Canadian Paper Money Society

The Society publishes an Annual Journal and four newsletters to record particulars of its affairs, publish papers on banknote and related studies by members and others and articles on various subjects in which the Society has an interest.  The Journal and Newsletter contain a wealth of information about paper money and particularly note-issuing banks.  Much of what has been published to date has been derived from original unpublished research.

Recently, the Society published an index for the Journal, prepared by Past President Robert J. Graham of Pembroke, Ontario, covering the thirty years from 1965 to 1994.  In its 46 pages, it includes alphabetically, an index of both subjects and authors, and a very helpful chronology of the Journal issues by volume number and the page ranges.  It is a very useful key to the large quantity of material contained in this important publication, and is available to CPMS members at $10.00 and non-members at $15.00, postage and shipping included.

Members of the Society have complete access to the comprehensive library of the Canadian Numismatic Association including the Audio-Visual library, both of which cover a large number of numismatic topics including paper money.  The Society furnishes information to members on new issues, and is a clearing house for the exchange of information and material between members, including prices realized at public sales of bank notes and related material.

The Society's membership has a broad geographic distribution in Canada and the United States, and a number of countries overseas.  On the membership roll are found archivists, historians, researchers, curators, students and collectors.

To further its educational objectives, and to encourage writing and exhibiting, the Society gives an annual Literary Award plus an award for the best Canadian paper money display at the annual convention of Canada's national numismatic organization, the Canadian Numismatic Association.  Additional support is given throughout the year at other coin shows and numismatic gatherings.

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                 For membership application, check here:
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                 Terms of Membership

                 Annual dues are for the calendar year and are payable
                 in Canadian dollars for Canadian addresses and in
                 United States dollars for all other addresses.

                 Regular Membership ............................. $  25.00
                 Life Membership ................................ $ 375.00

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• Complete List of Coming Numismatic Events

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When grading paper money it is essential to first determine if the note may be safely removed from its holder without causing any damage due to brittleness, unseen tears, glue remnants etc. Then, carefully remove the note and holding it lightly, consider the general appearance, amount of wear, the hue and intensity of the colour of both the face and back. Determine a preliminary grade. If the note is Fine or better it should be held obliquely in line with a good light source. Move it around at various angles, such that the light will reflect off the note highlighting any ripples, counting creases, heavy creases, pressed out creases, tears, pinholes cancellations, repairs or fading. Mastery of this technique is mandatory in successfully grading paper money. When these aspects have been carefully considered, decide if these are "normal" for the preliminary grade which was determined. If not, hen the grade may have to be reduced depending on the number and severity of the defects, or the defects will have to be listed in addition to the overall grade, followed by any unusual defect, than to downgrade the note. Careful inspection to determine the correct grade will lead to greater trust and confidence between buyers and sellers of notes.

• UNCIRCULATED - UNC: A perfect note. Crisp and clean as issued and without any folds, creases, blemishes or discolouration. Colours have original hue and brightness. Some issues may have ripples [as made]. Mention must be made if the design is not perfectly centered with usual width of margins.
  
  
• ABOUT UNCIRCULATED - AU: Similar to Uncirculated but with the allowance of a light fold [usually a vertical center fold] or two or three very light counting folds, but not both. Counting creases resulting in broken paper fibres, or any other creases, reduce the grade depending on their number and severity. The practice of using "almost" and "about" to designate a slightly lower or a plus in the case of lower grades to designate in-between grades is common, e.g. "almost AU" or "EF plus". Notes not perfectly centered with width of margins must be so described.
  
  
• EXTREMELY FINE - EF: Similar to Almost Uncirculated but the centre fold, vertical or horizontal, may be a crease, i.e. paper fibres are broken, or there may be up to three heavy counting folds [not creases] or two light creases, but no combination of the above. The centering and margins if not perfect must be noted.
  
  
• VERY FINE - VF: A fairly crisp and clean note. It may have several major and minor creases and folds, and some evidence of wear especially along the edges or at the corners. There may be some slight decrease in hue and intensity of the colours. The design in the creases should not be worn off.
  
  
• FINE - F: A note with considerable evidence of circulation. Numerous creases and folds, but a small degree of firmness remaining. Usually fairy soiled and the hue and intensity of the colour are slightly reduced. There may be a slight amount of the design worn off along the major creases. Creases should not be worn off.
  
  
• VERY GOOD - VG: A heavily circulated note but with all the major design still visible. Usually limp with no crispness or firmness, quite soiled, hue and intensity of the colour will be faded or altered. A moderate amount of the design may be worn off along the major creases or in the "counting creases" areas. Numerous other defects may apply [see list below]
  
  
• GOOD - G: Soft and very limp, often with tears and small pieces missing. Usually some of the major design is worn off. Note may be quite dark in appearance. Manuscript signatures, dates and sheet numbers may be worn off or entirely faded out. Often has numerous tears and other defects.
  
  
• FAIR - F: Similar to GOOD, but larger pieces missing. Manuscript signatures, dates and sheet numbers may be worn off or entirely faded out. Often has numerous tears and other defects.
  
  
• POOR - P: As a fair note, but with a major portion of the note torn off or the design obliterated. Often numerous tape repairs. Generally collectable only because of rarity.
  
  

In addition, to accurately grade a note it is necessary to consider any additional impairments. These should include:

1. Minor counting creases or edge defects, especially for EF and AU grades.
2. Tears, pinholes or signature perforations.
3. Stains, smudges, crayon marks or writing.
4. Missing corners, cut and punch cancellations or edge defects.
5. Rubber stamp impressions.
6. Any repairs, such as with sticky tape, scotch tape, stamp hinge, etc.
7. Chemical damage, paste or glue from attachment to a page.
8. Poorly centered or badly trimmed edges.

A note with portions missing should be graded as if it were a whole note, then the amount missing should be fully described.

Proof, specimen and essay notes are commonly accepted as being in uncirculated condition, otherwise, they should be described as impaired with the type and degree of impairment stated.

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• Collecting Bank of Canada Notes, by Lub Wojtiw
• Collecting Canadian Paper Money, by J. Douglas Ferguson

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There are a number of other numismatic sites on the World Wide Web that you may find of interest.  Here are just a few regarding Paper Money:

• Canadian Paper Money Errors, informational site on 'non-regular' issue Canadian paper money
• World Paper Currency Collectors
• The Dept. of the Treasury Bureau of Engraving & Printing

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