Beirut Art Magazine recently had the pleasure of interviewing Hussein Maaz and Osama Chamseddine, two passionate banknotes collectors with a deep passion for there hobby. They discussed their journey into the world of banknotes, exploring the rich history, intricate designs, and cultural stories behind each piece. Their dedication and expertise have culminated in the launch of their new book, which serves as both a detailed catalog and a narrative of the fascinating world of paper money collection. The book is an invaluable resource for enthusiasts, offering a unique blend of historical context and practical advice for collectors at all levels.

How do you define  the reactions of friends and relatives when they knew about the book ?

The overall atmosphere among friends and family was enthusiastic about the book’s release, but we kept the content as confidential as possible. For family members and relatives, their joy was clear, as they considered the release of  the book a successful achievement.

For friends who have a background in banknotes collecting, their reactions were stronger. They provided a deep technical assessment of the book and expressed their appreciation for the significant value and new information it contains. They found in the book what they were looking for, as it represents a rich source of information for any collector wishing to know the value of the banknotes they possess. If they have the banknotes mentioned in the book, they can estimate their value, and if they do not have them, they will seek to acquire them, as they understand that a valuable banknote is one that carries an important title and an exciting history, which is the focus of our book.

What makes paper money valuable?

Paper money is considered to have great value for several reasons. First, the monetary value is the basis for the creation of paper currency, as it represents real value that can be used in daily transactions. However, in addition to this monetary value, there is artistic, heritage, geographical, and historical value that enhances its worth.

Each piece of paper money represents a documentary record of the era in which it was issued, reflecting the landmarks of that country, highlighting its personalities, and commemorating historical events and unique places. Therefore, every aspect of the currency contributes to shaping its identity.

When a currency is phased out or ceases to be circulated, its value tends to increase over time, as demand for it rises while its available quantity decreases. This dynamic makes lost or rare currencies more sought after, leading to increased values. Particularly, if the currency is issued in small quantities or in a small country with a low population, the issuance will be limited while demand for it is high.

Furthermore, with the increasing number of banknote collectors around the world, the demand for these rare pieces continues to rise, contributing to higher prices. Thus, all these factors contribute to adding value to paper money, both economically and culturally, making it a unique touch of human heritage.

What criteria do you use when selecting banknotes to add to your collection?

The criteria have evolved over time. Initially, we collected everything we could get our hands on, but over time, we became more specific in our selections. Currently, we focus on collecting at least one banknote from each country, especially the first banknote issued. In addition, we collect the banknotes that bear the portrait of Queen Elizabeth. We seek to collect every note associated with each portrait so that we can create a comprehensive collection representing one of the world’s memorabilia.

We also collect money that have strange stories or were issued under unique circumstances, as is the case with the banknotes featured in our book. Every piece has a story, and these stories enhance its historical and cultural value. As part of our study, we also aim to collect at least one banknote from every country, as there are many rare countries, and obtaining one banknote from them is an achievement in itself, as there are rare and valuable banknotes that may reach thousands of dollars, which may exceed our ability to purchase or acquire.

Therefore, determining our choices is extremely important. It helps us avoid wasting money on an unfocused hobby. It is crucial to narrow our interests within a specific scope and set clear goals for our collection. We work diligently to complete these goals, as this is the joy of collecting and embracing the identity associated with this hobby.

What challenges do you face when identifying authentic currencies, and how do you address them?

Concerning the competition, we have gained experience that supports us in recognizing the main features of authentic money to avoid counterfeiting. However, there are some counterfeit that have become popular, and they can also appear in catalogs. When a catalog classifies something as a counterfeit, we should consider collecting these banknotes, as they are documented, and their history is significant. Generally, the counterfeiting that has taken place indicates an old forgery, rather than using modern techniques or advanced printing machines; it was often done using primitive methods.

There are also companies specialized in banknote grading, which label and evaluate such things. If we suspect the authenticity of a banknote, we can send it for evaluation. If the grading company discovers that the banknote is counterfeit but made with very high techniques, this helps us recognize counterfeit money and verify their authenticity completely, especially those that carry additional printing known in English as “Overprint.”

Sometimes, it can be challenging to determine if a banknote is original or if it has a recent addition for the purpose of counterfeiting and artificially inflating its price. However, with advanced equipment that grading companies possess, they can accurately verify these matters. Our expertise also enables us to form a clear idea about the authenticity of the banknotes.

What advice would you give to the next generation about collecting currencies?

We encourage the next generation to start collecting banknotes and building their collections, as this enhances their culture and helps preserve a rich historical heritage, and artistic legacy related to their world or country. If someone wishes to specialize in collecting local currencies, this represents a significant treasure and an important future investment.

If a person decides to spend their money on collections, they may be able to sell them in the future and at least regain their money, if not more, considering that the value of banknotes tends to rise over time, although some things may fade with time. Therefore, we advise them to collect this type of currency, especially in light of global changes towards digital currencies and card payments, which may gradually lead to the disappearance of paper currency and make it part of the past.

This collection can be a source of cultural and material wealth; even if the individual decides in the future to part with these banknotes, they remain beneficial on all levels. Hence, we invite them to embark on this hobby and collect as many as possible, as this represents an important investment for the future and allows them to benefit from this collection in various dimensions.

What is the future outlook for the hobby of currency collecting?

Regarding whether interested individuals will be able to continue on the path of banknotes collecting, the answer is clear: every day, new interest arises in collecting paper money. Certainly, these individuals will continue to pursue their passion in this field.

The percentage of those interested in this field remains low, but it is steadily growing, as exhibitions, books, and the culture of collecting contribute to attracting more people, leading to the development of a money-collecting community on a global level or even within the same country.

Interactions among these collectors are increasing, as they exchange banknotes and engage in buying and selling among themselves. This enhances relationships between different identities in countries or even within the same country. When a hobby sparks the interest of people, these individuals tend to attract others, further boosting the growth and expansion of this community, continuously and not diminishing.

Therefore, it is certain that there will be generations that will continue in this field, and the number of participants and hobbies will increase, which is strongly expected.