Portrait Notes of King George V issued by Indian Government back in 1917 onwards

By Nilaish

"This was the beginning of pictorial notes in the right sense, notes became dramatically beautiful!"

Currency Note Press at Nashik was inaugrated on 14 April 1928 and soon it started printing currency notes of India. Still some notes were printed by Bank of England Press as earlier they were printed there. The King George V was depicted in royal robes on the obverse of the notes having denomination Re. 1(1917,  dated 1935 issued on 1940), Rs. 2/8 (1918-1927), Rs, 5 (1925, 1933), Rs. 10 (1923, 1925, 1933), Rs. 50 (1930), Rs. 100 (1927), Rs. 1000 (1931), Rs. 10,000 (1931).

ONE RUPEE 

1917 Issue, there are 3 signature varieties 

One Rupee dated 1935, Issued in 1940, there are four varieties pertaining to design, watermark, paper, serial number pattern. 

TWO RUPEES AND EIGHT ANNAS 

Issued in 1918 and withdrawn in 1927. This denomination was equivalent to a dollar of that time. 

FIVE RUPEES 

Five Rupees with two signatures. H. Denning, J.B. Taylor 

1933 Issue was with two signatures, J.W. Kelly and J.B. Taylor 

TEN RUPEES 

Ten Rupees, issued with two signatures; H. Denning, AC McWatters. 

Ten Rupees, 2nd Issue with two signatures, H. Denning and J.B. Taylor. 

10 Rupees, J.W. Kelly and J.B. Taylor signed these notes. 

FIFTY RUPEES 

50 Rupees, Signed by H. Denning and J.B. Tyalor 

Image Courtesy: Spink 

100 RUPEES 

100 Rupees, signed by J.W. Kelly, J.B. Taylor and H. Denning 

1000 RUPEES 

1000 Rupees, J.B. Taylor and J.W. Kelly 

Specimen, Image Courtesy: Anonymous 

10,000 RUPEES 

10,000 Rupees, signed by J.B. Taylor and J.W. Kelly, 

Image Courtesy: Rezwan Razack 

Top Ten Rare Banknotes of India

By Nilaish

"Paper money is fragile and when used a lot, loses it's life but collecting them is even a great challenge!" 


It is known from various catalouges [1] and [2] that, Indian paper money originated in 19th Century from Bengal Presidency. Bank of Hindostan and Bank of Bengal were the earliest banks in the presidency who issued paper money.

The earliest year of issue of Bank of Bengal is 1812. However, notes were issued since 1770 but there is no evidence to support these claims. Indian paper money is divided into roughly four periods, a) East India Company Period (1800-1860), b) British Government of India Issues (1861-1936), c) Reserve Bank of India British Issues (1937-1947) and d) Republic India RBI Issues (1949- ).

In the following list, I will pick up some of my personal favourites which are exceedingly rare currency notes of India. The price is not the guiding factor solely for this ranking. One may reshuffle and consider them ... as you wish....funny thing... Money!

Number 10: RBI 100 Rupees George VI Portrait - Front Facing Watermark 

Image Courtesy: Rezwan Razack 

Reserve Bank of India, 100 Rupees, ca. 1944, Bombay, signed by C.D. Deshmukh, watermark: front facing profile of King George VI, serial number in black. There are two varieties in serial number pattern of this type, i) Black serial and ii) Green Serial (Kanpur). It can command as high as Rs. 500,000 in this grade. 

Number 9: RBI 100 Rupees HAJ Issue 

Image Courtesy: Numismondo.net 

Reserve Bank of India, 100 Rupees, Haj pilgrims issue, red orange in colour and two elephants in the reverse. This is a rare note and can command as high as Rs. 10,00,000. 

Number 8: RBI 1000 Rupees 1938 Issue 

Image Courtesy: Spink

Reserve Bank of India, 1000 Rupees, Calcutta, Signed by J.B. Taylor (2nd Governor of RBI). To get a note higher than the illustrated grade is a challenge! This note was sold for GBP 3,600. 

Number 7: Government of India 100 Rupees Rangoon Issue 

Image Courtesy: Numispedia 

Government of India, 100 Rupees, Rangoon, ca. 1934, signed by J.B. Taylor, rare. 

The notes issued for Rangoon circle having George V portrait are generally scarce to rare. One may consider the Rs. 1000 note having portrait of George V with Burma ovpt. (LEGAL TENDER IN BURMA ONLY). If we talk about this 100 Rupees note's worth then we are looking to fetch upto Rs. 3,50,000 or even higher! 

Number 6: Rupees Two and Annas Eight Note! 

Government of India, Rs. 2/8 (Rs. 2.5), Rangoon, signed by MMS Gubbay, ca. 1918, rare. The two rupees and eight annas notes are peculiar issue are very valuable. Government of India never issued this denomination since it was withdrawn in 1927. This denomination was issued to convert one dollar during the first world war. There were different circles who issued notes among them rare circle notes are, Rangoon, Lahore, Karachi and Cawnpore. A perfect example was auctioned by Todywalla Auctions recently for Rs. 6,50,000 + premium. 

Number 5: George V 50 Rupees Issue 

Government of India, 50 Rupees, Bombay, ca. 1930, signed by J.B. Taylor, rare. 

Valued depending on condition and circle of issue lies between Rs. 3,00,000-6,00,000. 

Number 4: RBI 5000 Rupees 

Image Courtesy: Spink

RBI, 5000 Rupees, Bombay, signed by B.Rama Rau, ca. 1954, rare. 

This note can be worth as much as Rs. 15,00,000. 

Number 3: RBI 10,000 Rupees issued in 1954 

Image Courtesy: Spink 

RBI, 10,000 Rupees, Bombay, signed by BRama Rau, ca. 1954, rare. 

This note was auctioned by Spink in 2012 for GBP 21,000+ 

Number 2: George V Rs. 10,000 note! 

Image Courtesy: Rezwan Razack 

Government of India, Rs. 10,000, Calcutta, ca. 1930, Signed by J.W. Kelly, issued note with serial number Z/1 132982. Unique example. 

Number 1: RBI 1938 Rs. 10,000 first issue 

Image Courtesy: Rezwan Razack 

RBI, Rs. 10,000 Rupees, Lahore, signed by J.B. Taylor, issued note with serial number A/2 010613, rare. Unique example. Any circle issue of this type is a rare accomplishment. Truly remarkable. 

References

[1] Albert Pick, 1994, Standard Reference Guide to World Paper Money, Krause Publication, USA. 

[2] Rezwan Razack, Kishore Jhunjhunwalla; 2012, The revised standard reference guide to Indian Paper Money, Currencies & Coins, Munbai. 

Gems of my collection

"I started collecting stamps, coins and notes since 1995 and yet not grown out of that boyhood passion". 

-Nilaish 

Introduction: 
I started collecting first postage stamps of different countries from my friends and relatives. I kept hinging stamps in my red album since that time...and also today I am filling gaps in the album. I used to look for used envelopes from foreign countries. I found this addiction rather interesting and very compelling. Slowly I learned that it is more interesting to collect stamps by theme or by a country! I collected stamps of India (1911-1985), Commonwealth Stamps (& 200 Countries) (1840-1945) and Service Stamps of India (1911-1985). It took me 20 years to reach to this level and If I want to count them then it is a nightmare!

When I was 12 years old my mother showed me some old silver coins preserved in our family. These one rupee coins were of British India. I first saw images of Queen Victoria, King Edward VII, King George V, King George VI on Indian coins. I was amazed and asked from my father and family how come we have British Monarchs on Indian coins? My father told me to find out, as he is a Professor of History! This helped me to learn a good deal of geographical and historical knowledge of India and abroad. I first saw few one rupee notes with pictures of King George VI in green-blue colour. This helped to get fascinated and collect notes of India since British era.  I am presenting 5 gems of my collection here and I have ranked them as I like them. The rank might change in few years.

Number 5: 1895 Morgan Dollar Philadelphia mint  

Type: Morgan Silver Dollar

Year: 1895

Mint Mark: No mint mark

Face Value: 1.00 USD

Total Produced: 880,000 [?]

Silver Content: 90% 

Silver Weight: .7735 oz.

Value: As a rough estimate of this coins value you can assume this coin in average condition will be valued at somewhere around $28,786, while one in certified mint state (MS+) condition could bring as much as $70,000 at auction. This price does not reference any standard coin grading scale. So when we say average, we mean in a similar condition to other coins issued in 1895. Relatively few 1895 dated silver dollars exist today. Original mintages at the time were only a fraction of most other dates. Because of its rarity a coin of this importance requires a close inspection to realize its full value. Of particular interest is the mint that struck the coin. Silver dollar collections are often formed around the different mints striking coins and in 1895 only two mints were involved. A distinctive "mintmark" was used by each and placed on the reverse. 

Number 4: 1904 10 Rupees dated 15th Aug. 

Govt of India, 10 Rupees, 15 Aug. 1904, Calcutta, signed by A.F. Cox. 

Provenance: 1914 Purchased for 14/-, Sold to me by Grandson of the owner (Information upon request). Valued over US$ 4,000+ 

Number 3: Wajid Ali Shah, Asharfi 

Awadh, Wajid Ali Shah, Lucknow Mint, Gold Mohur (Ashrafi), AH 1265/3 RY, Obv: "bitayid elah zille haque"couplet, Rev: bait-us-sultanat lucknow mulk awadh, parasol above crown, sana julus & zarb, flanked by mermaids holding flag, crossed swords below, 10.66g, 21.14mm, (KM # 378.1). Exceedingly rare in this grade, Valued for US$ 6,000+

Number 2: KGVI 1000 Rupees 

Reserve Bank of India, 1000 Rupees, Calcutta, signed by James Braid Taylor, About uncirculated. It is rare to find this type in top grades. I consider this grade by pleasing and without any flaws or annotations. Valued over US$ 6,000+ 

Number 1: 1939 One Rupee 

Top 10 Rare Banknotes of the World

By Nilaish

"Rich collectors dabble to hold on to these rarities in their portfolio to protect their investments as price realizations are amazing on these banknotes!"

This list is prepared based on the price realizations available from different auction houses. Please note that this article does not solicit any kind of investment opportunity and is provocative in nature. This list is based on the facts collected from different sources.

Banknote collecting is a passion for collectors for life long! I had been collecting for past 20 years and felt many times dragged out from bidding wars between riches competing for a note...that I desired! Rarity is the key and condition staggers the price tag of the note. However, rare notes are highly sought after among serious collectors. Collecting banknotes can be an expensive hobby, and isn’t as widely known as coin collecting which is a popular pastime of many. Misprints, are also intriguing and are quite rare because they don’t usually make there way into circulation. Rare bills can be the most expensive, especially if they passed through the hands of a well known figure.

Number 10: 1918 $1,000 Alexander Hamilton Bill

Image Courtesy: TheRichest 

In 2012 this American treasury banknote appeared on an episode of Pawn Stars. It was valued at $7,000, far less than others on this list because there are more around today, about 150 of them are still in existence. The 1918 series banknotes are considered collectible, with the $1000 denomination being the highest available currency to collect, $5,000 and $10,000 bills were issued but only exist in museums. Bills printed with a dollar sign are especially valuable, the most heavily circulated will sell for $8,000 but depending on serial number and condition they can go for $10,000 today.

Number 9: 1929 Bank of New Zealand 100 Pounds Note

Image Courtesy: TheRichest

A 1929 100 pound banknote sold for $11,500 in December 2013. The banknote was in near perfect uncirculated condition with few scribbles. The first banknotes local to New Zealand weren’t printed until 1967 and before that they were shipped over from Europe after the bank opened in 1930. This bill is one of the first New Zealand banknote printed, and has a portrait of Maori King Tawhiao. It has the handwritten date for the date of production, a cancellation and other annotations at the top, but in otherwise perfect shape and extremely rare.

Number 8: Ming Dynasty 400 Cash Banknote

Image Courtesy: Stack's and Bowers 

A rare 400 cash banknote is being auctioned off on April 14 at Stack’s Bowers auction, with an opening bid of $60,000. The banknote will likely sell for more. It dates back to the first emperor of the Ming dynasty so was produced between 1368-1398. The banknote has a historical significance as well as a value for paper money collectors. The large format bill is only one of two examples of the currency, with the only other remaining note being held in a museum collection. 

Number 7: 1 million pounds banknote

Image Courtesy: Spink 

One of the worlds nine one million pound banknotes was sold in 2011 at a specialized sale in London, England. It was printed August 30, 1948 under the post-war Marshall Plan to help the British economy. The notes were a part of a $300 million loan from the United States but were never legal tender. Most of the bills from the transaction were destroyed except the highest denominations and two million pound bills survived. The bill sold was printed on the Bank of England watermarked paper and was used when the treasury needed to borrow funds from the Bank of England. The banknote was the subject of a 1954 movie starring Gregory Peck called The Million Pound Note. Sold for US$ 115,000. 

Number 6: 1928 $50 Gold Certificate 

Image Courtesy: TheRichest 

A 1928 $50 gold certificate was is valued at $120,000 and will sell at Heritage Auctions in April. Its one of the best examples of the note. Gold certificates were a way to invest in gold and represented an amount of gold owned. These notes were the early forms of paper currency and were recalled in 1933 under the Roosevelt government when it became illegal for the public to possess gold. The higher denominations of the notes were redeemed and are now rare. Only a dozen or so $50 gold certificates exist today. Sold for US$ 120,000. 

Number 5: Australia's first issued banknote

Image Courtesy: Noble Numismatics 

There is only a single bill left from the first printing of Australia’s first paper currency issued in 1817. There were 100, 10 shilling notes printed the first day and not even the Bank of New South Wales had a copy in its collection. It was thought none had survived until 2005 when one popped up in a Scottish collection in good condition. It was thought the bill was added to the collection by the originator of the bank, Lachlan Macquarie himself. The banknote will be sold in a Sydney action and is valued at $226,000.

Number 4: Rare Australian 1924 1000 pounds banknote 

Image Courtesy: TheRichest 

A rare 1000 pound Australian banknote was sold in a public auction, setting a new world record for most expensive Australian banknote ever sold. The Rare Coin Company purchased the banknote but it changed hands again to a private collector who agreed to allow the company to exhibit the bill to the public under strict insurance and security arrangements. The bill is the only known 1000 pound note in public hands and previously hadn’t been sold since 1998 where is got $86,000 before a controversy caused it to be seized by the Federal Police. The Bank of Australia claimed ownership, but relinquished it a short while later. 1000 pound bills were only circulated for a short time before they were restricted to internal affairs and exchanges between banks. It is now valued at US$ 1.2 million. 

Number 3: 1882 $500 gold certificate 

Image Courtesy: TheRichest 

A collection of early and rare U.S. banknotes was discovered in the back of a bankers drawer in mint condition. The notes date back to the 1800’s and were once thought to be worthless are valued 1700 times there original worth. The collection is expected to sell for $5.7 million dollars but the rarest of the collection is a $500 gold certificate from 1882 which was among the very first bank notes printed in America. The notes are incredibly rare and a lucky find for them to be in such great condition so many years later. It is valued now for US$ 2.4 million. 

Number 2: 1891 red serial $1000 Banknote 

Image Courtesy: HA.com 

The 1891 Red Seal bill sold at auction for $2.5 million in Schaumburg in April 2013.  According to CoinWeek, the bill set a new world record for a U.S. banknote sold at auction until it was beat by the 1890 Grand watermelon bill earlier this year. It was originally only expected to bring in $2 million. The Red Seal is only one of two thought to be in existence still today. The Red Seal last sold at auction in 1944 where it brought in a mere $1,350.  The banknote has a portrait of United States General, George Meade. General Meade served in the civil war and became Commanding Officer of the Army of the Potomac and fought in many major battles throughout the war. It is valued for US$ 2.5 million. 

Number 1: 1890 Grand Watermelon Bill 

Image Courtesy: maxvalue 

The 1980 Grand Watermelon banknote sold for more than double the previous record for antique currency in 2006 when it was sold but the record was temporarily taken when the 1891 Red Seal bill sold last April. In January, the Grand Watermelon reclaimed its title as the most coveted antique currency when it brought in $3.2 million at an Orlando Auction. The bill is only one of two known to still be around, and it’s the only available bill for collectors. The other is at the Federal Reserve Bank of San Francisco. The red seal Grand Watermelon note got its nickname for the appearance of stripes of green lines in the denomination number making it resemble the pattern of a watermelon. It is now valued at US$ 3.2 million. 

Signatures on Early Paper Money of India

By
Nilaish - IBNS Member


"Promissory notes which were issued before 1860, were less used by public than merchants and servants of the Company, these promissory notes served for heavy transactions of gold and silver coins!" 

1 Introduction 
The Bank of Bengal (1809-1861), Bank of Bombay (1840-1861) and Bank of Madras (1843-1861) were three semi-government banks who issued promissory notes in the Bengal, Bombay and Madras Presidency. These banks first started the wide culture of promissory notes in India. These notes were paid in gold and silver coins on demand at the desired branch. These promissory notes were sometimes, cut in halves and rejoined at the time of payment, and signatures were torn to cancel the note and stamped CANCELLED in blue, red and black.

In these cancelled notes we find a hoard of notes with Accountant signatures only in Bank of Bengal promissory notes. The notes of Bank of Bengal are of three types broadly; Unifaced series, Commerce series and Britannia series.

Bank of Bombay and Bank of Madras notes were spared from being cut in halves and signatures torn. A very few of them have survived in better grades than Bank of Bengal notes. The promissory notes of Bank of Madras are a very few...but some contains signatures of Treasurer and Secretary. The Bank of Bombay notes contains two signatures of Treasurer and Secretary between 1840 and 1860.

2 Accountants Signatures on Bank of Bengal Promissory Notes: 

Signature 1: Henry Tyler (Jan. 1809- Jan 1824), 

Accountant, left below denomination panel manuscript signature. 

'

Signature 2: H. Henderson (Jan 1824- October 1839),

 Accountant, left above denomination panel manuscript signature. 

Signature 3: H. I. Lee (April 1834 - Feb. 1860), 

Accountant, Left above the denomination panel manuscript signature. 

Signature 4: C.N. Cooke (April 1834 - Mar. 1867),

Accountant, Left above denomination panel manuscript signature. 

Signature 5: G.W. Moultrie (Aug. 1852 - Aug. 1881) 

Accountant and Treasurer, right below the Bank of Bengal Panel manuscript signature. 

Image Courtesy: Todywalla Auctions. 

3 Secretary and Treasurer's signatures on Bank of Bombay and Bank of Madras notes: 

Signature 1: John Stuart  (1842-1860), 

Secretary and Treasurer, Right below 'For the Bank of Bombay' manuscript signature. Image Courtesy: Rezwan Razack 

Signature 2: James Blair (1855-1865) 

Secretary and Treasurer, Right below 'For the Bank of Bombay' manuscript signature. 

Signature 3: Robert Hunter (1845-1850), 

Bank Secretary, Right below 'For the Bank of Madras' manuscript signature. Image Courtesy: Rezwan Razack. 

A journal of an Indian paper money collector!

By Nilaish

"It took me 20 years to collect from the hands of keepers ... but seems that the searching will never end" 

Any reason for me that I am a collector? I was always entitled to dismay, when I was looking for an answer! As time passed, I started to discover the answer to this question. Answer was lying in the blowing wind! Collect, preserve and study! This revelation happened to me when I studying in class 6th looking coins in my history text. I loved them and they appeared very beautiful to me. I began my journey of collecting coins. All I got...was from my mother and grandmother, some silver and copper coins. The sharp designs of coins eluded me. You know...these coins educated me to learn a typical British Indian rupee. Later, I discovered in an envelope few old 1940 dated one rupee notes...all were lying in the trunk in my store house! It was enough for me to get fascinated and carried away in the field of paper money and coins, i.e. numismatics.

As time passed... I came out of my native place, Khagaria (a small district town in Bihar) was very offering to me for coins but no notes! I always wanted to find interesting examples with shopkeepers, cut-note dealers, etc. For my schooling I went to Patna, there I found some notes with cut-note dealers which ignited my passion to collect British India paper money. Since then, I never stopped spotting an opportunity and going for British India paper money. It took me to...the narrow lanes of the Chandi Chowk (Delhi, 2005) to the historical lanes of London (UK, 2011-2013). In between, I lived in Kota, Jaipur, Madras (Chennai), Bangalore (Bengaluru). This journey was a great gain to understand the history of paper currency in India during the Raj.

My collection is divided into three parts:

PART 1: Currency notes issued between 1857 and 1935
The banknote which I collected is from Bank of Bengal (1809-1921) dating 1857. This year marks the first war of independence fought by sepoys against British East India Company (also coined as, "Sepoy Mutiny"). The note's signature is taken off after payment and two splits are joined together (norm by the bank). As per Bank of England Museum the vigentte, Britannia was commissioned from a painter called, Daniel Maclise. It depicts her as a Saxon Princess in a Pre-Raphaellite style. This vignette appeared on all currency notes of Bank of England since 1855. The design information of Britannia can be found at Bank of England Musuem located at Threadneedle Street, Bank Station, London. It was the Romans who, in recording their invasion and colonization of the mysterious island (which they called Britannia) lying beyond Oceanus, a country which they believed full of silver, first portrayed Britannia on their coins. Much later Britannia was to become a fitting symbol to grace the reverse of the copper coins of King Charles II when, in direct allusion to the then war with the Dutch, her image symbolized her sovereignty of the seas. Universally recognized as the personification of Britain, she has graced the coins of every British monarch since. In early 1857, Major William Erskine issued this first coloured series called, Britannia issues. However, Britishers were able to defeat Indian Sepoys in 1857 and this act forced British Crown to take over the charge of Indian Empire. 

Bank of Bengal, 10 Rupees, 31st August 1857, Calcutta, Serial number 41001. 

Later I figured out...that the Currency Act of 1861 was passed for the Crown of Great Britain. This act stopped all Private or Presidency Banks to issue notes. After 1861, Govt of India took over issue of currency notes in India. In the beginning they issued notes with Queen Victoria's portrait but it survived for a very short period (1861-66) [see below]. 

Govt of India, 10 Rupees, 6th May 1865, Calcutta, signed by Major H. Hydes. 

Serial number A/21 81821. Image Courtesy: RBI Archives. 

Due to forgeries of Queen's portrait designs [see below, the image is confirmed to be a contemporary forgery], this type was discontinued. 

Queen Victoria's forged 100 Rupees note dating to 1861. A court case was run in this regard. 

The new design which was considered fit for circulation were uniface series with green underprints. There are many variations in the language panels and watermark types. The issuing circles are also know to issue these types. The main currency notes issuing circles were, Calcutta, Bombay, Madras, Allahabad, Lahore, Kurachee (Karachi), Vizag., etc. A full list of these circles can be obtained from Razack et al. (2012). I had acquired a banknote from a collector who acquired it from his grandfather, who was a Jail Superintendent during 1910-15 and seized it from a prisoner! What a story, he told as his grandfather told him the story and showed his signature at the back of the note! wow! [see next]: 

Govt of India, 10 Rupees, 15th August 1904, serial number 85548, signed by A.F. Cox (Controller), 

I liked the story and the date...so I picked up this note! 

Later series were printed with red underprint. One example what I have is [see next]: 

Govt of India, 10 Rupees, 4 Oct. 1919, serial number 12983, signed by M.M.S. Gubbay (Controller). 

I was surprised to see currency notes with very odd denomination; Rs. 2/8 notes! I collected this type as well [see next]: 

Govt of India, Rupees two and annas eight, ca. 1918, withdrawn in 1927. Serial no. 393617 issued from Rangoon. It was quite a discovery.  

It is remarkable to note that first portrait note of King George V were issued in 1917. The one rupee notes were first issued with coin image of King George V dating to 1917 [see next]: 

Govt of India, One Rupee, 1917, Portrait of King George V on the obverse. 

From 1927, we observe portrait notes of King George V. Some in my collection are: 

Govt of India, 10 Rupees, 1927, King George V portrait , signed by H. Denning 

Govt of India, 5 Rupees, King George V portrait, signed by H. Denning. 

Govt of India, 10 Rupees, King George V portrait, signed by H. Denning. 

Govt of India, 10 Rupees, King George V portrait, signed by J.B. Taylor. 

Govt of India, 5 Rupees, King George V portrait, signed by J.B. Taylor. 

1935, One Rupee Issue (originally issued in 1940) 

Govt of India, 5 Rupees, King George V, signed by JB Taylor, size reduced. 

Govt of India, 10 Rupees, King George V portrait, size reduced. 

Same designs are also having J.W. Kelly signature! The RBI act was passed in 1935. Hence resulted in formation of nationalized central bank, who was responsible for issuing currency notes. RBI first issued notes in 1938. 

WORK IN PROGRESS!