The Reserve Bank of India operates two interesting museums— one in Mumbai (The Monetary Museum) and the other in Kolkata (The RBI Museum)—which essentially deal with the history of money, and monetary transactions.
But if you are particularly interested in knowing about Indian currency notes, you have to visit the Rezwan Razack's Museum of Indian Paper Money in Bengaluru, which is a privately run institution.
Inaugurated in 2020, it displays one of the finest collections of Indian Paper Money and related materials from the Indian subcontinent. It is part of the personal collection of Rezwan Razack, co-founder of the Prestige Group and Managing Director of Prestige Estates Projects. In 2012, Razack co-authored a book, The Revised Standard Reference Guide to Indian Paper Money, which is popular as the 'Bible for Indian Paper Money'.
In 2017, he authored a second book, One Rupee – One Hundred Years 1917-2017, to mark the 100th anniversary of the issue of the one rupee note in India. His collection of Indian Paper Money is supposed to be the most comprehensive in the world today. His collection has been built over 50 years, which also saw in-depth research and study of this subject.
Razack's journey into the hobby of collecting paper money started with the 'CANCELLED' stamped on some Reserve Bank of India banknotes that were kept in an iron safe in his ancestral home. "This safe also had other old banknotes, amongst them a few Reserve Bank of India notes with the portrait of King George VI that was cancelled with a rubber stamp that read 'Pakistan Note Payment Refused'," says Razack. "I always wondered how Reserve Bank of India notes could be Pakistan money."
His hobby was cemented in 1971 during his holidays in Coonoor when his cousin Sadiq Haroon gave him a reasonable collection of British India banknotes. "After returning to Bangalore, I pestered my grandfather to part with all the antique demonetised banknotes. Thus began my hobby of collecting currency notes," he adds.
The completely climate-controlled museum has galleries thematically arranged. It has a vast collection of banknotes, currency and related materials dating back to the 1800s, with descriptive posters and captions.
Some of the unique displays include the 'Osmania Sicca Rupees', a series of notes issued by the princely state of Hyderabad during World War I when there was a shortage of silver; a series of notes issued in honour of King George V and King George VI of England during the British rule in India; uniface notes first issued in the Portuguese-occupied territories of Goa, Daman & Diu, and subsequently in Dadra and Nagar Haveli after the Anglo-Portuguese convention of 1880; notes issued by several joint-stock banks from the Bengal Presidency in the 18th century, which was followed by others; Indian notes used in Burma, Pakistan among others.
Did you know that when World War II broke out in 1939, there was a severe shortage of metal, which forced many princely states of India to issue paper coupons to replace metal coins of low denominations? Some of these coupons were in circulation as late as 1946. There are displays chronicling the process of design, pattern, proof and trial that were carried out for printing currencies.
The Rezwan Razack's Museum of Indian Paper Money is located at Prestige Falcon Towers, No. 19, Brunton Road, off MG Road, Bengaluru 560025. The nearest Metro station is Trinity. Click here for more information.
The museum is open Tuesday to Sunday, 10.30 am to 6 pm. There is an entry charge of INR100. You need to take prior permission for large groups and school groups.
Photography is strictly prohibited. There is a café and a souvenir shop. You can also go on a virtual tour of the museum, click here.