How to Use This Catalog and Grading Standards

Chinese reading guide follows in translation mode. Complete source text or the original reference chart is retained below.

How To Use This C

Catalog listings consist of all regular and provisional notes attaining wide circulation in their respective countries for the period covered. Notes have been listed under the historical country name. Thus Dahomey is not under Benin, as had been the case in some past catalogs. The listings continue to be grouped by issue range rather than by denomination, andthe listing format should make the bank name, issue dates as well as catalog numbers and denominations easier to locate. These improvements have been made to make the catalog as easy to use as possible for you. The editors and publisher make no claim to absolute completeness, just as they acknowledge that some errors and pricing inequities will appear.

Correspondence is invited with interested persons who have notes previously unlisted or who have information to enhance the presentation of existing listings in succeeding editions of this catalog.

Catalog Format

Listings proceed generally according to the following sequence: country, geographic or political, chronology, bank name and sometimes alphabetically or by date of first note issue. Release within the bank, most often in date order, but sometimes by printer first. Catalog number — The basic reference number at the beginning of each listing for each note. For this Modern Issues volume the regular listings require no prefix letters except when 'a' or 'b' appear within the catalog number as a suffix or variety letter. (Military and Regional prefixes are explained later in this section.) Denomination — the value as shown on the note, in western numerals. When denominations are only spelled out, consult the numerics chart.

Date — the actual issue date as printed on the note in daymonth-year order. Where more than one date appears on a note, only the latest is used. Where the note has no date, the designation ND is used, followed by a year date in parentheses when it is known. If a note is dated by the law or decree of authorization, the date appears with an L or D. Descriptions of the note are broken up into one or more items as follows: Color — the main color(s) of the face, and the underprint are given first. If the colors of the back are different, then they follow the face design description. Design — The identification and location of the main design elements if known. Back design elements identified if known.

Printer — often a local printer has the name shown in full. Abbreviations are used for the most prolific printers. Refer to the list of printer abbreviations elsewhere in this introduction. Valuations — are generally given under the grade headings of Good, Fine and Extremely Fine for early notes; and Very Good, Very Fine and Uncirculated for the later issues. Listings that do not follow these two patterns are clearly indicated. UNC followed by a value is used usually for specimens and proofs when lower grade headings are used for a particular series of issued notes.

Catalog Catalog suffix letters

A catalog number followed by a capital 'A', 'B' or 'C' indicated the incorporation of a listing as required by type or date it may indicate newly discovered lower or higher denominations to a series which needed to be fit into long standing listings. Listings of notes for regional circulation are distinguished from regular national issues with the prefix letter 'R'; military issues use a 'M' prefix; foreign exchange certificates are assigned a 'FX' prefix. Varieties, specific date or signature listings are shown with small letters 'a' following a number within their respective entries. Some standard variety letters include: 'ct' for color trials, 'p' for proof notes, 'r' for remainder notes, 's' for specimen notes and 'x' for errors.

Denominations

The denomination as indicated on many notes issued by a string of countries stretching from eastern Asia, through western Asia and on across northern Africa, often appears only in unfamiliar non- Western numeral styles. With the listings that follow, denominations are always indicated in Western numerals. A comprehensive chart keying Western numerals to their non- Western counterparts is included elsewhere in this introduction as an aid to the identification of note types. This compilation features not only the basic numeral systems such as Arabic, Japanese and Indian, but also the more restricted systems such as Burmese, Ethi- opian, Siamese, Tibetan, Hebrew, Mongolian and Korean.

Addition- ally, the list includes other localized variations that have been applied to some paper money issues. In consulting the numeral systems chart to determine the denomination of a note, one should remember that the actual numerals styles employed in any given area, or at a particular time, may vary significantly from these basic representations. Such varia- tions can be deceptive to the untrained eye, just as variations from Western numeral styles can prove deceptive to individuals not acquainted with the particular style employed.

Dates and Date Listing Policy

In previous editions of this work it was the goal to provide a sam- pling of the many date varieties that were believed to exist. In recent times, as particular dates (and usually signature combinations) were known to be scarcer, that particular series was expanded to include listings of individual dates. At times this idea has been fully incorpo- rated, but with some series it is not practicable, especially when just about every day in a given month could have been an issue date for the notes. Accordingly, where it seems justifiable that date spans can be real- istically filled with individual dates, this has been done.

In order to accommodate the many new dates, the idea of providing variety letters to break them up into narrower spans of years has been used. If it appears that there are too many dates for a series, with no major dif- ferences in value, then a general inclusive date span is used (begin- ning and ending) and individual dates within this span are not shown.

For those notes showing only a general date span, the only important dates become those that expand the range of years, months or days earlier or later. But even they would have no impact on the values shown. Because a specific date is not listed does not necessarily mean it is rare. It may be just that it has not been reported. Those date varieties known to be scarcer are cataloged separately. Newly reported dates in a wide variety of listings are constantly being reported. This indicates that research into the whole area is very active, and a steady flow of new dates is fully expected upon publication of this edition.

Valuations

Valuations are given for most notes in three grades. Earlier issues are usually valued in the grade headings of Good, Fine and Extremely Fine; later issues take the grade headings of Very Good, Very Fine and Uncirculated. While it is true that some early notes cannot be valued in Extremely Fine and some later notes have no premium value in Very Good, it is felt that this coverage provides the best uniformity of value data to the collecting community. There are exceptional cases where headings are adjusted for either single notes or a series that really needs special treatment. Valuations are determined generally from a consensus of individuals submitting prices for evaluation.

Some notes have NO values; this does not necessarily mean they are expensive or even rare, but it shows that no pricing information was forthcoming. A number of notes have a 'Rare' designation, and no values. Such notes are generally not available on the market, and when they do appear the price is a matter between buyer and seller. No book can provide guidance in these instances except to indicate rarity. Valuations used in this book are based on the IBNS grading standards and are stated in U.S. dollars. They serve only as aids in evaluating paper money since actual market conditions throughout the worldwide collector community are constantly changing.

In addition, particularly choice examples of many issues listed often bring higher premiums than values listed. Users should remember that a catalog such as this is only a guide to values. FV (for Face Value) is used as a value designation on new issues as well as older but still redeemable legal tender notes in lower conditions. FV may appear in one or both condition columns before Uncirculated, depending on the relative age and availability of the note in question. Some non-current notes which are still exchangeable carry FV designations.

Collection care

The proper preservation of a collection should be of paramount importance to all in the hobby - dealers, collectors and scholars. Only a person who has housed notes in a manner giving pleasure to him or herself and others will keep alive the pleasure of collecting for future generations. The same applies to the way of housing as to the choice of the collecting specialty: it is chiefly a question of what most pleases the individual collector. Arrangement and sorting of a collection is most certainly a basic requirement.

Storing the notes in safe paper envelopes and filing boxes should, perhaps, be considered only when building a new section of a collection, for accommodating varieties or for reasons of saving space when the collection has grown quickly. Many paper money collections are probably housed in some form of plastic-pocketed album, which are today manufactured in many different sizes and styles to accommodate many types of world paper money. Because the number of bank note collectors has grown continually over the past thirty-five years, some specialty manufacturers of albums have developed a paper money selection.

The notes, housed in clear plastic pockets, individually or in groups, can be viewed and exchanged without difficulty. These albums are not cheap, but the notes displayed in this manner do make a lasting impression on the viewer. A word of concern: certain types of plastic and all vinyl used for housing notes may cause notes to become brittle over time, or cause an irreversible and harmful transfer of oils from the vinyl onto the bank notes. The high demand for quality that stamp collectors make on their products cannot be transferred to the paper money collecting fraternity. A postage stamp is intended for a single use, then is relegated to a collection.

With paper money, it is nearly impossible to acquire uncirculated specimens from a number of countries because of export laws or internal bank procedures. Bends from excessive counting, or even staple holes, are commonplace. Once acquiring a circulated note, the collector must endeavor to maintain its state of preservation. The fact that there is a classification and value difference between notes with greater use or even damage is a matter of course. It is part of the opinion and personal taste of the individual collector to decide what is considered worthy of collecting and what to pay for such items.

For the purposed of strengthening and mending torn paper money, under no circumstances should one use plain cellophane tape or a similar material. These tapes warp easily, with sealing marks forming at the edges, and the tape frequently discolors. Only with the greatest of difficulty (and often not at all) can these tapes be removed, and damage to the note or the printing is almost unavoidable. The best material for mending tears is an archival tape recommended for the treatment and repair of documents. There are collectors who, with great skill, remove unsightly spots, repair badly damaged notes, replace missing pieces and otherwise restore or clean a note.

There is a question of morality by tampering with a note to improve its condition, either by repairing, starching, ironing, pressing or other methods to possibly deceive a potential future buyer. Such a question must, in the final analysis, be left to the individual collector. IBNS GRADING STANDARDS FOR WORLD PAPER MONEY The following introduction and Grading Guide is the result of work prepared under the guidance of the Grading Committee of the International Bank Note Society (IBNS). It has been adopted as the official grading standards of that society.

Introduction

Grading is the most controversial component of paper money collecting today. Small differences in grade can mean significant Vdifferences in value. The process of grading is so subjective and dependent on external influences such as lighting, that even a very experienced individual may well grade the same note differently on separate occasions. To facilitate communication between sellers and buyers, it is essential that grading terms and their meanings be as standardized and as widely used as possible. This standardization should reflect common usage as much as practicable. One difficulty with grading is that even the actual grades themselves are not used everywhere by everyone.

For example, in Europe the grade 'About Uncirculated' (AU) is not in general use, yet in North America it is widespread. The

European term 'Good VF' may roughly correspond to what individuals in North America call 'Extremely Fine' (EF). The grades and definitions as set forth below cannot reconcile all the various systems and grading terminology variants. Rather, the attempt is made here to try and diminish the controversy with some common-sense grades and definitions that aim to give more precise meaning to the grading language of paper money.

How to look at a banknote

In order to ascertain the grade of a note, it is essential to examine it out of a holder and under a good light. Move the note around so that light bounces off of it at different angles. Try holding the note obliquely, so the note is even with your eye as you look up at the light. Hard-to-see folds or slight creases will show up under such examination. Some individuals also lightly feel along the surface of the note to detect creasing.

Cleaning, Washing, Pressing of Banknotes

a) Cleaning, washing or pressing paper money is generally harmful and reduces both the grade and the value of a note. At the very least, a washed or pressed note may lose its original sheen and its surface may become lifeless and dull. The defects a note had, such as folds and creases, may not necessarily be completely eliminated and their telltale marks can be detected under a good light. Carelessly washed notes may also have white streaks where the folds or creases were (or still are). b) Processing of a note which started out as Extremely Fine will automatically reduce it at least one full grade.

Unnatural Defects

Glue, tape or pencil marks may sometimes be successfuly removed. While such removal will leave a cleaned surface, it will improve the overall appearance of the note without concealing any of its defects. Under such circumstances, the grade of that note may also be improved. The words “pinholes”, “staple holes”, “trimmed”, “graffiti”, “writing on face”, “tape marks” etc. should always be added to the description of a note. It is realized that certain countries routinely staple their notes together in groups before issue. In such cases, the description can include a comment such as “usual staple holes” or something similar. After all, not everyone knows that certain notes cannot be found otherwise.

The major point of this section is that one cannot lower the overall grade of a note with defects simply because of the defects. The value will reflect the lowered worth of a defective note, but the description must always include the specific defects. GRADING

Definitions of Terms

UNCIRCULATED: A perfectly preserved note, never mishandled by the issuing authority, a bank teller, the public or a collector. Paper is clean and firm, without discoloration. Corners are sharp and square without any evidence of rounding. (Rounded corners are often a tell-tale sign of a cleaned or “doctored” note.) NOTE: Some note issues are most often available with slight evidence of very light counting folds which do not “break” the paper. Also, French-printed notes usually have a slight ripple in the paper. Many collectors and dealers refer to such notes as AU-UNC.

ABOUT UNCIRCULATED: A virtually perfect note, with some minor handling. May show very slight evidence of bank counting folds at a corner or one light fold through the center, but not both. An AU note canot be creased, a crease being a hard fold which has usually “broken” the surface of the note. Paper is clean and bright with original sheen. Corners are not rounded. NOTE: Europeans will refer to an About Uncirculated or AU note as “EF-Unc” or as just “EF”. The Extremely Fine note described below will often be referred to as “GVF” or “Good Very Fine”.

EXTREMELY FINE: A very attractive note, with light handling. May have a maximum of three light folds or one strong crease. Paper is clean and firm, without discoloration. Corners are sharp and square without any evidence of rounding. (Rounded corners are often a tell-tale sign of a cleaned or “doctored” note.)

VERY FINE: An attractive note, but with more evidence of handling and wear. May have several folds both vertically and horizontally. Paper may have minimal dirt, or possible color smudging. Paper itself is still relatively crisp and not floppy. There are no tears into the border area, although the edges do show slight wear. Corners also show wear but not full rounding.

FINE: A note that shows consideralble circulation, with many folds, creases and wrinkling. Paper is not excessively dirty but may have some softness. Edges may show much handling, with minor tears in the border area. Tears may not extend into the design. There will be no center hole because of excessive folding. Colors are clear but not very bright. A staple hole or two would would not be considered unusual wear in a Fine note. Overall appearance is still on the desirable side.

VERY GOOD: A well used note, abused but still intact. Corners may have much wear and rounding, tiny nicks, tears may extend into the design, some discoloration may be prsent, staining may have occurred, and a small hole may sometimes be seen at center from excessive folding. Staple and pinholes are usually present, and the note itself is quite limp but NO pieces of the note can be missing. A note in VG condition may still have an overall not unattractive appearance.

GOOD: A well worn and heavily used note. Normal damage from prolonged circulation will include strong multiple folds and creases, stains, pinholes and/or staple holes, dirt, discoloration, edge tears, center hole, rounded corners and an overall unattractive appearance. No large pieces of the note may be missing. Graffiti is commonly seen on notes in G condition.

FAIR: A totally limp, dirty and very well used note. Larger pieces may be half torn off or missing besides the defects mentioned under the Good category. Tears will be larger, obscured portions of the note will be bigger.

POOR: A “rag” with severe damage because of wear, staining, pieces missing, graffiti, larger holes. May have tape holding pieces of the note together. Trimming may have taken place to remove rough edges. A Poor note is desiralble only as a “filler” or when such a note is the only one known of that particular issue.