We just concluded its landmark sale of replacement notes, the first ever auction solely dedicated to these fascinating pieces. We are pleased to report that approximately 95% of the material sold! Consistent bidding occurred throughout the sale; a good mix of less and more expensive lots provided excellent opportunities for collectors of every experience level as well as dealers. We are hopeful that this auction will help boost the visibility and market performance of these amazingly diverse and deceptively complex pieces...

One element which renders replacements complex is that what makes a note a replacement for one country is a regular piece for another. For example, many replacements have a serial prefix Z or ZZ; for some issues, Z is a prefix for a regular note. Here are a few examples of various kinds of replacements...enjoy!