Indian currency comprises of numerous varieties of banknotes. Rupee is the official currency of India and all Indian banknotes are issued by the "Reserve Bank of India" (RBI). Moreover, each and every banknote of India carries the signature of RBI's Governor, except the one rupee notes that have the signature of the Finance Secretary of India.
In the year 1917, the first one rupee note was issued. It was printed in England and issued in the form of a packet of 25 notes. This variety had the picture of King George V on the left side of the note. Made up of white hand-made molded paper, it was issued under three signatories; MMSGubbay, H. Denning, and AC Mc Watters.
These were the only issue of Indian banknotes prefixed 'O.' Moreover, there were two different varieties of watermarks on these notes; which were a star enclosed in a rectangle and the second one was a rayed star.
As the value of the money kept growing, the printing of one rupee notes was stopped in the year 1994. Similarly, the two rupee notes came to an end in the year 1995. The 5 rupee notes too are going to be discontinued very soon. Earlier, there were notes printed in 5000 and 10,000 denominations.
However, during the emergency period of 1970, these banknotes were discontinued. Currently, the banknotes that are in circulation include the denominations of 5, 10, 20, 50, 100, 500, and 1,000. Some of the people still have the 1 Re and 2 Rs notes that are being circulated in the markets. As the economy is changing at a rapid state, we could soon see the 5,000 and 10,000 denominations once again in the market.
The first RBI Governor was CD Deshmukh and every note carried his signature except for the one rupee that had the signature of KRK Menon, as he was the first Finance Secretary of India. The notes were only printed in Nasik from the year 1935 – 1975. Later on in the year 1975, there were many printing presses set up across the country and some of these were in Mysore, Dewas, and Salboni.
Collectors across the globe enjoy collecting the numerous varieties of Indian banknotes. The most commonly liked series are the British India series, Republic India series, Haj and Gulf notes, Fancy numbered notes, Error notes, and much more. There are many rare varieties that are easily available for sale over the Internet. So, collectors can purchase them without any troubles and complete their collection.