old rupee note in your wallet could make you rich

 

Old is gold. More so, if it is an old rupee note.

Ask Mehraj Quraishi. Two years back, Quraishi, a trader in old coins and notes, purchased 30 one-rupee notes -- the first ones printed by the government after Independence -- bearing the signature of the then finance secretary of India, K R K Menon. He paid Rs 1,350 for each note.
But when Quraishi wanted a few more of these notes a few days ago, he had to dole out Rs 10,000 for each -- a 640 per cent increase in value in just over two years, something not many investment avenues can boast of.
There's more to it. Some of the Re 1 notes printed in 1964, bearing the signature of the then finance secretary, S Bhoothalingam, are at present available on ebay.com for Rs 25,500 each.
However, all old currency notes do not appreciate as rapidly in value. The availability of the note in the market is the main factor. For example: the Re 1 notes printed in December 1964 and signed by Bhoothalingam are very rare, but other notes signed by him in the subsequent months might be available in the market and may not fetch the same value.
Jayesh Gala, a collector and dealer of notes and coins, has some tips to help customers identify rare notes. "Check the period for which a particular RBI governor has been in office. If it is a short period, chances are that notes bearing his signature will be few and hence would command a high price."
The physical state of the note will also determine what price it can fetch. An uncirculated note, or UNC as it is known in numismatic parlance, will command a higher price compared to the used ones.
Click NEXT to find out how to assess the value of your note. . .

Image: A Rupee 1 currency note that was in circulation in 1950.
Photographs: Courtesy, Reserve Bank of India

 

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