Paper Money Collector Tom Chao Talks Turkey
Thomas Chao, a retired electronics engineer, collects bank notes and runs an award-winning Web site called Tom Chao's Paper Money Gallery. Tom's collection focuses on the artistry and beauty of paper money, and recently, we spoke about his passion for collecting cash.
ephemera: When did you become interested in collecting bank notes?
Chao: About 15 years ago, I was searching for a hobby to give myself something to do in my spare time. Money sounded like a good idea. Everybody likes money. So why not collect it?
ephemera: Yeah, that's true. Money might not buy happiness but collecting it might. What challenges do you encounter in collecting cold hard cash?
Chao: I'm trying to collect at least one banknote from each country. By my latest count, there are 299 current and past note issuing countries. I have banknotes from 288 countries, including all countries currently issuing banknotes and many countries that no longer exist. The banknotes from the remaining countries are hard to come by, and very expensive if available. In the meantime, I'm using donated banknote scans to fill in those holes on my website.
ephemera: That's a lot of notes to track down. It sounds like a daunting challenge. What are your favorite items in your collection, and how do they inspire you?
ephemera: My favorite is a Hungary 1 billion-trillion pengo note issued in 1946 at the height of country's runaway inflation. That's one followed by 21 zeros, the highest denomination banknote ever printed. Yet, the note was never released to the public because it became worthless even before the ink got dried.
Another favorite is a 20 Franc note issued by the French Overseas Department of Reunion. It's just so beautiful.
ephemera: What's your advice for achieving success as a collector?
Chao: I recommend beginners start with a package of 50 or 100 different uncirculated world banknotes. They are inexpensive, around $10 for 50 and $25 for 100 different notes from dealers. You have a small instant collection, and can add more notes later on to expand your collection.
ephemera: That sounds like an easy way to get started. What resources and tools do you recommend?
Chao: You would need to buy transparent pocketed pages to store and view your banknotes and a 3-ring binder to hold these pages.
The single major reference book for world banknote collectors is Standard Catalog of World Paper Money
ephemera: Thanks for sharing your expertise and advice, Tom. I hope you are able to find the missing items for your collection and complete your set of world currency. Happy hunting!
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