Rare Currency Notes on offer!

"Collecting rare banknotes is a lifelong obsession for many collectors of paper money, it is utter shame to neglect the rare notes which forms the foundation of Indian Numismatics."

Nilaish Sharma, F.R.N.S., M.B.A., Esq. 
Proprietor, BIDS & WINS Enterprise 
Fellow of Royal Numismatic Society 

I have been collecting Indian Paper Money since 1999. Earlier ca. 1999, I was interested only in 1 Rupee notes which later transformed into a very obsessive whole new field called, Indian Paper Money! I was only a collector of ordinary nature back then, came across the notes with cut note dealers in Patna, which later fastened my visit to SPINK, London in 2011 for the first time. All these years grabbing the finest opportunity to meet renowned collectors and Auction companies was my fortunate luck. I was surprised to notice that only few collectors of Indian Paper Money fall into the category of early paper money of India (1800-1861). Rest others consume their capacity and interest in British India Portrait Notes. I will like to outline some rare early paper money of India between 1800 and 1861 A.D. currently offered by our partner company Priceless Collectables LLP. A very few examples remain of these notes.

Early Notes in trade: An Introduction 
Indian Paper Money is known in existence since 1812, when Bank of Bengal was formed by Charter in 1809 A.D by Lord Minto at Calcutta. The earliest notes which were in use between 1810 and 1861 were of banks; Bank of Hindostan, Bank of Bengal, Calcutta Bank, Union Bank, Commercial Bank, Bank of Bombay, Bank of Western India, Oriental Bank, Commercial Bank of India, Asiatic Bank, Madras Government Bank and Bank of Madras. Out of these banks only few notes of Bank of Bengal, Bank of Hindostan, Bank of Bombay, Oriental Bank and Commercial Bank are traded in the market by dealers and auctioneers around the world in the past 10 years. In this blog I will restrict to some rare notes which are on offer by Priceless Collectables LLP .

1. Bank of Bengal, 1814, 250 Sicca Rupees 

Bank of Bengal, 250 Sicca Rupees, 14th July 1814, cut-sign, 

top left slight corner missing, Serial number 2644A, 

signed by Accountant: Henry Tyler 

Image Courtesy: Nilaish, Esq.

In Razack et al. (2012) these notes are catalogued having reference number: 1A.3.1.1. The plate note in the book has date 3rd September 1812. The other close dates in private collections are; 22nd October 1813 and May 1819. This date is observed on this note only so far. The existence is estimated less than 10-20 in the world of this type. A very rare note indeed is currently on offer at a very conservative estimate of INR 18,00,000-19,00,000. It will appeal to the collector who considers investing in the foundation of Indian Numismatics.

2. Bank of Bengal, 1832, 1000 Sicca Rupees

Bank of Bengal, 6th June 1832, 1000 Sicca Rupees, Ink burn, PMG 20

Image Courtesy: Nilaish, Esq.

Razack et al. (2012) reports type as 1A.3.6.9. Commerce Series: Allegorical Lady sitting on the articles of merchandise. Signature is cut out from the lower left. Serial number 15939 on the centre on right and left at the top. The note is signed by the second accountant of Bank of Bengal, H. Henderson (1824-1836). The same type is in RBI monetary museum with serial number 15940. This banknote is uncatalogued in the auction catalogues. Thus, makes it rarely seen. Cancelled stamp on the centre. It is very hard to ascertain the price as the price works purely on the demand and supply, but conservatively we estimate the value between: INR. 17,50,000-18,00,000. 

3. Bank of Bengal, 1853, 1000 Company's Rupees

Bank of Bengal, 15th April 1853, Signed by Accountant C.N. Cooke, Secretary J.B. Plumb 

PMG 8, Repaired at the back, exceedingly rare and thus presentable. 

Razack et al. (2012) reports this as 1A.3.9.9. The Bank of Bengal on 15th April 1853 issued this currency note of denomination 1000 Company’s Rupees. Signature is from the left lower middle edge. Serial no. 11887 on the top near the personified Commerce. This banknote is uncatalogued in the major banknote auction catalogues. Thus, makes it rarely seen because the signature is intact which is of J.B. Plumb. Cancelled stamp on the centre of  Bank of Bengal dated in 1901 thus an interesting notice. PMG 8 only graded note of this type. We conservatively estimate this note between INR 18,00,000-19,00,000. 

4. Bank of Bombay, 1857, Ten Rupees

Bank of Bombay, 1857, Ten Rupees, Un-cut, Exceedingly rare. 

Razack et al. (2012) reports this as type 1B.1.2.1. Very rarely traded in the market. Slightly repaired but very presentable. We welcome interest on this note as only few Bank of Bombay notes remain in the market for collectors.Please do ask the price for this note.

Reference:

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

For buying any of these notes please immediately contact: nilaish@in.com  

A five rupees torn banknote of Commercial Bank of India ca. 1845 was sold for US$5000!

Commercial Bank of India, ca. 1845, 5 Rupees, unissued banknote into two halves 

Image Curtsey: Archives International Auction (USA) 

The above 5 Rupees banknote of Commercial Bank of India torn into two halves was sold by Archives International Auction (USA) for US$ 5000! This banknote was sold on 4th June 2004 through online auction. There are only two denominations known of this banknotes, one is 5 Rupees and 10 Rupees (Razack et al. 2012). These notes were printed by Batho & Bingley, Lombard St., London. It appears that a very few banknotes have survived, out of which two to three banknotes are noticed so far. A very rare Indian banknote indeed!

Engraving and printing of Indian Paper Money before Act of 1861

Nilaish, MBA

Fellow of Royal Numismatic Society

Introduction

           

Indian early paper money is known since 1770 A.D. but there is no example known till today before 1812 A.D. Several private and presidency banks regulated the currency norms in Indian economy between 1810 and 1861 A.D. The Governor General of India in 1809-10, Lord Gilbert Minto granted Royal Charter to Bank of Bengal as Presidency Bank of the Bengal Presidency. Thus, the trend of semi governmental banking system evolved in India. Later Bombay and Madras Presidency also founded Bank of Bombay and Bank of Madras in 1840 and 1843 respectively. Out of three, Bank of Bengal was the earliest semi-government bank which issued currency notes in the province. All three banks and with some private banks of India first in history witnessed the fabric of Indian Paper Money. The earliest currency notes were denominated in ‘Sicca Rupees’ moving to Company’s Rupees and finally into Rupees. The designs of the early currency notes of India evolved from designs without vignettes to vignettes and many other features also evolved.  The Currency Act of 1861 was passed which enforced Government of India as central note producing body only. The Bank of Bengal, Bank of Bombay and Bank of Madras merged in 1921-22 to form Imperial Bank of India, which was later renamed as, State Bank of India by SBI Act of 1955.

Early Printing

It is understood that the banknotes of Bank of Hindostan were ordered to be printed by the printers of Provincial Banks notes of England. It is also recorded that notes were engraved by Ashby (Razack et al. 2012). His full name was, Harry Ashby [see below], was writing engraver around 1803, who engraved some early banknotes of Indian banks. There are two banknotes which supports this assumption of printing of these notes in England, one banknote of denomination four Sicca Rupees (Razack et al. 2012) which has watermark: Oswestry Old Bank at the bottom and at the top Croxon, Jones & Co. Ltd.; and another, a five pounds banknote of Provincial Bank (Razack et al. 2012) which has watermark of Bank of Hindostan. The Oswestry is the meeting point of Shropshire (England) and Wales. Croxon, Jones & Co (Old Bank) Ltd, Oswestry, 1792-1894.

Harry Ashby in 1803

Image Curtsey: British Museum. Bibliography: O'Donoghue, Freeman; Hake, Henry M, Catalogue of Engraved British Portraits preserved in the Department of Prints and Drawings in the British Museum, 6 vols, London, 1908.

Bank of Bengal’s note issues are broadly categorized into three broad series; viz.,Unifaced, Commerce and Britannia Series. It is assumed that the early unifaced notes were printed by Perkins & Heath London?, however there is no mention on the survived notes. James Dunbar Heath (1913: 103) published an account of the Perkins & Bacon Co. London who printed commerce series notes of Bank of Bengal. He mentioned that in 1819, Jacob Perkins, an engraver, an inventor, of Boston (USA) was advised by Sir C. Bagot, the British Minister in America with a mission to secure contract for engraving banknotes of Bank of England. It is also mentioned that how the steel hardened plates were used to print the banknotes. The Commerce Series of Bank of Bengal shows the name of the printers between 1824 and 1856 as: 

Printers and engravers on Presidency Banks notes

Banknote of Provincial Bank having watermark of Bank of Hindostan. 

The design is similar to the Bank of Hindostan Banknote. 

Image Curtsey: londoncoins.co.uk

Four Sicca Rupees banknote of Bank of Hindostan has watermark of Oswestry Old Bank

Image Curtsey: Rezwan Razack

The chief point of the Steel Hardened plate process were, the engraving on small pieces of soft steel of intricate patterns vignettes and other portions of the banknote or other document, which after the steel was hardened, were transformed by pressure to a soft steel-roller. This in turn was hardened, and the various portions of the designs transferred to the steel printing plates. Thus any number of plates could be made, each identical in every line with the original. However, he was not able to secure the contract but another engraver, Mr. G. Fairman, and Charles Heath founded on the advice of Sir Joseph Banks, the firm Perkins, Fairman & Heath and obtained large orders from English Banks, which at the time were allowed to issue £1 notes. The date of foundation is believed to be in December, 1819; but by 1822 the name had been altered to Perkins & Heath and later to Perkins & Bacon. In 1834 Mr. Petch joining the company changed the name Perkins, Bacon & Petch, and in 1852 the name was again altered to Perkins Bacon & Co. The Perkins Bacon & Co., were located at 69, Fleet Street, London till 1904. The Perkins, Bacon & Co. London printed banknotes of Bank of Bengal between 1824 and 1856. They also printed the banknotes of Bank of Bombay and Bank of Madras. 

Notes & References: 

1. Heath, James Dunbar; (1913), “Records of the Heath family”, George Heath private circulation, Chapter VIII, London, 1st edn., p.103. 

2. Bruyante; James B.; (1900), “An Account of the Presidency Banks”, Office of the Superintendent of Govt. of India, India Papers of British Library. 

3. Bagachi; Amiya; (1987), “Evolution of the State Bank of India: Part I”, Oxford University Press, 1st edn., Out of print. 

4. Bengal Government; (1930), “Report of the Bengal Provincial Banking Enquiry Committee 1929-30”, Report, Vol. 1, Calcutta: Bengal Government Press. 

5. Cline, G.W.; (1869), “Remarks on Paper Currency in India”, India papers, British Library. 

6. Scutt Symes, G.P.; (1904), “The History of the Bank of Bengal”, The Bank of Bengal Press, Calcutta, 1st edn. 

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

8. This article covers concisely the engravers and printers of early paper money of India (1800-1860). The elaborate editions will be soon available in the form of a book: "From Rupees to Paper Promise - A History of Indian Paper Money" Authored by Nilaish Sharma FRNS. 

9. My sincere acknowledgement to Mr Rezwan Razack who shaped the numismatic instinct in me, in the right sense.