In the "Appreciating Notes" thread Buxvet raises the question:
should change-overs be collected?
He also asks whether they should have sharp increases in book value?
It would be nice to get some member feedback on this topic. Here are a few of my own thoughts:
According to the new Charlton guide synopsis on what's new to look out for: most signature/date change-overs have been included. We can expect to see more change-over recognition given to 1937/1954 issues (eg: BC-33b $20 B/C E/E prefix with a printing of 2.5M). There is possibility that we'll see change-overs included for all the series eventually. They have changed their policy in recording the year a note was printed, but what we must ask ourselves is whether the change-over BV will actually establish itself in the real marketplace?
The most pressing factor in whether a change-over is truly marketable (bankable/collectable or a good investment) probably comes in terms of what other kinds of notes are to be collected in any particular series. For example: There aren't many scarce notes to collect in the 1937 series except for Osborne/Tower signature notes which have gone through the roof for the higher grades. This would mean that collectors may tend to seek the next most scarce variety ie: 1937 Gordon Towers $10 Z/D prefix for example.
So the rule might be: if a series has few anomalies, short prefixes, or high demand notes, than a change-over might be important enough to make it actively sought by collectors.
Since high grade Devil Face notes are becoming dear, the same principle might hold true for this series when it comes to change-overs. It is near impossible and completely unaffordable to find an *asterisk replacement DF-- so one would naturally turn to a change-over as the next most scarce note to collect. Even the modified version shows such consistency as to make change-overs pretty desirable. However, in the 1867/1967 confederation series there are so many short prefixes/ change-overs that the desirability factor seems to drop drastically in that series.
Rule 2 might be: if a series of notes has several short run prefixes or change-overs No particular one change-over will be that collectible-- unless it distinguishes itself from the rest.
Change-overs seem somewhat popular in the MC issues, with particular hyperbole accorded to the PA $1.00. However the EAK steel back, and the ALM certainly show signs of significant collector interest. This just goes to show that if a note has some particular unique quality (ie the EAK steelback), collectors can't get enough of them! Whether there'll be the same interest over the BFL, ECV, and EAN prefixes remains to be seen. If the book designates them as scarce, this could drum up interest. However, it is likely that they and the C/B short change-overs will always play "second fiddle" to the EAK.
Where change-overs seem most susceptible to collector apathy is when we get to the Bird Series. This is likely due to the vast frequency of their release (ie see rule #1). Another detracting factor is that there are X designated replacements, various coloured backplates, and BPN variances in the $5.00 and $20's. So many variations make collectors dizzy in trying to keep track of it all!
Finally, as far as the $10.00 Journey is concerned, we can expect big interest to continue in change-overs and short run prefixes. This is particularly true for the 2003 Jenkins/Dodge BEK signature and year change over which could be an insert (valuable) or not (super valuable). Either way- a very desirable note with few found.
The Journey note was probably the most counterfeited currency that the BOC has ever released, and that fame (or notoriety-- depending on how you look at it) has justly gained the interest of almost all collectors of Canadian paper money. Added to this fact is that the note went through a transformation, has had issues with its poor paper quality, and has shown many errors and anomallies (the missing circle for instance). This series brought in the concept of year change overs on top of signature change-over so that notes like the 2004 HOH $5 or the 2004 $20 EYN have produce a renewed interest in change-overs.
On top of change-overs the 2001 $10 series has plenty of short prefixes, and withdrawn notes to collect. The 2001 FDY was not a full run and caught everyone by surprise. The 2004 BET (with only .9 M printed) was the last prefix issued before the new 2005 issue. And of course the BEL and BER also caught collectors "napping" and were scarcely seen or registered on this site.
