With all the money in the world, there are definitely notes with a lot of history. There is a group of people who find joy in that and some even do it as a job.
It was a Tuesday afternoon when the notaphilist walked through the bustling streets of Chinatown. As he saw each shophouse in its vintage elements, boasting a wealthy amount of heritage and culture, it started to drizzle. He marched on with more determination, shoes splashing against the pooling puddles. He was headed to a secret goldmine for like-minded collectors eager to snatch up some fragile papery antiques.
THE NUMISMATIST’S GOLDMINE: People’s Park Centre, situated on Upper Cross Street, Chinatown, is known within the community for its various numismatic shops.
It was a four-storey shopping centre built in the late seventies with various shops ranging from massage parlours, to travel agencies, and Chinese handicrafts outlets. Wandering into a hidden corner filled with clear glass cases and simple yet elegant lighting, he saw banknotes on display lined up in transparent plastic sheets. The walls behind the displays showed off colourful albums streaming down the walls, each containing records of banknotes as old as time. Many of these banknotes travelled across time and space; from Singapore's colonial times to the 1980s, to modern currencies from countries he had never heard of.
Collecting old and foreign banknotes, better known as notaphily, has been a hobby he nurtured since his childhood. The 22-year-old turned to one of the shops and browsed through the various banknotes labelled with different prices; from S$1 notes costing a few tens, to hundred dollar notes costing more than a thousand. He walks out with at least 15 notes with histories spanning from the African and South American continents, spending no more than S$60.
Notaphily has been a hobby since our grandparents’ times, but not many know what the hobby entails. Though most may think of scammers, the young man thought of the notes in his hands; with these notes coming from all over the world with different stories, how did they end up here in shops around Chinatown?
CALLING THRICE, AND SOLD!
Mr. Wee Soon Chen, the Director of ALWRICH Numismatics, says that many numismatists, especially locals, tend to get their banknotes through the auctions his company hosts.
THE SMILE OF A THOUSAND BUCKS: Mr. Wee, 42, pictured standing with his favourite banknote, the first edition RM1000 of Malaysia, first issued in 1967.
Specialising in old Singaporean and Malayan banknotes, he reveals in a serious voice, about the not-so-hidden market in auctioning such banknotes, and that in one such auction a S$10,000 Malaya banknote, which was auctioned at a starting price of S$30,000, was bought for at least S$300,000 in the end.
In addition to auctioning such banknotes, the 42-year-old also personally sends his banknotes for third-party grading to ensure the credibility and quality of the banknotes he auctions.
“You must first see the material; if you understand [how] to see the material, then you’ll know,” Mr. Wee shared with eyes full of wisdom when asked how he confirms the legitimacy of the notes. This problem is prominent in modern times with the rise of scammers on social media pretending to sell old banknotes.
“You must identify these items by experience.”
With digitalization being the norm in this day and age, he also plans to auction these banknotes in the form of non-fungible tokens (NFTs), to continue his profession and passion for numismatics.
Named NumisArt, Mr. Wee mentions that this initiative, “is for the young generation” and that on this site, “every seller gets a 5% commission when his banknote is bought by seller after seller”.
MOVING CURRENCY ONLINE
However, not everyone can get their collections through such auctions or prefer the physical way of purchasing such notes. That is when online sellers like Mr. Lim Kok Keng came into the picture by selling foreign banknotes in their uncirculated condition, through online marketplaces such as eBay and Carousell.
THE WORLD IN YOUR HANDS: (Starting from top right) The Bolivian Boliviano, Norwegian Kroner, Kenyan Shilling, Dominican Peso, and Colombian Peso, are just some of the banknotes which are sold by Mr. Lim, 42.
Starting as a casual money collector during his primary school days, the 42-year-old and many other online sellers are familiar faces in the modernization of numismatics, Mr. Lim himself being a prominent seller on Carousell under the moniker @vintage_paradise.
The notes he sells range from well-known countries such as the Chinese Yuan, the English Pound, and the Mexican Pesos, to rarer ones such as the Algerian Dinar, the Norwegian Kroner, and the Kazakhstani Tenge.
When asked how he gathered his collection of foreign banknotes from over 140 countries, he attributed it to his “many dealers all over the world”. During last September, Mr Lim spent at least a total of SS$10000, to acquire some of these banknotes
“Each banknote has its history and design, and it makes them colourful,” added Mr. Lim.
THE DIAMOND JUBILEE BANKNOTE: Issued in early October, the Pakistani 75 rupees, commemorate their 75th year of independence as a country. (Source: Tribune.com.pk)
Pursuing this as a part-time business, Mr. Lim has garnered several loyal customers, who purchase numerous banknotes from him, due to their affordability. The most recent banknote in the market was the Pakistani rupee with the denomination of 75, commemorating their 75th year of independence. This note was sold for a mere S$5 in his marketplace.
“Spend wisely, buy what you can afford, and don’t overspend.” This is what Mr. Lim tells to numismatists who purchase banknotes from him.
FROM BULLIONS TO BANKNOTES
On the other side of the coin, a self-employed Mr. Chen Wei Zhen does the collecting part of the notaphily. Although he does sell his old banknotes from time to time, he doesn’t earn much from it as his profits are usually spent on buying more banknotes.
Previously, he used to collect gold as a form of investment as its value appreciated easily. After finding out that old banknotes can also appreciate the history these banknotes have, his passion started.
“I like to own a part of the history and I want to see my collection appreciate over time,” said Mr. Chen.
After a few years of enjoying the hobby alone, Mr. Chen and his friend decided to open a Facebook community to bring others like him together. When the community first started, he did not expect a lot of people to join. To his shock, more collectors found his group, and they formed an active community over time.
PRIZED POSSESSION: The Straits Settlements $1 banknote of 1953 is one of the favourite banknotes of Mr. Chen, 32. This banknote’s value can go up to S$800, if in its uncirculated grading.
THE FUTURE OF NUMISMATICS?
Mr. Chen hopes that with more exposure to this hobby through the internet, the younger generations would be more interested.
Mr. Wee’s efforts in making the hobby more modernised carry his and other collectors’ hopes to keep the hobby alive. Making use of NFT technology and hiring interns to teach them the numismatics trade would help open the gateway for many younger people to participate in this hobby, which has enough scope to even become a profession for them.
He added that younger people may be intimidated by the age of the shops and sellers. He feels that the younger people think only those with more experience “can come in this line.” Despite this fear, he believes that shifting numismatics online can help in inspiring the younger generation to join.
“But now everything can go online.”
Despite the challenges faced by the people pursuing this hobby, all three of them still have a positive outlook on notaphily that it will continue to thrive in years to come.
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