New currency needed for banknotes [solved]

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This message aims at: requesting the creation or the modification of a currency or denomination in the catalogue

Status: Done
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Downvotes: 0

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A new currency is needed for Cuban banknotes.

On 1985 were issued Foreign Exchange Certificates (FEC), as companion to the INTUR coins from 1981-1993.

I s a separate currency to INTUR coins, as the coins were issued by Tourism Institute (INstituto de TURismo), but the FEC were issued by National Bank of Cuba.

Currency to be added is "Foreign Exchange Certificates (1985-1993)".

Best regards, and thank you in advance for cooperation.
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Catalog Referee Coins, Banknotes & Exonumia: Uruguay, Cuba, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Paraguay, Costa Rica, Venezuela, Panama, Ecuador, Zamunda, Parva Domus and more.
Please add them for all the countries that issued FECs (that don't already have them).

https://en.wikipedia.org/wiki/Foreign_exchange_certificate
HoH
Topic moved to "Numista banknote catalog" (ZacUK, 6-May-2020, 12:26)
Please add new currency to Cuba:

Foreign Exchange Certificates (FEC) - 1985-1993.

Please also add new type of banknote: Foreign Exchange Certificate, as the current types don't include it (other countries issued FEC too.

Thanks in advance.
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Catalog Referee Coins, Banknotes & Exonumia: Uruguay, Cuba, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Paraguay, Costa Rica, Venezuela, Panama, Ecuador, Zamunda, Parva Domus and more.
Status changed to Done (stratocaster, 7-Jun-2021, 08:34)
Hello, there is an exonumia section for foreign exchange certificates here:

https://en.numista.com/catalogue/index.php?ct=exonumia&tpfx=y
all these FExCs should be moved to exonumia.
:wiz:
Quote: "stratocaster"​Hello, there is an exonumia section for foreign exchange certificates here:

https://en.numista.com/catalogue/index.php?ct=exonumia&tpfx=y
​all these FExCs should be moved to exonumia.
:wiz:

They should be in the main catalogue, as they were official issues authorised by governments.

Aidan.
Quote: "BCNumismatics"​They should be in the main catalogue, as they were official issues authorised by governments.​
Exonumia is "the main catalogue" too 0:)
Quote: "stratocaster"​Hello, there is an exonumia section for foreign exchange certificates here:

https://en.numista.com/catalogue/index.php?ct=exonumia&tpfx=y
​all these FExCs should be moved to exonumia.
:wiz:
​Is that not against the definition in guidelines?
"2.1.2. Banknote
A flexible piece of material that has a determined value (denomination) within a currency system."

Exchange certificates are within the currency system; they are meant to be exchanged by visitors for the foreign currency they have from their origin country. Only difference to regular banknotes is that they can't be used by the natives of the country, and of course the visitors can't use the regular currency. Furthermore, the value is expressed on the local currency, not the foreign one.
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Catalog Referee Coins, Banknotes & Exonumia: Uruguay, Cuba, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Paraguay, Costa Rica, Venezuela, Panama, Ecuador, Zamunda, Parva Domus and more.
Actually, FECs use is not limited to just visitors from other counties. For example, in the USSR, government employees who worked abroad were paid (partially?) with FECs. There was a government-run store chain (called Beryozka), which only accepted FECs or foreign currency as means of payment and offered a selection of products than you would not find in public stores. So, if you wanted something that was only available in Beryozka, you had to (illegally) buy FECs from government employees, usually at double the face value.
HoH
Quote: "adanieluy"​​Is that not against the definition in guidelines?
"2.1.2. Banknote
​A flexible piece of material that has a determined value (denomination) within a currency system."
Please note that these definitions are not finalised yet and are deliberately left a bit vague. They were done before the exonumia was split. We still need to first make some decisions (e.g. regarding patterns) then we can do an update.

However, there is no contradiction. Currency systems are systems of "monetary units". And monetary units are a generally accepted means of exchange. "Generally" being the keyword here: these are accepted everywhere within that issuer (all shops, all exchanges, etc)

The working definition of tokens and vouchers in exonumia is this:
A physical piece of material with a determined value, valid only for limited use:
  • for specific products or goods
  • within specific institutions, organisations or private companies
  • for specific events

Which matches FECs, as explained by Houseofham.
Quote: "stratocaster"
Quote: "adanieluy"​​Is that not against the definition in guidelines?
​​"2.1.2. Banknote
​​A flexible piece of material that has a determined value (denomination) within a currency system."
​Please note that these definitions are not finalised yet and are deliberately left a bit vague. They were done before the exonumia was split. We still need to first make some decisions (e.g. regarding patterns) then we can do an update.

​However, there is no contradiction. Currency systems are systems of "monetary units". And monetary units are a generally accepted means of exchange. "Generally" being the keyword here: these are accepted everywhere within that issuer (all shops, all exchanges, etc)

​The working definition of tokens and vouchers in exonumia is this:
A physical piece of material with a determined value, valid only for limited use:

  • for specific products or goods

  • within specific institutions, organisations or private companies

  • for specific events


​Which matches FECs, as explained by Houseofham.
​I'm glad this is not the final version (and of course should keep the possibility to change in future, if needed).

Now, as you know, not every country have same rules and often what is granted in one, may not be in other.

We are discussing about Foreign Exchange Certificates; those documents were used in some Socialist countries (at least 15 countries used it, as I know, and most of them with very similar rules; I have not studied the usage and conditions of them, but what I saw so far, makes me think it only had a few differences, not important, from one country to other), the reason is that the governments wanted to avoid the people from the country (we can call them naturals), be able to have and handle foreign currencies; even in many cases the own and use of foreign currency was prohibited and also penalized. One of the strategies was the visitors should get the FExC when they reached the country exchanged by the currencies they took there, and when they left, the remaining FExC were exchanged back to the original currency they bought. Most common was there was no different rate for "sell" or "buy".

The FExC were only accepted in certain places, mostly hotels and shops specifically for visitors, so they were not accepted everywhere, as you said. So far, so good, but, the national currency was not accepted on the places for visitors. So, the detail is that the national currency was not accepted everywhere within that issuer, same as the FExC. If we stick to your definition, then also national currency should be exonumia, since it was not accepted everywhere. Of course this makes no sense.

Also please keep in mind the FExC were nominated in the same currency as the local currency, not after a foreign or a different rate.

They are different to Traveler's Checks, that were a document to give security to visitors, and only could be exchanged at certain banks or institutions, and were expressed on the currency of the original country. The most important feature was they only could be exchanged for the person showing in the check. It made them impossible to be exchanged if lost or robbed.

At Cuba, FExC were issued by National Bank of Cuba, the same issuer as Cuban Peso (coins and banknotes), after the deletion of FExC and INTUR coins, was created the Convertible Peso (CUC). The difference was that it had a different exchange rate than Cuban Peso (CUP); at start CUC was nearly paired to US Dollar (exchange rate: 1:1), and CUP was about 1/26 US. Dollar. Exchange rate had small variations during the vigency of CUC (1994-2020), and at start, the usage was the same as FExC; CUC only was accepted at certain places, and CUP at others, but there was not a place where both were accepted. On the very last years of the CUC existence, some CUC shops were allowed to accept CUP, and naturals were allowed to use CUC, and even own and use foreign currencies. This was a transition time, preparing the extinction of the CUC system.

I ask to the admins, when discuss banknotes/exonumia guidelines, please keep in mind coins, banknotes and FExC were all part of the same currency system, and it makes not sense to be in separate sections.

Additionally, as per your comments, please let me say all coins (circulating, commemoratives - circulating or not -, patterns, piedforts, trial strikes, etc.) should be part of coins section. Not only cause they are mere variations of the same currency system, but also cause when a collector looks for information, for sure would search into coins, and is not needed to make them to search in different places.
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Catalog Referee Coins, Banknotes & Exonumia: Uruguay, Cuba, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Paraguay, Costa Rica, Venezuela, Panama, Ecuador, Zamunda, Parva Domus and more.
Quote: "adanieluy"​The FExC were only accepted in certain places, mostly hotels and shops specifically for visitors, so they were not accepted everywhere, as you said. So far, so good, but, the national currency was not accepted on the places for visitors. So, the detail is that the national currency was not accepted everywhere within that issuer, same as the FExC. If we stick to your definition, then also national currency should be exonumia, since it was not accepted everywhere. Of course this makes no sense.

"Generally" means "in most cases, usually". So let me rephrase:

Currency systems are systems of "monetary units". And monetary units are a generally accepted means of exchange. "Generally" being the keyword here: these are accepted mostly everywhere within that issuer (most shops, exchanges, etc).
Quote: "adanieluy"​​I ask to the admins, when discuss banknotes/exonumia guidelines, please keep in mind coins, banknotes and FExC were all part of the same currency system, and it makes not sense to be in separate sections.

... I am not sure what you are suggesting here? Coins and banknotes will stay in different sections for sure, and I think this makes all the sense. And Exonumia is also a section in its own right, so we should make use of it, putting what is neither coin nor banknote for general circulation in there. They will still all be part of the same currency no doubt
Quote: "stratocaster"
Quote: "adanieluy"​​I ask to the admins, when discuss banknotes/exonumia guidelines, please keep in mind coins, banknotes and FExC were all part of the same currency system, and it makes not sense to be in separate sections.

​... I am not sure what you are suggesting here? Coins and banknotes will stay in different sections for sure, and I think this makes all the sense. And Exonumia is also a section in its own right, so we should make use of it, putting what is neither coin nor banknote for general circulation in there. They will still all be part of the same currency no doubt
​Excuse me if I was not able to express correctly myself. What I suggest is to keep Foreign Exchange Certificates in banknotes section, for the reasons I explained in my various entries before.
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Catalog Referee Coins, Banknotes & Exonumia: Uruguay, Cuba, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Paraguay, Costa Rica, Venezuela, Panama, Ecuador, Zamunda, Parva Domus and more.

How about “postage stamp” money?  Should it be exonumic as well?

Library Media Specialist, columnist, collector, and gardener...

Oklahoman

How about “postage stamp” money?  Should it be exonumic as well?

My opinion is that postage stamp money is a kind of emergency issue; while it was issued  by a monetary ruling entity, I think it should not be conisdered as exonumia.

 

In other words; means of payment issued by ruling monetary entity, or by private bank or bank-like entities,  with authorization of said monetary ruling authority, should be considered as “real” coins or notes.

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Catalog Referee Coins, Banknotes & Exonumia: Uruguay, Cuba, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Paraguay, Costa Rica, Venezuela, Panama, Ecuador, Zamunda, Parva Domus and more.

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