It is an auxiliary science of history which studies banknotes. It is a relatively new branch of investment collecting, still very interesting.

What investing items does it include?

  • Banknotes
  • Treasury notes
  • Emergency money
  • Vouchers
  • Promissory notes
  • Cheques
  • Securities

The first receipts were used in the 17th century. Their original function was to confirm the gold deposit in a bank. As time went on, the receipts have changed into banknotes which became the national currency. However, notaphily underwent bigger and more systematic expansion in the second half of the 20th century, and in 1961 The International Banknote Society (IBNS) was founded. It is an international organization for banknotes collectors.

From investment-collector's point of view, it is a very interesting branch of collecting in which we can see a lot of promising opportunities.


500 crowns,  1929, ABNCo New York, no perforation , condition  "N"

500 korun, vydaná v roce 1929, tiskárna ABNCo New York

Total appreciation: 42.500 Kč

Approximate annual increase: 38,6%  p.a

Approximate auction price in 1997: 5.500 Kč

Approximate auction price in 2017: 48.000 Kč



100 crowns, 1920, ABNCo New York, no perforation , condition  "N"

100 korun, vydaná v roce 1920, tiskárna ABNCo New York

Total appreciation: 17.000 Kč

Approximate annual increase : 29,8%  p.a

Approximate auction price in 1998: 3.000 Kč

Approximate auction price in 2017: 20.000 Kč