2016-02-08 Mon

The British introduced paper money in India during the 19th century through the Paper Currency Act of 1861 which gave the Government the monopoly to issue notes throughout the vast expanse of British India. The management of paper currency was slowly handed over to the Mint Masters, the Accountant Generals and the Controller of Currency.

Due to the economic repercussions of the First World War, paper currency of small denominations was introduced. On 30th November, 1917 Rupee One was issued after which the exotic Rupees Two and Annas Eight currency notes came into circulation. These notes first carried the portrait of King George V which inspired the 'King's Portrait' Series later on.

This is one is among a series of currency notes that was introduced in 1923 featuring the portrait of George V. This particular design remained as an integral feature of all paper money issues of British India. Various denominations of Rs 1, 2½, 5, 10, 50, 100, 1,000, 10,000 were issued under this series.