikanth Vasudevan 

10301 Lake Ave 

Suite 501 

Cleveland, OH 44102 

United Stated of America 

sriki07@gmail.com 

IBNS Directory in PDF Format 

At the IBNS Board meeting in Valkenburg it was decided to allow 

the preparation of the IBNS Directory as a PDF document. There 

are two reasons why this decision was made. First, we are living in 

the electronic age and many people are familiar with working with 

PDF documents, which are easy to search and much more portable 

than a printed document (as long as you have a computer). Second, 

we publish the printed IBNS Directory every two years and by 

producing a PDF version, we are able to update it more frequently 

and the details of the membership will be more current. 

The PDF version will be based on the printed version of the IBNS 

Directory, with all current IBNS documents included. Where these 

documents have been updated, such as amendments to the bylaws, 

these amendments will be included. All advertising that appeared in 

the last printed Directory will appear in the PDF version. 

The sections that contain the alphabetical and regional listings 

of members will also remain. However, the Board expressed 

concern over the copying and distribution of a PDF document 

and, cognisant of members’ concerns at their details being 

distributed over the Internet, it was decided that members must 

‘opt in’ to the PDF version as well as the printed version. 

Members are therefore requested to contact a Membership 

Secretary and advise them which details they would like to 

include in their listing in the PDF version of the Directory. If no 

action is taken by a member, only their name and membership 

number will appear in the Alphabetical and Regional Listing. The 

options available to members are: 

1. Allow postal address and details to be published in the PDF 

Directory. Saying yes to this option will display your postal 

address, web site and collecting interests in the Directory 

under the Alphabetical Listing. 

2. Allow email address to be published in the PDF Directory. 

Saying yes to this option will display your email address 

and collecting interests in the Directory under the 

Alphabetical Listing. 

These two options replicate choices already available for the 

printed version of the IBNS Directory. In membership renewal 

letters these four options, two for the printed Directory and two 

for the PDF directory, will be indicated to members. 

It has not been decided when the first PDF version of the 

Directory will be available. When it is ready, it will be made 

available from the IBNS web site, in the member’s only area 

(when we have our new web site available). Members should note 

we are not abandoning the printed version of the IBNS Directory, 

which will be published every two years. 

If you have questions on this matter, please contact a 

Membership Secretary. 

Bricks on the Wall! 

Any society needs funds to provide for their members and we 

are no different. Whilst the IBNS is currently in good financial 

shape we want to make sure we continue in that vein. We also 

want to be able to have the funds necessary for a truly great 50th 

anniversary celebration in 2011. 

With that in mind, Pam West and Tim Welo are preparing a 

wall of donation bricks to be published in a forthcoming edition 

of the IBNS Journal and hopefully we’ll have enough bricks for a 

full two-page center spread. 

Pam and Tim are starting off by each making a donation for the 

first two bricks. All the bricks are for sale at any price you would like 

to decide upon. Donations preferred in US Dollars, pounds sterling 

and Australian dollars; but we are open to almost any donation. 

The funds raised from the wall of bricks will go toward 

funding our 50th anniversary activities. If you would like to make 

a donation please contact Tim Welo at twelo@optonline.net 

(mailing address under ‘Society Officers’). 


IBNS Educational Programs 

National Money Show 

Portland, Oregon, March 13-15, 2009 

Oregon Convention Center 

777 MLK Jr. Boulevard 

Portland, OR 97232 

The International Bank Note Society Education Program 

Moderator, Howard A. Daniel III, manned a club table for IBNS 

(and NI, NBS & PCF) at the American Numismatic Association 

National Money Show in Portland. 

Four hundred packets with a world bank note from IBNS (and 

coins from NI) were given to young and new numismatists in the 

name of IBNS at the club table. The largest number of packets 

were given to boy and girl scouts after they completed a Saturday 

class on how to acquire a numismatic merit badge Many 

membership applications and IBNS Journals were also given to 

collectors who requested them. 

There was an International Bank Note Society meeting at 

11AM in Room 117 on March 14. About one dozen people 

attended the meeting with more IBNS members present than 

non-members. There was a show and tell session and then the last 

third of the meeting was a Mini-Fest conducted by William Myers 

were collectors of MPC and other military monies conducted a 

pay call with specially printed notes paid to them. Those without 

paybooks were also paid and they were given an explanation of 

Mini-Fests, MPC Fests and the MPC Gram. 

During the FUN Show in January, Howard made the 

arrangements to have a club table at that event for the first time 

in January 2010, and a meeting too. He will be writing an article 

for the FUN-Topics magazine to explain what IBNS is and to 

invite everyone to attend the meeting and to see Howard at the 

club table to acquire further information. 

Please contact Howard at HADaniel3@msn.com if you have 

any questions about the ANA shows or conventions; IBNS 

meetings at them; or donations of coins, paper money and/or 

references to be given out to young numismatists. 

Photographed at the IBNS meeting in Portland were (from the left) Milt 

Blackburn, IBNS Awards Manager and President of the Vancouver Chapter; 

Howard A. Daniel III, ambassador for the IBNS at many shows in the 

United States; and Colonel Doctor Bill Myers, US Army Reserve. 

American Numismatic Association 

World’s Fair of Money 

Los Angeles, California, August 5-9, 2009 

Los Angeles Convention Center 

1201 South Figueroa Street 

Los Angeles, CA 90015 

213-741-1151 

The International Bank Note Society Education Moderator, 

Howard A. Daniel III, will be manning a club table for IBNS 

(and NI, NBS & PCF) at the American Numismatic Association 

World’s Fair of Money in Los Angeles. There will be about 400 

free packets with world coins from NI and a banknote from IBNS 

to be given to young and new numismatists at the club table. 

References will also be given to teachers for using the note in their 

classrooms, and to scout counselors in the name of NBS to assist 

scouts working on their numismatic merit badge. 

The IBNS meeting is at 11 AM on August 8 in a room that 

will be identified in the convention program and all IBNS 

members are welcome. All attendees will have time to introduce 

themselves and to describe one note from their collection or 

just bought on the bourse. Members of the Southern California 

chapter will be present and given some time in the meeting. Then 

Colonel (Dr.) Bill Myers will conduct an MPC Mini-Fest during 

the last 15-20 minutes of the meeting. MPC is for Military 

Payment Certificates and other military financial instruments 

are also represented, but Military Fest Certificates (MFC) will be 

“paid” to all attendees. Whether you are a collector of militaria or 

not, you will enjoy the Fest. 

Howard will also be the moderator of a Numismatics 

International (NI) meeting in the same room at 12 PM (Noon) 

on the same day. All IBNS members are also welcome to it and 

should bring one coin, token or medal from home or one bought 

on the bourse to describe during the show and tell part of the 

meeting. Everett Jones, an advanced collector and researcher of 

chopped coins, will be speaking about his specialty and showing 

some examples. 

The club table will be located on the bourse and can be a 

meeting place for IBNS members. Members can also volunteer to 

man it so Howard can look around the bourse and attend other 

meetings. Howard is looking forward to meeting new and old 

IBNS members in Los Angeles! 

For those of you coming to the Los Angeles Convention 

Center for the first time, there is a map to the convention 

center at www.money.org, and additional information about the 

convention. 

IBNS Meetings at Memphis 

For IBNS members attending the Memphis Paper Money Show, 

be aware the Board Meeting will be held on Saturday 27 June 

at 7.30 am in the Memphis Room. The General Membership 

Meeting will be held later on the same day at 1.00 pm in the 

ballroom. Please check notices at the venue for any changes. 


2008 IBNS Literary Awards 

In recognition of the best articles in the IBNS Journal during the 

past year 

THE FRED PHILIPSON AWARD (for first place) 

John E. Sandrock – “Banknotes of the French Revolution – Parts 

I and II” 

Second Place: 

Mark T. Ray – “Bank of England White Notes, a detailed study” 

Third Place: 

Stefano Poddi – “The Devil’s Workshop – Operation Bernhard, 

the Story of the Biggest Banknote Counterfeiting Scheme Ever 

Devised” 

With Honourable Mentions (alphabetically) 

Anil Bohora – “Vietnamese Bearer Cheques” 

Warren Coats – “One Currency for Bosnia” 

Roger Outing – “English Banknote Indemnity Forms” 

Peter Ravnsborg-Gjertsen & Jens Olav Sporastoyl – “Norges 

Bank’s Printing Works” 

Peter Symes – “Bonds of the Transcaucasian Commissariat” 

Peter Symes – “The Banknotes of Azerbaijan – Parts I and II” 

IBNS Book of the Year Award, 2008 

Miguel Angel Pratt Mayans & Carlos Alberto Pusineri Scala – 

Billettes del Paraguay 

With Honourable Mention 

Mikhail Istomin – Catalog of Banknotes of the Civil War in Russia 

Test Your Knowledge – Answers 

These are the answers to the quiz on page 72. 

1. The main currency unit in Samoa is the Tala. 

2. 100 Avos = 1 Pataca (used in Macao and Timor) 

3. Kemal Atatürk appears on banknotes issued in Turkey. 

4. Horse Driving in Hortobágy is on Hungary’s 50-Pengö note (P99). 

5. A tiger is depicted on the three notes from India, Nepal and Vietnam. 

6. Prime Minister of the Republic of the Congo immediately after 

independence, Patrice Lumumba appears on banknotes issued in the 

Congo Democratic Republic (P10 20 Makuta and P85 1 Franc) and 

Guinea (P16 10 Sylis). 

7. Notes of the Standard Chartered Bank circulate in Hong Kong 

(China). 

8. Canadian bank notes are traditionally printed by the British American 

Bank Note Company Limited (BABN) and the Canadian Bank Note 

Company (CBN). 

9. Operation Bernhard was preceded by Operation Andrew. (See ‘Serial 

Numbers of Operations Bernhard and Andrew’ in IBNS Journal 47.4, 

pages 37 to 41.) 

10. Apart from Hindi and English, fifteen languages are used – Assamese, 

Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, 

Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu, and Urdu. (See 

‘Languages Used on the Banknotes of India’ in IBNS Journal 48.1, 

pages 37 to 41.) 

Annual Financial 

Statement for 

2008 

Our net gain for the year was $2185; the gain in the general fund was 

$392. Figures for the last four years are given below for comparison 

(these exclude most auction expenses and income). 

Most of the donations ($2100+) were donated lots in the auction. 

Another $600 was a single anonymous gift, so overall donations were 

just about where they have been historically. Tim Welo has pushed up 

advertising income significantly over the past two years. The apparent 

doubling of the cost of the directory was due to the postage expense 

being rolled into a Journal mailing, and not itemized (so the expense 

was attributed to the Journal). Secretarial expenses ($7513 of the 

“other expenses” above) more than doubled with the added costs of 

the election (which will not be incurred in 2009). Interest rates have 

cratered; we will see very low returns on our savings in 2009. The 

general fund at year-end sat at $40927. Total assets of the society were 

$104678. 

Sincerely, 

Joseph E Boling, Treasurer 

2008 2007 2006 2005 

Membership dues $53164 $50518 $43031 $42962 

Ad income, sales 

of books/journals 

18484 16489 14740 10669 

Interest income 

(incl special funds) 

3148 3908 3264 1067 

Donations 884 191 238 77 

Transfer from 

auction fund (‘08, 

donated lots) 

2127 498 0 6000 

Journal expenses 50692 50606 39075 38760 

Newsletter expenses 0 0 4349 7919 

Directory expenses 9542 0 4441 0 

Web site expenses 223 1392 1164 969 

Unusual expenses 

(‘05, database 

software) 

0 0 0 2700 

Taxes on advertising 

revenue 

645 323 0 550 

Other expenses 10007 5247 7339 9328 

Net change in the 

general fund 

$+392 $+14474 $+1247 $+2742 


Minutes of the IBNS Board Meeting 

Valkenburg 4 April 2009 

In attendance: President Peter Symes, First Vice President Christof 

Zellweger, Second Vice President Ron Richardson; Directors Thomas 

Augustsson, Hans Seems, Joel Shafer, and Frank Spinelli; and Ex Officio 

Board members Pam West (London Chapter) and Ed van den Brul 

(Holland Chapter). Ali Mehilba available absence unexcused. 

The meeting opened at 6.40 pm with a welcome by Peter Symes, after 

which he stated that Christof Zellweger would chair the meeting while he 

took the minutes. It was moved that the minutes of the previous meeting, 

held at Perth, be accepted. Symes/Spinelli – Unanimous. 

The Finance Report by Treasurer Joseph E. Boling was tabled. It was 

noted that the difference between the opening and closing balances for 

2008 was only several hundred dollars, with the closing balance being 

$40,821. 2008 included the cost of the membership directory, which 

would not be incurred in 2009. The balance of the general fund at the 

end of March 2009 was about $38,000. 

A recommendation had been made by the Chapters Secretary that 

the South African Chapter lose its certification as an IBNS Chapter as 

no response had been received from any officers of the chapter. President 

Symes noted that several attempts to contact Chapter officers had failed. 

After some discussion it was decided to place a note in the IBNS Journal 

asking for South African members to reform the chapter. 

The President and Secretary of the Czech Chapter were noted to have 

let their membership lapse and it was decided that a letter in English and 

Czech would be written to each member of the Czech Chapter advising 

that the chapter would be deregistered unless the President and Secretary 

rejoined the IBNS or new officers were elected. 

A motion to make Francis Thornton, the former chairman of the 

Burnley Chapter, an Honorary Member of the IBNS was presented. Four 

written nominations had been received from Pam West, Geoff Sutcliff, 

Jonathan Callaway, and Peter Symes. The call for the recognition was due 

to a life-long dedication to paper money and, in particular, running the 

Burnley Chapter for many years. West/Symes – Unanimous. 

A proposal to make Joseph E. Boling an Honorary Director for Life 

had been sent to all IBNS board members by President Symes in March. 

Written concurrence had been received from thirty nine board members, 

with one opposed to the proposal and two board members not replying. 

As the letters of concurrence came from over ninety percent of the board, 

it was announced by First Vice President Zellweger that the proposal 

was successful. The announcement was met with acclamation. President 

Symes to write to Joseph E. Boling to advise him of the honour. 

A motion was presented to confirm the following officers as ex 

officio members of the Board: Assistant Secretaries, Awards Program 

Manager, General Advertising Manager, Legal Counsel, Chair of the 

Young Numismatists Committee, and Auctioneer. Symes/Richardson 

– Unanimous. (Nota bene: It was pointed out after the meeting that 

under article IV section 5 of the bylaws, the position of Legal Counsel is 

automatically ex officio, not subject to a vote of the board.) 

A motion was presented to make the Chapters Secretary an ex officio 

member of the Board. Richardson/Symes – Unanimous. 

A motion was presented to appoint David White as General Secretary 

of the IBNS. Spinelli/Augustsson – Unanimous. 

A motion was presented to appoint David Hunt as European Secretary, 

subject to him using email. Richardson/Seems – Unanimous. (Although taking 

over the office, David will become active in October 2009 after he retires.) 

It was announced that the Bank Note of the Year had been awarded 

to the 20-tala note issued by the Central Bank of Samoa. A presentation 

is expected in late April 2009, where an award will be given to the 

Governor of the Bank in Sydney, Australia. 

Several changes to the bylaws had been notified to the Board some 

weeks before the meeting. After some discussion the second change was 

modified to refer to the current ‘assistant secretaries’ as ‘membership 

secretaries’. Following agreement on this change, the motion to accept the 

changes was proposed. Seems/Shafer – Unanimous. (The bylaw changes 

are at the end of the minutes.) 

Considering that the exact procedures in re-instating Adil Onder 

a year ago had not been followed, steps had been taken to rectify the 

situation. All board members had been given access to the relevant 

documents in suitable time before the meeting and board members not 

attending the meeting were given the opportunity to submit a vote. 

Board members Joseph Boling, Kate Gibson and Steve Milner submitted 

sealed ballots. A secret ballot was held with the result being eleven in 

favour and one against. This procedure confirms the vote taken last year 

and the re-instatement stands. 

A motion was made that the IBNS Directory be made available to 

IBNS members as a PDF file. That the file be a standard PDF file with 

no security limits. Discussion on this matter focussed on advertising, 

permission and copying of the file. Assurances were given that any PDF 

file of the IBNS Directory would retain all advertising, which had been 

placed with the printed version. The matter of copying the file and 

distributing the file to non-members was discussed and while it was 

agreed that this was more easily achieved with an electronic file, it could 

still be done with paper copies. It was noted that at least one member 

had scanned the pages with member information and converted it to a 

PDF file. Due to the ease by which the PDF version of the file might 

be distributed, it was felt permission from members to include their 

details in a PDF version should be sought. The motion was amended to 

read: That a PDF version of the IBNS Directory is published after all 

members had the opportunity to indicate their willingness or otherwise 

to have their details published in the PDF version. Symes/Augustsson – 

Richardson, Augustsson, Seems, Shafer, Spinelli, West and van den Brul 

in favour; Symes abstained. 

(Nota bene: changes will have to be made to the IBNS membership 

database before approval of members can be sought. Approval will be 

sought through regular renewal letters sent to members.) 

A discussion was held on the matter of introducing a system of 

awards for IBNS members, similar to the awards made to members for 

the fortieth anniversary celebrations. Points discussed included: what 

criteria would be used to select people for the award, whether the award 

should be limited to IBNS members, and what form the award might 

take. A medal produced for the Melbourne chapter was shown, along 

with an indicative cost of producing a silver version. A quote obtained 

by Milt Blackburn was also tabled. In order to investigate options for the 

awards, a committee was formed, which will report to the board with 

recommendations at the earliest opportunity. The committee is chaired 

by Milt Blackburn (Awards Committee Chairman) and assisted by Ron 

Richardson, Frank Spinelli and Hans Seems. 

Extraordinary funds had been received recently through the sale of the 

IBNS European Library ($775.81) and donations from IBNS Auction 

64 ($2,577.60). The question was raised as whether these funds should 

be segregated from the General Fund, which is the operating account 

of the IBNS, and placed in a specific fund, such as one for the fiftieth 

anniversary of the IBNS and IBNS awards. The motion was put: That the 

extraordinary funds are used towards the fiftieth anniversary and awards. 

Richardson/Symes – Unanimous. After some discussion, it was decided 

that a separate bank account need not be opened for this fund. 

An idea raised by Pam West in London for raising donations was 

again discussed. Under the plan donations would be sought to build a 

‘wall’ in the IBNS Journal. Each donation would buy a brick and the 

donors’ names would be placed in each brick. Donations were to be 

for a specific cause, in the first instance towards the fiftieth anniversary 

celebrations. After some discussion a motion was put to: instigate a 


donors program whereby donors would purchase a brick in a wall to be 

built in the IBNS Journal. Details are to be supplied by Pam West and 

Tim Welo to the Editor of the IBNS Journal for publication in the next 

IBNS Journal. West/Seems – Unanimous. 

Through his report to the Board Tim Welo, the advertising manager, 

requested $3,000 over the next twelve months to advertise the IBNS in 

the numismatic press. A motion was put to support the request. West/ 

Seems – Unanimous. 

At 7.50 pm Ed van den Brul and Pam West left the meeting. 

The report from the Auctioneer for IBNS Auction 64 was tabled. The 

auction had attracted 41 vendors and 143 bidders, of whom all but 6 had 

been successful with at least one bid. The revenue from the auction was as 

yet unknown. 

Several administrative matters had arisen from the auction, which 

were addressed by Ron Richardson. Firstly, the grading standards 

published in the auction catalogue were not the official IBNS grading 

standards and this should not have happened. Secondly, the grading 

‘UNC’ was not used by the auctioneer. Thirdly, some lots were not held 

by the Auctioneer and he had accepted grading from the vendor, while 

the vendor held the notes. 

At 8.05 pm Frank Spinelli left the meeting. 

Richardson reported that he had discussed these points with the 

Auctioneer. While the matter of not using the grading ‘UNC’ was still to 

be resolved, the auctioneer agreed that accepting grading from a vendor, 

while the vendor held the notes, would not be continued in future. 

At 8.10 pm Hans Seems left the meeting. 

To address the matter of the grading standards, a motion was put: All 

official IBNS policy documents will always be published in an unadulterated 

form in official IBNS publications. Richardson/Shafer – unanimous. 

The next meeting is to be held in conjunction with the Memphis 

Coin Club’s Paper Money Show in June 2009. 

The meeting ended at 8.25pm. 

Minutes transcribed by Peter Symes 

Bylaw Changes 

1) That all references to the Newsletter and Newsletter Editor are removed from 

the bylaws. 

2) That “assistant secretaries” become known as “membership secretaries”; that 

mention of the term “secretary” be clarified as “general secretary” where 

appropriate; and the role of general secretary becomes co-ordinator of the 

regional secretaries rather than supervisor. 

3) That the position of Chapters Secretary be incorporated in the bylaws; 

including “Section 11. The duties of the chapters secretary will be to undertake 

liaison with the IBNS chapters, facilitate the creation of new chapters, and 

conduct annual recertification of chapters. The chapters secretary is overseen by 

the general secretary and reports to the second vice president.” 

4) That the need for the publication of a fictitious ballot, prior to an election, 

be removed from Article V Section 5; i.e. delete “A sample fictitious ballot, 

illustrating the design and the format to be used in the actual ballots, will 

be included in the first newsletter distributed after the appointment of the 

nominating committee.” 

5) That tied votes be resolved in the following manner: “Article V Section 7. In 

the event of a tied vote for any position being elected in the biennial elections, 

the winner will be decided by the drawing of lots at the Annual General 

Meeting prior to the results of the election being announced. The winner shall 

then be announced as the winner for the contested position.” 

6) That the method of determining a vote in favour of a motion at an on 

line board meeting be changed from: “Passage of a motion will require an 

affirmative vote equal to a majority of the number of members who formally 

notify receipt of the notice of motion (members who did not notify receipt of 

the notice within the twenty-one-day period will be eligible to vote).” to “A 

motion will be passed if a majority of those voting (which can included board 

members who did not acknowledge the call for the meeting) favor it, except 

that if fewer members vote than a majority of those originally acknowledging 

the meeting, then the motion fails “ 

7) That spelling mistakes and superfluous words as identified in the revision 

distributed to the board members shall be deemed adopted in their corrected form. 


New Members 

The following people 

have recently joined the 

IBNS and are welcomed 

to the Society. We hope they 

find membership rewarding 

and that they will find the 

opportunity to contribute to 

the Society. 

Adarsh, Musham 10217-J 

Block No. 30, 1 Floor 

Sanjevayya Nagar Colony 

West Marredpally 

Secunderabad 500026 

India 

philadarsh@gmail.com 

youngeststampcollector. 

wordpress.com 

COLL: Coins, World notes, 

Stamps, Children themes 

Akbas, Bulent 10306 

General Manager 

Park Denizcilik Hopa Liman 

Isletmesi 

Hopa / ARTVIN, 08600 

Turkey 

bulentakbas@superonline.com 

COLL: World notes, Boat Notes 

Alkazemi, Ghazi 10328 

ghazi@alkazemi.com 

COLL: United Arab Emirates, 

Saudi Arabia, Kuwait, Iraq, 

British India 

Al-Sabah, Faisal 10325 

Bailey, Jonathan 9963 

1 Public Works Drive 

Waterford, MI 48328, USA 

daggarjon@daggarjon.com 

www.daggarjon.com 

COLL: United States, World 

notes, Us Coins and World Coins 

Baldessaro, Giuseppe 10321 

Via San Gottardo nr. 11 

Paina di Giussano 

Milano, 20030 

Italy 

Botha, Sean 10098 

botha_sean@yahoo.co.uk 

COLL: South Africa, especially 

pre-Reserve Bank notes. Notes 

of historical interest such as those 

signed by Gordon in Khartoum, 

Khmer Rouge notes in Cambodia, 

Che Guevara in Cuba 

Brind, Clive 10300 

The Elms 

27a Leconfield Road 

Lancing, West Sussex BN15 9JB 


yakbrind@tesco.net 

COLL: World notes 

Buff, Kuno 10099 

Pfannenstilstr. 22 

Wadenswil. CH-8820 

Switzerland 


Cadman, James 10312 

Costa, Alexandre 9961 

Av. Joao Gualberto 1313 Apt 217 

Alto da Gloria 

Curitiba, 80030-001 

Brazil 

ajcosta@onda.com.br 

www.colecaodecedulas.com.br 


Cronin, Jason 10305 

Westbourne House 

La Grande Route de St Laurent 

St Lawrence 

Jersey JE3 1NL 


jkmcronin@hotmail.com 

shop.ebay.co.uk/merchant/ 

laurentowen 

COLL: Guernsey, Jersey 

Cueva, Edwin 9962 

159 Claremont Ave 

Mount Vernon 

NY 10550, USA 

Drmellaril@aol.com 

COLL: British Colonies/ 

Empire, World notes, Ecuador 

Dashdorj, Bayarkhuu 10307 

Embassy of Mongolia 

No 14, Street 152 

Maadi, Cairo 

Egypt 

bayardevi@hotmail.com 

Delacroix, Jerry 10322 

Av Baron Dubost 7 

Rixensart, B-1330 

Belgium 

jerry.delacroix@gmail.com 

COLL: Europe, Belgian 

Congo, Africa 

Floriano, Moriccioli 10304 

via Colle degli Olmi n. 11 

Genzano, 00045 

Italy 

florianomoriccioli@yahoo.it 

Fraunhoffer, Hartmut 10327 

Winlandstr. 10 

Munich, 81549 

Germany 

info@banknotes.de 

www.banknoten.de 


Frayne, James 10317 

26 Wickstead Avenue 

Grange Farm 

Milton Keynes 

Bucks. MK8 0NW 


fraynejames50@hotmail.com 

COLL: Prisoner of War notes, 

Polymer Notes, Concentration 

Camp notes, Germany, French 

assignats 

Hasson, Victor 10219 

PO Box AY24 

Amby, Harare 

Zimbabwe 

illana@hasson.co.zw 

COLL: South Africa, Rhodesia, 

Israel, Southern Rhodesia, 

Zimbabwe 

International Bond and Share 

Society 102 

167 Barnett Wood Lane 

Ashstead, Surrey KT21 2LP 


secretary@scripophily.org 

www.scripophily.org 

Jarmilko, Andrzej 10301 

ajarmilko@poczta.onet.pl 

Jorde, Glen 10323 

P.O. Box 15198 

Sarasota, FL 34277-1198 

USA 

gjorde@pmgnotes.com 

COLL: Replacement notes, 

Norway, United States, 

National BankNotes; North 

Dakota and Dakota Territory 

Kozin, Vladimir 10309 

str.Agusal 8c/4 

Natanya, 42754 

Israel 

abirvalg@walla.co.il 

www.banknotes-stamp.ucoz.ru 

COLL: Eastern Europe, Asia 

Lefevre, Jean-Yves 10329-F 

cresusdn@wanadoo.fr 

Lewis, Steve 10308 

29 North Court 

Hassocks 

West Sussex BN6 8JS 


owstonlewis@care4free.net 

COLL: One banknote from 

each country 

Marangoni, Domenico 10320 

Marques, Francisco Manuel 

Silva 10313 

R. Direita, 213 

L. Palmeira, 4450-652 

Portugal 

nvmmvs@gmail.com 

COLL: World notes, Coins 

Marshall, Struan 10314 

smarsh@smarsh25.freeserve.co.uk 

COLL: World notes, Notes of 

beauty 

Matthews, Jason 10316 

54 Petworth Way 

Hornchurch, Essex RM12 4LR 


jasoneverest.com 

COLL: Africa, Inflation notes 

McDonald, Peter 9966 

P.O Box 171 

Kirkland, QC H9H 0A3 

Canada 

pmcoins@total.net 

COLL: World notes, 

Script,Bonds,Certificates, 

cancelled checks 

Mills, Dave 9960 

479 Rockport Circle 

Folsom, CA 95630 

USA 

dmills@go-fast.org 

www.frenchBanknotes.com 

COLL: France, Banknotes 

printed in France or designed 

by French Artists 

Minucos, John 10216 

PO Box 241 

Rosebery NSW 2018 

Australia 

cerigotis@gmail.com 

COLL: Australia, Greece, 

Indonesia, New Zealand, World 

notes 


Myers, William 9965 

13453 N.Atalaya Way 

Oro Valley, AZ 85755-8546 

USA 

wjmhands@pol.net 

COLL: World War II, Intr: 

Howard Daniel III 

Pape, Christopher 10319 

P.O. Box 3530 

Swindon, Wilts. SN2 9FZ 


info@notability-banknotes.com 

www.notability-banknotes.com 

Perez, Patrick Ian 9967 

P.O Box 247 

Chino, CA 91708 

USA 

patrick@therhonestore.com 

www.specializedcurrency.com 

COLL: Specialized Issues, and 

other private banknotes 

Quigley JR, Richard 9964 

1101 Birchard 

Fremont, OH 43420 

USA 

Rodov, Anthony 10324-J 

rodov.anthony@gmail.com 

Roest, Erwin 10326 

Rossini, Jean-Yvon 10311 

90 Avenue Marcel Pagnol 

Moriere, 84310 

France 

jean_yves.rossini@aliceadsl.fr 

COLL: Complete review 

of history geography, 

arts,economy, politics and 

many more...all in one from 

the past to the present and nice 

pictures on the top. 

Seeto, Leon 10214 

Smith, Melville 10302 

mavroighata@btinternet.com 

COLL: Greece 

Talwar, Ashish 10215 

B - 15/21 

DLF Phase I 

Gurgaon, 122002 

India 

COLL: Burma, India, Stamps, 

Pakistan 

Tunley, Kelvin 10303 

van Exel, Enrico 10310 

evanexel@brutele.be 


Walczak, Krzysztof 10315 

Kasztanowa 39 

Solec Kujawski, 86050 

Poland 

krzysztofwalczak@op.pl 

COLL: Belgium, Portugal, 

Italy, German Colonies, France, 

Netherlands, British Isles 

Where do we come from? 

IBNS members come from all over the world, as the Society is a truly international organization. At the 

beginning of May 2009 the IBNS was represented in 93 countries with 1753 members. This is where 

we come from and the number of members in each country. 

Albania 2 

Andorra 1 

Argentina 1 

Aruba 1 

Australia 103 

Austria 6 

Belgium 17 

Bermuda 1 

Bosnia and Herzegovina 1 

Brazil 4 

Brunei Darussalam 1 

Bulgaria 4 

Cambodia 1 

Canada 68 

Cayman Islands 1 

Chile 1 

Croatia 3 

Cuba 2 

Cyprus 2 

Czech Republic 16 

Denmark 13 

Ecuador 3 

Egypt 9 

Estonia 2 

Faeroe Islands 1 

Finland 11 

France 44 

Georgia 5 

Germany 55 

Gibraltar 1 

Greece 4 

Haiti 1 

Hong Kong 8 

Hungary 1 

Iceland 4 

India 25 

Indonesia 5 

Iraq 3 

Ireland 6 

Islamic Republic of Iran 3 

Israel 17 

Italy 40 

Japan 8 

Jordan 1 

Kenya 2 

Kuwait 9 

Latvia 1 

Lebanon 6 

Libyan Arab Jamahiriya 1 

Lithuania 7 

Luxembourg 1 

Malaysia 4 

Malta 3 

Mauritius 1 

Mexico 3 

Namibia 1 

Nepal 4 

Netherlands 35 

New Caledonia 1 

New Zealand 7 

Norway 14 

Pakistan 5 

Panama 1 

Peoples Republic of China 17 

Philippines 3 

Poland 12 

Portugal 5 

Qatar 2 

Romania 1 

Russian Federation 8 

Yeats, John 10318 

johnyeats909@hotmail.com 

COLL: Coins, British Isles 

Zhou, Yunliang 10218 

Economic and Trade Bureau 

Building Number 8 

Xizhi Street, Kunyang Town 

Ping Yang Country, 325400 

China 

zj618757@yeah.net 

COLL: World notes, 

Overprinted notes, Monetary 

reform 

Nota bene: Under Article II, 

Section 3 of the Bylaws of the 

IBNS, existing members may 

object to any new member by 

writing to the General Secretary, 

informing him of objections as to 

why the new member should not 

be admitted to the IBNS. 

Saudi Arabia 6 

Serbia and Montenegro 2 

Seychelles 1 

Singapore 15 

Slovakia 2 

Slovenia 6 

South Africa 11 

Spain 14 

Sweden 15 

Switzerland 27 

Syrian Arab Republic 4 

Taiwan 5 

Thailand 3 

Tunisia 1 

Turkey 30 

Uganda 1 

Ukraine 6 

United Arab Emirates 11 

United Kingdom 340 

United States of America 583 

Viet Nam 4 

Zambia 1 

Zimbabwe 5 


IAN GRADON 

WORLD NOTES 

Banknotes bought and sold. 

Bulk lots, collections 

& single items wanted. 

Tel: 0191 3719 700 

ian@worldnotes.co.uk 

www.worldnotes.co.uk 

Up-to-date lists available on request. 

~ All stocks banked ~ 

IBNS member 7516 

WORLD BANKNOTES 

AUSTR ALIA 

BRITISH COLONIAL 

MILITARY 

PRICE LISTS BY POST OR EMAIL 

JOHN PETTIT R ARE BANKNOTES 

T E L : ( + 6 1 2 ) 9 2 3 5 0 8 8 8 

F A X : ( + 6 1 2 ) 9 2 3 5 0 5 8 8 

EMAIL: info@johnpettit.com 

WEBSITE: www.johnpettit.com 

P O S T A L : G P O B O X 4 5 9 3 

SYDNEY NSW 2001 AUSTR ALIA 

IBSN_Ad 1 12/9/07 10:08:24 AM 

Colin Narbeth & Son Ltd. 

BUYING & SELLING 

OLD PAPER MONEY 

20 Cecil Court, London WC2N 4HE 

Tel: 0207 379 6975 Fax: 01727 811244 

colin.narbeth@btinternet.com 

For large stocklist, visit our web site: 

www.colin-narbeth.com 


ISRAEL 

PALESTINE 

JUDAICA 

We are the undisputed world leader in all aspects of 

Israel, Palestine, Judaica, and Holocaust numismatics. 

We also buy and sell almost all world 

coins, tokens, medals, primitive money, and banknotes, 

whether it be individual pieces or entire collections. 

We issue price lists, conduct auctions, and work diligently on want lists. 

We are proud members of the ANA, IAPN, and IBNS. 

Contact us today and let us know how we can help you. 

WILLIAM M. ROSENBLUM LLC 

P.O. Box 785 

Littleton, CO 80160-0785 

Phone (720) 981-0785 

Mobile (303) 910-8245 

Fax (720) 981-5345 

bill@rosenblumcoins.com 

www.rosenblumcoins.com 

P.O. Box 752 

San Anselmo, CA 94979-0752 

United States 

Telephone/Fax: (415) 897-1654 

melsteinberg@mindspring.com 

Our price lists contain extensive 

listings of better world notes. 

Free on request. 

Pettinaro Bros. 

World Paper Money Market 

Large selection of historical and modern banknotes. 

Free lists available at www.papermoneymarket.com 

G. C. Pettinaro, Piazza della Riscossa, 16 int. 50, 

CH-6900 Lugano-Cassarate, Canton Ticino, Switzerland 

giovanni.pettinaro@gmail.com luigi.pettinaro@gmail.com 

Tel.: +41 91 970 28 52 Tel.: +39 02 5831 9790 

Cell.: +41 76 45 18 135 Cell.: +39 392 8539 696 

WORLD BANKNOTES 

Military Payment Certificates 

Allied Military Currency 

Please send SASE 

for our free lists. 

Think of our 

generous offer 

when you sell. 

Essie Kashani 

P.O. Box 222 

Chino Hills, CA 91709-0008 

United States 

(909) 627-2776 

(909) 627-3996 fax 

quetzalcurrency@roadrunner.com 

www.essiekashani.com 

IBNS ANA SPMC LANSA 


BUying And Selling 

WOrld PAPer MOney 

Free diSCOUnT SAleS liSTS 

PeriOdiC AUCTiOnS 

FAST ServiCe 

WOrld Wide nOTAPhiliC ServiCe 

P.O. BOx 5427 - i 

vAllejO, CA 94591 U.S.A. 

PhOne: (707) 644-3146 

FAx: (707) 643-3806 

Michael Morris 

Quality World Currency 

Visa / MasterCard / PayPal welcome 

Free Price Lists (print and online) 

www.morrismoney.com 

P.O. Box 20046 

Minneapolis, MN 55420-0046 

Email: michael@morrismoney.com 

Tel: (952) 881-9403 Fax: (952) 888-4874 

WHOLESALE 

WORLD PAPER 

#1, PO Box 1, RP-NJ 07660 – USA 

www.NumberOneMoneyMan.com 

800-775-8480 / Phone & Fax : 201-641-1700 

Gentleman Collector Seeking: 

1) Haiti Pick 34 = 5 Gourdes 

(Pick valuation is far too low) 

2) Haiti Pick 1 = 1 Gourde 

3) Haiti Pick 75s = 1 Gourde (Spec.) 

4) Haiti Pick 129 = 5 Gourdes 

5) Haiti Pick 230 A = 1 Gourde (Tyvek) 

Otmar Diehl, Postf. 100831, 

50448 Cologne, Germany 

WORLD PAPER MONEY 

Retail List 

Wholesale List: Per 10 to Per 1,000+ 

Jolie Coins 

Serving the Hobby Since 1953 

PO Box 68 

Roslyn Heights, NY 11 577-0068 

Email: jolie-c@mindspring.com 

Fax: 51 6-883-7762 

B. FRANK & SON 

Three AUCTIONS each year in Spring, Summer & Winter 

150 lots of bank notes & paper ephemera 

Plus coins, tokens, numismatic books & accessories 

3 South Ave., Ryton 

NE40 3LD, England 

Tel: 0191 413 8749 Fax: 0191 413 2957 

email: bfrankandson@aol.com 

Website: www.b-frank-and-son.co.uk 

World Paper Money 

from Afghanistan to Zimbabwe 

W. Ribi, CH-8309 Hakab, Switzerland 

worldpapermoney@freesurf.ch 


Staples Numismatics, Inc 


P.O. Box 541255 

Lake Worth, FL 33454-1255 

USA 

Telephone: (561) 383-6631 

Fax: (561) 383-6621 

info@StaplesWBN.com 

eBay Auctions: staplescoin 

Free price list upon request 


Buying & Selling 

If you have any thing to offer then do let us know for best price. 

We buy world specimen banknotes, all printing specimen of Security 

printing, like proof of stamps, traveler cheques, certificates, airline tickets, 

passport, shares etc. 

We buy Banknotes, Postal History, Antiques, Stamps, Coins of China, 

Tibet, Korea, Japan, Russia, Thailand, Nepal, India, Straits Settlements, 

Malaya, Sarawak. 

We sell postal history covers, bonds, shares, stamps proofs, specimen 

bank notes, rare security printing specimen, stamps packet material, 

new banknotes of Asia, coins gold, silver & alloy, etc. 

ANIL KUMAR JAIN 

T.S.T.P.O.BOX NO: 96451 

KOWLOON, HONGKONG. 

E-MAIL: zarasa9999@yahoo.com 

FAX: +852-27225152 

SKYPE I/D: zarasa9999 

YAHOO MSN: zarasa9999 

IBNS LM 55 

ANA LM 4381 

HKG NUMISMATIC SOCIETY: LM 92 

IBNS Advertising 

Advertising in the IBNS Journal is open only to members of the society in 

good standing. For anyone wishing to reach the most serious collectors of 

world currency there is no better media in which to buy. 

Ad Deadlines 

All classifications of advertisements must reach the Advertising Manager 

by February 1st (for March Publication), May 1st (for June publication), 

August 1st (for September publication) and November 1st (for December 

Publication). 

Display Advertising 

Size Black and White Full Process Color 

1 issue 4 issues 1 issue 4 issues 

Back Cover $450 $1,700 $450 $1,700 

Inside Front Cover $450 $1,700 $450 $1,700 

Inside Back Cover $425 $1,600 $425 $1,600 

Full Page $250 $950 $300 $1,100 

Half Page $140 $525 $170 $650 

Quarter Page $75 $275 $100 $350 

Eighth Page $40 $150 $60 $200 

Position surcharge: $45 per insertion 

Pre-payment discount: 10% 

Agency commission: None 

Sizes: 

Full Page (A4): 210 x 297 mm 

Half Page: 184.6 x 135.467 mm 

Quarter Page: 90.183 x 135.467 mm 

Eighth Page: 90.183 x 59.267 mm 

Advertising copy must be submitted in electronic format. For best print 

reproduction, artwork should be saved as high-resolution (300-dpi) full-color, 

uncompressed images in any of the following formats: TIFF, PDF, EPS, or 

JPEG. 

Classified Ads 

Classified ads are accepted from any member in good standing. The rate is 

US$1.00 per word with a minimum of 15 words. No discounts are allowed. 

Free Ads 

‘Free Ads’ is a service to members of the IBNS seeking elusive notes, 

numismatic literature, help in research, or making contact with other 

members. Ads of a non-commercial nature will be accepted from any member 

in good standing; but no ads will be accepted from dealers unless their ad 

pertains to their personal collection. Ads that list bulk notes for sale or items 

not directly related to paper money will not be accepted. The Advertising 

Manager or Editor might edit any Free Ad for reasons of length, formatting 

or policy. Please include your membership number when submitting the ad. 

Free ads will run in only one issue and will need to be resubmitted for each 

subsequent edition. Should the Journal have limited space for these ads, they 

will be printed in the order they are received with the remainder to be printed 

in the next Journal. 

Submitting Advertisements 

All ads should be submitted to the Advertising Manager, Tim Welo at 

twelo@optonline.net. If you have any questions, please email Tim or feel free to 

call (day-time phone) 1+203-750-8838 Ext 102 (New York City time zone). 


Ad Index 

81 . . . . . . . . . . . . . .ATS Notes 

82 . . . . . . . . . . . . . .B. Frank & Son 

83 . . . . . . . . . . . . . .BLS Trading Partners 

5 . . . . . . . . . . . . . . .Bowers & Merena 

77 . . . . . . . . . . . . . .Coincraft 

80 . . . . . . . . . . . . . . Colin Narbeth & Son LTD 

82 . . . . . . . . . . . . . .Diehl 

Back cover . . . . . . . . . .Dix Noonan Webb 

51 . . . . . . . . . . . . . . Educational Coin Company 

81 . . . . . . . . . . . . . .Essie Kashani 

80 . . . . . . . . . . . . . .Ian Gradon World Notes 

60 . . . . . . . . . . . . . .IBNS Congress 

4 . . . . . . . . . . . . . . .IBNS Holland Chapter 

80 . . . . . . . . . . . . . . International Bond and Share Society 

80 . . . . . . . . . . . . . .John Pettit Pty. Ltd. 

82 . . . . . . . . . . . . . .Jolie Coins 

66 . . . . . . . . . . . . . .Kate’s Paper Money 

82 . . . . . . . . . . . . . .Keith Potter 

3 . . . . . . . . . . . . . . .Krause Pubications 

62 . . . . . . . . . . . . . .London Coins 

81 . . . . . . . . . . . . . .Mel Steinberg 

10 . . . . . . . . . . . . . .Mexican Coin Company 

82 . . . . . . . . . . . . . .Michael Morris 

57 . . . . . . . . . . . . . .Olmstead Currency 

51 . . . . . . . . . . . . . .Page’s Coins and Currency 

27 . . . . . . . . . . . . . .Pam West 

81 . . . . . . . . . . . . . .Pettinaro Brothers 

82 . . . . . . . . . . . . . .Pomexport 

81 . . . . . . . . . . . . . .Rosenblum Coins 

66 . . . . . . . . . . . . . .Saif Al-Mannai 

Inside front cover . . . . . .Spink 

Inside back cover . . . . . . .Stacks 

83 . . . . . . . . . . . . . .Staples Numismatics 

44 . . . . . . . . . . . . . .Token Publishing Ltd. 

82 . . . . . . . . . . . . . .W. Ribi 

32 . . . . . . . . . . . . . . William Barrett Numismatics, Inc 

82 . . . . . . . . . . . . . . World Wide Notaphilic Service 

Classifieds 

Books for Sale 

Democratic Republic of Viet Nam Coins & Currency 

(covers 1945 to 1976), Postpaid US$35 in the USA. 

Republic of Viet Nam Coins & Currency 

(covers 1955 to 1975), Out of print 

Socialist Republic of Viet Nam Coins & Currency 

(covers 1976 to date), Postpaid US$ (please contact) in the USA. 

Howard A. Daniel III (HADaniel3@msn.com) 

The Southeast Asian Treasury, 

P.O. Box 626 

Dunn Loring, VA 23043-0989 USA 

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Wanted Information and Images for Catalog 

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E-mail: banknotesallworld@yahoo.com 

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