Paper Money: New Acquisitions

you mean this one

 

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Urban - actually that one is not hard - that has the currency devaluation overprint from 1966. The design is otherwise identical. I thought about just going after the devalued overprints since they are inexpensive and everywhere, but decided I wanted to go rarer, since the cost difference isn't that high (not like a 1000 US note for instance).

The 500 reverse is monstrously awesome...and it will be mine so, have no doubts... it will be mine.

 

gotcha. i haven't collected foreign currency in forever.

 

Love the "20" numerals on the face of this one.

 

They did the same style of numbers on the face and back of the five dollar bill. The others have the more traditional look.

 

Today's new pickup is a hot Czech red head - literally. Always love red on banknotes, and this 1919 is the first series printed for the new country of Czechoslovakia - it had previously been part of the Austrian-Hungarian empire. So this is the 5 korun note for the first ever banknotes for them. Pretty good shape for the age, and the red pops nicely...

 

And it is with great joy I introduce my newest newest, this is another small star, 1934 $10 from San Francisco... I hope you like it almost as much as the underbidder did...

 

Got this 1928G $2 star from Heritage. The hammer price was $1. The poor seller was better off spending it.



Also went to the bank I frequent for interesting pickups. This time I got a poorly taped together 1953 $2 LT.

I managed to take the tape off with minimal damage. I don't think it's worth trying to reattach it. I could use some japanese hinging paper, but I don't think it's worth doing.



I contemplated using it to donate a corner to the 1928G star, but the paper of the two are different colors.

I don't want to retape it, since the acid in the tape can damage the paper. Any suggestions?

 

Keep the right part. Make a scan of the left part and send the left part to BEP for redemption. They will send you a US government check for $2.00. Keep the check, the scan and the right part together as a group. If you every wanted to part with the group you could probably get $20.00 from a collector of US government checks.

 

I thought it was the Department of the Treasury where bills where sent to get remembirsed for.

 

I'll have to take some of my non-valuable $2 and begin tearing them in 60/40% pieces. :>)

 

Heritage should feel like a thief for hosting transactions like this. It's okay to turn away business if it's the right thing to do.

But enough about YOUR pickups, what about mine? Well Marcia Marcia Marcia has picked some new notes and one of them goes toward finishing out the entire set of Japanese Invasion Money for the Philippines. I really do like the design of this series with the Rizal monument on them like this Five Peso note, as well as the design elements the Japanese wisely stole from American designed currency for the Philippines - the first set was more dissimilar, and to avoid the dislike of the notes, they made them look much more like previously issued American currency. The result - nicer notes the Philippinos still hated. But at least they cared to design their very best. Look at those 5's and tell me they don't like like they should have Abe Lincoln in the middle...

The other bit of interest on this note is the presence of the stamp on the reverse of the Japanese War Note recovery group that tried to force these notes to be recognized and monetized for recovery by the restored government of the Philippines. Which of course is industrial strength crazy, since how can an occupation force indemnify a deposed government? Still, folks who had these notes figured why not go the greedy route and try to get a windfall. Notes like this were turned in for "safe keeping" until the disposition of the case. And to absolutely nobody's surprise, the court didn't commit national suicide by making the notes valid for recompense.

Still, this series from the 1 to the 500 in the second series releases really are decent little notes with a design and subtle color choices I do actually like, even if it was the rapacious and brutal Empire of Japan that issued them...

 

Maybe you got these mixed up. I didn't get the torn one on Heritage.

I paid $1 for the intact 1928g star note, and after fees it was $23. Not bad for me actually.

I got the torn 1953 note for face value at the bank.

 

I did funkee, you posted while I was re-editing to account for that. Still don't like the fisting the buyer got from Heritage, but you still got a decent price on it considering... I've edited that post like three times now.

 

Why are these issued in peso's if they are from Japan?

 

Most probably because the peso was the local currency of the Philippines ...

Christian

 

I wondered the same thing myself. It turns out this currency is from the Japanese occupation of the Philippines.

 

That is not quite what happened. The US court never reached a decision on the merits of the plaintiffs' claims. The case was dismissed because the exclusive jurisdiction for this type of case in the US is the Court of Claims where there was a six year statute of limitations that had been exceeded by the time the plaintiffs filed their suit.

The plaintiffs tried to argue that the statute of limitations should have been extended on their claims but this was also rejected. The plaintiffs' argument was that the value of the Japanese military peso was depreciated by the counterfeiting done by the US. The information about US counterfeiting was not declassified until the mid-1960s. The plaintiffs argued the SoL should not have begun to run until that information was declassified. The court said the SoL was an absolute bar as there was no provision in the federal law that gave the court jurisdiction over this type of case that would permit the court to extend the SoL.

I have always thought it was unfortunate that the case was decided on this ground as a decision on the merits would have been a great read.

The treatment of debts incurred during the war in the Philippines is an interesting one that the Philippine court system wrestled with for years. I wrote an article about this in BNR in 2003.

 

I figured that he would come through... I was just joking! And yes that was from Ebay...



Lettlow: Thanks for the history!!!



I have returned from Memphis and here is a small sampling of what I brought back:

Small Size OK National From Yale OK. 12 Small Known and I used to drive through this town often. (it took about 20 seconds)


For Face? Yes please...



A couple very nice type additions..





And last but not least my favorite from the show, a Small FRBN Star serial # 66!!!!!

 

Thanks for the inside info lettow, nice to know somebody reads my spiel on these new notes! I think the SoL is right up there with standing for the court to not deal with things it doesn't want to deal with. I did like hearing the aspect though of currency devaluation due to the counterfeiting - the interesting part about the counterfeiting is I believe they did it with a real plate that had been stolen, so the counterfeits were "real" counterfeits... still, no way they were going to monetize anything related to occupation currency. You'd think not living in the brutal Empire of Japan and subsequent self-rule would have been recompense enough...

I think folks tried something similar after the Civil War, but the US was having non of that nonsense.

So since this is so interesting why not post another new pickup of JIM (Japanese Invasion Money)? Another design I liked, like the purple, and though it doesn't have the engraving quality typical of BEP and ABNCo and company they did again borrow design elements from them so it has the look and feel of the earlier US releases for the Philippines (the US 500 Peso also had purple). This 500 Peso note again has the Rizal monument and another interesting bit is the large denomination and lack of serial number represents a giant give up in terms of battling inflation. No serial means we are gonna print the **** out of these things and nobody will know how much paper we are flooding. Wonder when the Fed will pull this trick?