World Banknotes

Bank of Madras, India, 100 Rupees, 5 May 1860, serial number 18243, Robert Hunter, two black CANCELLED overprints, cut and rejoined, ink annotation, corroded paper, overall good, this is a much later date for type
Pick S153, Razack 1C.3.1.6 £7,000-£9,000

Indian private bank notes issued between 1858 and 1861 are much scarcer because the establishment of the British Raj in 1858 led to a new financial system was put in place giving the Government Bank a monopoly on note issuance. After 1861, only notes issued by the Government were allowed, so all other banks, including the Bank of Madras, issued far fewer notes in the lead-up to the changeover.