Counterfeit Detection: Netherlands Indies 500 Gulden

De Javasche Bank was founded in 1828 and later became the bank of issue for the Dutch East Indies, the largest colony of the Netherlands. The bank was nationalized by the newly independent Indonesian government in 1951.

Today, it is extremely difficult to find high-denomination De Javasche Bank notes from the first few decades of its existence; nearly all in the PMG Population Report are Remainders, notes that were fully prepared for issue but are missing key elements, such as serial numbers or signatures. These Remainders are highly prized; at a Heritage Auctions sale in October 2024, a stunning group of notes certified by PMG realized impressive prices, including:

• $198,000 for an 1864-88 1,000 Gulden (Pick# 51r)
• $84,000 for an 1864-88 500 Gulden (Pick# 50r)
• $84,000 for an 1864-90 300 Gulden (Pick# 49Br)
• $45,600 for an 1864-90 200 Gulden (Pick# 49Ar)

Genuine Netherlands Indies, De Javasche Bank 1864-88 500 Gulden Click images to enlarge

PMG, at its sole discretion, certifies certain contemporary counterfeits that have value to the paper money collecting community. In the absence of genuine issued examples, these contemporary counterfeits can help fill in the gaps in a numismatic collection. One example is the contemporary counterfeit of an 1864-88 500 Gulden shown here, which is graded PMG 20 Very Fine, an indication that it saw quite a bit of time in circulation despite its spurious nature. (This note is being offered in a March 2025 Heritage Auctions sale.)

Contemporary Counterfeit of Netherlands Indies, De Javasche Bank 1864-88 500 Gulden Click images to enlarge

Some of the counterfeit’s shortcomings can be observed with a closer look at the portrait of Jan Pieterszoon Coen, the governor-general of Dutch East Indies in early 1600s who founded Batavia (modern-day Jakarta). There is a loss of detail in the hair and collar, as well as the tree above the portrait. In the shield surrounding the portrait, nuances of the design have been lost; note the thin broken lines to the right of the portrait have been reduced to speckling on the counterfeit.

Close-ups of the front of the genuine (left) and counterfeit note.

We take for granted today that individual letters and numbers within printed material will have a consistent look, but counterfeiters in the 19th century needed a skilled hand to re-create the various fonts found on paper money. The counterfeiter struggled here with the a’s in Batavia.

Close-ups of the front of the genuine (left) and counterfeit note Click images to enlarge.

One of the challenges in counterfeiting this note is the four languages on the back of it: Dutch, Javanese, Chinese and Malay. An inspection of the Javanese in the lower-left shows the counterfeiter lacked proficiency with this script. Note also the inconsistencies with the flourishes in the surrounding design when compared with a genuine example.

Close-ups of the front of the genuine (left) and counterfeit note Click images to enlarge.

This was an ambitious note to attempt to counterfeit, not only because of the challenges in re-creating the text but also because of the inevitable scrutiny involved in such a high denomination. Though many contemporary counterfeits are sought by collectors, their numismatic value is typically eclipsed by genuine examples. When buying a note like this, it is important to know whether you have a genuine example or a contemporary counterfeit. Remember, PMG backs its certification services with the PMG Guarantee.

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