PREVIEW: WORLD BANKNOTES 31 AUGUST

British control of Indian currency entered its second phase in 1867, six years after the Paper Currency Act of 1861 had given it a monopoly. During that period, it had operated an agency agreement with Presidency Banks, developing Currency Circles within which relevant notes could be redeemed for their face value.

As the system matured, the agency agreement came to an end and oversight was handed to the Mint Masters, Accountants General and the Controller of Currency.

Just four years later this Government of India printer’s design for 5 Rupees was created as a trial note. Issued from Lahore or Calcutta, and dated 20 January 18- (1871), it carried serial number L/8 00000.

Inscribed ‘cancelled’ and with six cancellation holes, it also features ink and crayon annotations to the face, and a note on reverse stating that this is the ‘1st approximate trial of position of printing’ with the date 1 June 1871.

Although strikingly similar to issued notes, it is very different in almost all respects, such as the size and positioning of elements of the design, and the colour of the printing.

This is one of many proofs and papers being sold by Noonans on behalf of Portals Paper, who originally produced and supplied the highly technical watermarked paper for these designs.

Portals produced paper for Indian notes for well over 100 years, from the first government issues in 1860 until almost the end of the 20th Century. This design, and the other material on offer, has therefore never been on the market, or even been seen by collectors before now.  

“This is an absolutely remarkable piece, and probably a unique survivor,” said Noonans’ head of Banknotes, Andrew Pattison.

The estimate is £12,000-16,000.