Skip to main content

Timeline of Indian Paper Money

Compiled by
Nilaish
Mem. IBNS, L.M. (IBNS-IBCC)



Early Paper of India: Presidency Banks Issues 
(1800-1860) 

ca. 1791 - General Bank of Bengal and Behar (Bihar) hand sketch of C.N. Cooke (Accountant of Bank of Bengal (1863). Promissory Note Contemplation.

1806 - Bank of Calcutta was formed in Bengal Presidency. It may have issued notes but essays were made recorded by Symes (1904). No information beyond this is known.



1810 - Bank of Bengal (1809) designed promissory notes, earliest recorded date is 1812. These notes were uniface series (1812-1822). The last date recorded of this type is 1819. Gold Mohur notes were issued in Aug. 1816. One gold mohur = 16 sicca Rupees.




1823-56 - Bank of Bengal issued promissory notes with vignette of personified maiden sitting by the quay with articles of merchandise called, 'COMMERCE SERIES'. There are some varieties in the types. [Image Courtesy: Todywalla]. The notes were denominated in 'Sicca Rupees' and later by 1836 changed to 'Company's Rupees' and followed till 1856.

1840 - Bank of Bombay was formed. The recorded dates of its promissory notes are 1851, 1854, 1855, 1856, 1857, 1859, 1860. The notes were signed by John Stuart and James Blair.

1843 - Bank of Madras was founded. The recorded dates of its promissory notes are, 1845, 1849, 1851. The notes were signed by Robert Hunter (Secretary & Treasurer).




1857 - Bank of Bengal issues Britannia series [above]. It was issued by Major William Erskine in the early 1857 at Sauger.

Government of India 
UNIFACE SERIES 
(1861-1926) 


Image Courtesy: Rezwan Razack 

1861 - New Currency act was passed. The presidency banks and private banks were halted to issue notes by law. Currency department was formed to take over notes issued in provinces. The term used for the first time is, 'Currency Notes'. Controller of Currency issued notes. First series were Queen Victoria portrait issues [see above].  Notes were issued in denominations, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1000. Soon forgeries were made [see below] and it required to change the design.

Rs. 100 forged note was held in court against a forger in 1869. 

1871 - Uniface designs with green underprint were issued [see image]. Five Rupees notes were issued for the first time. The denominations issued were Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1000 and Rs. 10,000. 

Earliest five rupee note known dating to 24 June 1871 signed by F. Lushington.
Image Courtesy: Rezwan Razack 

Ten Rupees dating to 15 Aug 1904 signed by A.F. Cox [Serial number RA/16 85548]. 
Private Collection: Nilaish


1910 - Uniface designs with red underprint were issued [see image]. The Rs. 10 notes were universalized. 

Ten Rupees dating 4 Oct 1919 signed by MMS Gubbay 

 1917 - One Rupee notes were issued 31 Nov 1917. This is the first time that India observes one rupee notes issued. The first series were issued in booklets and wrapped in brown ribbon with a count of 25 notes. The notes were signed by MMS Gubbay, AC McWatters and H. Denning. 

1918 - Two Rupees Eight Annas notes were issued. 

1925 - First series of King George V portrait series notes were issued for Rs. 10. 

1927 - Second Series of King George V portrait series were issued for Rs. 5, Rs. 10. 

ca. 1930 - Third series of portrait notes were issued. 

WORK IN PROGRESS. 






Comments

Popular posts from this blog

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....funn...

British India One Rupee Notes

by Nilaish (Life Member of IBNS-IBCC) "One Rupee Notes: A legal tender for silver rupee coins to nickel rupee coins, in 1947 all silver content was gone from the rupee."  1917 First issue:  One rupee notes were first issued on 30th November 1917 representing 1917 one rupee silver coin. These notes were issued roughly in two types based on the following facts. Type 1:  The notes were issued in booklet of 25 notes with each note appearing as cheque leaf having perforations on the left. These notes were printed in England. Signed by A.C. Mc Watters. These booklets appeared like modern day cheque-books [see below]. 1917 One Rupee booklet with 25 notes signed by A.C. McWatters  Image Courtesy: Rezwan Razack  Prefixes issued in booklets were, Y and Z only. Sometimes inside cover, advertisements were printed. The obverse of the note has serial numbers diagonally left to right. ONE RUPEE in bold in the centre. On the left top we see obverse of rupee c...

Bank of Madras 3000 Rupees Specimen Note fetches 1,30,000 pounds at Spink Auctions London

  A Spectacular Auction Evening: Bank of Madras Specimens at Spink Auctions (London) 23 September 2025 Spink’s London “World Banknotes” auction (Auction 25009) drew keen interest from collectors and institutional bidders alike. Among the star lots were specimen banknotes of the Bank of Madras , one of the three Presidency Banks of British India, whose survival in specimen form is exceedingly rare. These notes—pattern designs not meant for general circulation—serve as prototypes, presentation pieces, or archives. Their extreme rarity, historical significance, and aesthetic appeal make them prized items in high-end numismatics. The auction of these notes sets a world record for presidency banknotes of India. The 3000 Rupees Specimen note of Bank of Madras has become the most expensive note sold ever out of all Indian banknotes in any auction worldwide.  The Bank of Madras Specimen Lots                          ...