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First banknotes of independent Pakistan on display in Dubai

Image used for illustrative purpose. Pictures of Pakistani currency bills lie with old coins and currency notes at a money changer booth along a road in Karachi.

Image used for illustrative purpose. Pictures of Pakistani currency bills lie with old coins and currency notes at a money changer booth along a road in Karachi.

Reuters/Faisal Mahmood

Monday, Mar 20, 2017

Dubai: An exhibition displaying the first banknotes of independent Pakistan will be showcased in Dubai, on the occasion of Pakistan Day on March 23.

Displayed at Numisbing, a Dubai-based specialised numismatics company in Deira, the exclusive collection will give a collectors and connoisseurs the chance to acquire a part of Pakistan’s history.

People interested in getting a glimpse of this unique showcase, can visit the showroom during the week, while others interested in retaining a piece of history, can buy the entire collection for Dh20,000. The collection consists of a set of five notes of denominations 1, 2, 5, 10 and 100 rupees. Collectors can also purchase individual notes, which start from Dh1,000 onwards.

“Obsolete banknotes can be worth anywhere from $10 to $10,000 (Dh36,732). The value is based on the condition, denomination, bank of issue and many other criterions. Banknotes could be a better investment than real estate, gold or stocks,” said Ramkumar, professional numismatist and founder of Numisbing.

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However, Ramkumar explained that not everyone buys banknotes for investment purposes. “Many are just interested in retaining the piece of history and passing it on to generations. Whatever the reason, it’s always fascinating to collect old currency notes,” he added.

“Banknotes are also a genuine artefact of the past, capturing exciting areas in the world history. The serious, organised collecting of paper money dates back to the early to mid-20th century. Today, it’s one of the fastest growing areas of numismatics,” said Ramkumar.

The Pakistani rupee was put into circulation after the country got independence from the British Raj on August 14, 1947. Initially, Pakistan used British Indian coins and notes simply over-stamped with ‘Pakistan’. On 1 April 1948, provisional notes were issued by the Reserve Bank of India and the Government of India on behalf of the Government of Pakistan, for use exclusively within Pakistan, without the possibility of redemption in India. Printed by the India Security Press in Nasik, these notes consist of Indian note plates engraved (not overprinted) with the words ‘Government of Pakistan’ in English and ‘Hukumat-e-Pakistan’ in Urdu added at the top and bottom, of the watermark area on the front only. The signatures on these notes remain those of Indian banking and finance officials.

Staff Report

Gulf News 2017. All rights reserved.

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