THE EARLY ISSUES OF INDIA ARE EXTREMELY RARE AND WITH SHEER SHAME, THEY ARE NOT KNOWN TO MANY BIG INVESTORS OF COLLECTABLES, AS THEY BELIEVE IN THE CONCEPT OF ALTERNATIVE ASSET CLASS. THE VEHICLE FOR THEIR RETIREMENT PLAN.
Background:
The early banknotes of India forms the base of the Indian Numismatics. There are many big collectors and Numismatists (Razack et al. 2012), (Gupta et al. 2000), (Shaikh et at. 2009), (Nilaish 2012) who are constantly trying to nurture the niche of these notes. In past 50 years, we have only two biggest collectors of these notes as they reach rocket high price. As we know, Mr Rezwan Razack (Chairman of IBNS, India Chapter), parted his long impeccable learning experience of these antique notes of India with Mr Jhunjhunwalla. The first collector, Mr Kishore Jhunjhunwalla, who is the oldest known collector of Indian paper money, will be remembered ever for his magnificent first book on cataloguing Indian banknotes between 1770 to 2000. He acted as publisher and co-author with Mr Razack, to bring the highest standard in the Indian Numismatics. The landmark book was released in January, 2012. I was invited by Mr. Razack to attend the big celebration, it was a pleasure. It is also notable that Mr. Razack convinced, Mr Jhunjhunwalla to takeover his collection. This beautiful merger of two big collections was made possible by Mr. Razack and now he is the owner of India's most unique collection of banknotes. It is pleasant for numismatists, collectors to have chance to atleast see them, for knowing more about them. Mr. Razack, also announced on the release day, soon Bengaluru will have the India's first ever banknotes museum of its own kind. A noble perspective which encourages collectors worldwide.
Mr. Rezwan Razack
Mr Razack, is the Joint MD of Prestige Group (The big giant real estate company in India). He is also known as the biggest collector of Indian paper money. He has devoted his sincere concerns to the Indian Notaphily. He has been collecting Indian paper money for more than 40 years.
Mr. Kishore Jhunjhunwalla
He has been collecting Indian Paper Money for more than 50 years. He owns Hind Industries Ltd, which is situated in Bombay (Mumbai). He first authored the epitome of the subject "The standard reference guide to India Paper Money" which was published in 2000. The new edition, was published in this year in January was the highest culmination of Mr. Razack's deep research.
Why I think less attention to them is paid:
The banknotes between 1770 to 1861, which are currently sold at big auctions worldwide for premium prices are shadowed with the IBNS grading. The survived notes, are all in poor condition to very fine condition as, some of them are graded by PMG (Paper Money Gurranty) a global company based in US, which specialises in the grading of world banknotes. They write in every grading statement of these notes, Rare, Very rare and sometimes extremely rare. The grade numbers which are provided to these banknotes by them, varies from 5 to 20. Very exceptionally rarely seen 30 and above. The question among collectors of the rare paper money around the world:
"Why the grading is important; for locating the highest grade available of these notes or for lowering the price as these notes are less than 100 in existence?"
Finding the answer to this question, makes me to see market at the moment. I am referring to the Chinese collectables market. The damaged banknote of Qing Dynasty dated 1200s sold for US$ 1,500 at the ebay and even more, where marks on the note has completely faded. These notes are the earliest paper money of India and are extremely rare. There must be a revision required for grading them and pricing these rarities.
Definitions:
Presidency Banknotes of India (1770-1861)
These banknotes are very rare and can be viewed below(n.1, n.2, n.3):
Background:
The early banknotes of India forms the base of the Indian Numismatics. There are many big collectors and Numismatists (Razack et al. 2012), (Gupta et al. 2000), (Shaikh et at. 2009), (Nilaish 2012) who are constantly trying to nurture the niche of these notes. In past 50 years, we have only two biggest collectors of these notes as they reach rocket high price. As we know, Mr Rezwan Razack (Chairman of IBNS, India Chapter), parted his long impeccable learning experience of these antique notes of India with Mr Jhunjhunwalla. The first collector, Mr Kishore Jhunjhunwalla, who is the oldest known collector of Indian paper money, will be remembered ever for his magnificent first book on cataloguing Indian banknotes between 1770 to 2000. He acted as publisher and co-author with Mr Razack, to bring the highest standard in the Indian Numismatics. The landmark book was released in January, 2012. I was invited by Mr. Razack to attend the big celebration, it was a pleasure. It is also notable that Mr. Razack convinced, Mr Jhunjhunwalla to takeover his collection. This beautiful merger of two big collections was made possible by Mr. Razack and now he is the owner of India's most unique collection of banknotes. It is pleasant for numismatists, collectors to have chance to atleast see them, for knowing more about them. Mr. Razack, also announced on the release day, soon Bengaluru will have the India's first ever banknotes museum of its own kind. A noble perspective which encourages collectors worldwide.
Mr. Rezwan Razack
Mr Razack, is the Joint MD of Prestige Group (The big giant real estate company in India). He is also known as the biggest collector of Indian paper money. He has devoted his sincere concerns to the Indian Notaphily. He has been collecting Indian paper money for more than 40 years.
Mr. Kishore Jhunjhunwalla
He has been collecting Indian Paper Money for more than 50 years. He owns Hind Industries Ltd, which is situated in Bombay (Mumbai). He first authored the epitome of the subject "The standard reference guide to India Paper Money" which was published in 2000. The new edition, was published in this year in January was the highest culmination of Mr. Razack's deep research.
Why I think less attention to them is paid:
The banknotes between 1770 to 1861, which are currently sold at big auctions worldwide for premium prices are shadowed with the IBNS grading. The survived notes, are all in poor condition to very fine condition as, some of them are graded by PMG (Paper Money Gurranty) a global company based in US, which specialises in the grading of world banknotes. They write in every grading statement of these notes, Rare, Very rare and sometimes extremely rare. The grade numbers which are provided to these banknotes by them, varies from 5 to 20. Very exceptionally rarely seen 30 and above. The question among collectors of the rare paper money around the world:
"Why the grading is important; for locating the highest grade available of these notes or for lowering the price as these notes are less than 100 in existence?"
Finding the answer to this question, makes me to see market at the moment. I am referring to the Chinese collectables market. The damaged banknote of Qing Dynasty dated 1200s sold for US$ 1,500 at the ebay and even more, where marks on the note has completely faded. These notes are the earliest paper money of India and are extremely rare. There must be a revision required for grading them and pricing these rarities.
Definitions:
Presidency Banknotes of India (1770-1861)
These banknotes are very rare and can be viewed below(n.1, n.2, n.3):
n.1: Bank of Bengal, 7th Sept. 1816, Gold Mohur note (Gold mohur were gold coins which were equivalent to 16 Sicca Rupees in Calcutta. They are known to be earliest banknotes of India. Image Curtsey: Todywalla Auctions. Sold at very high price.
n.2, Bank of Madras, Not issued banknote of value 15 Rupees. Image Curtsey: Mr. Rezwan Razack. Extremely Rare. Estimated that if any of these ever come to the auction will be estimated between GBP 100,000-150,000.
n.3, Bank of Bombay, 10 Rupees, Issued on 1st Nov. 1860, it is estimated that it is the last possible date to collect of Bank of Bombay banknotes or presidency banknotes. Unique example. (My Collection).
These notes needs to be preserved for the generations to learn from them. They are the earliest banknotes of India scarcely available. These notes are very hard to acquire, so if we ever consider collecting them we should come out the utilitarian horizon and feel the highest ownership of being custodian, of Indian History. Our History reflects more about foreign rule and administration; First war against independence 1857 (Commonly referred as, Sepoy Mutiny (Bayly 1996), Currency Act of India 1861 (Razack et al. 2012), and many more historical incidents are attached with them. Still there is need to research about them. Many of these notes are less than 100 in existence. It is advisable for the top collectors of Indian Paper Money to collect these notes fast.
References:
Razack, R., Jhunjhunwalla, K. (2012) The revised standard reference guide to Indian Paper Money (1770 to 2012) Mumbai: Currencies & Coins (www.indianbanknote.com)
Shaikh, B., Srinivasan, S. (2009) The paper & the promise Bombay: RBI Publication
Nilaish, (2012) A Comprehensive Guide of early paper money of India (1770-1861) London: Xlibris
Gupta, P.L. (2012) Paper Money of India, Bombay: Currencies & Coins
Bayly, C.A. (2012) Empire and information: intelligence gathering and social communication in India, 1780-1870 Cambridge: Cambridge University Press, 310-340.
