Nilaish Paper Money Collection

Nilaish Paper Money Collection

Tuesday, August 9, 2016

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!