History of Indian Notes – A Quick Overview and Interesting Facts

The earliest notes of India were issued by three banks - Bank of Hindostan which was functional from 1770 to 1832; the General Bank in Bengal and Bahar which was established by Hastings in 1773 and issued notes for two years; and the Bengal Bank which was functional from 1784 to 1791.

Old notes of India issued for Bengal presidency featured designs only on one side initially. Later on, these currency notes of India featured the allegorical female figure of Commerce and designs on both sides.

Bank of Bombay released beautiful currency notes in India from 1840 to 1860. Private and presidency banks were not allowed to issue paper money after the Currency Act came into effect from 1861. These Indian notes were better in quality than notes issued by other banks and they featured a picture of the Town Hall of Bombay. 

The Carnatic Bank, established by Fort St. George in 1788; the Madras Bank, founded in 1795 and the Asiatic Bank established in 1804, came together to form the Bank of Madras in 1843. This bank issued notes of India featuring the vignette of the then Governor of Madras, Sir Thomas Munroe.

The very first British India notes that were issued after the Currency Act belonged to the Victoria Portrait series and featured designs only on one side. These notes were produced out of handmade paper and came with better security features. They were cut into two parts, one part was sent by post and the other half was sent only after the receipt was confirmed.

The unifaced underprint issues were released in 1867 as the earlier notes from Victoria Portrait series were counterfeited on a large scale. The Currency Note Press was set up in Nasik in the year 1928. The press started printing currency notes of India with even better security features.

When it comes to old Indian notes issued by Princely states, Osmania Notes of Hyderabad are the only ones that were circulated. Rare notes of India issued by other colonial powers such as Portuguese bore denominations such as Rupias, Tangas and Escudos. Indian notes issued by the French colonial powers bore the denomination Roupies.

Hope you got a fair idea about the history of Indian notes. So look for these interesting and rare notes of India to put together a brilliant collection.
 

Brief History of Indian Notes and Its Categories

Currency notes in India have evolved in a big way right from the Early Indian notes issued by the East India company to the modern notes of India that were issued after independence. Let’s take a look at the brief History of Indian Notes today.

Major Categories
Currency notes of India can be classified into four major groups namely, early banknotes of India issued for Bengal Presidency, Bombay Presidency and Madras presidency; notes of India issued during the British regime; Princely state issues of Hyderabad, Notes issued by other colonial powers like Portuguese and French and finally the modern notes of India that were issued after independence.

Early Banknotes
The Bank of Hindostan was operational from 1770 to 1832. The General Bank in Bengal and Bahar was established by Warren Hastings in 1773. These banks issued Early Indian notes until 1775. The Bengal Bank was established in 1784 and was operational till 1791.

British India Notes
British India notes can be further classified into four categories namely, Portrait Note of Queen Victoria, Uniface Notes of Government of India, King George V issues and King George VI issues. Rare notes of India featuring a portrait of Queen Victoria were issued in different denominations such as 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 500 Rupees and 1000 Rupees.

Princely State Issues
Osmania notes of Hyderabad were the only princely state issues that were circulated within the Indian subcontinent. These beautiful old notes of India featured intricate designs and Persian texts. They were issued in denominations such as 1 Rupee, 5 Rupees, 10 Rupees, 100 Rupees and 1000 Rupees.

Colonial Notes
Colonial notes of India issued by the Portuguese bore denominations such as Rupias, Tangas and Escudos. They were mainly green in colour with maroon designs and lettering. Rare notes of India issued during the French regime bore denominations such as 1 Roupie, 5 Roupies, 10 Roupies and 50 Roupies.

Modern Notes of India
Finally, the first notes of Independent India were issued in 1949 bearing the denomination 1 rupee. For two years after independence, extant notes of British India were in circulation. The latest entry into the family of Currency notes in India are the violet coloured 2000 rupees note, new 500 rupees note, chocolate brown coloured 10 rupees note, light blue coloured 50 rupees note, orange coloured 200 rupees note, and new 100 rupees note.

Through the study of the History of Indian Notes, we can learn a lot about our country’s past!

Two Wonderful Notes of India from Colonial Period worth Collecting

The history of Indian notes will take you back to the times when India was under the British Regime. These Amazing old notes of India feature interesting designs and have a lot of stories to say. Let’s learn about two interesting notes of India, one which was issued by East India Company and the other which was issued by British India.

5 Company Rupees of Bengal Presidency  

These old Indian notes bore the denomination 5 Company Rupees and were printed on handmade White paper by the Bank of Bengal for circulation within Bengal Presidency during the colonial times. They were known as Uniface notes because they featured designs only on one side. The year date on these rectangular banknotes of the dimension 15cm X 28 cm was absent.
The vignette on these notes of India appeared on both sides in vertical panels and featured an Elephant with its Mahout. The text 'Union Bank' appears in English, Devanagari, Persian, and Bangla while the text 'Union Bank, Calcutta' appears in English on these old notes of India. The English text 'Calcutta' is surrounded by denomination in words in English, Bangla, Persian, and Hindi. The denomination appears in Roman, Devanagari, Persian, and Bangla numeral in corner panels of these currency notes of India. The Central Panel features Promise Text, Manuscript date, Manuscript serial number, Denomination in English, Devanagari, Bangla, and Persian numerals, 'Entd. By' manuscript signature, and 'Cashier' signature. The Watermark depicts the Ashokan Pillar. The text “on demand” appears before Promise text.

500 Rupees Uniface Note Featuring Queen Victoria

These rare notes of India were issued for Calcutta circle and bore the denomination 500 rupees. They were known as Uniface notes as they featured designs only on one side. They were printed on handmade white paper and featured a portrait of Queen Victoria.
The obverse of these currency notes in India featured a Profile portrait of Queen Victoria in a floral wreath; 'Government of India'; Serial numbers with prefix, promise text; Denomination in words in Bangla and Persian; Circle between printed mirrored dates on either side; Denomination in numerals in Persian and Bangla; The name of Sub-Circle is an overprint; Hand stamped signature at the time of issue 'For The Government Of India; Denomination panel in numerals and words.
The watermark of these old Indian notes depict the text GOVERNMENT OF INDIA, denomination in words and numerals, signature of Sir James Wilson, the finance member of legislative Council, signature of Lord canning, the Governor General. There are wavy lines in central promise text panel as well.

It is very difficult to find these beautiful Currency Notes in India with so much historical value. If you have similar Indian notes in your collection, do let us know!

Journey of Old Notes of India through Interesting Examples

The journey of Indian notes has been very fascinating right from early banknotes of India to republic of India notes. When you study and analyse this journey, you would be surprised to discover several unknown aspects about Indian currency, history and economics. Let us Understand the History of Indian Notes today by looking at certain interesting examples.

Early Banknotes of India

Bank of Bengal, Bank of Bombay and Bank of Madras issued early banknotes of India for Bengal presidency, Bombay presidency and Madras Presidency respectively.

These 10 rupees rare notes of India issued by Bank of Bengal featured a personified 'Commerce' sitting on articles of merchandise. The obverse featured the text 'Bank of Bengal' in Bangla, Persian and Hindi in a vertical ornate panel. Other inscriptions include the manuscript's serial number, manuscript date, promise text with denomination; 'Entered by' manuscript signature; denomination panel and the denomination in words.  The reverse featured the text 'Bengal Bank'; printer's name and type of plate used for printing while the watermark depicted the Ashokan Pillar.

British India Notes

British India notes can be further classified as portrait note of Queen Victoria, Uniface notes of Government of India, King George V issues and King George VI issues.

This uniface 10 rupees note of Queen Victoria was issued for the Calcutta circle on 9th May 1862. The obverse featured a portrait of Queen Victoria. Other inscriptions include the texts 'Government of India'; Serial numbers with prefix, the promise text; Denomination in words in Bangla and Persian; mirrored dates; Denomination in numerals in Persian and Bangla; 'For The Government Of India; Denomination panel in numerals and words. The name of Sub-Circle is overprinted. The signature on these old notes of India was hand stamped at the time of issue. The watermark featured the text GOVERNMENT OF INDIA, denomination in words and numerals, signature of the finance member of legislative Council - Sir james Wilson, the signature of the Governor General Lord Canning and wavy lines in central promise text panel.

So far, we have only looked at two examples from two different categories of Indian Banknotes. Apart from these types, there are princely state issues, colonial notes of India and the Republic India notes as well. Keep upgrading your knowledge as and when you keep adding new banknotes of India to your collection.


 

How to Go about Building a Commendable Collection of Indian Notes

Currency notes in India are available today in different denominations like 1 rupee, 5 rupees, 10 rupees, 20 rupees, 50 rupees, 100 rupees, 500 rupees and 2000 rupees. Indian notes of the denomination 1000 rupees were banned in November 2017 along with the then-circulating 500 rupee notes. The decision was taken by PM Narendra Modi to curb black money. Notes of India of the denomination 2000 rupees is the latest addition in the family. Designs of Currency notes of India of the denomination rupees 10, rupees 50 and rupees 500 have been recently changed as well. History of Indian notes has always been fascinating, right from the first issues that were released during the colonial rule to the latest 2000 rupees notes. It gives you an idea about the economic condition of those times. Those who are interested in collecting and studying about currency notes of India, or any other country for that matter, are known as notaphilsts.

You will find different kinds of notaphilists. Some are interested in collecting uniface notes from British India, while there are many others who are on the lookout for modern notes of India with fancy serial numbers. You would be surprised to know that there are collectors who are willing to even pay lakhs of rupees for a single note with a fancy serial number. A lot depends on the condition of notes, their rarity and market demand.  That’s the reason why you should make sure that you are storing your collection of precious Indian notes in quality note collecting accessories so that their condition remains intact over several years. There is no use if you have rare notes of India in your collection but are unable to preserve their condition. Once a note is folded or is slightly torn, their market value reduces drastically!
    
There are a very few hobbies which not only give you immense joy but also increase your knowledge. Apart from patience and dedication, you also need to have an eye for noticing interesting serial numbers or combinations on banknotes. It is sometimes difficult to find old notes of India or rare notes of India. There is no point in getting frustrated. You can rather utilize the same time in researching about the history of Indian banknotes or searching Indian notes with unique serial numbers.

My Favourite Piece from my collection of Currency notes of India

When we think of Indian notes, all we think about is cash in our wallets. But if you are a passionate collector or notaphilist, you will go one step further. Notaphilists will take their time and keep looking at notes of India for hours together. They would try their best for finding out the history of Indian notes along the various symbolic depictions on them. Many would wonder what is so exciting about collecting Currency notes of India. Collecting notes is a hobby which is not very popular, but those who do it are the ones who can explain the joy of indulging in notaphily.

I have been collecting old notes of India since five years now, but I still think that there is a lot to achieve. Some of the expert collectors that I met recently have amazing collections of rare notes of India like the ones that were issued during the British times. Sometimes I wished I had some of those in my collection of Indian notes, but that’s how it is. You won’t find what you are looking for unless and until you are passionately trying to find it wholeheartedly. If I was asked to choose the most special piece form my collection of currency notes in India, I would be a super solid 1 Re note that was issued in 1917. Very recently our 1 rupee note celebrated its hundredth anniversary and I felt proud of owning a piece of history with me. I also have an interesting collection of colonial notes that were issued by the French and Portuguese. Some collector friends continuously lure me to sell those beautiful notes of India, but deep down they know that I will never do that ultimately. That’s the main difference between a collector and a dealer who is only looking to make some quick money by buying and selling notes randomly.

I have inculcated the habit of closely analyzing every Indian notes that comes to me. My friends sometimes laugh at me, but I don’t really care because collecting old notes of India is my passion and will continue doing it as and when I get some free time.    

   

Types of Old Indian Notes that Notaphilists look for

There are several passionate Notaphilist in our country who loves collecting interesting Indian Notes. They follow different themes based on the era in which these currency notes in India were issued. Notes of India can be broadly classified into five categories namely Early Banknotes, British India, Princely states, colonial issues and republic India notes. The kind of notes that a Notaphilist wants to collect is based on personal likes and interests.

There are many others who look for Rare Notes of India with unique serial number. There is another group of collectors who are keen on studying different imageries and motifs on Old Notes of India. No matter which category you fall into, this History of Indian Notes is really exciting and equally fascinating. If you are a true collector, you wouldn’t be satisfied by simply adding Rare Notes of India in your collection. You will take some effort in learning about the historical significance hidden behind these Currency Notes in India. By studying about issue limits and serial numbers of banknotes, you can understand the rarity of notes in your collection. Only if you are aware about these facts, would you will be given your due respect in this community.  

Early banknotes of India can be further classified into specific issues released by the three different presidencies namely, Bengal, Bombay and Madras. British India notes can be categorized into Portrait Note of Queen Victoria, Uniface Note of Government of India, King George V and King George VI. When it comes to old Indian notes issued by Princely states, Hyderabad was the only princely state that released its own Currency Notes of India. Other colonial issues include amazing Indo-French and Indo-Portuguese notes. There are many rare notes of India falling in these categories which have been sold for impressive amounts in auction houses all over the world. And finally, Republic India Notes can be further classified as Government of India issues, Indian Notes released under Reserve Bank of India, Persian Gulf issues and Haj Pilgrim notes.

With so many varieties to look forward to, collecting and studying about Rare Indian Notes is a dream for any Notaphilist!

Fancy numbers play a vital role when it comes to collecting Indian Notes

The term given to the study of banknotes is Notaphity. And when you have to study banknotes you would invariably have to collect them. So what are the facts and features about banknotes that excite and lure a collector? Well, that’s a very relative question and it completely depends on the interest of the collector. I have been collecting Indian notes since five years now and I have completely got hooked on to it. Initially all I was interested in collecting was fancy numbered Indian Notes. 

I started with currency notes in India whose serial number ended with the digits 786. The number has a lot of significance for Muslims and it is considered to be a lucky as well. I accidently found a 10 rupee Indian note first with the serial number ending with this lucky number. I did not pay much attention to it. I was at the supermarket and was about to give it away to the owner, when he held it and looked at it for some time. He first thanked me. I wondered why he did that. After questioning him, I realised the importance of these notes. After several requests, I exchanged the note with another one and I kept the lucky 10 rupee Indian note with me. I don’t really know how lucky it was for me, but I surely fell for the idea of collecting more currency notes in India featuring 786 in the serial number. I started checking online for these notes and then found out that collecting Indian notes is a popular hobby that many pursue. I joined a few communities and interacted with several other collectors like me. This way, I started growing my collection of Indian notes slowly.

After I collected quite a few 786 notes, I moved on to sold numbers and super solid numbers. Unlike coins and stamps, serial numbers and fancy numbers play a vital role when you are a collector of banknotes. I slowly learned that there are many who are ready to pay thousands of rupees just for owning special currency notes in India featuring interesting serial numbers!