New Delhi, May 12, 2021: The history of the lowest economic value can be traced back to World War 1 when the inability to mint coins forced the then colonial authorities to shift to printing one Rupee note in 1917.
Know about one Rupee note
The one Rupee note, which was issued as a promissory note on November 30, 1917, was printed in England.
It depicted a silver coin image of King George V on the left corner. The words ‘I promise to pay the bearer the sum of One Rupee on demand at any office of issue’ were embossed upon it.
Even though currency notes were issued by the government of India in 1861, the one rupee note was launched in 1917 because the silver used for the Re 1 coin was melted for making weapon components in World War I.
100 years of one Rupee note
To commemorate 100 years of Rs 1 note, a four-day national philatelic exhibition was scheduled at the World Trade Centre in 2017. Over the past 100 years, the one-Rupee note has been restructured 28 times. Meanwhile, like the other Indian rupee banknotes, It has its amount written in 17 languages.
On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India.
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Printing of India one Rupee notes were first stopped in 1926, then restarted in 1940 and continued until 1994, when it was stopped again due to cost-cutting measures. Printing resumed for a second time in 2015.
Till 1970 this Indian one Rupee note was also used as a currency in Persian & Gulf countries like Dubai, Bahrain, Muscat, Oman etc.
These notes used at that time have a current value of Rs 20,000 to 30,000 per note in the collectors’ market.
One rupee note is the only denomination note with the text “Governmentof India” printed on it, all other currencies have ‘Bharatiya Reserve Bank’ and ‘Reserve Bank of India’ printed on them.
Since 1917 to 2017, there have been 125 different one-rupee notes that have been issued for circulation with diverse serial numbers and signatures.
The Re 1 note is the only ‘currency note’ or an asset, and not a ‘promissory note’, which is a liability.
The One Rupee note of the Republic of India has in total 21 Signatories till date across various time intermissions.
The first note had the signature of three British finance secretaries-MMS Gubbay, A.C. McWatters and H. Denning.
An RBI release stated, “The colour of One Rupee currency note shall be predominantly pink-green on obverse and reverse in combination with others.”