Prefixes of Banknotes

What Do Different Prefixes Mean When Valuing a Banknote?

When it comes to valuing collectible banknotes, most people look at the condition, rarity, and year of issue. But there’s another detail that can significantly influence a note’s value: the prefix. These letters or letter-number combinations—usually found before the serial number—may seem minor, but they often carry deeper meaning and historical context.

Let’s break down why prefixes matter and how they can impact the value of a banknote.

What Is a Banknote Prefix?

A prefix is a set of letters or numbers placed in front of the banknote’s serial number. It’s used by the printing authority to identify series, batches, printing plates, or even issuance periods. In many countries, including Czechoslovakia, different prefixes can signal different production runs, replacement notes, or special issues.

In a few issues, different prefixes were used in different print facilities (like Prague vs. Bratislava), adding another layer of intrigue for collectors aiming for a complete set.

Why Do Prefixes Matter for Collectors?

1. Early Prefixes
   Banknotes with early or first-run prefixes (such as "A" or "A01") are often more sought after, especially if the note itself is rare. These are considered the first off the press, and sometimes are printed in smaller quantities.
2. Replacement Notes
   In some cases, specific prefixes were used for replacement notes—banknotes that were reprinted to substitute damaged or misprinted ones. These replacement series are usually printed in smaller numbers, making them more valuable to collectors.
3. Test or Specimen Prefixes
   Special prefixes can also indicate test prints, specimen notes, or even non-circulating issues. These are not meant for public use and are often given to institutions or used internally. As a result, they are rare and highly collectible.
4. Unusual or Error Prefixes
   Sometimes, a printing mistake or an unusual prefix slips into circulation. These are known as error notes, and certain collectors will pay a premium for their oddity or uniqueness.
5. Limited Print Runs or End Series
   Prefixes found at the end of a banknote’s production cycle (such as the last issued series before redesign or currency change) are often collected for completion. Some might have very low mintage, which boosts their collectible value.

Collecting All Prefixes: A Personal Pursuit

Some collectors choose to go a step further and collect every possible prefix from a specific banknote issue. While this pursuit doesn’t necessarily hold deeper historical or monetary value, it often comes from a desire for completeness. Just like someone might collect every coin in a series or all stamp variations, collecting all prefixes is about personal satisfaction and building a full, detailed collection. It reflects the collector’s dedication and passion—even if it’s purely for enjoyment.

Example in Czechoslovak Notes

A great example that highlights the impact of prefixes on value is the 100 Korun banknote from the Protectorate of Bohemia and Moravia, issued in 1940. While prefixes like A, B, and G are relatively common and widely available, the prefix Gb is considered rare and highly sought after. Because of its scarcity, a banknote with the Gb prefix can sell for up to ten times more than the same note with a standard prefix—clearly demonstrating how much influence a few small letters can have on a banknote’s worth.

Bohemia & Moravia 100 Korun 1940 Specimen – banknote of the first issue with prefix B, UNC condition.

Bohemia & Moravia 100 Korun 1940 Specimen – banknote of the second issue with rare prefix Gb, UNC condition.

Final Thoughts

While they may seem like just a few letters, prefixes tell a story—about when a note was printed, where it was produced, and even why it was issued. For serious collectors, understanding prefixes is essential not just for spotting rarities, but for appreciating the full historical and production context of each note.

So next time you look at a banknote, don’t overlook the prefix—it might just be the detail that turns a common note into a valuable gem.