Indian Paper Money Glossary

Navigating the world of Indian banknote collecting is an exciting journey, but it comes with its own unique terminology. Understanding these terms is essential for collectors, investors, and enthusiasts, as it allows them to fully appreciate the details, history, and nuances of each note. This glossary serves as a valuable reference, covering core terms related to Indian banknotes, from security features to specific types of error notes. With this comprehensive guide, you’ll be well-equipped to deepen your knowledge and appreciation of Indian paper money.

A

Acid-Free: Describes materials free from acidic chemicals, which are essential for banknote preservation as they prevent paper from yellowing or degrading over time. Acid-free storage supplies, like archival boxes or Mylar sleeves, are preferred by collectors.

B

Brick: A term used to describe a bundle of 1,000 banknotes, usually organized in ten groups of 100. It’s a common way banks handle currency, often wrapped in official packaging.

British Burma Banknotes: Banknotes issued for use in British Burma before its separation from British India in 1937. These notes often feature designs and symbols reflecting the colonial administration.

British India Banknotes: Currency issued in British India prior to independence in 1947, often featuring British monarchs and reflecting colonial influences.

Bundle: A collection of 100 banknotes, stacked together. These group of 100 banknotes are often wrapped in official straps.

C

Circle Initial: A shorthand system using initials to represent the circle of issue on Indian banknotes. Examples are A for Cawnpore, B for Bombay, C for Calcutta, K for Karachi, L for Lahore, M for Madras, and R for Rangoon during the colonial period.

Circle of Issue: A regional identifier on Indian banknotes denoting the geographic area or location where the note was authorized for issuance. During the colonial period, the primary circles of issue included Bombay, Calcutta, Cawnpore, Karachi, Lahore, Madras, and Rangoon.

Circle Prefix: A system of using specific prefixes to denote the circle of issue on early Republic of India 100 Rupee banknotes. Prefix A represented Bombay, H indicated Calcutta, Q was used for Madras, U for Kanpur, and X for Delhi.

Color Trial: Test notes produced to experiment with color schemes. These trials help finalize a note’s design before its official release.

Commemorative Banknote: Issued to mark significant national events or milestones, such as Mahatma Gandhi’s birth centenary in 1969. These notes may have unique designs or special markings.

Condition: Refers to the state of a banknote, often evaluated on a scale from Poor to Uncirculated (UNC). Condition plays a significant role in determining a banknote’s value.

Counterfeit Banknote: A fake reproduction of official currency, created with the intention to deceive individuals or authorities into accepting it as genuine. Collectors use multiple methods — such as examining print quality, serial numbers, security features, and feel of the paper — to identify and distinguish genuine currency from counterfeits.

D

Demonetized: Currency that is no longer recognized as legal tender. For example, ₹500 and ₹1,000 notes were demonetized in India in 2016.

Denomination: The face value of a banknote, such as ₹5, ₹10, ₹100, indicating its worth in the currency system.

E

Error: A flaw in a banknote’s design or printing, often increasing its value among collectors. Examples include misprints, ink smears, or mismatched serial numbers.

F

Fancy Serial Number: A special type of serial number featuring unique patterns, like solid numbers, repeaters, radars, or ladder numbers. These are often highly collectible.

French India Banknotes: Currency issued for the French colonies in India, such as Pondicherry, before they were integrated into India in the mid-20th century.

G

Grading: The process of evaluating a banknote’s condition. Professional grading scales and third-party grading services like PMG and PCGS help ensure consistency in valuation.

Green Underprint: A layer of green color applied as a security feature on early British India uniface banknotes. It was specifically used on early 5, 10, and 50 Rupees uniface notes, as well as all uniface notes in higher denominations, including 20, 100, 500, 1,000, and 10,000 Rupees, adding depth and enhancing security in the design.

Gulf Rupees: Indian rupee notes used in Gulf countries until the 1960s, primarily for trade and convenience among expatriates.

Gutter Fold: An error that occurs when the paper folds before printing, leaving a blank line where ink should be. When the fold is unfolded, the misalignment is visible.

H

Haj Rupees: Special banknotes issued for pilgrims traveling to Mecca, with unique markings or identifiers. The Haj Rupees of India uses the prefix HA.

Hyderabad State Notes: Currency issued by the princely state of Hyderabad, which held significant autonomy under British rule. These notes reflect regional designs and symbols.

I

Inset: A letter or symbol indicating the location of a note’s printing, commonly seen on Indian banknotes to identify its origin.

Intaglio Printing: A printing technique that creates a raised, textured surface on the paper, enhancing security and tactile recognition.

Issuing Circle: See Circle of Issue

Issue Date: The date when a banknote is officially released for circulation.

K

KGV (King George V) Notes: Refers to the banknotes featuring King George V, a common design during the British India period.

KGVI (King George VI) Notes: Refers to banknotes issued during the reign of King George VI. Notes that feature his portrait were issued in British India until independence in 1947 and also for Dominion of India.

L

Ladder Numbers: A type of fancy serial number featuring a sequential arrangement of digits, such as 123456 or 654321.

Language Panel: A feature on Indian banknotes displaying the denomination in multiple Indian languages, highlighting India’s linguistic diversity.

Legal Tender: Banknotes that are officially authorized for transactions, holding value by government decree.

Letterpress Printing: Commonly used for printing serial numbers, this technique creates slightly raised text, aiding in note authentication.

M

Magnification: A tool often used by collectors to examine micro-text and fine details, helping in authentication.

Micro-text: Extremely small text printed on banknotes as a security feature. Visible only under magnification, it deters counterfeiting.

Microprinting: Similar to micro-text, it involves minute details in the design that enhance the note’s security.

Mismatched Serial Numbers: A printing error where the two serial numbers on a note do not match, typically caused by a machine malfunction.

Mylar Sleeves: Acid-free, transparent protective sleeves used to store banknotes safely and prevent environmental damage.

O

Obverse: The front side of a banknote, typically displaying the main portrait or design.

Offset Printing: A printing technique that transfers ink from a plate to a rubber blanket and then onto the paper. It’s commonly used for backgrounds and intricate designs.

Overprint: Additional text or symbols printed on a banknote after its main design.

P

PCGS: An acronym for Professional Coin Grading Service, which also offers banknote grading services, ensuring standardized quality assessments.

Pick Number: A reference number used in the Standard Catalog of World Paper Money, helping collectors identify specific banknotes.

PMG: Paper Money Guaranty, a prominent third-party grading service specializing in authenticating and grading banknotes.

Portrait Series: The KGV and KGVI series are often called the "Portrait Series" due to the prominent depiction of King George V or King George VI on the obverse (front) of the banknotes.

Prefix: The letter(s) preceding a banknote’s serial number, indicating the printing batch or series.

Presidency Banks: Early banking institutions in British India—such as the Bank of Bengal—that issued some of the first paper currency in India.

Princely States Currency: Notes issued by various Indian princely states before they merged into the Republic of India, often featuring local rulers and symbols.

Prisoner of War Coupon: A form of currency issued to prisoners held in internment camps during wartime, specifically designed for restricted use within the camp premises. These coupons acted as a substitute for regular currency, allowing prisoners to purchase essential goods and services without access to standard money.

Portuguese India Banknotes: Currency issued for Portuguese-held territories like Goa before their integration into India.

R

Radars: A type of fancy serial number that reads the same forward and backward, such as 123321.

Red Underprint: A layer of red color applied as a security feature on later British India uniface banknotes. It was used on the later issues of 5, 10, and 50 Rupees uniface notes, following the earlier green underprint series, enhancing design contrast and adding an extra layer of security.

Repeaters: A fancy serial number where digits follow a repeating pattern, such as 121212 or 343434.

Replacement Note: A note printed to replace damaged or defective notes, identified by a unique prefix or suffix.

Reserve Bank of India (RBI): The central banking institution of India, responsible for issuing and managing the country’s currency.

Reverse: The back side of a banknote, typically displaying complementary imagery to the obverse.

S

Security Thread: A thin metallic or plastic strip embedded in a banknote as a security feature, visible when held up to light.

Serial Number: A unique identifier for each banknote, usually appearing twice on Indian notes for authenticity.

Signature: The official signatory on a banknote, usually an RBI governor, which authenticates the currency.

Solid Number: A type of fancy serial number where all six digits are identical, such as 777777.

Specimen Banknote: A note marked “SPECIMEN” or zero-serial-numbered for official use, demonstration or training, not intended for circulation.

Staple Hole: Marks left by staples, commonly used to secure bundles in India; their presence can affect a banknote’s grade.

T

Tanga: A subunit of the Portuguese Indian rupia, used until 1958 in Portuguese-controlled regions of India. One rupia was equivalent to 16 tangas.

Test Note: A banknote produced to test designs or printing methods, usually not intended for circulation.

U

Uncirculated (UNC): A grade indicating a banknote is in perfect condition without any signs of wear or handling.

Underprint: A background design layer applied before the primary design, enhancing the note’s appearance and security.

Uniface Banknote: A banknote printed only on one side, characteristic of early Indian currency issued from 1861 through the reign of King George V. These uniface notes lack the portrait of the British monarch, distinguishing them from later, more elaborately designed notes.

V

Varnish: A transparent coating occasionally applied to a banknote to extend its lifespan and prevent wear.

W

Watermark: A translucent design embedded in banknote paper that becomes visible when held to light, acting as a key security feature.

This glossary offers a comprehensive overview of key terms essential for anyone interested in Indian paper money. From the earliest British India notes to the unique security features of modern currency, this guide covers the foundational knowledge needed to understand and appreciate the complexities of Indian banknotes.