The role of Perkins & Company in Indian Early Paper Money

By Nilaish, MBA
Life Member of IBNS-IBCC 

"Earliest Currency notes in India known so far by Bank of Bengal is dated 1812 and is an uniface note. Later issues after 1822 shows the name of the engraver and the printer of the currency notes." 

A Brief Timeline of Perkins & Bacon Co. London 

• 1808-1810 Jacob Perkins and Gideon Fairman produce the first known books in the USA to use steel plates.
• ~1816 Jacob Perkins has "soft steel" plates to engrave on, and a method to harden the plates, and a process.
• 1818 (April 15), Heath discussed the American bank notes printed by Perkins at the Society of Arts Committee on Forgery.
• Bank of England was offering a £20,000 prize for unforgeable notes.
• 1819 (May 31) Perkins sets sail for England after communicating with Charles Heath.
• 1819 (June 29) Perkins arrives in Liverpool, England.
• 1819 (July) Sir Joseph Banks met with Perkins.
• 1819 (December 20) The Heaths join Perkins and Fairman forming Perkins, Fairman and Heath.
• 1819 George Heath provides some financial backing only.
• 1820 (Feb) Bank of England chooses another solution, but other business follows, including £1 notes and stamps.
• 1820 (Feb) Perkins among other ventures, goes into the book publishing business with the Heaths and Fairman.
• 1820 (summer) Perkins Fairman and Heath move to 69 Fleet Street, London.
• 1820 (September) Perkins had sold 1,000 plates he had intended to use on the Bank of England project.
• 1822 Perkins and Heath
• 1829 Perkins and Bacon. Joshua Butters Bacon ( Perkins' son in law), buys Heaths interest.
• 1834-1852 Perkins, Bacon & Petch (Henry Petch was an engraver, who was also made a partner).
• 1839 Perkins Bacon and Co are asked to make plates and dies for stamps (the Penny Black was their first stamp).

Image Courtesy: Boston Monthly Magazine (1826)

There is an overlap of Perkins, Bacon & Petch and Perkins, Bacon and Co; not all business ventures included all partners and percentage ownership is detailed as changing as shares were bought and sold between partners, and money was loaned to partners from the company. Additionally, Charles Heath had many other individual business ventures, as did Perkins. Heath and Perkins had numerous talents and successes, however, they routinely had financial problems. Fortunately, the accounting was very good. Charles Heath had professional relationships with several people that spanned decades. Jacob Perkins retired in 1843 and died in London on 30 July 1849, at 83 years of age. He was buried in Kensal Green Cemetery, London.

Modern Engraving & Printing was the key!

England’s currency was being forged at an alarming rate around 1810. The smaller bills were even being forged by people with little skill. They made this a crime punishable by death, but this did nothing to stop the forgery. England had the Royal Society create several reports on the problems, starting about 1818. They looked worldwide at currencies and really liked the American inventor Jacob Perkins’ bills for Massachusetts. The new USA National Bank chose Perkins plates to print the new national currency in the USA. In England, Charles Heath even gave a speech about him to the Royal Society. Jacob Perkins not only invented soft steel plates that could be hardened after being engraved, he also invented a roller which would apply higher pressure, and 64 piece plates (and more: nails, fire equipment, etc.). An expensive lathe technique was employed to make complicated designs for currencies (Asa Spencer invented it and sold the rights, and became an employee).Charles Heath wrote letters asking Jacob Perkins to come to England, as England was offering a £20,000 prize for creating forgery proof notes. Jacob Perkins was paid or loaned £5,000 and went to England with his machines, plates and associates and set up shop confident he would win the award, leaving his brother in charge of his Boston shop. He made presentations, and engraved sample notes. He worked in London for months, until it became clear they were not going to award the contract for national currency to a foreigner. The reports themselves mention Jacob Perkins currency or techniques more than anyone else, and in the end they applied some of his techniques, but did not employ him (at that time). England was currently using copper plates for their currency, and was using 1,500 engraved plates a year. One of the findings of the early reports was that Jacob’s steel plates would cost the Bank half as much to produce bills of much higher quality. They had underestimated the number of impressions from the plates, and the true cost would be less than 1/10 the cost because of the long life of his steel plates.

Patent: 

GB 4400/1819. Machinery and implements applicable to ornamental turning and engraving, transferring engraved or other work from the surface of one to another piece of metal, and forming metallic dies and matrices; construction of plates and presses for printing bank-notes and other papers; making dies and presses for coining money, stamping medals, and for other purposes (11 October 1819). 

Indian Early Paper Money (1810-1860): Engraved & Printed by Perkins & Company

Bank of Bengal, 1825, 100 Sicca Rupees.

Engraved & Printed by Perkins & Heath London - Patent Hardened Steel Plate. 

Bank of Bombay, 1860, 10 Rupees. 

Engraved & Printed by Perkins Bacon & Co. London, Patent Hardened Steel Plate. 

Bank of Madras, 3000 Rupees Proof on card,

Engraved & Printed by Perkins, Bacon & Petch, London, Patent Hardened Steel Plate. 

On notes Printer names are identified above. 

Exercise for collectors?

Bank Notes of India prior to 1822 were printed by whom? This is a disturbing question, as according to me it is pointing to Portals Ltd., for almost 300 years Portals has been widely acclaimed as the leading banknote substrate manufacturer in the world. It has manufactured banknote paper for the Bank of England since 1724. Let us observe and compare the below two notes!  

Bank of Bengal, 1819, 250 Sicca Rupees.

Hand molded, Watermarked paper. 

Plate Printing 

Bank of England, 8 March 1819, Henry Hase, £1. 

Hand Molded, Watermarked Paper 

Plate Printing.  

Portals was taken over by De la Rue in 1995. It can be assumed that directors of the Banks in India imported banknote paper from Portals between 1810 and 1822. This can be also a case that notes were Printed by Perkins & Heath? 

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.  

My new collection a Gold Mohur Note!

Note: Bank of Bengal was originally established as Bank of Calcutta in 1806 and later in 1809 it received Charter from Governor General in Council, Gilbert Elliot-Murray-Kynynmound, 1st Earl of Minto commonly referred as, Lord Minto in India. The bank issued banknotes as early as 1810 in the Bengal Presidency. Gold Mohur notes were issued from 1816 as mentioned by Symes (1904). The design advanced and so the printing technology. The Perkins Heath steel hardened plates were used to print the notes between 1822 and 1836 (?). The notes were circulated in lieu of a Gold Mohur (Shown above) coin! The signatures were cut off, if they were paid off or sometimes officials left very few notes with the CANCELLED stamp only. These notes (Shown above) which contain signatures intact are exceedingly rare. After a long wait of 12 years, I am able to have this example ... what a lovely note!

Please note that this note is stolen from my collection. 

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

Copyright by Nilaish, Esq. All rights reserved.