Banknote Collecting Glossary: Essential Notaphily Terms

Banknote collecting, also known as notaphily, is a fascinating and rewarding hobby that involves the collection and study of paper money from around the world. As with any specialized field, banknote collecting has its own set of terminologies and jargon. Understanding these terms is essential for collectors, whether beginners or experienced enthusiasts. This glossary provides definitions and explanations for some of the most common terms in banknote collecting.

Advertising Notes: Promotional banknotes produced by private businesses, often feature advertisements and are designed to resemble real currency.

Allied Occupation Notes: These are banknotes issued by the Allied powers during or after World War II, typically in territories occupied by Allied forces.

Altered Note: A genuine banknote that has been modified, typically to change its appearance.

Alphanumeric: A combination of letters and numbers, often used in serial numbers or cataloging systems.

Archival Photograph: A photograph taken of a banknote or related item for historical documentation and preservation.

Back: The reverse side of a banknote, opposite the front (obverse). The back usually features different designs, symbols, or imagery than the front.

Banknote: A piece of paper money issued by a central bank or authorized financial institution, representing a specific denomination.

BEP: Abbreviation for the Bureau of Engraving and Printing, the agency responsible for producing U.S. banknotes.

Body: Refers to the main portion of a banknote, excluding the borders or margins.

Border: The decorative frame or edge around a banknote, which can include intricate patterns and designs.

Bundle: A group of banknotes, typically consisting of 100 pieces, held together for counting and distribution purposes.

Cancellations: Markings or perforations made on a banknote to indicate that it is no longer valid as currency. Cancellations can also include stamps or annotations.

Canceled Note: A banknote that has been voided or marked to indicate it is no longer legal tender, often by perforation or stamping.

Centering: The alignment of a banknote's design within its borders. Proper centering is a factor in grading, with well-centered notes generally being more desirable.

Certified Note: A banknote that has been graded and authenticated by a professional grading service.

Circulated: Refers to banknotes that have been used in everyday transactions, showing signs of wear and handling. These notes often have folds, creases, or other imperfections.

Collector's Set: A set of banknotes issued together, often for collectors, featuring a particular theme, series, or commemorative event. These sets are often presented in special packaging.

Color-Changing Ink: Ink that changes color when viewed from different angles which is used as a security feature.

Color Trial Specimen: A test print of a banknote in different color schemes which is used to determine the final color choice.

Commemorative Note: A banknote series released to honor a specific event, person, or anniversary, often with special designs.

Composite Essay: A preliminary design of a banknote created by combining various elements, such as artwork and text, to finalize the design.

Consecutive Serial Numbers: A series of banknotes with serial numbers that follow one another in sequence, often considered more valuable by collectors.

Contemporary Counterfeit: A fake banknote produced during the time the genuine notes were in circulation. These are not modern counterfeits.

Counterfeit: A fake banknote produced to deceive people into believing it is genuine. Counterfeiting is illegal and can severely impact the value and authenticity of a collection.

Courtesy Autograph: A signature added to a banknote by an official or person of note as a gesture, often making the note more collectible.

Crisp: A term describing a banknote that feels firm and fresh, indicating it is in excellent condition.

Crisp Uncirculated (CU): A term used to describe a banknote that shows no signs of circulation and maintains its original crispness.

Currency Strap: A paper band used to bundle banknotes together, typically in denominations of 100.

Date: The year or specific date printed on a banknote, indicating when it was issued or produced.

Demonetized: A banknote that has been declared invalid and is no longer considered legal tender.

Denomination: The face value of a banknote, indicating the amount of currency it represents. Denominations can range from very low to very high, depending on the issuing country.

Designer: The artist or graphic designer responsible for creating the visual elements of a banknote. The designer's work can significantly influence the note's aesthetic appeal and collectible value.

Emergency Issue: Banknotes issued during times of crisis or shortage, often with special markings or features.

Engraving: The process of etching designs into a surface, often used in banknote printing for fine details and security features.

EPQ: An abbreviation for "Exceptional Paper Quality," a grading term used by PMG to denote banknotes that have superior paper quality, often used by grading companies. Similar abbreviations used by other grading companies include Premium Paper Quality (PPQ) and Original Paper Quality (OPQ).

Error Note: A banknote that contains a printing or production error, such as a misalignment, missing elements, or incorrect serial numbers.

Eye Appeal: Refers to the visual appeal of a banknote, including its design, colors, and overall presentation. Eye appeal or aesthetic quality can influence a note's desirability among collectors.

Face: The front side of a banknote, often featuring a prominent image, such as a national leader, historical figure, or significant symbol. The face typically includes important information, such as the denomination and issuing authority.

Fancy Serial Number: A serial number with an unusual or aesthetically pleasing pattern, often more collectible.

Fantasy Notes: Imaginary banknotes created for entertainment or artistic purposes, not intended for actual circulation.

Fiber: Colored or metallic threads embedded in banknote paper for security and identification.

Forgery: A banknote that has been illegally produced or altered to appear genuine. Forged notes are a serious concern in banknote collecting, as they can deceive even experienced collectors.

Foxing: The appearance of brownish spots on a banknote due to age or environmental conditions, often affecting paper quality.

Fractional Currency: Banknotes issued in denominations less than one unit of the country's currency, often used during times of coin shortages.

Grading: The process of assessing a banknote's condition and assigning a grade based on factors such as wear, color, and damage. Common grading scales include "Poor" to "Uncirculated."

Guilloche: A decorative pattern of interlacing lines used on banknotes, often as a security feature.

Haj Pilgrim Notes: Special banknotes issued to pilgrims traveling to Mecca, often for use in specific regions or during the Hajj pilgrimage.

Holder: A protective cover or case used to store and display a banknote.

Hologram: A three-dimensional image on a banknote, used as a security feature to prevent counterfeiting.

Hybrid Banknote: A banknote that combines elements of both polymer and paper substrates, offering enhanced durability and security.

Hyperinflation Note: Banknotes that are issued during periods of extremely high inflation, often with very high denominations.

Intaglio Printing: A printing process where the design is etched into a surface, creating a raised impression on the paper.

Issue Date: The date when a banknote was first released into circulation.

Issuing Authority: The organization or government responsible for producing and distributing banknotes.

Japanese Invasion Money (JIM): Currency issued by Japanese forces during World War II in occupied territories, often with limited value post-war.

Legal Tender: Currency that is legally recognized as valid for settling debts and transactions. Legal tender status is usually designated by a country's central bank or government.

Military Payment Certificates (MPC): Special currency used by U.S. military personnel in overseas locations, designed to prevent black-market activities.

Mounted: Banknotes that have been affixed to a surface, such as an album page or display board, for preservation or presentation purposes. Mounting can sometimes affect the condition and value of the note, especially if adhesives are used.

Notgeld: Emergency money issued during times of economic crisis, often by local governments or businesses.

Obverse: The front side of a banknote, usually featuring the main design elements such as portraits and central imagery.

Obsolete Note: A banknote that is no longer issued or used as currency, often from defunct banks or governments.

Offset Printing: A printing method where the inked image is transferred from a plate to a rubber blanket, then to the paper.

Overprint: Additional printing added to a banknote after its initial production, often for special purposes such as commemorations or marking the note for a specific use.

Paper Quality: The quality and composition of the paper used in banknote production, that affects durability and security.

Pedigree: The ownership history of a banknote, which can add to its provenance and value.

Pick Number: A reference number assigned to banknotes in the "Standard Catalog of World Paper Money" by Albert Pick, commonly used by collectors and dealers.

Plate Number: A number printed on a banknote indicating the specific printing plate used, useful for identification. The front plate number identifies the printing plate used for the front design of a banknote, while, the back plate number identifies the printing plate used for the back design of a banknote.

Polymer Note: A banknote made from a type of plastic rather than traditional paper, known for durability and security.

Prefix: A combination of letters or numbers appearing before the serial number on a banknote. Prefixes can indicate the series, printing location, or other details about the note's production.

Printer: The company or government facility responsible for printing banknotes.

Printer's Advertising Notes: Banknotes produced by printers to showcase their work and capabilities, often as samples for potential clients.

Printing Plate: A metal plate used in the printing process to transfer ink to banknote paper, creating the design.

Printing Remnants: Leftover materials or unfinished banknotes from the printing process, sometimes retained as collectibles.

Prisoner of War Notes (POW): War time currency issued specifically for use in prisoner-of-war camps.

Progressive Proof: A series of test prints showing the different stages of a banknote's printing process, used for quality control and design approval.

Proof Note: A high-quality banknote printed as a sample or prototype, often before mass production begins. Proof notes are usually not meant for circulation and may feature unique characteristics.

Provisional Issue: Banknotes issued as a temporary measure, often during transitions or emergencies.

Rare: A banknote that is difficult to find due to limited production, age, or other factors, making it highly collectible.

Remainder: Unissued banknotes from a particular series or print run, often lacking serial numbers or signatures.

Replacement Note: A banknote printed to replace one that was damaged or defective during production. Replacement notes often have special markings or serial numbers to differentiate them from regular notes. In the US, the note is usually referred to as a star note because the star is used as a special marking.

Reverse: The back side of a banknote, typically featuring additional design elements and often the denomination.

Security Features: Elements incorporated into banknotes to prevent counterfeiting, such as watermarks, security threads, holograms, and microprinting. These features are crucial for verifying the authenticity of a note.

Security Paper: Specialized paper used for banknotes, often containing watermarks, fibers, and other features to prevent counterfeiting.

Security Thread: A thin strip embedded in banknote paper, often visible and containing microprinting or other security features.

Serial Letter: A letter that appears with the serial number, often indicating the series or print run of the banknote.

Serial Number: A unique combination of letters and numbers assigned to each banknote, used for identification and tracking. Serial numbers can also provide information about the note's series and production.

Series Date: The year or date printed on a banknote, often indicating the series or issue date.

Specimen Note: A banknote marked as a "specimen" or other markings of a similar nature and used for instructional, demonstration, or educational purposes. Specimen notes are not legal tender and often feature special markings or perforations.

Substrate: The material on which a banknote is printed, such as paper or polymer.

Suffix: A letter or group of letters at the end of a banknote's serial number, indicating specific information such as series or print run.

Test Note: A special type of banknote used to test new materials, designs, or security features, not intended for circulation.

Third-Party Grading (TPG): The process of having a banknote evaluated and graded by an independent, professional grading service. TPG services provide impartial assessments and encapsulation.

Top Pop: A term used by grading companies to denote a banknote that has received the highest grade given to that particular type or series. It stands for "Top Population" and signifies that the note is among the finest known examples.

UV Ink: Ink that fluoresces under ultraviolet light, used as a security feature on many modern banknotes.

Watermark: A design or pattern embedded into the paper of a banknote during its manufacture, visible when held up to the light. Watermarks are a common security feature to prevent counterfeiting.

Uncirculated (UNC): A grade indicating that a banknote has never been used in everyday transactions and shows no signs of wear. Uncirculated notes are typically in pristine condition and are highly valued by collectors.

Uncut Sheet: A sheet of banknotes that has not been cut into individual notes, often collected as a whole.

Underprint: The background design printed beneath the main elements of a banknote. Underprints can add depth and complexity to a note's design and often include security features.

Vertical Format: A banknote design that is oriented vertically rather than the traditional horizontal layout.

Vignette: A small, detailed image or design element on a banknote, often used to enhance the visual appeal. Vignettes can include portraits, landscapes, or other artistic elements.

Withdrawn: A banknote that has been removed from circulation and is no longer considered legal tender. Withdrawn notes may still hold collectible value, especially if they are rare or historically significant.

Zodiac Note: A banknote featuring designs related to the Chinese zodiac, often issued for commemorative purposes.

Banknote collecting is a hobby that offers a unique blend of historical, artistic, and financial interests. Understanding the terminology associated with notaphily is essential for building a meaningful and valuable collection. This glossary provides a foundation for beginners to navigate the complexities of banknote collecting and appreciate the nuances of this fascinating field. Whether you are just starting or looking to deepen your knowledge, familiarizing yourself with these terms will enhance your collecting experience. Happy collecting!