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A beginner’s guide to Notaphily
how to enjoy collecting banknotes
Numismatics – collecting coins, medals and tokens – is a popular pastime and for some it is a valuable business. It’s a hobby enjoyed by millions and professional coin dealers too are numerous.
In comparison, the world of notaphily (banknote collecting) is a lot smaller, with probably less than 10,000 serious or regular collectors worldwide. It’s fascinating and enjoyable world, so if you’ve recently caught the bug, or even if you’ve just come across an interesting bank note, read on!
Why collect banknotes?
Like any artefact, banknotes are a window into the past. They reflect political, economic, social and technological change.
If you collect banknotes, many – probably most – of your choices will be determined largely by why you collect them. One thing is for certain: collecting banknotes is not a way to get rich quick. True, some rare and unusual banknotes can be extremely valuable, but you’ll be fortunate to come across one that hasn’t already been identified for what it is, so these rarities are hardly ever cheap. That said, thoughtful collecting and careful use of auctions can produce a satisfying return.
However, the real magic is in the pleasure of the chase and in the wonder of the objects themselves. With the exception of coins, it is rare for such striking and beautiful works of art and skill to be in daily use. And the ones no longer in circulation take on an aura of years gone by, each with their own history.
Some common themes
Typically, a notaphile’s fascination will start by seeing or coming across a note that captures their imagination in some way. In Europe, in the days before the Euro, this was surprisingly easy. Today, recently issued notes combine high levels of artistic skill and technical innovation – they are just as fascinating.
Collectors might focus on a single country, a single period in history, particular design themes (famous landmarks, famous scientists, or the depiction of sports for example), forged notes or error notes, and even particular printers or banknote designers. The list of possible themes is more or less endless, and as your collection grows you will probably start refining – or possibly increasing – the features in which you specialise.
A little basic anatomy
Like coins, banknotes have their own language to describe key features. Coins have an obverse and reverse; notes have a face and back. Notes have a denomination, set out in numbers and/or words, to describe their value.
Bank notes have pictures, referred to as vignettes and they have a signature – usually the signature of a chief cashier or the governor of the issuing bank. If that official was in office for only a short time, that may add rarity value and make those notes especially collectible. Likewise, old notes issued by short-lived revolutionary governments will have their own scarcity value and perhaps a romantic appeal too.
Other features will include the name of the issuing authority, the date of issue (although this is not always shown on modern notes) and a plate number – very small numbers indicating which printing press was used.
Some banknotes will have a series number, and all will have a serial number.
Why serial numbers matter
Traditionally, serial numbers with an alpha-numeric prefix have been used to guarantee authenticity, or at least make notes harder to forge and easier to trace. The numbers themselves indicate the sheet on which it was printed and its position on the sheet. Of course, numbers can be copied by forgers, but being able trace notes with numbers in a particular sequence makes it easier to combat counterfeiters.
However, on their own, serial numbers are not a complete answer to forged notes. Recent developments in banknote security includes holograms, transparent windows, asymmetrical use of coloured foils, selectively raised print and images that are only revealed by ultra-violet light – and of course the replacement of paper with polymers.
You can find out more about Bank of England note security features in their publication “take a closer look”.
Unusual number sequences have become collectable. For instance, complete sequences (eg 876543) or three of a kind at the end of a sequence, known as a leopard (eg —444) can add to rarity and collectability.
How to build a collection
Building a collection depends very much on the time you can devote to it and the ease with which you track down the notes you’re interested in. Naturally, a very specialist field or interest will make things harder and slower, but the pleasure of your research and then finding what you’re looking for will compensate.
As a beginner, you may aim for something reasonably accessible, such as notes from a particular country or period in history – and as your knowledge increases you might refine your focus to include more technical details.
For example, The Bank of England has used ‘control’ notes for tracking the printing and for accounting. These are identified by a Z in the serial number prefix. Alternatively, you might be on the hunt for notes from replacement sheets which are substituted for sheets containing errors. You can spot these by looking for prefixes including M or LL – but do your research first as replacement prefixes have changed over time.
Whatever you are looking for, take time to do your research. Scan the internet, look at auction websites and follow recognised publications – the more you dig into the subject the more you will discover and understand.
Chasing the rarities
Usually in Notaphily you do not need to spend a lot of money to buy interesting and satisfying examples. However, the more interest you show in what, to you, is a rare and important find, the higher the price may go if you are buying via auction.
Consider investigating mixed lots which may contain something you’re looking for. And in doing this make sure you are buying a bundle of ‘graded’ notes, where the authenticity has been checked carefully by professionals.
Be cautious of unsolicited offers of rare notes, as their provenance may be very difficult to establish.
Unused notes – flawless and uncirculated – will be more valuable than those which are very used and probably damaged in some way. That said, if there is a proven story behind a series of notes with a very short run, or they are directly associated with a person of historical importance, then being pristine may not be the only measure of value.
Take note, however, that genuinely rare and valuable banknotes will probably have been identified as such by several experts, so do not expect them to be cheap.
Caring for your collection
Despite the introduction of polymer (‘plastic’) banknotes, most collected and collectable notes are still paper, so they need to be treated with care. Even polymer notes can become creased and damaged, so anything you collect should be treated with respect.
Handle banknotes with clean hands and consider using cotton gloves or tweezers (like the round-ended stamp collecting ones) to avoid transferring dirt or natural oils to the notes. Avoid accidentally creasing them and keep them away from liquids and naked flames!
Store your banknotes carefully. Albums are available for this, and if possible avoid the cheap plastic wallets used for documents, as these may contain harmful plasticizers. For valuable or valued collections, look for plastic wallets made from inert materials like mylar. They are more expensive, but they will help preserve your collection.
Enjoy your new hobby!
The most important thing about any collecting hobby is to enjoy it. Spend time on your own research and decide how much you are prepared to spend in any given month or year. Be disciplined about what you spend and what you buy. A small collection of genuinely interesting examples is definitely “worth” more than a random collection assembled in a hurry!