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