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The Origins of Indian Bank Notes And Their History

por Thelma Green (2019-08-10)

Way before early notes of India were introduced to the general public, the concept of "Hundies" was still prevalent for several years. The very first bank to issue old note of India was the Madras Bank. It was established by Governor Gyfford and his council in the year 1682. Towards the end of the 18th century, several other private and semi-government banks started issuing early notes of India. For example, the Bank of Hindostan was established in the year 1770 and it continued issuing notes of India until 1832. The General Bank in Bengal and Bahar was established in the year 1773 by Warren Hastings. However, it issued old currency note only for the next two years until 1775. The Bengal Bank became operational in 1784. It issued early notes of India until 1791. As only some of these notes exist today, they are considered to be rare bank notes. For administrative purposes, the East India Company issued note of India for specific territories or presidencies namely, Madras, Bengal and Bombay.

Indian presidency notes issued for Bengal featured designs only on one side. They are hence called as uniface note. Every collector dreams of having these amazing old currency note in their collection. These old note bore denominations such as one gold mohur, 100 rupees, 250 rupees, 500 rupees and more. Bank of Bengal started issuing Commerce Notes featuring designs on both the obverse as well as the reverse. One side of these beautiful Indian notes featured an allegorical female figure symbolising "Commerce". The bank name and denominations were mentioned in Urdu, Bengali and Devanagari on the obverse side. By the end of 19th Century, the representation of commerce was replaced by Britannia. More complex designs were introduced as many of these old notes of India were bring forged. This new series of Indian Presidency notes was called as Britannia series.

The Bank of Madras was set up in the year 1843 by merging three other banks namely, the Carnatic Bank, the Madras Bank and the Asiatic Bank. The Carnatic Bank was established in the year 1788 at Fort St. George. The madras bank became operational in the year 1795. And finally, the Asiatic Bank was established in the year 1804. Bank of Madras issued the least number of early notes of India. These rare notes featured a vignette of the then Governor of Madras, Sir Thomas Munroe. Due to their rarity, note collectors from different parts of the country constantly look for 소액결제정책 these stunning old Indian note.

Bombay presidency also circulated Indian notes issued by private banks. For example, it circulated notes issued by the Bank of Western India from 1842 to 1845. The Oriental Bank circulated old Indian notes too from 1842 to 1884. Similarly, the Commercial Bank of India issued their notes from 1845 to 1866. Although Bank of Bombay was set up in the year 1840, it started issuing and circulating old currency note for Bombay Presidency from 1850 to 1860. Bank of Bombay issued 1,00,000 of Ten Rupees note in the year 1860. These wonderful early notes of India featured pictures of the Asiatic Society of Bombay along with statues of Sir Mountstraut Elphinstone and Sir John Malcom. After a new Currency Act was introduced in 1861, private as well as presidency banks were not allowed to issue promise note.

Early Indian note can reveal a lot about our colonial past. Apart from their historical significance, many of these Indian notes are extremely rare as well. Keep researching about these notes of India if you really want to compile an interesting collection. Do share pictures of your collection!

Read and learn about old Indian bank notes that were issued during the colonial period. Find out interesting facts about the earliest Indian banks and the different types of notes issued by them. Get a brief idea about the broad categories of early banknotes of India to build an impressive collection.