This is the day, when the smallest paper denomination note in India, the humble one-rupee note was introduced. The first Rs 1 note printed in England was issues on November 30, 1917, with an image of King George V, the then British monarch, inprinted on the left cornor. According to the Reserve Bank of India (RBI) website, it’s issuance was discounted first in 1926 on cost benefit considerations. But later was reintroduced in 1940, onlty to be discounted again in 1994. However, the small note got back again in 2015.
When it was issued in 1917, Re1 was equal to 10.7 gms of silver. Taking into consideration the present value of silver- Rs390 for 10 grams- numismatists estimate that over its 100-year life, the value of Re1 has depreciated around 400 times. Although Re1 currency notes are still around, coins are more common. But there is a big demand for notes, especially for festivals and other auspicious occasions where Re1 is added while gifting money.
Since 1917 to 2017, there have been 125 different One Rupee notes that have been issued for circulation with different serial numbers and signatures. Since the past 100 years, the design of the One Rupee note has changed 28 times. Interestingly, unlike other banknotes, this was not signed by the RBI governor, but by the finance secretary and is the only ‘currency note’ or an asset, and not a ‘promissory note’, which is a liability.
The first note had the signature of three British finance secretaries — MMS Gubbay, AC McWatters and H Denning — and every note is signed by the finance secretary, including 18 since Independence. According to an report in Asian Age, Since 1948, 60 different One Rupee notes have appeared with different serial numbers, signatures by various RBI governors and years of printing. Post-Independence in India, the first Rs1 currency was issued in 1948. The note was different in size and colour with “One Rupee” written in eight Indian languages. However, Malayalam language was excluded, which was incorporated after the formation of Kerala state in 1956. A new design was introduced in 1949, which features a picture of the Lion Capital of Ashoka – which was subsequently made the official emblem of India in 1950.
Meanwhile now, according to an RBI press release, currency notes in the Re 1 denomination have been printed and will soon be put into circulation. The colour of the Re 1 note shall be predominantly pink-green on both sides, with some other colours infused into the design as well.
