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...... All being said, I do agree that there is a possibility that not all modern insert replacements were printed for replacement purposes. It does however make it difficult to explain why many insert ranges span somewhere between 9.000M-9.9999M. It seems that the 9.000M-9.9999M notes have mostly been printed and set aside for replacement purposes.

I would have to disagree with the notion that many or most modern insert ranges span the 9.000M-9.999M range. In particular, if you look at pages 340, 343, 345, 347, 349, 351 and 353 in the latest catalogue you will see that the insert ranges are spread out "all over the map" with relatively few over 9.000M.  The actual incidence of 9.000M+ insert ranges is as follows: page 340 (13 out of a total of 44), page 343 (3 out of 7), page 345 (10 out of 14), page 347 (1 out of 13), page 349 (17 out of 33), page 351 (2 out of 4), and 353 (zero out of 16) for a cumulative total incidence of 46 out of 131 = 35.1%.

If you scrutinize all of the available insert range data for all denominations cumulatively then it becomes clear that the insert ranges are spread out right across the map from 0.000M to 9.999M in an apparently arbitrary, unpredictable and even disorganized way. If you examine the available data from a purely mathematical and unbiased point of view, I would argue that the data support my contention that insert notes are merely regularly-printed notes that are taken "off the shelf" whenever a need for replacement notes arises. If this is not the case then the printing companies are creating an immense amount of extra work for themselves by (1) having to decide what serial number range to assign to the next batch of inserts; (2) having to set up the numbering machines specially for each short insert "micro-range"; and then (3) having to keep detailed bookkeeping records of all of the numerous insert micro-ranges. In my opinion, this is a very unlikely scenario.

Conversely, if all insert notes without exception were numbered within just one or two specific ranges, e.g. 0.000M-0.999M or 9.000M-9.999M, then this would make an equally convincing argument that insert notes are indeed numbered specifically for insert purposes. However, in my opinion, the huge quantity of data that are available do not support this view.

... then this would make an equally convincing argument that insert notes are indeed numbered specifically for insert purposes. However, in my opinion, the huge quantity of data that are available do not support this view.

With all due respect, I am not totally clear on what you are saying. 

I would just simply like to add, though ranges may be all over the map, they are chosen to be replacements at some stage.  Spoilage rates vary, even within companies, therefore, having the flexibility of grabbing a ream or a brick of notes from wherever, allows the company to use it's stock up in a FIFO way more efficiently.

Just my thoughts.

With all due respect, I am not totally clear on what you are saying.  I would just simply like to add, though ranges may be all over the map, they are chosen to be replacements at some stage.  ..............

There's certainly no doubt whatsoever that they were chosen to be used as replacements at some stage in the overall process. My point all along has been that the notes that are used for insert purposes do not appear (based on the available evidence) to have been deliberately and methodically numbered for specific use as replacement notes. I am of the opinion that modern insert replacement notes are intrinsically "regular" notes that, at some stage in the overall process, are taken "off the shelf" from existing pre-printed stocks and at that stage are arbitrarily assigned replacement status and then used in that capacity.

One can therefore visualize two "streams" of regularly numbered notes making their way through the process at the printing companies, i.e., (1) a stream of "regular" notes, and (2) a separate stream of regular notes that have arbitrarily been assigned the status of "replacement/insert" note. Eventually, these two streams of regular notes mix together and are released into circulation. My hypothesis may, of course, be incorrect but I am not aware of any evidence to the effect that modern replacement notes are assigned special serial number ranges by the printing companies in a deliberate and methodical manner. It's a great pity that modern replacement notes don't have a fluorescent tag or a micro-dot on them ....

There's certainly no doubt whatsoever that they were chosen to be used as replacements at some stage in the overall process. My point all along has been that the notes that are used for insert purposes do not appear (based on the available evidence) to have been deliberately and methodically numbered for use as replacement notes. I am of the opinion that modern insert replacement notes are intrinsically "regular" notes that, at some stage in the overall process, are taken "off the shelf" from existing pre-printed stocks and at that stage are arbitrarily assigned insert status and then used in that capacity.

No arguement there!  :-)  Because there is not a standard method to tell, (x or * for example), the liklihood of us knowing with perfect certainty is low, although it seems likely that they do grab them whenever needed.