10 Lesser Known Facts About The One Rupee Note That Turns A Century Old Today
We might have got new currency notes and denominations, courtesy demonetization, but today it’s time to celebrate the little blue 1 Rupee note that completes 100 years in circulation. November 30th marks the completion of a century for this little one. Here are 10 facts about it that we bet you didn’t know.
1. The one rupee note was first printed on November 30, 1917, in England with a photo of King George V.
2. During the World War I, there was an inability to mint silver coins because prices of silver surged which made colonial authorities print a Re. 1 note instead. The note is called a ‘coin’ despite not being one and bears an impression of a 1 Re coin on it.
2. Being the smallest note in the Indian currency, the Government of India stopped printing it in 1926 for cost benefits.
3. The note came back in 1940 when its size went through a major modification and was halved from its original size.
4. In 1949, the note went through another makeover with British symbols being replaced with officials symbols of the newly formed Republic of India.
5. The note was discontinued again in 1994. It was brought back to life in 2015 due to public demand with another new face, the one that we see now.
6. Unlike other bank notes, the 1 Re note is not signed by the RBI governor. This little one holds the signature of the Finance Secretary. This is because it doesn’t belong to the Apex bank, but to the Republic of India.
7. The cost of printing Re 1 notes in 1994-95 was Rs 1.48 a note and when it was reintroduced, the cost came down to Rs 1.14. Now it has reduced below its nomination value to 78.5 paise.
8. Overall, the 1 Re note has undergone 28 modifications. The 1917 banknote is still available with collectors and dealers and fetches Rs 12,000-13,000 on average.
9. Until 1970, this note was also used as currency in Persian and Gulf countries such as Dubai, Bahrain, Muscat, and Oman.
10. The Portuguese and French were so impressed by our design of 1 Re note that they also issued their own notes of the same denomination.
Given such a legacy, if you ever come across this little blue one, make sure you hold on to it and don’t let it go!
KEEP IN TOUCH!
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