DUBAI: On the occasion of Pakistan Day on March 23, history buffs and numismatists will get a unique opportunity to view the first banknotes of independent Pakistan.
Showcased at a Dubai-based specialized numismatics company, Numisbing, the exclusive collection will prove to be a trip down the memory for some, while for collectors and connoisseurs this provides a chance to acquire a part of Pakistan’s history.
The display is kept at their showroom in Deira on Maktoum Road and will be on from March 23 for a week.
The collection provides a peek into the country’s infant days with the banknotes narrating a story not told very often. People interested in getting a glimpse of this unique showcase, and to learn more about it can visit the showroom during the week. Others interested in retaining a piece of history, can buy the entire collection for Dh20,000 which consists of a set of 5 notes of denominations 1, 2, 5, 10 and 100 rupees. Collectors can also purchase individual notes which start from Dh1,000 onwards.
Commenting on the collection, Ramkumar, Professional Numismatist and Founder of Numisbing said, “Obsolete banknotes can be worth anywhere from $10 to $10,000. The value is based on the condition, denomination, bank of issue and many other criterions. Banknotes could be a better investment than real estate, gold or stocks. However, not everyone buys these for investment purpose; many are just interested in retaining the piece of history and passing it on to generations. Whatever may be the reason, it’s always fascinating to collect old currency notes.
“Paper money is an exciting collector hobby because notes are colorful, informative, and attractive. You can learn about art, economics, and even technology by studying paper money and the stories behind it. Plus, it’s also a genuine artefact of the past, capturing exciting areas in the world history. The serious, organized collecting of paper money dates back to the early to mid-20th century. Today, it’s one of the fastest growing areas of numismatics”
The Pakistani rupee was put into circulation in Pakistan after the dissolution of the British Raj in 1947. Initially, Pakistan used British Indian coins and notes simply over-stamped with “Pakistan”. On 1 April 1948, provisional notes were issued by the Reserve Bank of India and the Government of India on behalf of the Government of Pakistan, for use exclusively within Pakistan, without the possibility of redemption in India.
Printed by the India Security Press in Nasik, these notes consist of Indian note plates engraved (not overprinted) with the words Government of Pakistan in English and “Hukumat-e-Pakistan” in Urdu added at the top and bottom, respectively, of the watermark area on the front only; the signatures on these notes remain those of Indian banking and finance officials.