Author Topic: Collecting Indian paper money  (Read 3525 times)

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Offline Figleaf

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Collecting Indian paper money
« on: October 11, 2010, 05:38:17 PM »
Rs 1000 note of 1954 popular in Tanjavur
P Soundararajan PTI, First Published : 26 Sep 2010 01:01:09 PM IST

TANJAVUR: As the country celebrates the millennium of the Chola-built Brihadeeswara Temple here, Rs 1,000 denomination bank notes featuring the Temple that came into circulation in 1954 are gaining currency among numismatics. The panoramic shot of the Brihadeeswara Temple, also known as the Big Temple, had first appeared on the Rs 1,000 notes on April 1, 1954.

The currency lost legal tender in 1975 when the then government of the day headed by Late Indira Gandhi demonetised all the Rs 1,000 notes to unearth black money. The temple, dedicated to Lord Shiva, was built in 1010 A.D. by Tamil King Raja Raja Chola, and cultural events got underway today in the city of Thanjavur to mark the millennium milestone.

While notes of other denominations with different forms of currency art are available off the web for as low as Rs 300 and up to Rs 2,000, the Rs 1,000 notes are being traded among numismatics by invitation. "A Kolkata based numismatic has brought out a bank note catalogue with valuations and the Rs 1,000 denomination note is quoting upwards of Rs 20,000 each," a city-based paper money collector said, on the condition of anonymity.

The Reserve Bank of India had brought out five series of the Rs 1,000 notes, carrying the signature of its fourth governor Sir Benegal Rama Rau. The notes were printed from Delhi, Mumbai, Kolkata, Chennai and Kanpur. While notes printed in Mumbai, denoted by the letter A, command a value 20 times more than the face value, those printed in the other four cities could fetch up to Rs 30,000, he said.

Source: Express Buzz
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline asm

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Re: Collecting Indian paper money
« Reply #1 on: October 12, 2010, 12:09:01 AM »
Peter,

As usual these days in India, some one has made a fool of a new reporter - new on his knowledge of numismatics - fo0r personal gains. In september, these notes were prised around 8000 - 10,000. So either the Kolkatta based catalogue printer has hiked prices to get better returns for friends or has reported these prices for a very particular series.....he lists prices by prefix letters and normally the first and last prefix letters of a series command a premium, as they would have started or finished half way.

I just checked the proces ot the Oswal Auction in October first week a week after this article was published,

Republic of India, Rs. 1000, Sign B Rama Rau, Calcutta. Paper Money Lot No. : 16.225 Estimate  17000-18000 Sold for 22,000.

Republic of India, Rs. 1000, Sign N C Sengupta, Bombay. Paper Money Lot No. : 16.226 Estimate  10000-12000, Sold for 13000.

May be people with sentimental value wanting to collect this note may go to any lengths to pick up these notes and may be in the not too distant future, the prices will zoom........
 
Amit
 
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline Figleaf

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Re: Collecting Indian paper money
« Reply #2 on: October 12, 2010, 09:43:14 AM »
All of which explains the "on the condition of anonymity" quite nicely :D

I am reminded of the "investment experts" who recommend a certain stock they already have and sell when its price goes up as his followers follow his advice. When it comes to cheating and self-enrichment, there's nothing new under the sun.

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

Offline asm

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Re: Collecting Indian paper money
« Reply #3 on: October 12, 2010, 01:39:01 PM »
At least in India, this is happening all too frequently for comfort. Young people are lured into the hobby with promises for fast returns - not the happyness of a collection and are comming in in hoards. This can be seen at coin fairs where the croud has swelled. Mainly young housewives and studdents. When they see one old coin sold at a high price, they assume all the coins they have are high priced and that they have a fortune. Then some smart alec dealer will trick them into further investments......till in a couple of yers it dons on them that they have been doomed........

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline Bimat

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Collecting Indian paper money
« Reply #4 on: October 12, 2010, 01:40:42 PM »
The notes were printed from Delhi, Mumbai, Kolkata, Chennai and Kanpur. While notes printed in Mumbai, denoted by the letter A, command a value 20 times more than the face value, those printed in the other four cities could fetch up to Rs 30,000, he said.
Indian banknotes were never printed in Mumbai,AFAIK.Nasik (Nashik) is the only place in Maharashtra where notes are(or were) printed..

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline asm

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Re: Collecting Indian paper money
« Reply #5 on: October 12, 2010, 01:56:04 PM »
Indian banknotes were never printed in Mumbai,AFAIK.Nasik (Nashik) is the only place in Maharashtra where notes are(or were) printed..

Aditya
Aditya, they had only one or in the earlier times may be no security printing press. The place names are the 'issued at' names. That means that the note was issued at xxxxx office of the issuing bank......in this case the RBI.

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"