Currency of British India And Its Fascinating History

CURRENCY OF BRITISH INDIA AND ITS FASCINATING HISTORY

 After the Paper Currency Act of 1861 was

introduced, the Government officially started issuing British India notes.

Presidency Banks were given the permission to circulate currency of British India for their respective circle of issue.  Agreements with Presidency Banks were terminated in 1867 after which the Mint Masters, the Accountant Generals and the Controller of Currency managed the issuance of British Indian currency notes.

 Unifaced British Indian Currency notes were

introduced in the Victoria Portrait Series. They were produced using handmade paper at the Laverstock Paper Mills.  Rs. 10, 20, 50, 100 and 1000 banknotes were issued in this series with security features like watermark, ‘GOVERNMENT OF INDIA’, ‘RUPEES’, two signatures and wavy lines etc.

These British India Notes were cut in half. One half was sent by post and the other half was sent again via post after the confirmation of receipt.

 British currency in India belonging to the

unifaced “Underprint Series was introduced in 1867 as notes from the Portrait Series were duplicated and circulated by fraudsters.  5, 10, 50 and 100 Rupees banknotes were allowed to be exchanged and enchased outside the circle of issue as well from 1903 to 1911.

 British Indian currency notes featuring the

portrait of King George V were issued in May 1923. The Reserve Bank of India became the official controller of Currency in 1935 and until then the Government of India continued issuing these notes.  The Currency Note Press in Nasik started printing currency notes in 1928. The security features were improved in 1932 with better watermarks, detailed portrait designs and multicoloured printing.

 Currency of British India featuring a

portrait of Edward VIII was supposed to be released in 1937. But Edward VIII was abdicated from the throne and five rupees notes featuring a portrait of King George VI was released in January 1938.  History of British India currency notes witnessed a lot of ups and downs which gave rise to many interesting varieties. As a collector, you will have to keep searching for these varieties so that you can put together an impeccable collection.