You are fascinated by the world of banknotes, eager to learn all about their secrets, yet you are not sure where to start. Fear not, as we have compiled a handy list of necessities with the help of our expert collectors.
1. Educate yourself
Terminology
Before you start any hobby, it is important to educate yourself. There are some basic terms you should familiarize yourself with if you would like to start collecting banknotes. Study our list below and become fluent in the language of banknotes:
A. Describing the condition of a banknote
Most collectors use the conditions described in the Standard Catalog of World Paper Money:
B. Describing the design of a banknote
- Face/Obverse: Refers to the front of the banknote, usually featuring a portrait
- Back/Reverse: Refers to the back of the banknote
- Vignette: A frame of pictorial elements surrounding the design of the banknote
C. The data contained within a banknote:
- Series number: one or two characters, using either letters, numerals or a mix of both
- Serial number: a unique number designated to each banknote
- Plate number: indicates the printing press used for printing
- Denomination: the numbers or text denoting the banknote's value
- Signature: usually the signature(s) of the Chief of Finance
- Date of issue: date of print
- Issuing authority: the bank or country of origin
Types and handling
Besides basic terminology, you need to know what unique types of banknotes exist, as well as how to handle and store them. Let's jump right in!
A. Unique banknotes
- Replacement Banknotes: banknotes that are used to replace a faulty sheet to maintain consistency in numbering, commonly using 'M' or 'LL' prefixes
- Treasury Control Banknotes: carrying a ‘Z’ prefix located in the bottom right corner as opposed to the rest of the sheet with a typical prefix
- Break Numbers: occurs when a change needs to be made to the banknote during the printrun affecting the prefix, creating a break number
- Column Sort Banknotes: banknotes from a partially faulty sheet set aside and kept for numbering, usually with a higher prefix or serial number
Fancy serial numbers:
- Solid: the same number repeating (444444)
- Ladder: numbers in an ascending/descending order (123456/654321)
- Leopard: three of a kind at the end
- Lion: four of a kind at the end
- Tiger: five of a kind at the end
- Elephant: six of a kind at the end
- Dinosaur: seven of a kind at the end
- Kylin: eight of a kind at the end
- Radar: numbers repeating themselves backwards (135531)
B. Handling banknotes
Here are five simple steps to follow when handling a banknote:
- Touch notes as little as possible
- Always use clean hands
- Avoid handling near potential spillages
- Remove from holder or sleeve with care
- Handle lightly
C. Storing banknotes
Different banknotes use different materials, however, there are some general rules to follow if you want to preserve them in top shape:
- Do not store in direct sunlight
- Do not store near liquids, avoid humidity
- Use sleeves/an album specifically designed for collectors
2. Decide on a focus of interest
Having learnt the basic terminology, you can move on to decide a focus of interest.
Are you fascinated by extremely high inflationary denominations? Do you like fancy serial numbers? Are you a lover of art and design? Would you like to admire the languages, animals, plants, historical figures and places portrayed on banknotes?
You can endulge in all these and more!
Here are some sets named based on interest:
Type set: a set that includes one example of each banknote design of the same banknote
Thematic set: a collection focused on a particular theme – flora, fauna, historical figures, transport, etc... – on banknotes
Location set: a set that includes notes from a particular location, a country, continent, etc...
3. Connect with others
A healthy community is important!
In order to start collecting you need connections; people you know you can trust to be the real deal. You may want to research you local (un)official groups and organisations where you can meet people and discuss your interests and ways to achieve your goals. Aside from meeting people in your local area, you should browse online forums, social media and shops for tips, tricks, and great deals.
4. Start collecting
Let the fun begin! You are armed with the knowledge you need for a great start of a great hobby.
Sources: PMG, Warwick & Warwick