The humble ₹1 note turns 100

MUMBAI: Today, the humble onerupee note turns 100 years in age.

The first ₹1 note printed in England was issued on November 30, 1917 in India, with an image of King George V, the then British monarch, imprinted on the left corner.

Although currency notes were being issued by the government of India since 1861, the ₹1 note was launched in 1917 because the silver used for the ₹1 coin were melted for making weaponry components during World War I.

When it was issued in 1917, ₹1 was equal to 10.7 gms of silver. Taking into consideration the present value of silver — ₹390 for 10 grams — numismatists estimate that over its 100-year life the value of ₹1 has depreciated around 400 times.

Though ₹1 currency notes are still around, coins are more common. But there is a big demand for notes, especially during festivals and other auspicious occa- sions where ₹1 is added while gifting money.

Sushilkumar Agrawal, chief executive officer, mintageworld.com — an online museum for coins, currency notes and stamps—said during festivals, a bundle of 100 ₹1 notes is bought for as much as ₹15,000.

“₹1 note is considered prestigious because people add ₹1 when they are gifting someone, and notes are always preferred over coins in such cases,” he said.

Girish Veera, owner, Oswal Antiques, had a different view: “₹1 note of 1917 does may not fetch higher values in auction, but it has historical importance.”

Rezwan Razack, a Bengalurubased writer, said he has around 100 ₹1 notes issued in 1917. “It is because of my hobby of collecting notes that I have learnt history. I feel ecstatic having a part of history from British era with me,” he said.

The Reserve Bank of India (RBI) was unavailable for comments on the centenary year of the ₹1 note.