Old notes and coins are not just relics of the past; sometimes, they can also become a source of significant income. The number of currency collectors in India is growing rapidly, which is why the value of historical and rare banknotes reaches lakhs of rupees. If you also have an old banknote from the pre-independence era safely kept at home, it might just change your fortune.
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The banknote that is currently generating the most buzz is a 1-rupee banknote from the British era. This note was issued around 1935 and bears the signature of the then Governor, J.W. This nearly 90-year-old note is considered extremely rare. Its demand among currency collectors is so high that in some cases, its price has reached up to 7 lakh rupees.
Why is the British-era banknote so special?
This banknote is not only old but also historical. It is a reminder of the time when India was under British rule and the country’s economic system operated differently. The governor’s signature on the note, its printing quality, and its limited number make it even more valuable. Such notes usually fetch high prices only when they are in good condition and have no cuts or defects.
Where are old banknotes sold online?
In today’s digital age, old banknotes and coins are also auctioned on online platforms. On platforms like Coin Bazaar and Quikr, many people place high bids to buy such notes. However, it is important to note that the Reserve Bank of India does not officially permit the buying and selling of old banknotes and coins. Therefore, such transactions are entirely the responsibility of the buyer and seller.
Why does a 1-rupee note sell for millions?
The biggest reason for the high price of the 1-rupee note is its rarity. Its printing was discontinued for a long time, making it inaccessible to the general public. As time passed, its availability decreased, and its value increased. Especially, pre-independence notes are considered extremely valuable by collectors.
History of the 1 Rupee Note
The 1 rupee note was first introduced into the Indian currency system in 1917. At that time, the note featured a portrait of King George V of Great Britain. Its printing was stopped in 1926, but it was reissued in 1940. Printing was stopped again in 1994. After a gap of nearly two decades, the printing of the 1 rupee note resumed once again in 2015.
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One unique feature of this note is that it bears the inscription “Government of India” instead of “Reserve Bank of India.” This is because the 1 rupee note was issued in 1917, while the Reserve Bank of India was established in 1935.
