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Auction: 24300 - World Banknotes - e-Auction
Lot: 328

Bank of Western India, [Top Pop] front proof 5 Rupees, Bombay, ND (1844),
The Bank of Western India was established in 1842 in Bombay, India, initially to serve the financial needs of merchants and industrialists in the burgeoning city. By 1843, the bank had expanded its reach, opening branches in key locations such as Colombo, and further expanding to Calcutta in 1844. Recognising the opportunities in international trade, the bank extended its footprint to Shanghai and Canton in 1845, and subsequently to Singapore and Hong Kong in 1846.

In 1850, the Bank of Western India made a strategic move by acquiring the struggling Bank of Ceylon, which bolstered its presence and influence in the region. This acquisition was pivotal and paved the way for the bank's evolution. In 1851, it received a royal charter and adopted the name Oriental Bank Corporation, marking a significant milestone in its institutional history.

Throughout the 19th century, the bank played a pivotal role in facilitating trade and finance across the Indian subcontinent and the Far East. It was notably the first bank to issue banknotes in Hong Kong, a testament to its pioneering spirit and strategic foresight in adapting to the demands of global commerce.

The period during which the bank operated under the name Bank of Western India, from 1842 to 1851, was relatively short. Consequently, banknotes issued under this bank name, such as this Proof 5 Rupees we proudly have for sale today, are extremely rare. This rarity adds significant value and historical interest to any surviving notes from this period. These proof notes were likely produced as part of the bank's preparation for full-scale issuance, further enhancing their significance.

To attest to the rarity of these notes, the only recorded sale our cataloguers have found is of a similar proof with the denomination of 50 rupees, which was sold in September 2023 by us on our Auction 23009 Lot 198 for a hammer price of £22,000.

The Bank of Western India's strategic expansions and acquisitions underscored its significance in the banking industry, reflecting its proactive approach in navigating the evolving economic landscape of the era. Its legacy as a pioneering financial institution continues to resonate, highlighting its enduring impact on global commerce and finance during a transformative period of economic growth and globalisation.
(Pick S154p1, Jhun&Rez 1B.2.1.1), in PMG holder 62 Uncirculated, with "Specimen" overprint, previously mounted, stains, the sole example for the type on PMG Census

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Estimate

Starting price
£2800