Old Currency Bank Notes of India – Interesting Facts and History

Old Currency Bank Notes issued after independence are known as republic India notes. However, the Reserve Bank of India continued to issue and circulate extant notes of British India till 26th January 1950 when the constitution of India was formed. The first ever 1 rupee notes of republic India were designed in the year 1949 by the Government of India. Ever since then, the Government of India has been issuing 1 rupee notes for India while all the remaining denominations are issued by the Reserve Bank of India. The latest denomination is the 200 Rupees note that was introduced last year and the 2000 rupees note that was introduced in 2016. Designs of 10 Rs and 50 rupees republic India notes have also be revamped recently.    

At first, it was decided that the old republic India notes would feature a portrait of the father of our nation, Mohandas Karamchand Gandhi, popularly known as Mahatma Gandhi. Strangely though, the decision was revoked at the last moment and the Lion Capital of Sarnath was chosen. This was probably because they didn’t want to depict a personality on the first republic India notes. Instead they wanted to feature a symbol that represents our country.

Old notes of republic India that were issued after 1953 started using Hindi language more boldly. Did you know that the Reserve bank of India had issued old currency banknotes of high denominations such as Rs 1,000, Rs. 5,000 and Rs. 10,000 in the year 1954? Another interesting fact about republic India notes is that the size of notes were reduced in the year 1967 as the nation was facing economic crises and the government wanted to implement cost-cutting measures. A commemorative series of republic India notes was issued in the year 1969 to celebrate the birth centenary of Mahatma Gandhi. Unlike other old notes of republic India, these special notes featured a seated Gandhiji with the Sevagram Ashram in the background.

The very first 20 Rs notes of republic India were introduced in the year 1972 and the first 50 rupees notes were circulated two years later, in 1975. The high denomination old currency banknotes were demonetised in 1972. The ancient mathematician Aryabhatta was featured on the 2 Rupees notes of republic India in 1980s. Similarly, the oil rig was featured on 1 rupee note and Farming mechanism was featured on 5 rupees notes issued during this period. The Konark wheel and Peacock were featured on 20 rupees and 10 rupees notes of this time.  

There are many such interesting facts related to old currency banknotes that need to be explored as a true Indian. So, start collecting different types of republic India notes to enhance your knowledge.

Tips for Collecting Rare Banknotes of India and Enhancing Knowledge

There is a large community of people who are crazy about collecting Indian banknotes. Some are interested in rare banknotes while others look for notes with fancy serial numbers. No matter where your speciality or expertise lies, there is a lot to learn through the study of old currency banknotes.

We have reached a stage where countries are now producing polymer notes, but do you know how  early banknotes of India were made? Most of these notes were made using handmade white paper, due to which it is very difficult to find early banknotes in extremely good condition.

The East India Company had made different territories in the Indian subcontinent namely, Bombay Presidency, Madras Presidency and Bengal Presidency for administrative purposes. Private and semi-government banks such as Bank of Hindostan, issued Indian presidency banknotes that were circulated only within these specific territories. Some of these early banknotes come in unique denominations such as 8 rupees, 16 rupees, 5000 rupees and more. Many of them had designs only on one side. If you have any one of these rare banknotes in your collection, you can make a lot of money by auctioning them. The unique calligraphy and designs on these old banknotes of India make them even more precious.

It is very important to take care of these early banknotes by using quality banknote albums as they are very delicate. Only if you maintain the condition of your notes, will you be able to fetch good returns in the future.  Apart from that, join as many online and offline communities who are into collecting early Indian banknotes. This way, you will get to know about the historical significance of certain unique banknotes of India.

Knowledge is everything in this hobby. If you don’t keep researching, dealers and sellers might try fooling you by selling notes at a much higher value than its actual market value. The best way to increase your knowledge about early banknotes is by reading reference books and catalogues written by famous notaphilists. When you are aware about each variety of Indian banknotes, you will be able to put together a more impressive collection. So, lose yourself into the world of early Indian banknotes and enhance your knowledge along with your collection.