New Delhi: Exactly 100 years back, i.e. on November 30, 1917, Rupee 1 note was issued by the Government of India, then under British rule. The note has an image of King George V, the then British Monarch.
When Rupee 1 note was issued in 1917, its value was equal to 10.7 gms of silver. The current value of silver equals to Rs 390 for 10 gms. Considering this, numismatics say that the value of rupee has depreciated around 400 times since it was first issued.
There is big demand for 1 Rupee notes, though there are more number of coins in circulation. During festivals, Rupee 1 is added while gifting money.
Sushilkumar Agrawal, CEO, mintageworld.com, an online museum for coins, currency notes and stamps, said that during festivals, a bundle of 100 Re1 notes is bought for as much as Rs15,000.
He further added that “Re1 note is considered prestigious because people add Re1 when they are gifting someone, and notes are always preferred over coins in such cases.”
On the centenary year of 1 Rupee note, the RBI was not available for comments.