Monday, March 9, 2009
GANDHI,10 rupees;NEHRU 5 rupees rare
MUSHAM BANKNOTES ANCIENTCOINS,STAMPS,POSTALHISTORY MY @ MUSHAM3@GMAIL.COM
In 1957, decimalisation occurred and the rupee was now divided into 100 Naye Paise (Hindi for new paisas). After a few years, the initial "Naye" was dropped. However many still refer to 25, 50 & 75 paise as 4, 8 and 12 annas respectively, not unlike the now largely defunct usage of "bit" in American English for 1/8 dollar. However the usage is in decline.
After Independence of India, the government brought out the new design Re. 1 note in 1949. Initially it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Finally however, the Lion Capital of Asoka was chosen. The new design of notes were largely along earlier lines. In 1953, Hindi was displayed prominently on the new notes. The economic crisis in late 1960s led to a reduction in the size of notes in 1967. High denomination notes, like Rs. 10,000 notes were demonetised in 1978.
The "Mahatma Gandhi Series" was introduced in 1996. Prominent new features included a changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped.