Did James Braid Taylor signed uniface notes?

By
Nilaish, MBA
Life Member of IBNS - Indian Banknote Collector's Chapter 

Introduction

Sir James Braid Taylor

Image Courtesy: Vaidya Nadhan 

Sir James Braid Taylor, KCIE, Kt, ICS (21 April 1891 – 17 February 1943) was the second Governor of the Reserve Bank of India, holding office from 1 July 1937 until his death on 17 February 1943. He succeeded Sir Osborne Smith who was the Governor from 1 April 1935 to 30 June 1937. He was appointed a CIE in the 1933 New Year Honours List, knighted in the 1935 Silver Jubilee and Birthday Honours List and further appointed a KCIE in the 1939 Birthday Honours List. Taylor, a member of the Indian Civil Service, served as a Deputy Controller in the Currency Department of the Government of India for over a decade. He later became the Controller of Currency, and additionally secretary in the Finance Department. He then became the Deputy Governor of the Reserve Bank and succeeded Smith as the Governor. He was closely associated with the preparation and piloting of the Reserve Bank of India Bill. He governed the bank during the war years and was involved in decision to move from a silver currency to fiat money. Even though he was the second Governor, his signature was the first to appear on the currency notes of the Indian rupee. His second term came to an end when he died in office on 17 February 1943. He was succeeded by Sir C. D. Deshmukh, who became the first Indian to lead the Reserve Bank of India.  

Government of India, 50 Rupees, Calcutta, 10 March 1920, signed by J.B. Taylor 

Image Courtesy: Rezwan Razack 

India's biggest collector of banknotes, Rezwan Razack shared recently, this myth buster note. I had never heard of J.B. Taylor sign on uniface note! This note is trying to establish the fact that, J.B. Taylor signed few notes. This note has serial number RD/41 43972. Mr Razack is recognized as the author of standard reference guide in Indian Paper Money. Another senior Numismatist, Vaidya Nadhan of Madras Coin Society claims, “It is unique. In fact, curious as Denning and Taylor were simultaneously working in the currency department. But it is ambiguous that how two people can sign at the same time. This fact can be seen from the 1917 one rupee note in which Denning also signed. Denning was holding office since 1923 to 1929, according to Jhunjhunwalla book and Taylor from 1926 to 1929. So signing the 50 rupees currency note six years prior to that is baffling. Unless we have the exact date of their employment at the Currency department, it remains a puzzle. Or another reason could be the left over blank notes were stamped and used anytime during the tenure of Taylor before the actual multicolour note was introduced in 1930. Denning signed notes with date 10 March 1920 appears with prefix SD, perhaps the RD consignment was discovered later/arrived later and put to use. Of course, all these are only assumptions.”  

Facts taken in consideration:

As per London Gazette (1933: 07); London Gazette (1935: 3593) and London Gazette (1939: 3856) Sir James Braid Taylor was holding following official titles:

i. James Braid Taylor, Esq., Indian Civil Service, Controller of the Currency, Government of India. (2 Jan. 1933)  

ii. James Braid Taylor, Esq., C.I.E., Indian Civil Service, lately Additional Secretary to the Government of India in the Finance Department, now Deputy Governor of the Reserve Bank of India. (3 June 1935). 

iii. Sir James Braid Taylor, C.I.E., Indian Civil Service (retired), Governor of the Reserve Bank of India. (8 June 1939). 

Das Gupta (1927: 81-89) noted in his book that, "It was found possible to appoint a Deputy Controller for Northern India in the same year." He supported the controller of the Currency for circulation and currency control. It is also evident that peculiar denominations like Rs. 2/8 were also issued in January, 1918. Later around 1926 it was declared to be too costly! One Rupee and Rs. 2/8 were discontinued since, January 1926.  The re-introduction of the one rupee note however has been strongly recommended by Hilton Young Commission. The earliest suggestion which made for currency notes denominations was made by Sir R. West, K.C.I.E., LLD. before the Herschell Committee. He advocated the temporary introduction of notes. The existing denominations to be recapitulate were, Rs. 5 (October, 1925), 10, 50, 100, 1,000 and 10,000. 

Govt. of India, Rs. 5, signed by H. Denning issued in October, 1925. 

H. Denning was Controller of Currency and signed uniface notes and portrait notes during 1917 and 1929. It is also a fact that in 1933, J.B. Taylor was Controller of the Currency, Government of India. Some portrait notes of George V had been signed by him as well. For example his signature is observed with J.W. Kelly type notes of Rs. 5, 10 (See below), 50, 100, 1000, 10,000.  These portrait notes were issued between 1925 and 1935. This signifies that Taylor in 1933 was Controller of the Currency who signed these notes. By latest 1926 and 1927 uniface notes were also not circulated to the public. It is possible that notes circulated in that period might have remained outside. The above 50 Rupees red underprint uniface note is hence, hanging under dilemma that did Taylor signed any note with Denning? I guess this is highly unlikely! When Taylor was Controller of Currency between 1929-1933, why did he signed for more than 10 years old note!" If the Controller stamped the notes with his sign during 1929 and 1934 in Calcutta, then Taylor was alive and official; why did he allow his signature for a very old note (10 March 1920) when he was not Controller of Currency?

Rs. 10 note of similar type but having different signatures, i.e. J.B. Taylor and J.W. Kelly. 

In order to accept the above Rs. 50 note was circulated by Government of India, we need to check following features: 

1. Razack et al. (2012) states that, Denning signed RD prefix of 50 rupees above note issued from Calcutta. We have to observe that RD/40? is the last prefix. 

2. Collectors of IPM must confirm that till what last prefix RD is known with Denning sign?  

3. What is the plate number of the note? 

4. What date is known on all RD prefix notes? 

If all these questions are answered we can establish that Razack Sir's collection is a landmark in the history of Indian Paper Money.

Notes & References: 

1. Razack, Rezwan; Jhunjhunwalla, Kishore; (2012), “The Revised Standard Reference Guide to Indian Paper Money”, 1st edn., Currencies & Coins, Mumbai.  

2. Das Gupta, B.B.; (1927), “Paper Currency in India”, Calcutta University Press, Calcutta,  1^st edn., Out of print.

3. London Gazette, 1933, 1935, 1939. 

4. The J. B. Taylor signed this 50 Rupees, uniface series notes was not known till now. It seem to be an unique example. This article when tested will establish the rarity of the note and authenticity.