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Thursday, 16 March 2017

462) Evolution of One Rupee Notes in India: i) Pre-Independence One Rupee note issues ii) Post Independence Note issues iii) Why one rupee notes are the only denomination issued by Government of India iv) Stoppage of one rupee note printing in 1994 v) Reintroduction of this denomination in 2015 vi) One rupee Banknotes are still legal tender but now a Collector’s item vii) Errors in this denomination:



462) Evolution of One Rupee Notes in India: i) Pre-Independence One Rupee note issues ii) Post Independence Note issues iii) Why one rupee notes are the only denomination issued by Government of India iv) Stoppage of one rupee note printing in 1994 v) Reintroduction of this denomination in 2015 vi) One rupee Banknotes are still legal tender but now a Collector’s item vii) Errors in this denomination:



The pre-Independence India One rupee Banknote issues:

On 30.11.1917, the one Rupee Banknote was first issued in India as a wartime measure, during World War I, to conserve specie. This Banknote carried on the Back the image of the one rupee coin which it promised to pay on demand. The language used on the Front was only English.

The early Banknotes carried two to four language Panels.

25 note booklets were issued in a carmine cover with the royal insignia of G.R.I. and a crown on top.

On the Back this Banknote carried 8 Indian languages in the Language Panel - Urdu, Hindi, Bengali, Burmese, Telugu, Tamil, Canarese (Kannada) and Gujarati. 

 As a matter of interest, all Reserve Bank of India Banknotes in the denominations of Rs.2/- and above also carry the same Languages Scheme in the Language Panel.

Symbolically, the One Rupee Banknote carried the image of a Rupee coin, showing George V’s portrait on the Obverse and with the year mentioned as 1917 on the Reverse). This practice of including a one rupee coin has continued ever since.

This Banknote was printed on white handmade moulded paper with two types of Watermarks – “a star enclosed within a rectangle” and a “shining star with rays without a rectangle”.

The size of this Banknote was 17 cm x 14 cm (approx).

This Banknote was issued as a promissory note which was later withdrawn.

Valuation of this banknote: The present day valuation of this Banknote ranges between Rs.22,000/- and Rs.30,000/- because of its rarity.


               The Front of a One Rupee note issued in 1917 showing the portrait of George V on the One Rupee Silver Coin representation on this face. Notice that the only language used on this face is English
 The Back of the One Rupee Banknote shows eight Indian languages in the Language panel. The Royal insignia "GRI" is on the left. The Back of the  One rupee silver coin shows the year of issue as "1917"

The 1940 issues: both Banknotes bearing the portraits of King George V (issued on 24.07.1940) and George VI (issued in 1944):

On 24.07.1940, the one Rupee denomination was reintroduced during World War II, as a wartime measure, bearing the effigy of King George V, who had passed away in 1936. The year of issue on the image of the one rupee coin at the Back was however, shown as 1935.

It was printed on white handmade paper and carried three types of watermarks – i) a five pointed star interspersed with the words India Government, ii) a profile portrait of George V who had passed away in 1936, placed on the right, iii) a profile portrait of George V placed on the right, along with One Rupee.

These Banknotes were dated 1935 and were the only Banknotes of Rupee One denomination, with the Serial number on the Back.
In terms of Currency Ordinance, 1940, it was not issued as a Promissory note, but had the status of a coin and was issued by the Reserve Bank of India on behalf of the Government of India. In conceptual terms, these Banknotes represented fiat money.

The size of this Banknote was 12 cm x 17 cm.

Symbolically, as in the 1917 issue, this One Rupee Banknote too carried the image of a Rupee coin, (the Obverse had the portrait of George V and the Reverse had the image of a quaternary silver one Rupee coin with the year mentioned as 1940).
 Also, on the Back, this Banknote carried 8 Indian languages in the Language Panel - Urdu, Hindi, Bengali, Burmese, Telugu, Tamil, Canarese (Kannada) and Gujarati. 

This Banknote was issued in booklets of 25 Banknotes each as in the 1917 issue. The cover of the booklet was grey green with the royal insignia of “G.R.I.” and the “crown” in the centre.
 A booklet of 25 One Rupee Banknotes stitched together

 Some Banknotes were “stitched” together into a booklet or pinned together by a single staple to form the booklet, as such, these Banknotes bear perforations on the left margin.

These Banknotes were followed by the issue of another Series of Banknotes, in 1944, which although issued in 1944, bore the issue year “1940” on the one rupee coin depicted on the Back.

This Banknote was printed on machine made paper with the watermark profile portrait of George VI to the right on the Front.

In lieu of the King’s portrait on the right side of the Front and left side of the Back, a quaternary silver one rupee coin bearing George VI’s left facing profile and the year of issue as 1940 was depicted. This Banknote continued to be in circulation even after India became Independent in 1947 and was legal tender till 27.10.1957.

Valuation of this banknote: The present day valuation of this Banknote ranges between Rs.15,000/- and Rs.25,000/- because of its rarity.

The Secretary of the Finance Department, Government of India signed these One Rupee Banknotes.

Post Independence India issues:


One Rupee Banknotes are generally signed by the Secretary, Ministry of Finance. Nevertheless, the exact designation of the signatories varies. Since Independence eighteen Secretaries had signed the one Rupee Banknotes till the time it was last issued in 1994.

Nevertheless, issuance of the one rupee Banknotes was revived in 2015 and it has also been issued in 2016 and two Secretaries, Ministry of Finance – Rajeev Mehrishi (2015 one Rupee Banknotes) and Rattan Wattal (2016 one Rupee Banknotes) have signed these issues, while Ashok Lavasa (present Secretary, Ministry of Finance), will be signing the 2017 releases.

The story of evolution of this denomination which has now staged a comeback mostly as a collectors'item:                                                               

During Post Independence India, the first one Rupee Banknotes were issued during the tenure of Shri K.R.K. Menon, Secretary Ministry of Finance (12.08.1949 – 1950). This denomination of Banknote was issued with a “Plain Inset” with the Prefixes A, B and C.

The other features of this Banknote were – Size: 64 mm x 101 mm. It was grey-green in colour. On the right side the Front, this Banknote exhibited a large Ashoka Pillar placed within an ornamental frame. There was a large ornamental numeral “1” in the centre also on the Front.

There was a large rectangular watermark window with the Ashoka Capitol watermark.

One noticeable feature of these Banknotes was that the language used was entirely English and they were issued in the name of “Government of India”. Like before, they did not carry the “Guarantee Clause” to pay an equivalent sum of money to the bearer of the Banknote.

On the Back were depicted a floral motif on the top left side, below which was the numeral “1” and the denomination of the Banknote “ONE RUPEE”.  In the centre were 8 Regional languages in the Language Panel - Urdu, Hindi, Bengali, Burmese, Telugu, Burmese, Tamil, Canarese (Kannada) and Gujarati. 

This Banknote came in packets of 100 sewn together with white or red & white cord or were stapled together.

Valuation of this banknote: The present day valuation of this Banknote ranges between Rs.20,000/- and Rs.30,000/- because of its rarity.

During the tenure of Shri K.G.Ambegaonkar, Secretary, Ministry of Finance (1950-1955) One Rupee Banknotes were issued with a “Plain Inset” with the Prefixes C to H and J to O.

The size of these Banknotes was 64 mm x 101mm.
These Banknotes bore the same design and style as the earlier issues – having a large Ashoka Capitol on the Front and a floral motif at the back. These Banknotes were issued in packets of 100 pieces either stapled or sewn together.

In 1951, the denomination rendered in Hindi was accorded prominence on the Banknotes. Languages were rearranged in alphabetical order.

A second design was issued during Shri Ambegaonkar’s tenure in 1951, bearing a “Plain Inset” having the size of 64 mm x 101 mm, as before. The colour of this issue was also grey-green and it bore 7 Regional languages (the RBI having ceased to be the Bankers to the Government of Burma in 1947. As such issues after 1949 do not bear Burmese in the Language Panel, which was gradually replaced by Oriya in all denominations). The Prefixes used in this issue were A to M.

These Banknotes were also issued in packets of 100 pieces either stapled or sewn together. This was the last issue which was sewn together. Thereafter, all packets of One Rupee Banknotes issued till 1994 were stapled.

A third design was issued under Shri Ambegaonkar’s signature on 02.11.1953, having the same design and style but the colour of the Banknote was changed to blue/violet. The Prefixes used in this issue were A to P (with the omission of I and O).

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.1,500/- to Rs. 4,000/-.

During the tenure of Shri H.M. Patel Secretary, Ministry of Finance (1955-57), One Rupee Banknotes were issued in 1951 with “Plain” and “A” Insets, but with no change in design or style. The Prefixes used were P to Z (in the Plain Inset issues) and A to G (in the “A” Inset issues).

For the first time, the Language Panel was reset alphabetically.

A second design of One Rupee Banknotes was issued in 1957 with the Inset “A”, under Shri Patel’s signature with a scalloped design in the coin in Front and with the words “Sau Naye Paise” (meaning “100 New Paise”) in place of the earlier “One Rupee” on the Back. The design and style otherwise remained the same as in earlier issues.

The Prefixes used were G to L (with the omission of I).

Then again, on 16.07.1957, Shri Patel in his new capacity as the Principal Secretary, Ministry of Finance, released another set of Banknotes which had its design and style the same as in earlier issues. This Series was issued with the Prefixes L to Z (with the omission of O).

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.500/- and Rs.2,000/-.

During the tenure of Shri A.K. Roy, Secretary, Ministry of Finance (1957), a single issue of One Rupee Banknotes was made in 1957, with the Inset letter “B” and design, size and style of the Banknotes being the same as in the previous issues.

Valuation of this Banknote: The present day valuation of this Banknote is around Rs.500/- to Rs.1,000/-

During the tenure of Shri L.K. Jha, Secretary Ministry of Finance (1957-64), three issues took place:

The first one (in 1957) was issued with a “C” Inset and Prefixes – A to Y (with the omission of the letters I and O).

The second one (in 1957) was issued with a “D” Inset and Prefixes – A to Y (again with the omission of the letters I and O).was issued with an “A” Inset and Prefixes – A to Y (with the omission of the letters I and O).

The third one (on 25.09.1963) had the same design and style as the previous issue but with a yellow-brown predominant tinge and its watermark window was changed. This Banknote was issued with an “A” Inset and Prefixes – A to Y (with the omission of the letters I and O).

In December 1960, the number of languages in the Language panel was increased to thirteen, including Assamese, Kashmiri, Malayalam, Marathi, Punjabi and Sanskrit.

The other changes included – 13 Regional languages placed in the languages panel on the Back (Assamese, Bengali, Gujarati, Kannada, Kashmiri, Malayalam, Marathi, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu). This change was necessitated, because with the formation of new States on linguistic pattern, the number of languages had to be increased in December 1960 to include Assamese, Kashmiri, Malayalam, Marathi, Punjabi and Sanskrit and these were now included in the One Rupee Banknotes)  and

 “One Rupee” being mentioned in place of “Sau Naye Paise” (meaning “100 New Paise”) in the recent earlier issues.

Valuation of this banknote: The present day valuation of these Banknotes ranges between Rs.750/- (for the earlier issues) and Rs.11,000/- (for the later issues) because of the changes incorporated.

During the tenure of Shri S. Bhoothalingam, Secretary Ministry of Finance (1964 - 66), three issues took place:

The first one (in 1964) had the same design and style as the previous issue and had a yellow-brown predominant tinge.

Its watermark window was changed to a squarish design. This Banknote was issued with a “B” Inset and bore only the Prefix A, making it the rarest issue in post Independence India issues of one rupee Banknotes, and presently it commands a high value of around Rs.30,000/- to Rs.35,000/- per piece.

The other changes included – 13 Regional languages placed in the languages panel on the Back.

We hear stories about some lucky collectors who are in possession of a S. Bhoothalingam signed One Rupee Banknote packet issued in this Series. In fact, a few years ago, there was a story carried in all newspapers that a 1 rupee packet issued under the signature of the then Finance Secretary S. Bhoothalingam in 1964 was sold by its owner for Rs.30.00 lacs (approx.). He went to his Bank to collect this packet from his Bank locker for delivering the packet to the buyer, travelled back in a Bus, instead of an exclusive cab/taxi, and in his excitement of having made a fortune on this packet, when he reached home he realised that he had lost the packet in transit.

Nevertheless, you can begin your Note collection today, if you are not a collector already, and who knows, maybe someday we may read your name in the papers as someone who made a fortune by selling his/her notes which were collected 10 or 20 years ago.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.35,000/- and Rs.40,000/- because of its rarity.

The second one (in 1965) also had the same design and style as the earlier issue and 13 Regional languages at the Back. It was issued with a “B” Inset and the Prefixes – A to K (with the omission of the letter I).

 The third issue (on 21.01.1966) was issued with a “Plain Inset”. Its design and style were the same as in previous issues but it bore a smaller watermark window and numbers to the left. It also had a large ornamental “1” in the centre. These Banknotes were issued with the Prefixes – A to Y (with the omission of the letters I and O).

Valuation of this banknote: The present day valuation of these Banknotes (for individual pieces) ranges between Rs.750/- and Rs.1,500/-.

During the tenure of Shri S.Jagannathan (1967-68), two issues took place:

The first issue (in 1967) again was identical to the previous issues but was issued with an “A” Inset and the Prefixes – A to V (with the omission of the letters I and O).

Its colour was Violet and it had the same dimensions 63 mm x 97 mm.

The second issue (in 1968) was similar to the previous issue and also bore an “A” Inset and the Prefixes – V to Y. Its colour was Violet and it had the same dimensions 63 mm x 97 mm.

Valuation of this banknote: The present day valuation of these Banknotes (for individual pieces) ranges between Rs.750/- and Rs.1,500/-.

 During the tenure of Shri I.G.Patel (1968-72), nine issues took place:

The first issue (in 1968) was similar to the previous issues and bore a “B” Inset with the prefixes – A to T (with the omission of I and O). Its colour was Violet and it had the same dimensions 63 mm x 97 mm. It was signed by Shri Patel in his capacity as Secretary, Ministry of Finance.

The second issue (in 1969), which also bore a “B” Inset was again identical to the previous issues and was issued with the same colour and dimensions under Shri Patel’s signature as Secretary of Finance. This issue bore the prefixes T to V.

The third issue (Mahatma Gandhi Birth Centenary Commemorative issue (again in 1969) now bore Shri Patel’s signature in his elevated capacity as Special Secretary Ministry of Finance.

In this issue, which was released to commemorate Mahatma Gandhi’s Birth Centenary , on the Front of the Banknote, the one Rupee coin depicted Mahatma Gandhi’s left facing profile and the three lion Ashoka Capitol moved to the back of the coin/this banknote.

The rest of the design, colour and style of this banknote were the same as in the previous issues, except for the change in the commemorative coin design.

This banknote was issued with a “Plain Inset” with the prefixes – A to T (with the omission of I and O).

The fourth issue (also in 1969), was printed with a “C” Inset and the normal design, style, size and colour returned to this Banknote as in the second issue. This issue had the prefixes A to G.

The fifth issue (in 1970), was also printed with a “C” Inset and the previous design, style, size and colour. This issue had the prefixes G to T (with the omission of I and O). This banknote issue was signed by Shri Patel in his previous capacity as Secretary, Ministry of Finance.

The sixth issue (in 1971) also bore a “C” Inset and was identical to the previous issue and bore the prefixes T to Y. This banknote issue was signed by Shri Patel in his capacity as Secretary, Ministry of Finance.

The seventh issue (in 1971), was issued with a “D” Inset and was again similar to the previous issues. This issue bore the prefixes A to K (with the omission of I). This banknote issue was signed by Shri Patel in his capacity as Secretary, Ministry of Finance.

The eighth issue (in 1972) also bore the Inset “D”, was similar in all other aspects to the previous issue and bore the prefixes L to Y (with the omission of O). This banknote issue was signed by Shri Patel in his capacity as Secretary, Ministry of Finance.

The ninth issue (also in 1972) bore an “E” Inset and was again similar to the previous issue. It bore the prefixes A to K (with the omission of the letter I).

Valuation of this banknote: The present day valuation of these Banknotes (for individual pieces) ranges between Rs.750/- and Rs.1,500/-.

During the tenure of Shri MG Kaul (1973-76), eight issues took place:

The first issue (in 1973) was similar to the previous issues and bore an “E” Inset. It bore the prefixes L to Y (with the omission of the letter O).

The second issue (also in 1973), was issued with the Inset “F” and was identical to the previous issue in every respect. It bore the prefixes A to J (with the omission of the letter I).

The third issue (in 1974) was also issued with an “F” Inset. No other changes were made in design and colour etc. as before.

This Banknote was issued with the prefixes J to V (with the omission of the letter O).

The fourth issue (in October 1974) was issued with a “G” Inset and was identical to the previous issues. This Banknote was issued with the prefixes A to J (with the omission of the letter I).

The fifth issue (in 1975) was again issued with a “G” Inset and was similar to the previous issues. It bore the prefixes K to Y (with the omission of the letter O).

The sixth issue (in September 1975) was circulated with an “H” Inset and was identical to the previous issues. This issue was released with the prefixes A to F.

The seventh issue (in 1976) was released with an “H” Inset also and was identical to the previous issues. This issue bore the prefixes F to Y (with the omission of the letters I and O).

The eighth issue (December 1976) was issued with the Inset “I”. There was no change in the design and format, which was identical to the previous issues. The issue bore the prefixes A to D.

Valuation of this banknote: The present day valuation of these Banknotes (for individual pieces) ranges between Rs.750/- and Rs.1,500/-.

During the tenure of Shri Manmohan Singh (1976-1980), five issues took place:

The first issue (in December 1976), was issued with a “Plain Inset”, otherwise the design and layout was the same as the previous issues.

This issue was released with the prefixes A to N (with the omission of the letter I).

The second issue (in 1977) was again issued with a “Plain Inset”, with no change in the design and format. This issue was released with the Prefixes P to W.

The third issue (in 1978) was made with an “A” Inset and was again identical to the previous issues. This issue bore the prefixes A to L (with the omission of the letter I).

 

 The Front of a “tattered/worn out” One Rupee Note in my collection, issued with an “A” Inset bearing Serial number “39 L 993413”, signed by Secretary, Ministry of Finance, Manmohan Singh. These banknotes show at the top “Government of India” (in English) first, below which is mentioned “Bharat Sarkar” in Hindi). Later, after 1981, this trend was reversed and “Bharat Sarkar” was mentioned above the inscription “Government of India”.Also, notice that the Serial number on this Banknote is on the left side while the signature of Mr. Singh is on the right side



 The Back of the One Rupee Note shows the Language Panel in the centre with includes 13 languages. The One Rupee Coin image shows the large then circulating coin image marked “1978”. Notice that no mint mark is affixed below the year of issue, as this is not a Reserve Bank of India issue, an “error” which has crept in most of the later one rupee note issues which exhibit the Mumbai Mint’s Diamond Mint Mark. I have discussed this aberration elsewhere in this post.


The fourth issue (in 1979) was released with an “A” Inset. There was again no change in the design and style, which was similar to the previous issues. This issue bore the prefixes M and N.

The fifth issue (in 1980) again bore an “A” Inset and was similar in design and format to the previous issues. This Banknote bore the prefixes P to T.

Valuation of this banknote: The present day valuation of these Banknotes (for individual pieces) ranges between Rs.750/- and Rs.1,500/-.

During the tenure of Shri RN Malhotra (1980-81), three issues took place:

The first issue (in August 1980) bore an “A” Inset, otherwise it was similar to the earlier issues. It was issued with the prefixes U to W.

The second issue (also in 1980) bore a “B” Inset, otherwise it exhibited no changes in design, style and format.

The third issue (in 1981), which was released with a “Plain Inset”, brought about several changes in the design, colour and style of the One Rupee Banknote.  This issue bore the prefixes A to H.

New colours were introduced – blue, brown, pink, deep purple and multi-coloured. The edges now showed a circular and coloured watermark window. The number “1” in the centre of the Front of the Banknote and the English denomination “One Rupee” were removed and replaced by a stylised “Ek Rupiya (meaning “One Rupee”) mentioned in Hindi with a stylised dark floral background.

The size of the Banknote was revised to 63 mm x 96 mm (from the earlier 63 mm x 97 mm).

The serial number of the banknote which was hitherto placed to the left of the Front of the Banknote was no placed directly below the bilingual signatures of the Secretary, Ministry of Finance. The Banknote showed a scalloped Rupee coin design.

On the Back of the Banknote, the languages panel was moved to below the Reverse of the one rupee coin design. In the centre of the Banknote was placed the “Sagar Samrat” off-shore rig.

This pattern/design has been followed ever since for all one rupee Banknote issues.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.750/- (for the earlier issues) and Rs.1,750/- (for the later issue) because of the changes incorporated.

During the tenure of Shri M Narasimhan (1981-1983), only one issue took place:

This issue (in 1981) was issued with a “Plain Inset” and had the same designs and dimensions as were introduced during the tenure of Shri R.N. Malhotra. This issue had the prefixes K and L.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.500/- and Rs.1,000/-.

During the tenure of Shri Pratap Kishen Kaul (1983-85), three issues took place:

The first issue (in 1983) was released with a “Plain Inset”. In this Banknote, the design of the one rupee coin was changed to the newly designed smaller coin design, otherwise, the design, style and format remained the same as the previous issues. This Banknote was issued with the prefixes A and B.

The second issue (in 1984) bore a “Plain Inset” and was identical to the earlier issue. This Banknote was issued with the prefixes C to F.
 The image of a one rupee packet issued during 1984, signed by Secretary, Ministry of Finance, Pratap Kishen Kaul, from the collection of my friend Rajan Trikha, who has sent this image from Amritsar.

 The Back of the One Rupee Note shows the Sagar Samrat Off-shore Oil Rig. There are 13 languages in the Languages panel. The One Rupee Coin image shows a one Rupee circulating coin image marked “1984” below which is seen the “Diamond Mint mark of the Mumbai mint.
The third issue (in 1985) was again issued with a “Plain Inset” and was identical to the previous issues. This Banknote was issued with the prefixes G, H and K.

I remember that after joining the State Bank of India as a Probationary Officer in December 1982, after two years of probation, I joined Hardoi Branch, in the Lucknow Circle of the Bank as a young confirmed officer in March 1985.

I happened to enter the Currency Chest of the Branch with the permission of the diminutive Accountant Mr. O.P. Gupta and the Cash Officer. I was quite taken aback when I saw a huge mound of mint fresh one rupee note bundles (A bundle contains ten packets of 100 note pieces, i.e. 1,000 note pieces) and Mr. Gupta’s voice addressing me from somewhere behind the Note “mountain”. “Please come in Rajeevji and feel free to go around the Currency Chest. You can see the coin bags kept in the cages right ahead of you”.

This was my first visit inside a Currency Chest of any SBI branch and I was taken in by the “intoxicating smell” of the mountain of new bundles of one Rupee notes kept on the huge table. I enquired “Guptaji what are you doing with so many bundles of one rupee notes, you were quite lost behind this mountain of notes”. He laughed, “We have a practice of giving out one bundle each to all staff member on salary day. Tomorrow is salary day. If you give me a cheque for one thousand rupees, I will have a bundle delivered to your desk tomorrow”. I did as he had asked and I brought home to my mother in Lucknow two bundles of one rupee Notes received by me on two consecutive salary days. My mother, Late Mrs. Uma Prasad spent the notes judiciously and used to give Late (Mrs) Sheila D’Costa, our next door neighbour one packet every Christmas for Aunty D’Costa to give the visiting kids a token gift of one rupee as a Christmas present. One note packet from my first acquisition of One Rupee Banknotes has still remained with me, which I am presenting below:

 Interestingly, This Note packet represents the major chunk of my first ever pay received in the State Bank of India which I still remember was Rs.1858.15 paise i. e. 53.81%.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.500/- and Rs.1,000/-.

 

 The Front of the One Rupee Note packet in my collection, issued with a “Plain Inset” bearing Serial numbers “46K 4664301 to 400”, signed by Secretary, Ministry of Finance, Pratap Kishen Kaul. These banknotes shows at the top “Bharat Sarkar” in Hindi) and “Government of India” (in English). Notice the Blue Band around the Note packet which is an original RBI issue in 1985 (32 years old).

Just below the “Ek Rupiya”, denominational value of this note in the centre, one can see a faint outline of “Rupiya and Rupee” starting from “One Rupee” and ending behind the Serial number. This was one of the security features carried on this note.



The Back of the One Rupee Note shows the Sagar Samrat Off-shore Oil Rig. There are 13 languages in the Languages panel. The One Rupee Coin image shows a one Rupee circulating coin image marked “1985” below which is seen the “Diamond Mint mark of the Mumbai mint. I have discussed the appropriateness or otherwise of including an India Government Mint mark on one rupee notes elsewhere below in this post, as these Banknotes are issued by the Government of India and not the RBI.

 During the tenure of Shri S. Venkitaramanan (1985-89), five issues took place:

The first issue (in 1985), bore a “Plain Inset”, otherwise it was identical in design, style and format to the previous issue. The Banknotes in this issue had the prefixes L to W (with the omission of the letter O).



 The Front of a One Rupee Note bearing number “11L 605763” bearing a “Plain” Inset signed by Secretary, Ministry of Finance,  S. Venkitaramanan. Notice the intricate designs on this note. On the top periphery is mentioned “Bharat Sarkar” (in Hindi) and “Government of India” (in English). The one rupee coin image accords this note the status of an asset (as explained later in this post).

 Just below the “Ek Rupiya”, denominational value of this note in the centre, one can see a faint outline of “Rupiya and Rupee” starting from “One Rupee” (in English) and ending behind the Serial number. This was one of the security features carried on this note.

 Interestingly, this Note in my collection is an error issue as explained in the last paragraph of this post.

 

 The Back of this One Rupee Banknote shows the Sagar Samrat Offshore Rig. Notice that the year of issue on the coin image is “1985” and there are 13 languages in the Languages Panel on the left hand side.

 The second issue (in 1986) bore the Inset “A”, and was again identical to the earlier issue. These Banknotes were issued with the prefixes A to L (with the omission of the letter I).
The Front of a One Rupee banknote issued with the Inset letter "A" from my friend Rajan Trikha's collection who has sent this image from Amritsar.
 The third issue (in 1987) again had the Inset letter “A” and was similar to the previous issues. These Banknotes were issued with the prefixes M to Q (with the omission of the letter O).


 The Front of a One Rupee Note bearing number “91N 290598” bearing an “A” Inset signed by Secretary, Ministry of Finance, S. Venkitaramanan. Notice the intricate designs on this note. On the top periphery is mentioned “Bharat Sarkar” (in Hindi) and “Government of India” (in English). The One Rupee Coin image accords this note the status of an asset (as explained later in this post).



 The Back of this One Rupee Banknote shows the Sagar Samrat Offshore Rig. Notice that the year of issue on the coin image is “1987” and there are 13 languages in the Languages Panel on the left hand side.

The fourth issue (in 1988) was also released with the “A” Inset and was similar to the previous issues in every other detail. This Banknote was issued with the prefixes R to V.

The fifth issue (in 1989) also had an “A” Inset, was identical to the previous issues and bore the prefixes V and W.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.350/- and Rs.700/-.

During the tenure of Shri Gopi Kishan Arora (1989-90), only one issue took place:

It was issued (in 1989) with a “B” Inset and was otherwise identical in design, style and format as the earlier issues. These Banknotes bore the prefixes A, B and C.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.350/- and Rs.700/-.

During the tenure of Shri Bimal Jalan 1990-91), only one issue took place:

It was issued (in 1990) with a “B” Inset and was otherwise identical in design, style and format as the earlier issues. These Banknotes bore the prefixes D to G.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.250/- and Rs.500/-.


 The Front of a One Rupee Note bearing number “39G 785962” bearing a “B” Inset signed by Finance Secretary, Bimal Jalan. Notice the intricate designs on this note. On the top periphery is mentioned “Bharat Sarkar” (in Hindi) and “Government of India” (in English). The one rupee coin image accords this note the status of an asset (as explained later in this post). 

Just below the “Ek Rupiya”, denominational value of this note in the centre, one can see a faint outline of “Rupiya and Rupee” starting from “One Rupee” (in English) and ending behind the Serial number. This was one of the security features carried on this note.




The Back of the One Rupee Note shows the Sagar Samrat Off-shore Oil Rig. There are 13 languages in the Languages panel. The One Rupee Coin image shows a one Rupee circulating coin image marked “1990” below which is seen the “Diamond Mint mark of the Mumbai mint. I have discussed the appropriateness or otherwise of including an India Government Mint mark on one rupee notes elsewhere below in this post, as these Banknotes are issued by the Government of India and not the RBI.

During the tenure of Shri SP Shukla (1991), only one issue took place:

It was issued (in 1990) with a “B” Inset and was otherwise identical in design, style and format as the earlier issues. These Banknotes bore the prefix H only.

Having been released with only one prefix, each one of these banknotes commands a value of anywhere between Rs.250/- to Rs 500/- in mint condition.

I remember that Shri Shukla stays in Pune after his retirement from service and he was invited as an esteemed guest to the inauguration of the Heritage Room of State Bank of India Main Branch Pune, sometime in 2008. (The Heritage Room also had a separate exhibit, where 50 coins from my coin collection from the East India Company issues to present commemorative coins had been put on display). The Asstt. General Manager heading the Branch was keen on procuring a one rupee Banknote signed by Shri Shukla and place it in the heritage museum as a mark of honour to the esteemed guest. He managed to procure it for a sum of Rs.500/- from the Numismatic Society of Pune. Shri Shukla was very pleased and told me as such during our conversation in the later function.

During the tenure of Shri Montek Singh Ahluwalia 1991-94), four issues took place:

The first issue (in 1991) bore an Inset “B” and was otherwise identical in design, style and format as the earlier issues. These Banknotes had the prefixes H, K, L and M.

The second issue (in 1992) also bore an Inset “B” and was otherwise identical in design, style and format as the earlier issues. These Banknotes had the prefixes M and N.

The third issue (in 1993), was again issued with an Inset “B” and was otherwise identical in design, style and format as the earlier issues. These Banknotes had the prefix N.

The fourth issue (in 1994) was once again issued with an Inset “B” and was otherwise identical in design, style and format as the earlier issues. These Banknotes too had the prefix N.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.250/- and Rs.700/-.

In March 1994, the printing of One Rupee Banknotes was stopped thereafter on account of high costs involved in printing this denomination as well as the short life-span of these Banknotes.

Since 1996, two more languages were included in the Language Panel – Konkani and Nepali, raising the number of languages in the Panel to fifteen.
The names and positions of the 15 languages as contained in the Language Panel in present day issues as shown in this Rs 10/- image above

Provisions for printing one rupee banknotes retained in “The Coinage Act 2011”:

The Coinage Act 2011 which superseded the Coinage act, 1940 mentions “necessary provisions for inclusion of Government of India one rupee note within the meaning of “Coin” have been consciously incorporated in the Coinage Act, 2011. Further, the RBI, as per Section 24(1) of the RBI Act, 1934, is not empowered to issue bank note of denomination of value of one rupee”. Further, “apart from the metal, the coin may be made of any other material”.

Thus, according to this Act, “one rupee banknote” is a coin but RBI cannot mint it according to the RBI Act of 1934. This also explains why a one rupee coin is printed on the one rupee banknotes.

As such, one rupee banknote is simply classified as an asset, just like other coins. Therefore, the “Guarantee Clause” is not written on this note. Thus, while Reserve Bank of India (RBI) banknotes are a liability on which a “promise to pay” clause is printed, the printed “one rupee” coin on the Banknote is treated as an asset and it is the base of the Indian currency system.

As such, the Government of India is empowered to mint/print one rupee coin/banknotes which are treated as an asset.

During the tenure of Rajeev Mehrishi (2015), under the provisions of The Coinage Act 2011”, the issuance of one rupee Banknotes has been revived by the Government of India.

The only issue (2015) released during his tenure was issued with an “L” Inset and bears an image of the presently circulating one rupee coin.

Valuation of this banknote: The present day valuation of these Banknotes (individual pieces) ranges between Rs.50/- and Rs.100/- because of their novelty as a re-introduced denomination.


The Front of this One Rupee Note packet with Serial nos. “85 A 651001” to “10A 651100” issued with an “L” Inset, bears the signature of Secretary, Ministry of Finance, Rajeev Mehrishi and shows the presently circulating one Rupee coin.

This Note packet has been contributed for my collection by my dear friend and State Bank of India colleague, Satyajit Pratap who came all the way to Pune to deliver this packet to me.




The Back of this One Rupee Note packet shows the an image of the Sagar Samrat Offshore Oil Rig in the centre and the year of issue “2015” at the bottom of the Note in keeping with present day RBI issues. The year “2015” also appears in the coin image of the one Rupee coin on the top left in keeping with the earlier One Rupee Note issues. Thus this Note bears the year of issue “twice” which is a peculiarity of this issue.

Also notice that as in earlier issues of one Rupee Notes, there is the “Diamond Mint Mark” of the Mumbai Mint below the year of issue on the one Rupee coin portrayed on this coin. However, as per RBI guidelines (as explained elsewhere above), the One Rupee Note is issued by the Government of India as a separate asset, as RBI cannot be involved in its issuance. Thus, whether this age-old practice of including the Mumbai Mint Mark on the one Rupee coin images on One Rupee Banknotes violates the RBI Act prohibition and should the Government of India come up with its own “Mint/Print” mark is “food for thought” for collectors/Government of India.

For instance, when after MMTC-PAMP India started minting British Gold Sovereigns, under licence from The Royal mint, UK, they introduced the “I” mint mark (for India issues) in 2013.

Complete Note Packets in Mint Condition command a higher value than single pieces:

Complete and uncirculated packets of currency notes whether stapled or loose, with original paper bands have great Collector interest. For example, I have been offered Rs.6,000/- by a collector for my first packet of Rupee One Notes acquired by me at Hardoi branch.  However the packet is an integral part of my collection and rekindles a memory every time I see it.

Some interesting information related to One Rupee Note issues:

 You may come across an error note, though quite rarely. These notes are normally destroyed, but due to omissions at the concerned Currency Printing Press, they find their way into general circulation. These notes acquire great value for collectors.

 Take a look at the Front and Back images of a one-rupee currency Note in my collection which has come down into my collection from my father-in-law signed by the then Finance Secretary S.Venkatiramanan, issued in 1985. The value of this note would depend on an individual collector’s “need to possess” basis, but would be definitely more than uncirculated notes of the same period and denomination.







  


12 comments:

  1. Bineet Pandey has commented:
    "Excellent reading boss".

    ReplyDelete
    Replies
    1. Thank you so much, Bineet for going thru the post. Much appreciate.

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  2. Abhishek Pradhan has commented:
    "Wow this is very interesting .. thanks a lot for sharing."

    ReplyDelete
    Replies
    1. Thank you so much , Abhishek for your encouraging comment and for going through this post.

      Delete
  3. Rajan Trikha has commented:
    "Very informative post n me also having new packets of Rs one note n share with u soon"

    ReplyDelete
    Replies
    1. Sure, anytime, Trikha sahab. Do send me the images - front and back. Would love to put them up on this post.




      Delete
  4. Jayashree Mukherjee has commented:
    "Your observation ,perseverance & memory are without parallel. Really great."

    ReplyDelete
    Replies
    1. Thank you, Boudi. Just a bit of research work.

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  5. Vineeta Jain has commented:
    "Very informative Rajeev!!"

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  6. CM Kapoor has commented:
    "Nice information. Thanks."

    ReplyDelete
    Replies
    1. Thank you for visiting the post & your appreciative comment.

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