Banknotes

Q. To whom do I send my input for the Standard Catalog of World Paper Money?
A. Write to the editors of the Standard Catalog of World Paper Money at 700 East State Street, Iola WI 54990-0001, USA. Alternatively, send your input by email to george.cuhaj@fwmedia.com. 

IBNS Member Owen W. Linzmayer also produces an independent addenum to the SCWPM and can be contacted by email at owen@banknotenews.com.

Q. When I am buying and trading pieces, I receive less than I expected because the owner did not grade them according to IBNS standards. How can a seller grade a note that is not in accordance with IBNS standards?
A. There are a number of grading standards published for collectors by different authorities. The IBNS has the most strict grading standards and most others are less strict. You should grade according to the IBNS grading standards and tell the person you are buying or trading with that you expect the piece you are buying to be graded in accordance with the IBNS standards, so you don’t receive the piece in a lesser grade. IBNS grading guidelines can be found on this website and in the IBNS Directory (sent to each member every two years).

Q. Does the IBNS buy banknotes?
A. No, but we do hold postal auctions each year where members can buy and consign notes for sale.

Q. Is the German money of 1923 valuable? I have some with a 1 million denomination?
A. Most of the 1923 hyperinflation notes are worth very little, perhaps $US1 to $US2 depending on condition. A few of the last notes issued (late 1923 and early 1924), in extremely high denominations, have substantial collector value. None can be exchanged at a bank, even in Germany.

Q. Can those banknotes with pictures of Bush, or Clinton or other things be exchanged at a bank?
A. No – these banknotes are often called ‘play money’ or ‘funny money’ and they hold no value and are not exchangeable.

Q. I have a US banknote for $1 million. How do I convert it to my own currency?
A. The United States has never produced a note for circulation above $10,000. All of the $1 million notes are modern fantasies intended as souvenirs or humorous gifts. They have no exchange value and very little collector value (perhaps $5 to $20).

Q. Does the IBNS certify the authenticity of banknotes? Members Only.
A. No, but individual members of the Society may identify banknotes for members who approach them. Alternatively, if you attend an IBNS chapter meeting, members at the meeting will almost certainly give an opinion on a banknote.

Q. Does the IBNS provide estimated value for bank notes?
A. No! The value of a banknote is determined by its condition, supply and demand. Visit a reputable dealer to learn the current market value of your banknote.

Q. I would like help in identifying a note. Where do I go for assistance or whom do I ask?
A. Initially, ask your local banknote dealer. Alternatively ask another collector at an IBNS Chapter meeting or at a Coin & Banknote fair.

Q. A packet of notes that I sent has been lost in the post. Can I get compensation?
A. Check with the appropriate postal authorities. However, the possibility of claiming for a lost packet of notes depends on how the notes were sent and from which country the notes were sent. If the notes were sent by regular mail, i.e. surface or airmail, then the ability to claim may not be strong. If the notes are sent by Registered or Insured mail, it should be possible to make a claim through the postal authority. However, some postal authorities will not pay a claim if ‘valuable items’ are sent by Registered mail. Always check with your postal authority as to whether a claim can be made for any item that is posted and subsequently lost or damaged, prior to posting the item.

Q. Who is responsible for missing notes?
A. Terms and conditions for sending banknotes should be agreed between buyer and seller before any deal is concluded. Most dealers usually state their terms and conditions with their price lists. If terms and conditions are not specified, the sender of the banknotes is responsible for safe arrival of parcel and will be the loser if the banknotes go missing or are damaged.

Q. I have been sent the wrong notes, what should I do?
A. Get in touch with the sender and inform him of any missing or incorrectly described notes.

Q. I have not received a selection of banknotes that I have asked another member to send. What should I do? Members Only.
A. Check with the other member that he has sent the bundle to you at your correct address.

Q. I cannot get satisfaction in a deal with another member. Members Only.
A. If you cannot resolve the problem between yourself and another member, then send details of the transaction to the Chairman of the IBNS Grievance Committee and ask if he can help. Remember, if the problem is over one year old a grievance cannot be investigated by the IBNS Grievance Committee. (Contact details for the Chairman of the Grievance and Discipline Committee can be found in the List of Officers or on page 2 of the IBNS Journal, the quarterly publication of the IBNS.)

Q. I know of someone who is selling notes in an unethical manner but they are not a member of the IBNS. How do I alert others?
A. Report the matter to any IBNS Director or the Chairman of the Grievance Committee who will help and perhaps issue a warning, in the IBNS Journal or on the website, to all members about the undesirable activities of others.