Why World Paper Money? Or, Why it Might be the Last Frontier in Numismatics

This blog is going to cover a topic that I have discussed a few times in the past, but which is certainly worth repeating. If you are a collector of coins and/or paper money (which you probably are, if you are reading this) I invite you to look at world paper money. While it might seem foreign (pun intended) the field is rapidly evolving and maturing, and we might be at an important junction: despite the obvious rarity of many notes, they remain relatively affordable. But with more collectors entering the field, this might not last. As such, now might be the opportune time to enter the field and start a collection of world paper money.

While there have been people collecting world paper money for as long as it has existed, it is only in the last 50 years or so that it has really developed into its own numismatic field. Prior to that, it was mostly lumped together with world coins, and although there were a relatively small number of specialized dealers back in the 1970s, it was usually an afterthought compared to more developed fields such as US and world coins. With the world at our fingertips (quite literally), an exponential increase in interest in world paper money has taken place over the last 25 years. There is a problem, however, as some notes, even modern, are rare. Here lies both the beauty and challenge that can be found in world paper money: some notes that were issued a relatively short time ago are nearly impossible to find. These include notes from across the world; most were issued in circulation for quite some time but were simply not saved in quantities. Here’s a few examples from our archives:

BERMUDA. Bermuda Monetary Authority. 10 Dollars, 7.5.2007. P-52b. PMG Choice Uncirculated 64 EPQ. – The 2007 $2 and $10 are both very scarce. Bermuda introduced a new series of notes in 2009, and it is believed that these two were issued in very limited quantities. While the $2 is sometimes seen in uncirculated grades (it appears a few packs of 100 survived) the $10 is even more challenging in uncirculated grades. We have only sold three examples, with this the only uncirculated example ever sold by us.

COSTA RICA. Banco Central de Costa Rica. 500 Colones, 24.5.1971. P-245. Commemorative. PMG About Uncirculated 53 EPQ.– A note from Costa Rica that commemorated the 150^th anniversary of independence. It is similar in appearance to the regular notes, with a small commemorative stamp in the center. Very rare, especially in higher grades, this piece brought $2,400; this type appears only twice in our lengthy auction archive.

EL SALVADOR. Banco Central de Reserva de El Salvador. 5 to 200 Colones, 1997. P-147s to 152s. Specimens. Uncirculated.– Complete specimen set of the 1997 issue. These are not the notes I would like to discuss here; those are of the 1999 series, with the same design. It is, however, very rare, and amazingly, we have never sold a single note from El Salvador dated 1999 (Pick 153 to 158). They were short-lived, as on January 1, 2001, the country officially adopted the US Dollar, and the notes denominated in Colones disappeared from circulation, including the 1999 series issued just over a year earlier.

LATVIA. Latvijas Banka. 500 Latu, 2008. P-58. PMG Superb Gem Uncirculated 67 EPQ. – The highest denomination from Latvia before the country introduced the Euro. It had considerable spending power at the time of issue (approximately $750 US), and relatively small quantities were put aside. With many redeemed, the available supply in the market is very limited, even though it was first issued fewer than 20 years ago. This example is a PMG 67 EPQ that brought $3,360 in our Fall 2024 Maastricht Auction.

WEST AFRICAN STATES. Banque Centrale des Etats de L’Afrique de L’Ouest. 1000 Francs, ND (1961-65). P-503Eg. PMG About Uncirculated 55.– This is a relatively common type from West African States, but the code letter ‘E’ indicates it was issued in Mauritania, which left the West African Monetary Union in 1982, and is by far the scarcest issuing country for this type. In our online archive, you can find just four examples of this 1000 Francs with the code letter from Mauritania.

So why do I call world paper money the last frontier in numismatics? Because unless it is a rare error, variety, or has limited issuance by design, there is not a single other category in numismatics where relatively modern items can be this difficult to find yet still sell for what I would consider very reasonable sums. The notes above were used by people within our lifetime yet are rare. As more collectors seek out these rarities, they will no doubt increase in price and desirability. One specialized world paper money dealer once told me that if this was a baseball game, we barely started the 4^th inning. In other words, there are still plenty of opportunities, but as time passes, they will become less.

So, are you joining the game? If you are, feel free to reach out to me, and I’m happy to work with you on building a specialized collection that combines rarity with attractive notes. Because that is one topic we did not cover in this blog: a lot of world paper money is just plain attractive!