Volume 20 Issue 9Formerly published as the 'Tasmanian Numismatist' - Internet Edition' (Est. 1996) September 2015
Edited by Graeme Petterwood. © 2015.
The contents of this independent Internet newsletter, and all prior issues - included the 'Tasmanian Numismatist - Internet Edition' - are copyrighted ©, but anything herein can be fairly used to promote the great hobby of numismatics; however, we do like to be asked by commercial interests if they wish to use any of our copy. This permission, however, does not extend to any article specifically marked as copyrighted © by the author of the article.
Explicit permission from the author, or the Editor of the ‘NumisNet World' '(Internet Edition) newsletter, is required - in writing - prior to use of that material.
All or any prices quoted in articles in this free newsletter, unless stipulated, are estimates only and they should not be considered to be an offer to sell or purchase the items mentioned or used as illustrations. Wherever possible - illustrations (*enlarged or otherwise) are from the authors' own collection - or the extensive picture library of the former 'Tasmanian Numismatist' - Internet Edition © 1991 - 2007. and the 'Numisnet World' - Internet Edition. © 2007 - 2014.
Krause-Mishler (KM) Standard and Specialized World Catalogs (also including 'Pick' banknote numbers) - and McDonald and/or Renniks Australian catalogue numbers - are used where applicable.
*Please note that the photoscans of items are not always to size or scale. (Fair 'acknowledged' use of any original scan is allowed for educational purposes.)
Please, also, consider my conditional invitation, to make a literary contribution, if you feel you have something numismatically themed that may appeal to a general level of interest - and fulfils our stated editorial guidelines. As Editor, I am always prepared to look at it - and if need be - assist in additional presentation. However, please be aware that not every submission will be automatically accepted for publication.
We regret the imposition of 'editorial control' - but previous experience has necessitated the following conditions.
If common courtesy, and normally acceptable moral standards are not upheld, or, the subject matter is considered to contain plagiarized or defamatory content, or, if it is not considered 'generic' enough for this type of newsletter, or, if the subject has already been covered in depth in earlier editions - it may be refused, held aside or selectively edited. This is, obviously, not a scientific-style journal - our object is to educate, certainly - but, hopefully, in an entertaining way for the average hobbyist collector. - G.E.P.
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THE DISAPPEARING CURRENCIES
from the pre- EURO ZONE era!
a reminiscence by Graeme E. Petterwood. © 2015.
THE GLORY THAT WAS EUROPE!
As a reminder of the past 'glories' of European cash, particularly those works of banknote art (or otherwise) - I offer a few of these few historically interesting scans from my library.
They are certainly not the prettiest of examples - but, they are just the sort of notes that would have been in common use in the streets of Europe during the last half of last century. (Not to scale.)
However, disregarding the emergence of the plastic credit-debit cards and other electronic transactions, the diminishing supply of the national paper notes and metal coins of pre-Euro Europe will make our international hobby less rich within its historical diversity - and, it will probably have some effect, in due course, on the buy-sell price and availability of the better preserved popular old-world items for new collectors.
Many of our reader-collectors will be fully aware of the dozen or so major established currencies that once individually graced the world stage and fascinated us with their various national scenes, languages and cultural images portrayed so eloquently on the national banknotes in particular. These relatively recent departures are now disappearing into history - or into established numismatists' albums - at an increasing rate - and now, even the lower grades of condition of rarer items are now being actively sought.
In this brief pictorial essay, I have featured just a few illustrations from the hundreds of contemporary nationalistic currency items issued just prior to the Euro phenomenon that occurred at the start of this century.
Bi-lingual - with value in two interchangeable currency denominations.
100Francs-20 Belgas (1943)...KM#123.
1 Markka (1963) - a transitional issue due to major political changes in Europe at that time. KM#98a.
Various Franc denominations featuring cultural icons. (c.1970's)
KM#146b, 147c, 150c.
Various Gulden denominations featuring national icons (c.1970's)
KM#96, 91b, 100.
1000 Pesetas (dated 1979 issued 1982) - KM#158.
AUSTRIA and GERMANY
Austrian 20 Schilling (1985) - KM#148 ... German 20 Deutsche Mark (1993) - KM#46b.
ITALY and IRELAND
Italy 10,000 Lire (1984) - KM#112a ... Irish Punt (1977) - KM#70a.
20 Francs (1966) - KM#54a.
PORTUGAL and GREECE
Portugal 500 Escudos (1973) - KM#180d ... Greece 100 Drachmai (1978) - KM#200.
.... and a couple of late-comer EU members......
SWEDEN and DENMARK
Sweden 10 Kronor (1975) - KM#52c ....Denmark 10Kroner (1972) - KM# 48.
Obviously, there are many more pre-Euro note issues that I cannot share with readers due to space constraints - but they are the sorts of things that may be now within your own interests to pursue.
During the last two decades or so, the Euro Zone group of nations - the European Economic Union (EU) - with its financial triumphs - and also its Greek tragedies - has played an enormous part in showing how money works to shape the modern world.
In 1999, a group of major European nations grouped together and started the procedure to issue a new greater collective currency to be known as the Euro.
Other small nations agreed to participate by joining the group and accepting the currency although they may never issue a note or coin as an individual entity.
The initial major nations, in 1999, to issue coinage were:- Belgium; Finland; France; Netherlands; Spain.
In 2002, the following major countries also had coins circulating.:- Austria; Germany; Ireland; Italy; Luxembourg; Portugal - and then Greece.
The following extract from an issue of the 'Tasmanian Numismatist' 2000 gives an indication of how all this appeared at that time :-
An Historical Reprise!
"The Maastricht Treaty essentially started the process of one uniform coinage and currency in Europe.
By 1997, criteria were established in the treaty that European countries must meet in order to become eligible for conversion of their respective currencies to the Euro. These criteria centred round the economic stability of that country.
The decision to give up the country’s coinage and currency, in favour of the Euro, would be voluntary.
By 1998, eleven European countries signed into this agreement becoming participants in the European Economic and Monetary Union (EMU). The agreement calls for these countries to give up their currencies and adopt the new Euro currency on January 1, 1999.
(The addition of Greece, Denmark and Sweden had still to be ratified - and Great Britain was sitting on the sidelines ...doing its own thing, as usual!)
Since Euro bank notes and coins will not likely be printed and circulated until 2002- except for small commemorative issues- these participating countries will retain their existing currencies until that time.
The values of the participating currency units have already been established against the new Euro currency with the following conversion rates:
1 Euro = 100 Euro-cents making the new currency a decimal standard.
There will be eight different coins and seven different banknotes in the Euro currency.
The coins will come in 1, 2, 5, 10, 20 & 50 Euro-cent denominations. There will also be 1 Euro and 2 Euro denomination coins minted.
The paper currency will come in 5, 10, 20, 50, 100, 200, and 500 Euro banknotes. With the banknotes and coins expected to circulate in early 2002, the legal tender status of the present national banknotes and coins will cease by July 2002."
"On Jan 1, 2002 twelve of the fifteen countries of the European Union will issue Euro coins and notes.
The twelve countries consist of Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal, Greece and Finland. The transition period of the old currencies to the new Euros will vary by country with demonetisation dates ranging from Dec 31, 2001 to Feb 28, 2002. This is not to say that people who still have the old monies are out of luck after Feb 28, 2002.
Each country has set a schedule where people can still exchange for Euros after the demonetisation date but this can only be done at that country's central bank, the schedule for demonetisation and final redemption for each country is as follows:
Austria - The Schilling - ceases to be legal after 28/2/2002, but can still be redeemed at the central bank indefinitely.
Belgium - The Franc - ceases to be legal after 28/2/2002, notes will be redeemed indefinitely but coins will be exchanged only until 2004.
Finland - The Markka - legal until 28/2/2002, but can be redeemed for 10 years.
France - The Franc - legal until 17/2/2002. The notes will be redeemed for 10 years, the coins for 3 years.
Germany - The Mark - legal until 31/12/2001, which is the earliest demonetisation date, but all coins and notes can be exchanged at the central bank indefinitely.
Greece - The Drachma- legal until 28/2/2002 with a redemption time of 10 years for notes and 2 years for coins.
Ireland - The Punt - legal till 9/2/2002, with an indefinite time for exchange at the central bank.
Italy - the Lira - ceases to be legal tender on 28/2/ 2002, but Lira will still be redeemable for 10 years.
Luxembourg - the Franc - legal until 28/2/2002. Notes can be redeemed indefinitely, but coins can only be exchanged till the end of 2004.
Netherlands - the Guilder - ceases to be legal tender on 28/1/2002. The notes will be redeemable until 2032, the coins until 2007.
Spain - the Peseta - legal until 28/2/2002, with an indefinite period of redemption for both notes and coins.
Portugal - the Escudo - legal tender till 28/2/2002. The notes redeemable for 20 years. "
Original designs - 1 & 2 Euro bi-metallic coins.
Commercially-packed Eurocent collector coin sets
(1999-2001 generic Obverses .... 2002 Italian Reverses).
2002 Fifty (50) Euro note (Italy).
The full range of Euro banknotes (refer illustration below) were printed in huge quantities, with production starting during 1999 and expanding in early 2000 to herald the inaugural changeover to occur on 1st. January, 2002.
All notes were produced with a common European obverse (see above) in various colours; and all denominations had generic reverses to suit various denominations of E5, 10, 20, 50, 100, 200 and 500..
There have been some alterations, of late, to modernize the designs somewhat - however, they are still in keeping within the generic ideals of the original notes. The map shows the nations that are now directly part of the European Union Zone's fiscal arrangement or who are working in close co-operation.
As a matter of interest, the notes originating from the printers appointed by each of the participating nations can be identified by the allocated Serial number prefixes as well as a printers letter. (Refer Krause Standard World Note Catalog Vol III for full details.)
Prefixes:- Sweden K; Finland L; Portugal M; Austria N; Netherlands P; Luxembourg R; Italy S; Ireland T; France U; Spain V; Denmark W; Germany X; Greece Y and Belgium Z.
Krause Mischler 'Standard Catalog of World Banknotes' - Volume III
SOMETHING TO THINK ABOUT ... and a bit of other stuff!
'NUMISNET WORLD' - INTERNET EDITION
JULY 2007 - JANUARY 2015....
Full details of 'Numisnet World' - incorporating 'Tasmanian Numismatist' (2007)
http://www.vision.net.au/~pwood/dec07.htm - (Volume 12 - Issues 7 - 12)
For full details of 'Numisnet World' (2008)
http://www.vision.net.au/~pwood/dec08.htm - (Volume 13 - Issues 1 - 12)
For full details of 'Numisnet World' (2009)
http://www.vision.net.au/~pwood/dec09.htm - (Volume 14 - Issues 1 - 12)
For full details of 'Numisnet World' (2010)
http://www.vision.net.au/~pwood/dec10.htm - (Volume 15 - Issues 1 - 12)
For full details of 'Numisnet World' (2011)
http://www.vision.net.au/~pwood/jun11.htm - (Volume 16 - Issues 1 - 6)
http://www.vision.net.au/~pwood/dec11.htm - (Volume 16 - Issues 7 - 12)
For full details of 'Numisnet World' (2012)
http://www.vision.net.au/~pwood/june12.htm - (Volume 17 - Issues 1 - 6)
http://www.vision.net.au/~pwood/dec12.htm - (Volume 17 - Issues 7 - 12)
For full details of 'Numisnet World' (2013)
http://www.vision.net.au/~pwood/june13.htm - (Volume 18 - Issues 1 - 6)
http://www.vision.net.au/~pwood/dec13.htm - (Volume 18 - Issues 7 - 12)
For full details of 'Numisnet World' (2014)
http://www.vision.net.au/~pwood/june14.htm - (Volume 19 - Issues 1 - 6)
http://www.vision.net.au/~pwood/dec14.htm - (Volume 19 - Issues 7 - 12)
For full details of 'Numisnet World' (2015)
http://www.vision.net.au/~pwood/june15.htm - (Volume 20 - Issues 1-6)
VOLUME 20 - 2015
(JULY - DECEMBER 2015)
Issue 7. July 2015:- http://www.vision.net.au/~pwood/july15.htm
WHAT WAS LOST - IS FOUND (Part2) - Modern Inflation Money. I have only cited a couple of examples - but there are scores of course!
THE LITTLE GUYS COUNT AS WELL! - During the last 2 decades or so - a change has swept over global financial institutions, and, our day-to-day cash money - the physical stuff that we have taken for granted for a lifetime - has started to alter as well. It has been a sudden change, but, it has encompassed a period of transition in some instances. For older members of our numismatic fraternity - it harks back to days between the two World Wars when emergency money became a fact-of-life!
Issue 8. August 2015:- http://www.vision.net.au/~pwood/aug15.htm
IN MEMORIAM - It is now 10 years since my beloved wife and TNS stalwart, Ailsa Petterwood, passed from our company - and she is sorely missed!
BIG COINS, BIGGER MEDALLIONS, a few BITS and BUTTON BOXES - Storage is always a problem for beginners - so here are a few thoughts!
Issue 9 September 2015:-
DISAPPEARING CURRENCIES - THE GLORY THAT WAS EUROPE:- Since the creation of the European Economic Union and the introduction of Euro Currency at the turn of the century, the former money of the nations involved has disappeared through official withdrawal, and, also by the demands of those newcomers with numismatic interests who have arrived on the scene with an appetite for the past.
This brief pictorial essay, along with some old comments from the early 2000's, is just a misty window into the fabulous paper money art gallery of that era.
COIN GRADING ... and other stuff:- A link back to the 'Tasmanian Numismatist' - Sept 2006.
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