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Auction: 403 - World Banknotes at NY INC
Lot: 344

The Commercial Bank of India, India, Discovery Note, Unissued Design, [TOP POP] Face proof 10,000 Rupees, Bombay, 18_ (1845),
the extremely rare high-denomination front proof of 10,000 Rupees, Bombay — a remarkable testimony to a pivotal chapter in India’s financial history.

The Commercial Bank of India was founded in 1845 during the British Raj in Bombay Presidency, now Mumbai. It quickly emerged as a prominent financial institution, establishing an impressive network of branches across key international cities. This global reach spanned locations like London, Calcutta (now Kolkata), Hong Kong, Fuzhou, Shanghai, Hankou (now part of Wuhan), Yokohama, and Singapore, illustrating the bank’s remarkable international presence. Notably, the bank also maintained an agency in San Francisco for acquiring bullion, reflecting its active role in international trade and finance.

Yet, despite its ambitious expansion, the Commercial Bank of India succumbed to financial challenges and ultimately faced closure in the crash of 1866, ending its two-decade tenure. Following its insolvency, the winding-up process was overseen by the Master of the Rolls, likely under sections of the Companies Act of England, as the bank’s operations in England required adherence to English regulations.

The story of the Commercial Bank of India reflects the complex realities faced by early financial institutions in colonial India. Operating internationally during this period was fraught with challenges, and this bank’s swift rise and fall exemplify the risks and volatility of the 19th-century financial sector.

Though its existence was brief, the bank left a lasting impression on India’s banking history, symbolising both growth and the challenges of the British Raj era. This 10,000 Rupee front proof is a rare artefact of that period, possibly unique or one of a mere handful of survivors, as no other sales records have surfaced. It is unsurprisingly the only known example of its kind graded by PCGS.

Printed by Batho & Bingley, with BATHO & Co. SPECIMEN Stamp, and Graded 64 Choice Uncirculated, this note’s exceptional condition amplifies its rarity and historic significance. It’s astonishing to find such a rare piece so well-preserved, making it an extraordinary opportunity for collectors and historians alike.
(Pick Unlisted, Rezwan&Jhunjhunwalla Unlisted), in PCGS holder 64 Choice Uncirculated, ink transfers, previously mounted, the sole example for the type so far graded by PCGS

Estimate
$15,000 to $25,000

Starting price
$10500