Paper money is an instrument which circulates money from place to place. There were three presidencies; Bengal, Bombay, and Madras where these government and private joint-stock banks circulated banknotes in India. The earliest banknotes are the notes of Bank of Hindostan, Bank of Bengal, Bank of Bombay, and Bank of Madras. These notes were promissory notes issued on demand and were paid on demand.
Bank of Bengal was established as Bank of Calcutta in 1806 and later formed as Bank of Bengal by the Charter of 1809 issued by Lord Minto, Governor-General in council. Bank of Bengal is attributed to issue governmental currency for the first time in India. Bank of Bengal issued notes as early as 1812. The denominations which were issued in this series were 250 Sicca Rupees and 500 Sicca Rupees.
The 250 Sicca Rupees Banknote is among the Uniface banknotes of India which bears “Bank of Bengal' in an ornate vertical panel in Bangla, Persian, and Hindi located on the left side of the note; Promise Text with 'Calcutta'; Manuscript serial number in the center; Denomination in numerals and words in Bangla, Persian and Kaithi above promise text; Denomination in words in a panel located in the lower-left corner; 'Entered by' manuscript signature under denomination panel; 'For the Bank of Bengal' above denomination panel and under-promise text.”