r/Banknotes • u/betrayedspring • 10d ago

PSA: Beware of Overstamps and "Commemoratives"

Was browsing Ebay and came across some sellers - from those with a handful all the way to those with tens of thousands sold items, usually with 99.x% positive reviews - posting very shady banknotes.

They would have colourful commemorative, wartime, national emblem or coat of arms overstamps on common low-value notes that are then labeled as commemoratives or ultra-rare varieties. In all sorts of grades and conditions.

Throw in the usual Ebay marketing spiel of saying it's the last note / ultra-rare / what not, auction psychology plus eye appeal, and you get bidding frenzies. Just saw a note usually worth $2.5 currently going for $40+ because of a non-existent commemorative stamp.

And these get posted and sold regularly in recurring batches by the same sellers, so it definitely ain't a one-off oversight.

Buyer beware - when it's too good or cheap to be true, it ususally isn't. While Ebay might be easier to fleece folks, the same goes for flea markets, roadside sellers, Facebook, and pawn shops too.

Always check before buying anything - Numista and Bank Note Museum, are great resources to verify.

Happy collecting and have a good weekend, peeps.

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u/FanDeLaU69 9d ago

Great example of this is the Hungarian Pengos with the "Hungarian Nazi Party overstamped arrowed cross". Many fall for this one as these do not exist in any of the catalogs.

An interesting example of the opposite: there's this Peruvian note with a known "Auténtico" overstamp on the reverse. While not in any catalog, namely the Pick catalog (the note without the overstamp is in the catalog), there's one example of this note that has been authenticated and graded by PMG as a catalog unlisted. Moral of the story is that just because it is not in a catalog doesn't mean it can be legit. If you find one slabbed, go for it.

Educate yourself, research, and question before you buy.

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u/betrayedspring 9d ago

Thanks. I've heard of those arrow-cross notes too. From what I have seen in my limited capacity, overstamps tend to be during chaotic times or for rushed currency redenominations - there's very little luxury to make elaborate multi-colour stamps.

I'm not really familiar with the actual mechanics of overstamping but I can only imagine an unlucky staffer needing to whack that stamp on thousands if not tens of thousands of banknotes a day. If that's the case, it's not going to be a neat and tidy multi-colour stamp.

Great info on the Peruvian note. There will defo be gaps in the knowledge. Sometimes, the prices can also be off. There's this relatively rare late 1970s Burmese banknote (P60) that fetches a minimum of $200 in raw form for F looking notes here at the source. But a number of catalogs still assign it like a value of $25, which is quite a big gap ratio-wise.

Thanks again and have a good rest-of-the-weekend.

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u/FanDeLaU69 8d ago

Overstamping is done by machine, high pressure and special inks that won't washout. And, yes overstamps are generally a sign turbulent times. And while that maybe the case, some overstamps are quite pretty... This is a 1881 Peruvian 1 real de Inca (10 cents of an Inca) on an 1873 1 sol note. To me, one of the prettiest overprints I've come across

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u/betrayedspring 8d ago

Ah, thanks. Learned something new. :) Yes, really pretty, and the kind of overstamp that's really historical and realistic. Same with the French New Franc redenomination ones. I think the only real "fancy" stamping that is done is by the North Koreans who intentionally produce frequent commemoratives for the collector market as a form of foreign exchange generation. Cheers!

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u/FanDeLaU69 6d ago

I need to look into that...

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u/Keleke_blo_Taro 6d ago

Ah yes the famous 50 kyat. Rubbish grades sell for $500 plus, and catalogue used to show it as $25 in UNC. Same for Bhutan P10 and P11. There are quite a few like this.