High-Tech Paper Money Restoration Techniques -- Caveat Emptor!

News: Welcome to the Canadian Paper Money Forum.

A rare $10 1914 note of The Northern Crown Bank is coming up for sale at the CNA Convention auction in Ottawa next month (Lot # 357A). It is described as being in UNC condition and the colour picture in the catalogue (reproduced below) certainly supports that claim. However, this very same note previously appeared at a Jeffrey Hoare auction in October 1997 where it was described as being water-stained with numerous edge nicks and with the right margin missing. It was assigned an overall grade of "VF with damage" (see second picture below)! It did not find a buyer at that sale. You will observe that the sheet number (100951), the plate letter (D), and the ink signature, are identical in both cases. However, the ink signature appears to have grown weaker during the restoration process.

This note is, to the best of my knowledge, the most impressive example of Canadian bank note restoration achieved to date. I would even go as far as using the word "resurrection" rather than "restoration"! I'm not sure how the repair work at the right-hand side was performed but a facsimile strip about 6 or 7 mm in width was evidently bonded onto the main piece. This facsimile strip could conceivably have been produced using computer scanning/digital techniques or perhaps it was drawn by hand by a skilled banknote artist such as JSG Boggs (see orange fantasy note below) or the late Tim Prusmack. You can check out the work of these artists on Google and can inspect some of Prusmack's work at Heritage Auctions' archives.

This example of Canadian bank note restoration is both highly impressive and highly alarming (even frightening) at the same time. How many other rare notes have been similarly restored/resurrected and have slipped through undetected at public auctions, bourse shows, and on eBay??

I invite your suggestions as to how the above note may have been restored as well as any other relevant comments.

{http://img.villagephotos.com/p/2008-1/1293040/NORTHERN-CROWN2.jpg}

{http://img.villagephotos.com/p/2008-1/1293040/NORTHERN-CROWN.jpg}

{http://img.villagephotos.com/p/2008-1/1293040/JSGBoggs1D.jpg}


 

In my opinion...this is exactly what destroys the hobby...If a long time collector of banknotes can be fooled, how in the world can us newbies in the hobby ever know when we are being fooled.  One thing is if a note is described as being restored or as you say "ressurected", but otherwise we assume it is what it is...
Would not the auction company have some obligation to disclose this if informed or would they only be interested in the bottom line....how much can they get?
Especially since this item will be auctioned at the yearly show, how much faith will anyone put in other so called "rare notes" that become available at other auctions?
I guess doing your reasearch always helps, but not all of us know where to look, who to ask when we suspect something is just not right....I guess that's why we have the forum.
Unfortunately, I would think should this note sell for a large amount of money, and the buyer later learning that it was not as described, whether it is buyer beware or not, personally I would not hold much trust in the auction company themselves.
FRIEDSQUID
Anyways have to leave now, the new BER plates are in from China...the old ones where too worn to be of any use anymore
,\

Wow, interesting detective work on this one Ottawa.  I have to agree with friedsquid on this one.  I guess it's important to keep those old auction catalogues and refer to them to see if any notes miraculously improved in grading.   Anyhow, it's such a disappointment to see how these notes are repaired (where they were impaired previously) and not noted.   No wonder why the Chartlon Catalogue never had a better grade than VF on this one.   Wouldn't you think if this gem of a note was hiding somewhere that the collector would have proudly notified Charlton that an UNC note existed? 

Reference to the CPMS Newsletter (and Journal) note registers is a good idea for anyone contemplating the purchase of an expensive note - you could call it "due diligence".  The Northern Crown Bank $10 in this thread was recorded in the Dec. 2005 issue as "VF - serious problem note", together with the reference where the original image was available.
These registers are good for more than just giving an idea how many notes were known at the time!
The majority of rarer notes have been recorded in a register and any serious discrepancy in the description should be a red flag.
There is no need for a long time collector or newcomer to the hobby to be fooled by this note.  You just do your homework.
(Which brings up a point.  The CPMS note registers are being compiled into a book for publication eventually.  Meanwhile, the Secretary has back issues for most years back available for sale at a very modest cost. Punch them and keep them in binders, and you will be armed with a LOT of information.)

 

(Which brings up a point.  The CPMS note registers are being compiled into a book for publication eventually.  Meanwhile, the Secretary has back issues for most years back available for sale at a very modest cost. Punch them and keep them in binders, and you will be armed with a LOT of information.)

Since you bring this up, who could I contact (and how) Thanks

This should do it:
Secretary Treasurer:  Dick Dunn -

info@cpmsonline.ca

You might like to check out the web site too:
http://www.cpmsonline.ca/

Reference to the CPMS Newsletter (and Journal) note registers is a good idea for anyone contemplating the purchase of an expensive note - you could call it "due diligence".  The Northern Crown Bank $10 in this thread was recorded in the Dec. 2005 issue as "VF - serious problem note", together with the reference where the original image was available.

These registers are good for more than just giving an idea how many notes were known at the time! The majority of rarer notes have been recorded in a register and any serious discrepancy in the description should be a red flag.

Yes indeed, the registers contain much valuable data in addition to the mere numbers of notes recorded at the time of publication. As Bob has pointed out, alarm bells should be ringing if there is any significant discrepancy between the advertised grade of a note and the "historical" grade recorded in the registers.  In addition, the registers allow you to determine whether the note in your collection is one of the finest known, or one of the poorest known, of a particular issue. Remember too that the information contained in the registers is of a dynamic nature and that there is always the possibility that hoards of previously rare notes might surface ....... not so likely these days perhaps, but collectors always live in hope!

Three Cheers to Editor Bob and to his associates for maintaining these invaluable "Rare Note Registers"! Truly a labour of love!

 

Boy doesnt that knock your socks off!! How much longer before they can also fake the embossing, or perhaps they already have. At this rate the hobby is going to suffer a serious blow!! Fake *c/i, Fake *v/e
Fake holders, Questional grades on Graded and sealed notes!!
Time to take it very slow on note purchases.
I wonder, what happened to integrity in this collecting hobby? I have had purchases of $25,000 and only a handshake and an IOU. Sure is dissapointing to see this stuff!
Would be nice to see a blacklist of those who do this kind of thing. its amazing that we all seem to know who does it and say so quietly,well you dont have to prove anything just stop buying from them!!
The worst part is 'how long have they been doing it?'.
This is a sad day for the paper note hobby

That's scary alright. 
I hope you sent this information on to those folks holding the auction; we need to watch how they react to this information and judge for ourselves whether they will revise their comment of this note up to the point of the actual auction itself or ignore this and become complicit with the owner($$$). That will speak volumes. Watch for the word 'Restored'.

I guess if anyone among the members that have the financial resources and time to buy this note only to turn it around into a lawsuit claiming misrepresentation could nip this kind of thing for the benefit of the hobby.

At least the note itself is genuine rather than a total counterfeit.
Hey Squid mon, your banknote ink shipment is on it's way. 

PD

I hope you sent this information on to those folks holding the auction; we need to watch how they react to this information and judge for ourselves whether they will revise their comment of this note up to the point of the actual auction itself or ignore this and become complicit with the owner($$$). That will speak volumes. Watch for the word 'Restored'.

Don't expect the company that is holding the auction to react in a responsible manner.  These same auctioneers refused to pull an obviously fraudulant 1954 $1 *C/I from a past TICF auction and stated they would only recommend that the winning bidder get an independant opinion.  It was only after they were confronted by a number of CPMS members with high resolution images and other evidence that they relented and pulled the banknote from the auction.

[Statement Retracted - in hindsight it may have been inappropriate]

My stomach turns when I think of what the future holds for paper money collectors in Canada, when the respected auctioneers like Chuck Moore and Mike Walsh eventually exit this hobby for good.

[edit]Post removed. Original quoted text retracted from the author. --BWJM[/edit]

Another point against TPG encapsulation.  It might be possible to tactily identify the bonding line of the splice, but there's no chance if encapsulated.

blumax

Hey Squid mon, your banknote ink shipment is on it's way. 

Thanks mon.   Your ink is to dye for

Once again I must emphasize at how impressed I am with this new technology of Chat sites.   You would think that through all this chatting on this particular Northern crown note, that someone would have the decency to contact us, the Auctioneers,  and let us know the history of this particular note.  You all seem to preach integrity and honesty and yet not one person cares enough about the business to politely inform us about this.  It's much easier to bad mouth and spread falsities then actually do the right thing.  Unfortunately, with technology at the level it is today, it will probably bring to market more items like this.  Being in the auction business by no means indicates that we know everything and this kind of information should be shared so that we can keep the market honest.  The *CI is an a prime example and it was withdrawn when the proof was presented in proper form, but you can interpret that as you wish as you've already made your FACTUAL opinions clear.  As for the name change, again, I can see that you've made your own opinions with no facts.  For those who are real collectors and real men and or women, please feel free to call us any time and we will gladly answer all your questions and as for the Northern Crown Bank note, the consignor will first be contacted and advised of the situation and a decision will be taken at that point.  No need to respond through this forum as I will not be coming back here again.  But please do call if you need to discuss the matter (418-628-9838) ask for Eric.

As President of the CNA, I have sent the auctioneer an email requesting that unless he can clearly demonstrate that the note in Lot 357A is both genuine and original, that a very prominent statement to the effect that:

The note at Lot 357A might not be genuine or has been restored, and if it has been restored, prior to such restoration, it was described as: "This note has numerous small nicks along the edges. There are water stains mainly along the bottom and right border. The right edge has about 1/4" missing due to deterioration. Otherwise the note would grade VF without the damage."

Such statement shall be appended to the description of Lot 357A in all online listings of the Lot, that a note with this disclosure be affixed to the Lot for lot viewing, that all mail bidders on the Lot be informed of the above statement, and that a clear announcement of the doubtful genuineness or originality of the note be made on the auction room floor immediately prior to calling the lot.
 
Otherwise, I request that Lot 357A be withdrawn from the sale.

The auctioneer has just called to inform me that they have withdrawn the note, and that they have sent this information to the consignor.

The auctioneer is frustrated that on both this site and the CCRS site, posters preferred to vent their minds publicly, rather than to do the proper thing and inform the auctioneer directly. In this public venting, several libelous statements and defamatory comments were made. This kind of behavior will not be tolerated. If there are issues with individuals or companies, bring them up directly with the people involved first, and post a public complaint only after there has not been a satisfactory response to the concerns. And in that public post, ensure that only the facts of the matter be reported; leave out the invectives, the digging-up of skeletons, the innuendos and the libelous crap.

Thank you Michael,

With that said, I think this is an opportunity for us to establish an official policy in regards to handling and reporting questionable material of an inconsistent nature. With large quantities of material they have to handle I can understand Auctioneers do not have all the necessary information available to them as well as the resources to obtain that information, just as some members of this forum may not feel confident in expressing their experiences having been victims of misrepresentations in the past. While we should expect frank and open discussion on the forum, we owe it to the hobby to report such findings to the immediate parties in a clear, direct, and professional manner. And in the long term provide an invaluable service to the Auctioneers.

Derrick

Thank you Eric and Michael for your efforts to amicably resolve this matter.

On behalf of all forum members here, especially those who chose not to make inappropriate remarks, I wish to apologize to both of you.

At any time, if anyone has any concerns regarding a post made to this forum, you are welcome to direct those concerns to me. I will do my best to address all concerns raised.

As this matter is now wrapped up, I will be closing this thread.

Moving forward, I believe Punkys Dad (Derrick) has some good points. I would like to see if we can act on his suggestion and get some positive change happening. Look for a post from me this week in the General forum.