dissabte, 2 de setembre del 2017

B.V.B Lot of 5 France assignats. Original Watermarks. French Revolution notes.


Assignat


Assignats were paper money issued by the National Assembly in France from 1789 to 1796, during the French Revolution. Backed by the value of properties formerly held by the Catholic Church, the assignats were immediately a source of political controversy. While their proponents, like other eighteenth-century advocates of "land banks," argued that land was a more stable source of value than was gold or silver, the assignats' opponents saw them as based on an illegitimate seizure of property.

Originally meant as bonds, the assignats were re-defined as legal tender (assignats-monnaie) in April 1790 to address the liquidity crisis provoked by the political, social, and cultural instability of the Revolution. As soon as the assignats started to circulate, their value decreased by 5 percent. [1]When the cost of reimbursing Old Regime venal office holders for their properties (judgeships, military ranks etc.) added yet more to the Revolution's inherited debts, the National Assembly voted by a narrow margin to issue additional assignats in Sept. 1790.
By September 1791, the value of the assignats had depreciated by 18-20 percent. 
The properties backing the assignats were renamed biens nationaux (“national goods”) and auctioned by district-level authorities. Through the sale of these properties, assignats were used to successfully retire a significant portion of the national debt. However, since these land sales were their original intent, the assignats were issued only in large denominations (50, 100, 200, and 1000 livres) that worked poorly as a daily medium of exchange. Moreover, the National Assembly never mandated that assignats and Old Regime coins (which remained in circulation) had to be exchanged on par. Already in fall 1790, the National Assembly itself was paying a 7.5% commission to exchange large denomination assignats for smaller coins. By the end of 1791, the discount rate was often 20% or more. These limits on the bills' practical use, coupled with the organized opposition of counter-revolutionaries, led to their losing value. Patriotic revolutionaries blamed the assignats' depreciation on foreign conspiracies. There was some basis for these suspicions. The British, Belgian, and Swiss counterfeited the currency industrially - according to Dillaye: “Seventeen manufacturing establishments were in full operation in London, with a force of four hundred men devoted to the production of false and forged Assignats.”
After the outbreak of war, the fall of the monarchy, and the declaration of a Republic, the National Convention mandated that bills and coins exchange on par, but this law could never be enforced. Instead, the assignats continued depreciating. Rising prices and food shortages exacerbated public unrest. Bills such as the Maximum Price Act of 1793 aimed to address this situation. The Thermidorian Convention lifted the Maximum Price Act in the name of "economic freedom" and the assignats lost almost all value over the next year. In 1796, the Directoire issued Mandats, a currency in the form of land warrants to replace the assignats, although these too quickly failed.
Napoleon opposed all forms of fiat currency. By the 1830s-1840s, the assignats and other papers issued during the Revolution had become collectors' items.
Source: https://en.wikipedia.org/wiki/Assignat






dimarts, 25 de juliol del 2017

ATLANTIC FOREST BANKNOTES


The Atlantic Forest (Portuguese: Mata Atlântica) is a terrestrial biome and region which extends along the Atlantic coast of Brazil from Rio Grande do Norte state in the north to Rio Grande do Sul state in the south, and inland as far as Paraguay and the Misiones Province of Argentina, where the region is known as Selva Misionera.
The Atlantic Forest has ecoregions within the following biome categories: Tropical and subtropical moist broadleaf forests, Tropical and subtropical dry broadleaf forests, Tropical and subtropical grasslands, savannas, and shrublands, and Mangrove forests. The Atlantic Forest is characterized by a high species diversity and endemism.
It was the first environment that the Portuguese colonizers encountered over 500 years ago, when it was thought to have had an area of 1,000,000 to 1,500,000 km2 (390,000 to 580,000 sq mi), and stretching an unknown distance inland.
Over 85% of the original area has been deforested, threatening many plants and animals with extinction
Currently, the Atlantic Forest spans over 4,000 km2 (1,500 sq mi) along the coast of Brazil and in a small part of Paraguay and Argentina.



dilluns, 10 de juliol del 2017

B.V.B MALTA 20 LIRI 1967 (1986) UNC Pick 40 - PRE-EURO. Ebay Best price.

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Banknotes


Emergency issues between 1914 and 1918 were in denominations of 5 and 10 shillings, 1, 5 and 10 pounds. In 1940, notes dated 13 September 1939 in denominations of 2 12, 5 and 10 shillings and 1 pound were issued, followed late in the year by a provisional 1 shilling note overprinted on an old 2 shilling dated 20 November 1918. Note production continued after the Second World War in denominations of 10 shillings and 1 pound, with 5 pounds notes reintroduced between 1961–1963.
After the Central Bank of Malta was established by the Central Bank Act of 1967 and began operating on April 17, 1968, the issuing body named on the banknotes switched from "Government of Malta" to "Central Bank of Malta." While the designs of the notes remained unchanged, the colors were changed. The Central Bank refers to this series as the "CBM first series". The CBM second series began with the introduction of lira-denominated notes on January 15, 1973.

Lira


Banknotes issued by the Government of Malta and then by the Central Bank of Malta were written in English up to 1972, with the denomination pounds (or shillings). From 1973 to 1985, they were written in Maltese on the obverse using the denomination liri, and in English on the reverse using pounds. From 1986 to 2007, Maltese and liri were used on both sides.
Although using British coins, Malta did not decimalize with the UK in 1971. Instead, it adopted a decimal system in 1972, based on the lira (equal to the pound) subdivided into 1000 mils or 100 cents. The name "lira" was used on banknotes beginning in 1973, initially jointly with "pound", and exclusively on both coins and banknotes since 1986. Mils were removed from circulation in 1994.
On entry into the European Union, Malta agreed to adopt the euro. The lira was replaced by the euro on 1 January 2008, as part of the Economic and Monetary Union of the European Union.

Source: https://en.wikipedia.org/wiki/Maltese_lira

B.V.B Pick 157c Scotland Linen Bank 1 Pound 1950 XF-. RARE.


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Bank of Scotland

In the 1950s, the Bank of Scotland was involved in several mergers and acquisitions with different banks. In 1955, the Bank merged with the Union Bank of Scotland.The Bank also expanded into consumer credit with the purchase of Chester based, North West Securities (now Capital Bank). In 1971, the Bank agreed to merge with the British Linen Bank, owned by Barclays Bank. The merger saw Barclays Bank acquire a 35% stake in the Bank of Scotland, a stake it retained until the 1990s. The merchant banking division of the Bank of Scotland was relaunched as British Linen Bank (now known as HBOS Treasury Services).
In 1959 Bank of Scotland became the first bank in the UK to install a computer to process accounts centrally. At 11 am on 25 January 1985 the Bank introduced HOBS (Home and Office Banking Services), an early application of remote access technology being made available to banking customers. This followed a small-scale service operated jointly with the Nottingham Building Society for two years but developed by Bank of Scotland. The new HOBS service enabled customers to access their accounts directly on a television screen, using the Prestel telephone network.

Source: https://en.wikipedia.org/wiki/Bank_of_Scotland

B.V.B Pick 198b Germany 1000 Mark 1944 UNC. With dash. Best price in Ebay.

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Allied Military Currency

Allied Military Currency ("AMC") was a form of currency issued by the Allied powers during World War II, to be issued to troops entering liberated or newly occupied countries, as a form of currency control.
Historically, soldiers serving overseas had been paid in local currency rather than in their "home" currency; most cash drawn by soldiers would go directly into the local economy, and in a damaged economy the effects of a hard currency such as the dollar circulating freely alongside weaker local currencies could be severely problematic, risking severe inflation. There were other problems as well; once dollars were circulating in a combat region, the opposing side could freely use its own stocks of dollars as currency, or acquire stocks for use elsewhere. The high purchasing power of the dollar, and its easy transference back to the United States, also posed a significant incentive to black-marketeering.
However, whilst the use of local currencies was effective where they were provided in cooperation with the local authorities, it was impractical in combat zones where the government might be either hostile, deliberately ambivalent, or simply non-existent. In these cases, the military authorities issued special "military currency", which was paid out to soldiers at a fixed rate of exchange and simply declared legal tender in occupied areas by local commanders.

Source: https://en.wikipedia.org/wiki/Allied_Military_Currency

B.V.B USA 1857 Omaha, Nebraska, 2 Dollars Western exchange. UNC

B.V.B USA 1857 Omaha, Nebraska, 3 Dollars Western exchange. UNC



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The Bishop Hill Colony became a communal society as it pursued Utopia in Illinois and Scouted other areas such as Nebraska.

Bishop Hill Colony

Bishop Hill Colony is a historic district in Bishop Hill, Illinois. Bishop Hill was the site of a utopian religious community which operated as a commune. It was founded in 1846 by Swedish pietist Eric Janson and his followers. The community was named Bishop Hill after the parish of Biskopskulla in UpplandSweden.
Founded in 1846 by religious dissidents who emigrated from Sweden to establish a new way of life on the Illinois prairie, the colony was run as a commune until its dissolution in 1861. The Bishop Hill Colony was the landmark Swedish settlement in Western Illinois leading the large Swedish-American communities in Galesburg, Rock Island, and Chicago. Its archives, artifacts, and structures today are important documents for the study of immigration, ethnic heritage, and 19th century communitarian societies."
A number of historically significant buildings have survived and are scattered throughout the village, four of which are owned by the state of Illinois and managed as part of the Bishop Hill State Historic Site. In addition to the historic structures, the state owns the village park with a gazebo and memorials to the town’s early settlers and Civil War soldiers. A brick museum building houses a valuable collection of folk art paintings by colonist Olof Krans. The site was declared a National Historic Landmark in 1984.

Source: https://en.wikipedia.org/wiki/Bishop_Hill_Colony

Swedes in Omaha, Nebraska

The first Swedes in Omaha came through Florence at the Winter Quarters of the Mormons. The group continued to come through, particularly with the construction of the Union Pacific railroad in the 1860s and the Union Pacific Railroad Omaha Shops Facility near downtown Omaha. In 1871, a committee of Swedes came from Illinois to determine whether the Nebraska prairie was suitable for Swedish settlement and farming. When they did, this committee effectively ushered in an entirely new influence in the growth of the state. This led to a variety of towns being settled, including StromsburgOaklandPenderWakefield, and Wausa. Other significant Swedish populations in Nebraska included MeadMalmo, and Swedeburg. It also led to the development of Omaha's substantial Swedish population.

Source: https://en.wikipedia.org/wiki/Swedes_in_Omaha,_Nebraska


B.V.B Pick 8c Burundi 5 Francs 1965 XF.  Ebay Best Price. RARE.


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Banknotes


From February 1964 until 31 December 1965, notes of the Banque d’Emission du Rwanda et du Burundi (Issuing Bank of Rwanda and Burundi), in denominations of 5, 10, 20, 50, 100, 500 and 1,000 francs, were overprinted with a diagonal hollow "BURUNDI" for use in the country. These were followed in 1964 and 1965 by regular issues in the same denominations by the Banque du Royaume du Burundi (Bank of the Kingdom of Burundi).
In 1966, notes for 20 francs and above were overprinted by the Bank of the Republic of Burundi, replacing the word "Kingdom" with "Republic". Regular issues of this bank began in denominations of 10, 20, 50, 100, 500, 1,000 and 5,000 francs. 10 francs were replaced by coins in 1968. 2,000 franc notes were introduced in 2001, followed by 10,000 francs in 2004. Photographer Kelly Fajack's image of school kids in Burundi was used on the back of the Burundian 10,000 franc note.

Source: https://en.wikipedia.org/wiki/Burundian_franc

Coat of arms of Burundi


The coat of arms of Burundi, adopted in 1966, consists of a shield surrounded by three spears. On the shield is the motto of the nation, as well as the head of a lion. Behind the shield there are three crossed traditional African spears. Under the shield the national motto of Burundi appears on a scroll: Unité, Travail, Progrès(French, "Unity, Work, Progress").
The previous coat of arms of the Kingdom of Burundi, used from 1962 until 1966, looked very similar, except that the royal karyenda drum was surmounted on the top as a symbol of the mwami (king), surrounded by two laurels. The number of spears was four. The national motto was Ganza Sabwa, which is in Kirundi and roughly means "(the mwami) rules and reigns".


Source: https://en.wikipedia.org/wiki/Coat_of_arms_of_Burundi

dijous, 8 de juny del 2017

B.V.B Pick 11s Switzerland 5 Francs 1936 UNC. Best price at Ebay. Specimen.


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William Tell


William Tell (in the four languages of Switzerland: German: Wilhelm Tell; French: Guillaume Tell; Italian: Guglielmo Tell; Romansh: Guglielm Tell) is a folk hero of Switzerland. His legend is recorded in a late 15th-century Swiss illustrated chronicle. It is set in the time of the original foundation of the Old Swiss Confederacy in the early 14th century. According to the legend, Tell—an expert marksman with the crossbow—assassinated Gessler, a tyrannical reeve of Habsburg Austria positioned in Altdorf, Uri.
Along with Arnold von Winkelried, Tell is a central figure in Swiss patriotism as it was constructed during the Restoration of the Confederacy after the Napoleonic era.
Several accounts of the Tell legend exist. The earliest sources give an account of the apple shot, Tell's escape, and the ensuing rebellion. The assassination of Gessler is not mentioned in the Tellenlied but is already present in the White Book of Sarnen account.
The legend as told by Tschudi (ca. 1570) essentially follows the account in the White Book, but adds further detail, such as Tell's given name Wilhelm, his being from Bürglen, and the precise date of the apple-shot of 18 November 1307.
William Tell was known as a strong man, a mountain climber, and an expert shot with the crossbow. In his time, the Habsburg emperors of Austria were seeking to dominate Uri, and Tell became one of the conspirators of Werner Stauffacher, vowing to resist Habsburg rule. Gessler, the newly appointed Austrian Vogt of Altdorf, raised a pole under the village lindentree, hung his hat on top of it, and demanded that all the townsfolk bow before the hat.
On 18 November 1307, Tell visited Altdorf with his young son and passed by the hat, publicly refusing to bow to it, and was arrested. Gessler—intrigued by Tell's famed marksmanship but resentful of his defiance—devised a cruel punishment. Tell and his son were to be executed. However, he could redeem his life by shooting an apple off the head of his son Robert in a single attempt. Tell split the apple with a bolt from his crossbow. Gessler then noticed that Tell had removed two crossbow bolts from his quiver. Before releasing him, he asked why. Tell was reluctant to answer, but after Gessler promised he would not kill him, he replied that had he killed his son, he would have killed Gessler with the second bolt. Gessler was furious and ordered Tell to be bound, saying that he had promised to spare his life, but instead would imprison him for the remainder of his life.
Tell was brought to Gessler's boat to be taken to the dungeon in the castle at Küssnacht. A storm broke on Lake Lucerne, and the guards were afraid that their boat would sink. They begged Gessler to remove Tell's shackles so he could take the helm and save them. Gessler gave in, but once freed, Tell led the boat to a rocky place and leapt from the boat. The site is already known in the "White Book" as the "Tellsplatte" ("Tell's slab"). Since the 16th century the site has been marked by a memorial chapel.
Tell ran cross-country to Küssnacht. As Gessler arrived, Tell assassinated him, using the second crossbow bolt, along a stretch of the road cut through the rock between Immensee and Küssnacht, now known as the Hohle Gasse. Tell's blow for liberty sparked a rebellion in which he played a leading part, leading to the formation of the Old Swiss Confederacy.
According to Tschudi, Tell fought again against Austria in the 1315 Battle of Morgarten. Tschudi also has an account of Tell's death in 1354, according to which he was killed trying to save a child from drowning in the Schächenbach River in Uri.

Source: https://en.wikipedia.org/wiki/William_Tell


B.V.B Pick 88 Belgium 5 Francs 1917 VF+/EF. Catalog Value in VF: 450 dollars.


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Louise of Orléans

Louise of Orléans (Louise Marie Thérèse Charlotte Isabelle; 3 April 1812 – 11 October 1850) was a Princess of Orléans[1] and was Queen consort of the Belgians as the last wife of King Leopold I. She is an ancestor of the present King of BelgiumItalian Royal Pretender (Prince of Naples), the Grand Duke of Luxembourg and the present Prince Napoléon - head of the Imperial House of France.

Born in Palermo, Sicily, on 3 April 1812, she was the eldest daughter of the future King Louis-Philippe I, King of the French and of his wife Maria Amalia of the Two Sicilies. As a child, she had a religious and bourgeoise education thanks to the part played by her mother and her aunt, Princess Adélaïde of Orléans to whom she was very close. As a member of the reigning House of Bourbon she was entitled to the rank of a Princess of the Blood Royal.
On her father's side, she was a granddaughter of Philippe Égalité, and the great-great-great-granddaughter of Philippe d'Orléans, Regent for Louis XV, Madame de Montespan, she was descended from not only Louis XIV but was also a great-great-great-great granddaughter of his brother Philippe I, Duke of Orléans; both the sons of Louis XIII. On her mother's side, she was a descendant of Maria Theresa of Austria and Catherine de' Medici. At the accession of her father to the throne, under the name Louis-Philippe I, King of the French, when she was eighteen, Louise became a princesse d'Orléans.
On 9 August 1832, the twenty year old Louise married King Leopold I of the Belgians, who was twenty two years her senior. Leopold had been widowed by his wife, Princess Charlotte of Wales after her death in childbirth in 1817. Since Leopold was a Protestant, they had both a Catholic and a Calvinist ceremony.

Source: https://en.wikipedia.org/wiki/Louise_of_Orl%C3%A9ans


Chambre de Commerce banknotes


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Emergency paper money circulated in France during wartime and extended after the end of the Great War.  This was because with the war in progress and the coin shortage, the central bank was unable to provide this service.  In 1914 after the start of the Great War, France suspended the use of gold coins and the conversion of banknotes to gold.  These local banknotes were designed by lesser known artists and printed by local printers.  

As the Great War progressed, inflation was rampant and French coinage was hoarded for its gold and silver content.  In addition with the scarcity of metal for coinage, French merchants were unable to process small transactions with customers.  Two months after the start of the Great War, in August 1914 the Paris Chamber of Commerce received authorization to issue small bearer bonds in denomination of 0.25F, 0.50F, 1 Franc and 2 Francs.  These notes were considered legal tender among the merchants that accepted them in Paris.  As collateral, the Chamber of Commerce placed an equivalent amount of french francs on deposit with the Banque de France.  Quickly the Chambers of Commerce of other cities copied this idea and started issuing these small denomination notes across France.

Source: http://navonanumis.blogspot.com/2015/10/the-chambre-de-commerce-emergency.html

B.V.B Pick 155a France 200 Francs 1982 XF. MONTESQUIEU.


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Montesquieu


Charles-Louis de Secondat, Baron de La Brède et de Montesquieu 18January 1689 – 10 February 1755), generally referred to as simply Montesquieu, was a French lawyer, man of letters, and political philosopher who lived during the Age of Enlightenment.
He is famous for his articulation of the theory of separation of powers, which is implemented in many constitutions throughout the world. He is also known for doing more than any other author to secure the place of the word despotism in the political lexicon.
Montesquieu was born at the Château de la Brède in southwest France, 25 kilometres (16 mi) south of Bordeaux. His father, Jacques de Secondat, was a soldier with a long noble ancestry. His mother, Marie Françoise de Pesnel, who died when Charles was seven, was an heiress who brought the title of Barony of La Brède to the Secondat family. After the death of his mother he was sent to the Catholic College of Juilly, a prominent school for the children of French nobility, where he remained from 1700 to 1711.[His father died in 1713 and he became a ward of his uncle, the Baron de Montesquieu. He became a counselor of the Bordeaux Parliament in 1714. In 1715 he married Jeanne de Lartigue, a Protestant, who eventually bore him three children. The Baron died in 1716, leaving him his fortune as well as his title, and the office of Président à Mortier in the Bordeaux Parliament.
Montesquieu's early life occurred at a time of significant governmental change. England had declared itself a constitutional monarchy in the wake of its Glorious Revolution (1688–89), and had joined with Scotland in the Union of 1707 to form the Kingdom of Great Britain. In France the long-reigning Louis XIV died in 1715 and was succeeded by the five-year-old Louis XV. These national transformations had a great impact on Montesquieu; he would refer to them repeatedly in his work.
Montesquieu was also highly regarded in the British colonies in North America as a champion of liberty (though not of American independence). Political scientist Donald Lutz found that Montesquieu was the most frequently quoted authority on government and politics in colonial pre-revolutionary British America, cited more by the American founders than any source except for the Bible. Following the American revolution, Montesquieu's work remained a powerful influence on many of the American founders, most notably James Madison of Virginia, the "Father of the Constitution". Montesquieu's philosophy that "government should be set up so that no man need be afraid of another" reminded Madison and others that a free and stable foundation for their new national government required a clearly defined and balanced separation of powers.Montesquieu withdrew from the practice of law to devote himself to study and writing. He achieved literary success with the publication of his Lettres persanes (Persian Letters, 1721), a satire representing society as seen through the eyes of two imaginary Persian visitors to Paris and Europe, cleverly criticizing the absurdities of contemporary French society. He next published Considérations sur les causes de la grandeur des Romains et de leur décadence (Considerations on the Causes of the Grandeur and Decadence of the Romans, 1734), considered by some scholars, among his three best known books, as a transition from The Persian Letters to his master work. De l'Esprit des Lois (The Spirit of the Laws) was originally published anonymously in 1748. The book quickly rose to influence political thought profoundly in Europe and America. In France, the book met with an unfriendly reception from both supporters and opponents of the regime. The Catholic Church banned l'Esprit – along with many of Montesquieu's other works – in 1751 and included it on the Index of Prohibited Books. It received the highest praise from the rest of Europe, especially Britain.
Besides composing additional works on society and politics, Montesquieu traveled for a number of years through Europe including Austria and Hungary, spending a year in Italy]] and 18 months in England where he became a freemason, admitted to the Horn Tavern Lodge in Westminster, before resettling in France] He was troubled by poor eyesight, and was completely blind by the time he died from a high fever in 1755. He was buried in the Église Saint-Sulpice, Paris.

Source: https://en.wikipedia.org/wiki/Montesquieu

B.V.B Pick 150 Suriname 500 Gulden 2000 UNC.




Banknotes


In 1826, the Algemene Nederlandsche Maatschappij (General Netherlands Company) issued ½ and 3 guilder notes. These were followed in 1829 by notes of the West Indies Bank in denominations of 12, 1, 2, 3, 5, 10 and 50 guilders. The Bank introduced 10, 15 and 25 centen and 25 guilder notes in 1837, followed by 100, 200 and 300 guilder notes in 1865.
The Surinaamsche Bank introduced 50 guilder notes in 1901, followed by 10 guilders in 1915, 200 guilders in 1925, 50 guilders in 1926, 100 guilders in 1927, 5 guilders in 1935, 2 12 guilders in 1940, 25 guilders in 1941, 1000 guilders in 1943 and 300 guilders in 1948. The government issued silver certificates (zilverbonnen) between 1918 and 1920 for 12, 1 and 2 12 guilders. Further issues for 50 cent and 1 guilder were introduced in 1940. The 50 cent coin was issued until 1942, with 2 12 guilders introduced in 1950. The silver certificates were superseded in 1960 by muntbiljet for 1 and 2 12 guilders, which were issued until 1985.
In 1957, the Central Bank of Suriname took over paper money production, issuing notes for 5, 10, 25, 100 and 1000 guilders. 500 guilder notes were introduced in 1982, followed by 250 guilders in 1988. 2000 guilder notes were introduced in 1995, followed by 5000 and 10,000 guilders in 1997 and 25,000 guilders in 2000.
The last series of banknotes was introduced in 2000 in denominations of 5, 10, 25, 100, 500, 1000, 5000, 10,000 and 25,000 guilders. This colorful issue has native birds on the fronts and native flowers on the backs.

Source: https://en.wikipedia.org/wiki/Surinamese_guilder

B.V.B Pick 66a Denmark 100 Kroner 2009 UNC. Best price at Ebay. Check it !!!!!!!


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Danish krone


Most Danish banknotes (with a few exceptions) issued after 1945 are valid as payment. Banknotes has since 1945 been issued with the values: 5 kroner, 10 kroner, 20 kroner, 50 kroner, 100 kroner, 200 kroner, 500 kroner & 1000 kroner.

Bridge series

The process of designing the 'Bridge' banknotes was initiated in 2006 by the Danish National Bank. The theme of the new banknotes is Danish bridges and the surrounding landscapes, or details from these landscapes. Danish artist Karin Birgitte Lund has chosen to interpret this theme in two ways: bridges as links between various parts of Denmark and as links between the past and the present. The present is represented by the bridges, the past by five distinctive prehistoric objects found near the bridges. Among the new security features is a window thread ("Motion") with a moving wave pattern. Another feature is a new, sophisticated hologram that reflects light in different colors. The new banknotes also have the traditional security features such as the watermark and the hidden security thread.

Source: https://en.wikipedia.org/wiki/Danish_krone

dimarts, 16 de maig del 2017

B.V.B Pick 370 China 50.000 Custom Gold Units 1948 Central Bank of China aUNC.



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Chinese customs gold unit

The customs gold unit (CGU) was a currency issued by the Central Bank of China between 1930 and 1948. In Chinese, the name of the currency was 關金圓, literally "customs gold yuan" but the English name given on the back of the notes was "customs gold unit". It was divided into 100 cents (關金分). As the name suggests, this currency was initially used for customs payments, but in 1942 it was put into general circulation for use by the public at 20 times its face value in terms of the first Chinese yuan.
The customs gold unit was adopted on 1 February 1930 to replace the Haikwan (Hǎiguān) or Customs tael (海關両) as the standard for customs payments. It was defined as equal to 601.866 mg fine gold or US$0.40. CGU notes were fully backed by silver and were legal tender for paying import duties. The CGU replaced the Haikwan tael at CGU150 = HkT100.
The CGU's value, fixed against the US dollar, fluctuated against the Chinese yuan, based on the current yuan–dollar and yuan–sterling market exchange rates. After the UK abandoned gold in September 1931, only the yuan–dollar rate was used until 1933, when the sterling price of gold in the London market determined the value of the CGU. Central Bank of China sold CGU notes at the prevailing quotation so that businessmen could minimize exchange risks resulting from changes in the yuan–dollar and yuan–sterling exchange rates. Use of this currency was very limited, with only about CGU375,000–475,000 outstanding at the time of the 1935 currency reform.
The Chinese currency reform of 3 November 1935, which created the Chinese national yuan or dollar (CNC$), commonly known as the Chinese legal tender dollar or fapi in English (Chinese 法幣; Pinyin: fǎbì), also fixed a crossrate of CGU100 = CNC$226.
The CGU's role in paying custom duties disappeared in 1941 when the government set ad valorem customs rates. On 1 April 1942 the custom gold unit's theoretical gold content was raised to 888.671 mg fine gold, equal to one US dollar. In practice, the customs gold unit lost all its special features and simply became equivalent to 20 Chinese legal tender dollars (CGU1 = CNC$20).
When Nationalist troops and officials arrived in Shanghai in 1945, they brought with them newly printed notes of 20 and 50 customs gold units. These notes proved more popular locally than Chinese legal tender notes and, due to a mistaken belief in the existence of a gold-redemption clause, they commanded a premium when exchanged for Central Reserve Bank notes of the Nanjing National Government. CGU notes circulated alongside ordinary legal tender notes until 1948, when both were replaced by the gold yuan at the rate of 1 gold yuan = 3,000,000 Chinese legal tender dollars = 150,000 customs gold units.
On 1 May 1930, the Central Bank of China put into circulation notes in denominations of 0.10, 0.20, 1, 5, and 10 customs gold units. These notes were printed by American Bank Note Company and dated 1930.
On 1 April 1942, Central Bank of China began to put into circulation its unissued stock of about CGU100 million in 1930-dated notes, including 20 and 50 denominations, not circulated previously.
In January 1947, Central Bank of China released notes of 250 and 500 customs gold units. Although dated 1930, these notes had been printed by American Bank Note Company in 1946. Inflation led to yet higher denominations: 1000, 2000, 5000 in December 1947, and 10,000, 25,000, 50,000, and 250,000 in July 1948, shortly before the currency reform of that year.
Several note types were produced by nine different printers, with slight differences in guilloche and size, but maintaining the same general design, with Dr. Sun Yat-sen on the face and the Shanghai Customs House on the back. The back of the notes bore the following English text preceding the denomination: "The Central Bank of China promises to pay the bearer on demand at its office here." Printers included the American Bank Note Company, Waterlow and Sons, the Security Banknote Company, the Chung Hua Book Company, Thomas De La Rue and the China Engraving and Printing Works.

Source: https://en.wikipedia.org/wiki/Chinese_customs_gold_unit