Author Topic: Nepal Banking tokens, Brass, 36mm  (Read 309 times)

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Offline africancoins

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Nepal Banking tokens, Brass, 36mm
« on: September 01, 2019, 12:41:54 PM »
All I can tell from this piece is...  Nepal, Brass, 36mm. What is it ? What was it for ?

Thanks Mr Paul Baker

Offline Pabitra

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Re: Nepal, Brass, 36mm
« Reply #1 on: September 01, 2019, 03:03:04 PM »
It is a payment token with " Nepal Bank Limited" " Kathmandu " branch written in legend.

Offline Pabitra

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Re: Nepal, Brass, 36mm
« Reply #2 on: September 01, 2019, 03:04:11 PM »
The reverse legend is " Bachat" or " Savings Account" and serial number 16.

Online Figleaf

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Re: Nepal, Brass, 36mm
« Reply #3 on: September 01, 2019, 03:19:20 PM »
I presume they were used in a similar way as the cashier's tokens shown here. I suppose 16 was a waiting line number, but I am wondering about the Bachat part. Maybe the bank had separate windows for savings account transactions and other payments?

Mighty interesting token! TFP.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Gusev

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Re: Nepal, Brass, 36mm
« Reply #4 on: September 02, 2019, 05:14:36 PM »
Similar token #30 (Loan Department)

Brass
17.7 g
46 mm
"Those at the top of the mountain didn't fall there."- Marcus Washling.

Offline africancoins

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Re: Nepal, Brass, 36mm
« Reply #5 on: September 02, 2019, 10:03:04 PM »
Thanks for the various bits of information.

Before I posted here, there was just one useful image I could find for “Nepal token brass” (or similar) that was anything like the piece in my first post in this topic. That other piece was hexagonal and otherwise generally similar to the piece I show here (not so similar as to have matching legends). I did have a clue that at least this round piece was bank related in some way. There is some similarity between the bank tokens from Madagascar I re-call and also the India tokens that have been mentioned by figleaf.

So evidently, the once “unidentified” round piece is a cashier’s token for a bank, the precise use of which we have a few good theories for. Now with translation from Pabitra I can see that the logo of Nepal Bank Limited includes the bank’s name in both English and Nepalese. It is a commercial bank, government owned and it was established in 1937. That is a useful clue to the age of the piece, though I would think that it is somewhat more recent than 1937.

One question I still have though, regarding the side that includes “16”, there is a word in the legend from the die and a word engraved above it. To what does each of these two words translate? (Which word is “Bachat” and what it the other word?

Thanks Mr Paul Baker

Offline Pabitra

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Re: Nepal, Brass, 36mm
« Reply #6 on: September 03, 2019, 05:42:48 AM »


So evidently, the once “unidentified” round piece is a cashier’s token for a bank, the precise use of which we have a few good theories for.


One question I still have though, regarding the side that includes “16”, there is a word in the legend from the die and a word engraved above it. To what does each of these two words translate? (Which word is “Bachat” and what it the other word?


First, the detail of reverse.

Kathmandu on the obverse refers to headquarter city of the bank which is capital city of Nepal.
The die made legend is Bachat which means meant for saving accounts.
The punched number is 16 and punched legend is "Jomsom".




Offline Pabitra

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Re: Nepal, Brass, 36mm
« Reply #7 on: September 03, 2019, 05:46:33 AM »
Jomsom is a small town, a district headquarter of Mustang district, on Tibet border of China.

The branch is located in the heart of the city

It is famous pilgrimage centre as well as base camp city for climbers attempting to Annapurna range of mountains, especially Dhaulagiri etc.

11 Facts and Things to do in Jomsom Nepal - Nepal Sanctuary Treks


Offline Pabitra

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Re: Nepal, Brass, 36mm
« Reply #8 on: September 03, 2019, 05:48:43 AM »
Banking tokens are no longer used but are a very important part of Indian Numismatics.

See

Classic Gallery of Indian Numismatics - A unique, classic and thematic gallery

Offline Pabitra

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Re: Nepal, Brass, 36mm
« Reply #9 on: September 03, 2019, 05:57:39 AM »
Before the advent of computerised banking and ATM, if one wanted to withdraw cash ( which was very often as there were no credit cards etc.), one would need to visit the branch where one had savings account.

One will need to carry either a cheque leaf or get a withdrawal slip from the branch.

After filing up, one will give it to ledger clerk who will give one such token and scribble the serial number on the cheque. Then she will see the ledger to verify availability of funds and mark it on the cheque after making entry in the ledger.

The cheque goes to signature verifier who will verify the signature.

Then it will go to officer in charge who will pass it for payment.

Then the cheque will go to cashier who will make the payment after taking the token back.

The token then goes back to ledger clerk for reuse.

After computerisation, all steps became one and counter person was called teller.

The tokens were sold off as scrap and numismatists from 1980s to as late as first decade of this century had a field day, buying them in bulk rate of brass.

Offline Abhay

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Re: Nepal, Brass, 36mm
« Reply #10 on: September 03, 2019, 04:59:36 PM »
INVESTING IN YESTERDAY

Offline Abhay

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Re: Nepal, Brass, 36mm
« Reply #11 on: September 03, 2019, 05:09:12 PM »
From my Facebook Page from March 2015:

Bank and Treasury Tokens - Those in the late 30's and above must be aware of these tokens, but today's Younger Generation does not know about these token.

In the not so olden days, when the banking system was still manual without any computers, the process on encashing a Cheque from the Bank or Government treasury was a long process, involving more than one Clerk, and more than one window counter.

If you wanted to encash your Cheque, first you had to go to a SCROLL Window, where a clerk would SCROLL or put the details of your cheque in a Ledger. Next you had to go to the Clerk who was maintaining your account. In larger banks, there used to be many such clerks, with the windows displaying the Accounts numbers that particular clerk was handling. You had to handover your cheque to that clerk, who, in turn, would give you one of such token, with a Serial Number marked on it. The Clerk would then check your account Balance from the Ledger pages, and if sufficient balance was there, would clear the check. In the meantime, you were free to sit on the Sofas/benches/chairs in the bank hall or even go out and had some Campa Cola or Dosa (There were no Pizza Hut or Dominoes in those days!!!). The clerk than would send your cheque to the Asst. Branch manager or other Senior Manager depending on the amount of the cheque. The Senior Manager than would again check the Balance from your Ledger, tally your signature from your Signature card with the bank, and if everything is OK, would send your cheque to the Cashier. As soon as your Serial Number would come, the Cashier would inform you by Displaying your S. No. on the Counter, You handover the token to the cashier, and collect your cash.

So, for a brief period of time, from the moment the Token was given to you till you handover the token to the cashier, the monetary value of the Metal bank Token was literally equal to the Cheque amount.
INVESTING IN YESTERDAY

Offline Gusev

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Re: Nepal, Brass, 36mm
« Reply #12 on: September 03, 2019, 05:20:52 PM »
Pabitra
 :thankyou: very competent.
"Those at the top of the mountain didn't fall there."- Marcus Washling.

Offline africancoins

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Re: Nepal, Brass, 36mm
« Reply #13 on: September 03, 2019, 09:23:24 PM »
Many thanks for the various bit of information on this piece, particularly giving it a precise location and details of the usage. It is now clearly identified.

Thanks Mr Paul Baker