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 Replies: 15 / Views: 2,244 |
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Pillar of the Community
Canada
9865 Posts |
It is necessary because ........ "Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
Canada
2845 Posts |
....it is necessary because certain serial numbers that have been recorded in advance can later serve as strong evidence to convict criminals of robbery....banks, couriers, money and coin dealers, etc. That businesses record a small amount of serial numbers and then just set them aside in the bottom of the till is a common risk management practise.
On the topic of theft, for that reason I wonder if some collectors prefer serialized banknotes over unidentifiable coin.
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Pillar of the Community
 Canada
9865 Posts |
That is one use for serial #'s, but not the reason they are necessary, the cost of serializing ALL notes far exceeds the amount recovered from the use described.
The mint has the technology to "fingerprint" every single loonie and toonie minted. Banks and businesses could easily track loonies and toonies for the same purposes, as they recently must have tracked one and two dollar bills, but they won't buy in to the technology because the costs outweigh the benefits.
"Dipping" is not considered cleaning...
-from PCGS website
Edited by DBM
03/13/2017 12:26 pm
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Pillar of the Community
Canada
2845 Posts |
Quote:
That is one use for serial #'s, but not the reason they are necessary, the cost of serializing ALL notes far exceeds the amount recovered from the use described.
How do you know this? |
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Pillar of the Community
Canada
5324 Posts |
One would guess all currency is numbered is for tracking for all different purposes, also for public confidence
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Pillar of the Community
United States
7624 Posts |
It has serial numbers on it to make you feel good about something that is intrinsically worthless.
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Pillar of the Community
Canada
693 Posts |
Once upon a time it was a useful counterfeiting deterrent. Technically, it still is I suppose.
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Bedrock of the Community
Canada
10743 Posts |
Quote:
One would guess all currency is numbered is for tracking for all different purposes, also for public confidence. I agree..  |
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Pillar of the Community
Canada
2984 Posts |
Kidnapping for ransom are pretty rare these days but in the past serial numbers of banknotes have been used to track criminals. The best example is the Lindbergh baby kidnapping case of the 1930's where bills with recorded serial numbers help convict the kidnapper.
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Bedrock of the Community
Australia
21788 Posts |
Why do coins have dates?
In modern terms,(except for collectors like us)
about as useful as flypaper in a submarine.
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Pillar of the Community
Canada
5589 Posts |
sel: believe me, there ARE flies in a submarine, just like every other place in the world. Flypaper also works.
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Pillar of the Community
Canada
1051 Posts |
Quote:
It has serial numbers on it to make you feel good about something that is intrinsically worthless. LOL best post I've read today, and true. Paper backed by debt slavery and nothing more. |
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Valued Member
Canada
116 Posts |
Personally I hope they always have serial numbers because how else can you turn a $5 bill into $1000 profit :)
Tracking/quality control (test notes)/ returns etc are all reasons why the BOC uses serial numbers
As a collector the one thing about serial numbers on banknotes as mentioned earlier is that it can be somewhat trackable ..... if stolen and it comes up there are collectors out there that may have their collections returned
As for coins its almost impossible to track....
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Pillar of the Community
United States
3473 Posts |
Paper money will be gone soon enough, no need to change what they do in the mean time.
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Valued Member
Canada
116 Posts |
Although I know the BOC could care less
Serial numbers are important to banknote
Collectors
Without them we would not have special numbers
Radars repeaters low numbers solids ladders
Etc
they are also important to determine how many notes
Of a certain prefix were printed
Since most prefixes run 10 million notes
Short runs become collectable and in demand
Due to their rarity
A note with let's say 400,000 notes printed
May be difficult to find in Unc or better
If all the bricks go to a part of the country and
Get distributed before a bricker gets one
We have seen this happen in the past
And will likely happen in the future
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Valued Member
Canada
387 Posts |
It is necessary because without it issuing authority (in Canada the BoC) would not have any way for its users to communicate any problems with any particular bank note in a manner that will allow the Bank to track the batch in which it was printed.
If there is a problem with a bank note like an error that is detected in circulation then the Serial Number can be used to track the following:
The position on the printed sheet the bank note was located
The sheet number on which it was printed
With this information the issuing authority can track if there might be other notes from the same batch that might have a similar problem. It then allows them to pull them out of circulation.
Many issuing authorities uses the prefix and serial numbers to communicate other useful information such as the year when the notes were printed.
Also if a note gets mutilated then it most likely will not be redeemed by the financial institution unless it has the serial number.
Presumably the issuing authority could have a covert way or some other way of doing the same thing. However such an approach would likely be more costly to implement and less easily validated by front line users. Prefix and serial numbers remain very easy to recognize and validate, are almost universally used in all bank notes and give some measure of confidence on authenticity of the bank notes.
Something I have heard but not been able to verify is that the BoC was thinking of dropping the serial numbers but did not pursue that idea based on advise from RCMP.
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Replies: 15 / Views: 2,244 |
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Posted 03/13/2017 12:19 pm
