Banknotes

What Is The Significance Of A Star Note?

 

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The Reserve Bank of India issues bundles of banknotes that consist of one hundred serially numbered notes. Each bundle has a distinctive serial number and a prefix. For instance; a banknote can be of the number 88L 334562. In this number, 88L is the prefix and 334562 is the serial number.

Sometimes, in the bundle of 100 notes, a couple of misprinted or defective notes are detected at the printing stage. These notes are removed from the bundle and replaced with new notes, which are printed with the same serial number so that the bundle consists of one hundred notes in serial order. However, this was an extremely time-consuming and expensive process.

To make things easier, the RBI started replacing the defective notes with star notes. However, the Star series of notes are not printed in serial order but have the same serial number of defective note so that the sequence of the bundle is maintained. Also, the star series note looks exactly the same but with an additional * (star) in its serial number.

In short, star notes are used for replacing misprinted notes before they go into circulation. There are many Notaphilist who enjoy collecting star notes of varied denominations mainly because these are printed in less quantity and are scarce.

 

Why Were Some Of The Notes Stamped As Pakistan Notes Payment Refused?

 

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Well, there is an interesting story behind this! In the year 1947 and at the time of independence of India and Pakistan, the Reserve Bank of India chose to help the government of Pakistan. They decided to continue with the circulation of paper money in Pakistan by printing it in India.

So, various denominations of notes that were printed in the Nasik printing press were designed especially to be circulated in Pakistan. These notes had “Government of Pakistan” mentioned in English on top and “Hukumat – e – Pakistan” in Urdu at the bottom on the area that was reserved for viewing the watermark. The notes even had different serial prefixes. They were available in denominations 1, 2, 5, 10 and 100 rupees.

The notes were issued for six months from 1st April 1948 to 30th September 1948 until the government of Pakistan started printing their own independent issues. Later in the year 1949, these notes were demonetized in Pakistan. However, some refugees returning from Pakistan tried to use these notes in India by erasing the overprint. They were unaware of the different serial prefix that were used in the notes and so tried using them in the banks.

As soon as the government of India detected the malpractice, they counter-marked the note with Pakistan Note / Altered Note Payment Refused on the obverse. Thus, the note could not be used in India and became a unique piece of history. This is the reason that collectors want to add these notes to their collection. You too can buy one by visiting my website on Old Indian Currencies.

 

Which Is The First One Rupee Note Printed After Independence Of India?

 

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The first one rupee note that was printed after independence in India was signed by K.R.K.Menon. He was the first Finance Secretary of India after independence, who served for a very short time from 1949 – 1950. The first Indian governor of the Reserve Bank of India was C.D.Deshmukh. The one rupee notes were signed by the Finance Secretary and not the governor. However, all other denominations of notes from that period carry the signature of C.D.Deshmukh.

The 1949 one rupee note is a grey green colored note with the dimensions of 64 x 101 mm. The note was released on 12th August 1949. They were issued only in 3 prefixes i.e. A B and C. Since it was the first note printed after independence, it is also referred as A-1.

Some of the features of the note are mentioned below:

  • Large ornamental 1 in centre on the obverse.
  • 8 regional languages on the reverse.
  • Large Ashoka Pillar within ornamental oval frame.
  • Large rectangular watermark window with Ashoka Pillar watermark.

The 1949 one rupee note is considered to be a rare one and you can now add it to your collection by visiting my website on Old Indian Notes.