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Later Commemoratives Made for Collectors
 | By Neil Shafer, Bank Note Reporter
May 29, 2009 |
Following is Part II of Neil Shafer's commemorative note discussion. Part 1 appeared in the May issue of BNR.
- Editor
Post-World War II Issues
In 1946 France produced an attractive 50-franc note for the centennial of the discovery of Neptune, an event made possible because of mathematical calculations by Urbain Jean Joseph Le Verrier (1811-1877). The issue consists of notes of the same design but with different dates from 1946-1951.
Later commemoratives from other places would continue the idea of issuing special notes honoring some event but then continuing on in a sequence of later dates for the same piece. Coin collectors could compare this activity with what happened with the circulating commemorative Washington quarter. Its first year of issue, 1932, was the exact bicentennial year of the birth of Washington. Later dates used the same design but had nothing to do with the initial commemorative issue.
In 1948 a pair of notes was issued for circulation by Angola honoring the 300th anniversary of the restoration of Angola to Portuguese rule in 1648. Values of one and two angolares were made under decree of 6.10.1948. Both are elusive in high grade, but rather well-used examples appear from time to time. The same year Sweden issued a special five kronor honoring the 90th birthday of King Gustaf V. This note was initially offered in a cellophane bag with special printing on it at double face value to the public. This may have been the first time such a note was used as a money-raising effort through sales at a premium above its actual value.
Several important and legitimate special issues took place during the 1950s. Cuba entered the commemorative note arena with a one peso of 1953 for the centennial of the birth of its national hero, Jose Marti. A set of coins was also included as part of the national celebration. The Dominican Republic dictator Rafael Trujillo issued a 20-pesos note in 1956 with inscription calling it the year of the benefactor of the country (himself!).
My feeling is that commemorative notes should be released as regular issues, with availability allowed for collectors as desired. Up to around 1956, most government-issued commemorative notes actually did enter into circulation, with those created specifically as collector pieces only a minor factor. But then a slow crescendo in the quantity of commemorative notes began, with more and more being made as sale items for collectors as opposed to their being released to circulation in the normal fashion.
While a good many later commemoratives were made basically to sell to collectors, there are a number of true issues of this kind that were quietly released to circulation with none held out for the collector market. Such pieces include but are not limited to the set of Costa Rica notes with special 1821-1971 overprints for the 150th anniversary of independence (all values overprinted), a 1974 Banco de Espana note for the centennial of that bank having become the sole issuer of notes for the country, the Bank of Ireland 20-pound issue of 1983 for the bicentennial of the establishment of the bank in 1783, and the Banco de Mexico issue of 2000 for the 75th anniversary of the establishment of that bank (again encompassing the whole range of denominations).
In my opinion any pieces aimed only at the collector or souvenir market have a much different status since they would not normally be spent, especially if their initial cost is higher than their purported face value. Unfortunately more and more such notes from many countries are being made and offered to collectors, and the trend seems destined to continue strongly.
At this time a veritable flood of modern non-circulating commemorative notes is available on the collector market. What's more, in quite a number of instances a decorative and elaborate brochure is sold with the note describing in great detail the background behind the particular issue and possibly also its physical characteristics - all very lovely, of course, but adding considerably to the cost of said issue. At times the notes also come with a "Certificate of Authenticity" - as if that is going to make any difference to anyone. All it does is further increase the collector outlay.
Another consideration with respect to commemorative notes has to do with the preparation of these pieces - were they made from specially designed plates (as practically all earlier ones were) or produced through a very simple expedient of some type of overprint on a regular design issue? The Romania issue of 1940 on the unissued 1931 notes may well have been the first commemorative note created through use of a special overprint on what was supposed to be a regular issue. The next similar issue consisted of the aforementioned pieces from the Dominican Republic in 1956 (Trujillo) and the Costa Rica set. The trend took hold in earnest starting in the 1970s (a number emanating from the Philippines) and is now regularly seen as the reason a number of commemorative notes exist.
Honorific vs. Commemorative
We have not discussed another important aspect of collecting commemoratives. You have to know what constitutes a true commemorative as opposed to a note that may only appear to fit the category. As examples, let me cite three issues, one each from Brazil, Haiti and the Philippines. The Brazilian note is a 500 cruzeiros with portrait of famed composer Heitor Villa-Lobos (1887-1959). It honors him and his music, but it does not recall any special date or event in his life; therefore, it is only honorific and not a true commemorative.
Haitian President Nord Alexis died in 1908. There appeared a five-gourde note that year with a most unusual design featuring not one but two portraits of the dead president, one at each side. Apparently this issue was not officially announced as a commemorative, but in my view it really is because it pays homage to the president the year he died with this particular one-year-only design. That is reason enough for me to include it as such. Do you agree?
On Aug. 21, 1983, Philippine political leader Benigno Aquino Jr. returned to the Philippines after a three-year exile in the United States. He was assassinated just seconds after he left his plane at Manila International Airport. Subsequently his widow, Corazon Aquino, became Philippine president. It was during her first term that a very special 500-piso note made its appearance. Face and back of this issue are shown as my "Note of the Month."
If ever there was a note that paid deep and heartfelt homage to a single individual, this 500-piso issue fits the bill, so to speak. On the face is his portrait, the Philippine flag, a quote from him and a typewriter. The back makes reference to his work as a war correspondent during the Korean conflict, also showing several civilian scenes and municipal buildings having to do with events in his life. The watermark? Aquino, of course. Yet, as lovely and meaningful as this note is, it is strictly honorific and not a commemorative because there is no specific event or action that is being remembered.
We must not overlook other kinds of specially prepared paper items that can truly be called commemoratives. Such pieces exist in forms like lottery tickets and travelers checks, believe it or not. I am including an example of each as illustrations.
The discussion of commemoratives presented here is meant solely as a general overview of the subject, with illustrations to give you an idea of the tremendous scope of the series and in what direction it appears to be going. There is yet another aspect to commemoratives, and it has to do with pseudo notes. This term refers to pieces that look like real notes, have a denomination and even a stated purpose for their existence in the form of a commemorative theme, yet in reality are not notes at all. But that's another story.
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