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Details about  Russian Empire 1905AD 3 Rubles Banknote

Russian Empire 1905AD 3 Rubles Banknote
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1905 AD Russian Empire 3 Rubles Banknote
Banknote collecting, or Notaphily, is a rapidly growing area of numismatics.

You are bidding on the exact item pictured, provided with a Certificate of Authenticity and Lifetime Guarantee of Authenticity.

The Russian Empire (Pre-reform Russian orthography: Россійская Имперія, Modern Russian: Российская Империя, translit: Rossiyskaya Imperiya) was a state that existed from 1721 until the Russian Revolution of 1917. It was the successor to the Tsardom of Russia and the predecessor of the Soviet Union. It was one of the largest empires in world history, surpassed in landmass only by the British and Mongolian empires: at one point in 1866, it stretched from eastern Europe across Asia and into North America.

At the beginning of the 19th century, Russia was the largest country in the world, extending from the Arctic Ocean to the north to the Black Sea on the south, from the Baltic Sea on the west to the Pacific Ocean on the east. With 176.4 million subjects, it had the third largest population of the world at the time, after Qing China and the British Empire. It represented a large disparity in economic, ethnic, and religious positions. Its government, ruled by the Emperor, was one of the last absolute monarchies in Europe. Prior to the outbreak of World War I in August 1914 Russia was one of the five major Great Powers of Europe.

The Russian Empire was a natural successor to the Tsardom of Russia. Though the empire was only officially proclaimed by Tsar Peter I following the Treaty of Nystad (1721), some historians[who?] would argue that it was truly born when Peter acceded to the throne in early 1682.

 The eighteenth century

Peter I, the Great (1672–1725), integrated autocracy in Russia and played a major role in bringing his country into the European state system. From its beginnings in the 14th-century principality of Moscow, Russia had become the largest state in the world by Peter's time. It spanned the Eurasian landmass from the Baltic Sea to the Pacific Ocean. Much of its expansion had taken place in the 17th century, culminating in the first Russian settlement of the Pacific in the mid-17th century, the reconquest of Kiev, and the pacification of the Siberian tribes. However, this vast land had a population of only 14 million. Grain yields trailed behind those of agriculture in the West, compelling nearly the entire population to farm. Only a small percentage of the population lived in the towns. The class of kholops, close to the one of slavery, remained a major institution in Russia until 1723, when Peter the Great converted the household kholops into house serfs including them into poll taxation. Russian agricultural kholops were formally converted into serfs earlier in 1679.[2]

Peter was impressed by the advanced technology, warcraft, and statecraft of the West. He studied modern tactics and fortifications and built a strong army of 300,000 made up of his own subjects, whom he conscripted for life. The Strelets Troops were incorporated into the regular army. In 1697–1698, he became the first Russian prince to ever visit the West, where he and his associates made a deep impression. In celebration of his conquests, Peter accepted the title of emperor as well as tsar, and Muscovite Russia officially became the Russian Empire late in 1721.

Peter's first military efforts were directed against the Ottoman Turks. His attention then turned to the north. Peter still lacked a secure northern seaport except at Archangel on the White Sea, whose harbor was frozen for nine months a year. Access to the Baltic was blocked by Sweden, whose territory enclosed it on three sides. Peter's ambitions for a "window to the sea" led him in 1699 to make a secret alliance with the Polish-Lithuanian Commonwealth and Denmark against Sweden, resulting in the Great Northern War. The war ended in 1721 when an exhausted Sweden sued for peace with Russia. Peter acquired four provinces situated south and east of the Gulf of Finland, thus securing his coveted access to the sea. There he built Russia's new capital, Saint Petersburg, to replace Moscow, which had long been Russia's cultural center.

The capital of Imperial Russia was Saint Petersburg.

Peter reorganised his government on the latest modern models, molding Russia into an absolutist state. He replaced the old boyar Duma (council of nobles) with a nine-member senate, in effect a supreme council of state. The countryside was also divided into new provinces and districts. Peter told the senate that its mission was to collect tax revenues. In turn tax revenues tripled over the course of his reign. As part of the government reform, the Orthodox Church was partially incorporated into the country's administrative structure, in effect making it a tool of the state. Peter abolished the patriarchate and replaced it with a collective body, the Holy Synod, led by a lay government official. Meanwhile, all vestiges of local self-government were removed, and Peter continued and intensified his predecessors' requirement of state service for all nobles.

Peter died in 1725, leaving an unsettled succession and an exhausted realm. His reign raised questions about Russia's backwardness, its relationship to the West, the appropriateness of reform from above, and other fundamental problems that have confronted many of Russia's subsequent rulers. Nevertheless, he had laid the foundations of a modern state in Russia.

Nearly forty years were to pass before a comparably ambitious ruler appeared on the Russian throne. Catherine II, the Great, was a German princess who married Peter III, the German heir to the Russian crown. She contributed to the resurgence of the Russian nobility that began after the death of Peter the Great. State service had been abolished, and Catherine delighted the nobles further by turning over most government functions in the provinces to them.

Catherine the Great extended Russian political control over the Polish-Lithuanian Commonwealth with actions including the support of the Targowica confederation, although the cost of her campaigns, on top of the oppressive social system that required lords' serfs to spend almost all of their time laboring on the lords' land, provoked a major peasant uprising in 1773, after Catherine legalised the selling of serfs separate from land. Inspired by another Cossack named Pugachev, with the emphatic cry of "Hang all the landlords!" the rebels threatened to take Moscow before they were ruthlessly suppressed. Instead of the traditional punishment of being drawn and quartered, Catherine issued secret instructions that the executioner should carry the sentence out quickly and with a minimum of suffering, as part of her effort to introduce a tone of compassion. She also ordered the public trial of Darya Nikolayevna Saltykova, a member of the highest nobility, on charges of torture and murder. These gestures to compassion garnered Catherine much positive attention from Enlightenment Europe, but the specter of revolution and disorder continued to haunt her and her successors.

In order to ensure continued support from the nobility, which was essential to the survival of her government, Catherine was obliged to strengthen their authority and power at the expense of the serfs and other lower orders. Nevertheless, Catherine realized that serfdom must be ended, going so far in her "Nakaz" ("Instrution") to say that serfs were "just as good as we are" - a comment the nobility received with disgust. Documents were also found after Catherine's death that showed she hoped to introduce a form of parliamentary democracy in Russia, but - like the problem of serfdom - realized the empire was not yet ready for such a move. Catherine successfully waged war against the Ottoman Empire and advanced Russia's southern boundary to the Black Sea. Then, by plotting with the rulers of Austria and Prussia, she incorporated territories of the Polish-Lithuanian Commonwealth during the Partitions of Poland, pushing the Russian frontier westward into Central Europe. By the time of her death in 1796, Catherine's expansionist policy had made Russia into a major European power. This continued with Alexander I's wresting of Finland from the weakened kingdom of Sweden in 1809 and of Bessarabia from the Ottomans in 1812.

First half of the nineteenth century

Napoleon made a major mistake when, following a dispute with Tsar Alexander I, he launched an invasion of the tsar's realm in 1812. The campaign was a catastrophe. Although Napoleon's Grande Armée made its way to Moscow, the Russians' scorched-earth strategy prevented the invaders from living off the country. In the bitterly cold Russian weather, thousands of French troops were ambushed and killed by peasant guerrilla fighters. As Napoleon's forces retreated, the Russian troops pursued them into Central and Western Europe and to the gates of Paris. After Russia and its allies defeated Napoleon, Alexander became known as the 'savior of Europe,' and he presided over the redrawing of the map of Europe at the Congress of Vienna (1815), that ultimately made Alexander the monarch of Congress Poland.

Although the Russian Empire would play a leading political role in the next century, secured by its defeat of Napoleonic France, its retention of serfdom precluded economic progress of any significant degree. As West European economic growth accelerated during the Industrial Revolution, which had begun in the second half of the 18th century, Russia began to lag ever farther behind, creating new problems for the empire as a great power. Russia's status as a great power concealed the inefficiency of its government, the isolation of its people, and its economic backwardness. Following the defeat of Napoleon, Alexander I had been ready to discuss constitutional reforms, but though a few were introduced, no changes were attempted.

Fort Ross, an early-19th-century outpost of the Russian-American Company in Sonoma County, California.

The liberal tsar was replaced by his younger brother, Nicholas I (1825–1855), who at the beginning of his reign was confronted with an uprising. The background of this revolt lay in the Napoleonic Wars, when a number of well-educated Russian officers traveled in Europe in the course of the military campaigns, where their exposure to the liberalism of Western Europe encouraged them to seek change on their return to autocratic Russia. The result was the Decembrist Revolt (December 1825), the work of a small circle of liberal nobles and army officers who wanted to install Nicholas' brother as a constitutional monarch. But the revolt was easily crushed, leading Nicholas to turn away from the modernization program begun by Peter the Great and champion the doctrine of Orthodoxy, Autocracy, and Nationality.

The retaliation for the revolt made "December Fourteenth" a day long remembered by later revolutionary movements. In order to repress further revolts, censorship was intensified, including the constant surveillance of schools and universities, in which students were provided with official textbooks. Police spies were planted everywhere. Would-be revolutionaries were sent off to Siberia; under Nicholas I hundreds of thousands were sent to katorga there.

After the Russian armies occupied[citation needed] the allied Georgia in 1802, they clashed with Persia over control of Azerbaijan and got involved into the Caucasian War against the Caucasian Imamate. Russian tsars had also to deal with two uprisings in their newly acquired territories of the Polish-Lithuanian Commonwealth: the November Uprising in 1830 and the January Uprising in 1863.

The question of Russia's direction had been gaining attention ever since Peter the Great's program of modernization. Some favored imitating Western Europe while others were against and called for a return of the traditions of the past. The latter path was advocated by Slavophiles, who gathered contempt on the "decadent" West. The Slavophiles were opponents of bureaucracy, preferred the collectivism of the mediaeval Russian mir, or village community, to the individualism of the West. Alternative social doctrines were elaborated by such Russian radicals as Alexander Herzen, Mikhail Bakunin, and Peter Kropotkin.

Second half of the nineteenth century

Flag of the Russian Empire for "Celebrations" from 1858 to 1883.[3][4][5][6][7] However, it was not as popular as the white-blue-red civil ensign, which was adopted in 1883 for land use. In the XX century, widespread myth that has its base incorrect statements of one of the leading Soviet historians, K. Ivanov, that Russia has changed official flag in 1858.
The Imperial Standard of the Emperor, used from 1858 to 1917.
The white-blue-red tricolor was the official flag of Russian Empire. It has been used from the time of Peter the Great until the Russian Revolution.

Tsar Nicholas died with his philosophy in dispute. One year earlier, Russia had become involved in the Crimean War, a conflict fought primarily in the Crimean peninsula. Since playing a major role in the defeat of Napoleon, Russia had been regarded as militarily invincible, but, once opposed against a coalition of the great powers of Europe, the reverses it suffered on land and sea exposed the decay and weakness of Tsar Nicholas' regime.

The Monument to the Tsar Liberator in Sofia commemorates Alexander II's decisive role in the Liberation of Bulgaria from Ottoman rule.

When Alexander II came to the throne in 1855, desire for reform was widespread. A growing humanitarian movement, which in later years has been compared to that of the abolitionists in the United States before the American Civil War, attacked serfdom. In 1859, there were more than 23 million serfs living under conditions worse than those of the peasants of western Europe on 16th-century manors. Alexander II made up his own mind to abolish serfdom from above rather than wait for it to be abolished from below through revolution.

The emancipation of the serfs in 1861 was the single most important event in 19th-century Russian history. It was the beginning of the end for the landed aristocracy's monopoly of power. Emancipation brought a supply of free labor to the cities, industry was stimulated, and the middle class grew in number and influence; however, instead of receiving their lands as a gift, the freed peasants had to pay a special tax for what amounted to their lifetime to the government, which in turn paid the landlords a generous price for the land that they had lost. In numerous instances the peasants wound up with the poorest land. All the land turned over to the peasants was owned collectively by the mir, the village community, which divided the land among the peasants and supervised the various holdings. Although serfdom was abolished, since its abolition was achieved on terms unfavorable to the peasants, revolutionary tensions were not abated, despite Alexander II's intentions. Revolutionaries believed that the newly-freed serfs were merely being sold into wage slavery in the onset of the industrial revolution, and that the bourgeoisie had effectively replaced landowners.

Alexander II took Outer Manchuria from Chinese Empire between 1858–1860 and sold Russian America to USA in 1867. In the late 1870s Russia and the Ottoman Empire again clashed in the Balkans. From 1875 to 1877, the Balkan crisis intensified with rebellions against Ottoman rule by various Slavic nationalities, which the Ottoman Turks suppressed with what was seen as great cruelty in Russia. Russian nationalist opinion became a major domestic factor in its support for liberating Balkan Christians from Ottoman rule and making Bulgaria and Serbia independent. In early 1877, Russia intervened on behalf of Serbian and Russian volunteer forces when it went to war with the Ottoman Empire. Within one year, Russian troops were nearing Constantinople, and the Ottomans surrendered. Russia's nationalist diplomats and generals persuaded Alexander II to force the Ottomans to sign the Treaty of San Stefano in March 1878, creating an enlarged, independent Bulgaria that stretched into the southwestern Balkans. When Britain threatened to declare war over the terms of the Treaty of San Stefano, an exhausted Russia backed down. At the Congress of Berlin in July 1878, Russia agreed to the creation of a smaller Bulgaria, was depended as autonomous principality to Ottomans. As a result, Pan-Slavists were left with a legacy of bitterness against Austria-Hungary and Germany for failing to back Russia. The disappointment as a result of war stimulated revolutionary tensions in the country.

A provincial Russian town in winter, painting by Boris Kustodiyev

. However, he helped Serbia, Romania and Montenegro's independence from Ottomans and their enlargement against Ottomans.

Following Alexander's assassination by the Narodnaya Volya, a Nihilist terrorist organization, in 1881, the throne passed to his son Alexander III (1881–1894), a reactionary who revived the maxim of "Autocracy, Orthodoxy, and Respect to the People" of Nicholas I. A committed Slavophile, Alexander III believed that Russia could be saved from turmoil only by shutting itself off from the subversive influences of Western Europe. In his reign Russia concluded the union with republican France to contain the growing power of Germany, completed the conquest of Central Asia and demanded important territorial and commercial concessions from China.

The tsar's most influential adviser was Konstantin Petrovich Pobedonostsev, tutor to Alexander III and his son Nicholas, and procurator of the Holy Synod from 1880 to 1895. He taught his royal pupils to fear freedom of speech and press and to dislike democracy, constitutions, and the parliamentary system. Under Pobedonostsev, revolutionaries were persecuted and a policy of Russification was carried out throughout the empire.

Early twentieth century

In 1914, the white-blue-red tricolor with a canton of the imperial arms was introduced by imperial decree on 19 November 1914. It replaced the black-orange-white tricolor, which had been the civil flag since 1858, and also the plain white-blue-red tricolor.[3][4][5][6][7]

Alexander was succeeded by his son Nicholas II (1894–1917). The Industrial Revolution began to put forth a significant influence in Russia. The liberal elements among the industrial capitalists and nobility believed in peaceful social reform and a constitutional monarchy, forming the Constitutional Democrats, or Kadets. The Socialist-Revolutionaries (SRs) combined the Narodnik tradition and advocated the distribution of land among those who actually worked it—the peasants. Another radical group was the Social Democrats, exponents of Marxism in Russia. The Social Democrats differed from the SRs in that they believed a revolution must rely on urban workers, not the peasantry.

In 1903 in London the party split into two wings — the gradualist Mensheviks, and the more radical Bolsheviks. The Mensheviks believed that the Russian working class was insufficiently developed and that socialism could be achieved only after a period of bourgeois democratic rule. They thus tended to ally themselves with the forces of bourgeois liberalism. The Bolsheviks, under Vladimir Lenin, advocated the formation of a small elite of professional revolutionists, subject to strong party discipline, to act as the vanguard of the proletariat in order to seize power by force.[8]

Defeat in the Russo-Japanese War (1904–1905) was a major blow to the Tsarist regime and increased the potential for unrest. In January 1905, an incident known as "Bloody Sunday" occurred when Father Gapon led an enormous crowd to the Winter Palace in Saint Petersburg to present a petition to the tsar. According to revolutionary propaganda,[citation needed] when the procession reached the palace, Cossacks opened fire on the crowd, killing hundreds. The Russian masses were so furious over the massacre that a general strike was declared demanding a democratic republic. This marked the beginning of the Russian Revolution of 1905. Soviets (councils of workers) appeared in most cities to direct revolutionary activity. Russia was paralyzed, and the government was desperate.

In October 1905, Nicholas reluctantly issued the famous October Manifestoo, which conceded the creation of a national Duma (legislature) to be called without delay. The right to vote was extended and no law was to go into force without confirmation by the Duma. The moderate groups were satisfied; but the socialists rejected the concessions as insufficient and tried to organise new strikes. By the end of 1905, there was disunity among the reformers, and the tsar's position was strengthened for the time being.

Tsar Nicholas II and his subjects entered World War I with enthusiasm and patriotism, with the defence of Russia's fellow Orthodox Slavs, the Serbs

 

BANKNOTEE
A banknote (often known as a bill, paper money or simply a note) is a kind of
negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. Along with coins, banknotes make up the cash or bearer forms of all modern fiat money. With the exception of non-circulating high-value or precious metal commemorative issues, coins are used for lower valued monetary units, while banknotes are used for higher values.

Advantages and Disadvantages

A sampling of banknotes from around the world

Originally, precious and semi-precious metals were made into coins and were used to negotiate and settle trades. Banknotes offer an alternative bearer form of money, but the advantages and disadvantages between the two forms of bearer money are complex and so in different circumstances the overall advantage can lie with either form.

The costs of using bearer money include:

  1. Manufacturing or issue costs. Coins are produced by industrial manufacturing methods that process the precious or semi-precious metals, and require additions of alloy for hardness and wear resistance. By contrast bank notes are printed paper (or polymer), and typically have a lower cost of issue, especially in larger denominations, compared to coin of the same value.
  2. Wear costs. Banknotes do not lose economic value by wear, since, even if they are in poor condition, they are still a legally valid claim on the issuing bank. However, banks of issue do have to pay the cost of replacing banknotes in poor condition and paper notes wear out much faster than coins.
  3. Cost of transport. Coins can be expensive to transport for high value transactions, but banknotes can be issued in large denominations that are lighter than the equivalent value in coins.
  4. Cost of acceptance. Coins can be checked for authenticity by weighing and other forms of examination and testing. These costs can be significant, but good quality coin design and manufacturing can help reduce these costs. Banknotes also have an acceptance cost, the costs of checking the banknote's security features and confirming acceptability of the issuing bank.
  5. Security. Counterfeiting paper notes is easier than forging coins[citation needed], especially true given the proliferation of color photocopiers and computer image scanners. Numerous banks and nations have incorporated many types of countermeasures in order to keep the money secure.

The different advantages and disadvantages between coins and banknotes imply that there may be an ongoing role for both forms of bearer money, each being used where its advantages outweigh its disadvantages.

History

Paper money originated in two forms: drafts, which are receipts for value held on account, and "bills", which were issued with a promise to convert at a later date.

Money is based on the coming to pre-eminence of some commodity as payment. The oldest monetary basis was for agricultural capital: cattle and grain. In Ancient Mesopotamia, drafts were issued against stored grain as a unit of account. A "drachma" was a weight of grain. Japan's feudal system was based on rice per year – koku.

At the same time, legal codes enforced the payment for injury in a standardized form, usually in precious metals. The development of money then comes from the role of agricultural capital and precious metals having a privileged place in the economy.

Such drafts were used for giro systems of banking as early as Ptolemaic Egypt in the 1st century BC.

The perception of banknotes as money has evolved over time. Originally, money was based on precious metals. Banknotes were seen as essentially an I.O.U. or promissory note: a promise to pay someone in precious metal on presentation (see representative money). With the gradual removal of precious metals from the monetary system, banknotes evolved to represent credit money, or (if backed by the credit of a government) also fiat money.

Notes or bills were often referred to in 18th century novels and were often a key part of the plot such as a "note drawn by Lord X for £100 which becomes due in 3 months time"

First banknotes in the world

Song Dynasty Jiaozi, the world's earliest paper money

In ancient China coins were circular with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money he had with that person. If he showed the paper to that person he could regain his money. Eventually, the paper money called "jiaozi" originated from these promissory notes.

In the 7th century there were local issues of paper currency in China and by 960 the Song Dynasty, short of copper for striking coins, issued the first generally circulating notes. A note is a promise to redeem later for some other object of value, usually specie. The issue of credit notes is often for a limited duration, and at some discount to the promised amount later. The jiaozi nevertheless did not replace coins during the Song Dynasty; paper money was used alongside the coins.

A Yuan dynasty banknote

The successive Yuan Dynasty was the first dynasty in China to use paper currency as the predominant circulating medium. The founder of the Yuan Dynasty, Kublai Khan, issued paper money known as Chao in his reign. The original notes during the Yuan Dynasty were restricted in area and duration as in the Song Dynasty, but in the later course of the dynasty, facing massive shortages of specie to fund their ruling in China, began printing paper money without restrictions on duration. By 1455, in an effort to rein in economic expansion and end hyperinflation, the new Ming Dynasty ended paper money, and closed much of Chinese trade.

Banknotes in Europe

In medieval Italy and Flanders, because of the insecurity and impracticality of transporting large sums of money over long distances, money traders started using promissory notes. In the beginning these were personally registered, but they soon became a written order to pay the amount to whoever had it in their possession. These notes can be seen as a predecessor to regular bank notes[1].

The first proper European banknotes were issued by Stockholms Banco, a predecessor of the Bank of Sweden, in 1660, although the bank ran out of coins to redeem its notes in 1664 and ceased operating in that year.

Until Louis XIV, banknotes were issued by small creditors, had limited circulation, and were not backed by the authority of the state. Economist John Law helped establish banknotes as formal currency, backed by capital consisting of French government bills and government accepted notes.

 Banknotes in the United States

Fifty-five dollar bill in Continental currency; leaf design by Benjamin Franklin, 1779

In the early 1690s, the Massachusetts Bay Colony was the first of the Thirteen Colonies to issue permanently circulating banknotes. The use of fixed denominations and printed banknotes came into use in the 18th century.

In the early 18th century each of the thirteen colonies issued their own banknotes. During the American Revolutionary War, the Continental Congress issued Continental currency to finance the war. The federal government of the United States did not print banknotes until 1862. However, almost immediately after adoption of the United States Constitution in 1789, the United States Congress chartered the First Bank of the United States and authorized it to issue banknotes. The bank served as quasi-central bank of the United States. The bank closed in 1811 when Congress failed to renew its charter. In 1816, Congress chartered the Second Bank of the United States. When its charter expired in 1836, the bank continued to operate under a charter granted by the Commonwealth of Pennsylvania until 1841.

In the United States, public acceptance of banknotes in replacement of precious metals was hastened in part by Executive Order 6102 in 1933. This order carried the threat of a maximum $10,000 fine and a maximum of ten years in prison for anyone who kept more than $100 of gold in preference to banknotes.

 Issue of banknotes

Generally, a central bank or treasury is solely responsible within a state or currency union for the issue of banknotes. However, this is not always the case, and historically the paper currency of countries was often handled entirely by private banks. Thus, many different banks or institutions may have issued banknotes in a given country. In the United States, commercial banks were authorized to issue banknotes from 1863 to 1935. In the last of these series, the issuing bank would stamp its name and promise to pay, along with the signatures of its president and cashier on a preprinted note. By this time, the notes were standardized in appearance and not too different from the Federal Reserve Notes that circulated for most of the 20th century.

In a small number of countries, private banknote issue continues to this day. For example, by virtue of the complex constitutional setup in the United Kingdom, certain commercial banks in two of the union's four constituent countries (Scotland and Northern Ireland) continue to print their own banknotes for domestic circulation, even though they are not fiat money or declared in law as legal tender anywhere. The UK's central bank, the Bank of England, prints notes which are legal tender in England and Wales; these notes are also usable as money (but not legal tender) in the rest of the UK (see Banknotes of the pound sterling).

In Hong Kong, three commercial banks are licenced to issue Hong Kong dollar notes.[2] As well as commercial issuers, other organizations may have note-issuing powers; for example, until 2002 the Singapore dollar was issued by the Board of Commissioners of Currency Singapore, a government agency which was later taken over by the Monetary Authority of Singapore.[2]

Materials used for banknotes

 Paper banknotes

Most banknotes are made from cotton paper (see also paper) with a weight of 80 to 90 grams per square meter. The cotton is sometimes mixed with linen, abaca, or other textile fibres. Generally, the paper used is different from ordinary paper: it is much more resilient, resists wear and tear (the average life of a banknote is two years)[3], and also does not contain the usual agents that make ordinary paper glow slightly under ultraviolet light. Unlike most printing and writing paper, banknote paper is infused with polyvinyl alcohol or gelatin to give it extra strength. Early Chinese banknotes were printed on paper made of mulberry bark and this fiber is used in Japanese banknote paper today.

Most banknotes are made using the mould made process in which a watermark and thread is incorporated during the paper forming process. The thread is a simple looking security component found in most banknotes. It is however often rather complex in construction comprising fluorescent, magnetic, metallic and micro print elements. By combining it with watermarking technology the thread can be made to surface periodically on one side only. This is known as windowed thread and further increases the counterfeit resistance of the banknote paper. This process was invented by Portals, part of the De La Rue group in the UK. Other related methods include watermarking to reduce the number of corner folds by strengthening this part of the note, coatings to reduce the accumulation of dirt on the note, and plastic windows in the paper that make it very hard to copy.

Counterfeiting and security measures on paper banknotes

The ease with which paper money can be created, by both legitimate authorities and counterfeiters, has led both to a temptation in times of crisis such as war or revolution to produce paper money which was not supported by precious metal or other goods, thus leading to hyperinflation and a loss of faith in the value of paper money, e.g. the Continental Currency produced by the Continental Congress during the American Revolution, the Assignats produced during the French Revolution, the paper currency produced by the Confederate States of America and the Individual States of the Confederate States of America, the financing of World War I by the Central Powers (by 1922 1 gold Austro-Hungarian krone of 1914 was worth 14,400 paper Kronen), the devaluation of the Yugoslav Dinar in the 1990s, etc. Banknotes may also be overprinted to reflect political changes that occur faster than new currency can be printed.

In 1988, Austria produced the 5000 Schilling banknote (Mozart), which is the first foil application (Kinegram) to a paper banknote in the history of banknote printing. The application of optical features is now in common use throughout the world.

Many countries' banknotes now have embedded holograms.

 Polymer banknotes

A five Australian dollar polymer banknote

In 1983, Costa Rica and Haiti issued the first Tyvek and the Isle of Man issued the first Bradvek polymer (or plastic) banknotes; these were printed by the American Banknote Company and developed by DuPont. In 1988, after significant research and development by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Reserve Bank of Australia, Australia produced the first polymer banknote made from biaxially-oriented polypropylene (plastic), and in 1996 became the first country to have a full set of circulating polymer banknotes of all denominations. Since then, other countries to adopt circulating polymer banknotes include Bangladesh, Brazil, Brunei, Chile, Guatemala, Indonesia, Israel, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Romania, Samoa, Singapore, the Solomon Islands, Sri Lanka, Thailand, Vietnam, and Zambia, with other countries issuing commemorative polymer notes, including China, Kuwait, the Northern Bank of Northern Ireland, Taiwan and Hong Kong. Other countries indicating plans to issue polymer banknotes include Nigeria and Canada. In 2005, Bulgaria issued the world's first hybrid paper-polymer banknote.

Polymer banknotes were developed to improve durability and prevent counterfeiting through incorporated security features, such as optically variable devices that are extremely difficult to reproduce.

Apart from Australia, other countries such as Vietnam, Brunei, New Zealand, Papua New Guinea and Romania have all their circulating banknotes on polymer.

Other materials

Over the years, a number of materials other than paper have been used to print banknotes. This includes various textiles, including silk, and materials such as leather.

Silk and other fibers have been commonly used in the manufacture of various banknote papers, intended to provide both additional durability and security. Crane and Company patented banknote paper with embedded silk threads in 1844 and has supplied paper to the United States Treasury since 1879. Banknotes printed on pure silk "paper" include "emergency money" Notgeld issues from a number of German towns in 1923 during a period of fiscal crisis and hyperinflation. Most notoriously, Bielefeld produced a number of silk, leather, velvet, linen and wood issues, and although these issues were produced primarily for collectors, rather than for circulation, they are in demand by collectors. Banknotes printed on cloth include a number of Communist Revolutionary issues in China from areas such as Xinjiang, or Sinkiang, in the United Islamic Republic of East Turkestan in 1933. Emergency money was also printed in 1902 on khaki shirt fabric during the Boer War.

Leather banknotes (or coins) were issued in a number of sieges, as well as in other times of emergency. During the Russian administration of Alaska, banknotes were printed on sealskin. A number of 19th century issues are known in Germanic and Baltic states, including the towns of Dorpat, Pernau, Reval, Werro and Woisek. In addition to the Bielefeld issues, other German leather Notgeld from 1923 is known from Borna, Osterwieck, Paderborn and Pößneck.

Other issues from 1923 were printed on wood, which was also used in Canada in 1763-1764 during Pontiac's Rebellion, and by the Hudson's Bay Company. In 1848, in Bohemia, wooden checkerboard pieces were used as money.

Even playing cards were used for currency in France in the early 19th century, and in French Canada from 1685 until 1757, in the Isle of Man in the beginning of the 19th century, and again in Germany after World War I.

Vending machines and banknotes

People are not the only economic actors who are required to accept banknotes. In the late 20th century machines were designed to recognize banknotes of the smaller values long after they were designed to recognize coins distinct from slugs. This capability has become inescapable in economies where inflation has not been followed by introduction of progressively larger coin denominations (such as the United States, where several attempts to introduce dollar coins in general circulation have largely failed). The existing infrastructure of such machines presents one of the difficulties in changing the design of these banknotes to make them less counterfeitable, that is, by adding additional features so easily discernible by people that they would immediately reject banknotes of inferior quality, for every machine in the country would have to be updated.

Destruction

Banknotes have a limited lifetime, after which they are collected for destruction, usually recycling or shredding. A banknote is removed from the money supply by banks or other financial institutions due to everyday wear and tear from its handling. Banknote bundles are passed through a sorting machine that determines whether a particular note needs to be shredded, or are removed from the supply chain by a human inspector if they are deemed unfit for continued use – for example, if they are mutilated or torn. Counterfeit banknotes are destroyed unless they are needed for evidentiary or forensic purposes.

Contaminated banknotes are also decommissioned. A Canadian government report indicates:

Types of contaminants include: notes found on a corpse, stagnant water, contaminated by human or animal body fluids such as urine, feces, vomit, infectious blood, fine hazardous powders from detonated explosives, dye pack and/or drugs...[4]

These are removed from circulation primarily to prevent the spread of diseases.

When taken out of circulation, Australian bank notes are melted down and mixed together to form plastic garbage bins.

Literary references

Paper money is created by the devil in the 1832 Faust, Part II, Act I, by Johann Wolfgang von Goethe, to save the imperial finances. In The Master and Margarita, by Mikhail Bulgakov,[5] the devil turns paper into money, which then reverts into paper. In both cases, the implication is that fiat money is black magic, and but paper.

Paper money collecting as a hobby

Banknote collecting, or Notaphily, is a rapidly growing area of numismatics. Although generally not as widespread as coin and stamp collecting[citation needed], the hobby is increasingly expanding. Prior to the 1990s, currency collecting was a relatively small adjunct to coin collecting, but the practice of currency auctions, combined with larger public awareness of paper money have caused a boom in interest and values of rare banknotes

Catalogs

Collectors often use a banknote catalog to find information about their banknotes or banknotes they may be interested in.

Trades

For years, the mode of collecting banknotes was through a handful of mail order dealers who issued price lists and catalogs. In the early 1990s, it became more common for rare notes to be sold at various coin and currency shows via auction. The illustrated catalogs and "event nature" of the auction practice seemed to fuel a sharp rise in overall awareness of paper money in the numismatic community. Entire advanced collections are often sold at one time, and to this day single auctions can generate well in excess of $1 million in gross sales[citation needed]. Today, eBay has surpassed auctions in terms of highest volume of sales of banknotes. However, as of 2005, rare banknotes still sell for much less than comparable rare coins. There is wide consensus[citation needed] in the paper money collecting arena that this disparity is diminishing as paper money prices continue to rise.

There are many different organizations and societies around the world for the hobby, including the International Bank Note Society (IBNS).


Frequently Asked Questions

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Depending on the volume of sales, it may take up to 5 business days for shipment of your order after the receipt of payment.

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USPS First Class mail takes about 3-5 business days to arrive in the U.S., international shipping times cannot be estimated as they vary from country to country. I am not responsible for any USPS delivery delays, especially for an international package.

What is a certificate of authenticity and what guarantees do you give that the item is authentic?
Each of the items sold here, is provided with a Certificate of Authenticity, and a Lifetime Guarantee of Authenticity, issued by a world-renowned numismatic and antique expert that has identified over 10000 ancient coins and has provided them with the same guarantee. You will be quite happy with what you get with the COA; a professional presentation of the coin, with all of the relevant information and a picture of the coin you saw in the listing.

Compared to other certification companies, the certificate of authenticity is a $25-50 value. So buy a coin today and own a piece of history, guaranteed.

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I offer a 30 day unconditional money back guarantee. I stand behind my coins and would be willing to exchange your order for either store credit towards other coins, or refund, minus shipping expenses, within 30 days from the receipt of your order. My goal is to have the returning customers for a lifetime, and I am so sure in my coins, their authenticity, numismatic value and beauty, I can offer such a guarantee.

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