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Auction: 25888 - The Jeffrey Wong Collection of World Banknotes - Part I
Lot: 130

(x) Reserve Bank of India, 1000 Rupees, Karachi, ND (1938), serial number A/4 116540,

An impressive 1000 Rupees note issued by the Reserve Bank of India, featuring the Karachi branch designation. Issued in the early period following the creation of the Reserve Bank in 1935, this note reflects a pivotal moment in the monetary history of British India. The Reserve Bank was established in response to growing recognition of the need for an independent central authority to oversee currency issuance, banking regulation, and exchange rate stability. Decades of financial challenges, including the economic disruptions of World War I and the interwar period, prompted the Hilton Young Commission to recommend the formation of a central bank, leading to the RBI’s foundation as an autonomous institution, distinct from direct government control.

The obverse presents a finely engraved profile portrait of King George VI, emblematic of the era, with serial numbers prominently printed at upper right and lower left. The watermark echoes the portrait, enhancing the note’s security and aesthetic appeal. Printed in a sophisticated palette, the design reflects both authority and elegance.

At the time of issue, Karachi was one of British India’s most important port cities, situated on the Arabian Sea and serving as a major hub for the export of cotton, grain, and other key commodities. Its strategic location, combined with strong railway and maritime connections, established Karachi as a critical node in both trade and finance. Following the Partition of India in 1947, Karachi became part of the newly formed Pakistan, initially serving as its first capital, and remains today the country’s largest city and principal commercial centre.

As a high denomination note, the 1000 Rupees bill was reserved for substantial commercial transactions, government payments, and interbank settlements. Surviving examples of this type are scarce and continue to attract significant attention from collectors all over the world.

(Pick 21d, BNB 205d, Jhun&Rez 4.8.1D), in PMG holder 25 Very Fine, staple holes at issue, repaired, only 9 graded higher on PMG Census

Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyer’s Premium.

Estimate
£3,500 to £5,500

Starting price
£2400