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Auction: 403 - World Banknotes at NY INC
Lot: 346

Bank of Western India, India, [Top Pop] Front Proof 50 Rupees, Bombay, ND (ca. 1840s),
A Rare Gem of Banking History

Established in 1842 in Bombay, the Bank of Western India emerged as a cornerstone of the city’s burgeoning economy, catering to the financial needs of merchants and industrialists. By 1843, its reach extended to Colombo, Calcutta in 1844, and further afield to Shanghai, Canton, Singapore, and Hong Kong by 1846, reflecting its ambition to facilitate international trade. A pivotal moment in the bank’s history came in 1850 with its acquisition of the Bank of Ceylon, which solidified its influence in the region. This led to its rebranding as the Oriental Bank Corporation in 1851, following the granting of a royal charter—a testament to its success and growing stature. During its relatively short existence under the name Bank of Western India, from 1842 to 1851, the bank made a profound mark on the financial landscape. Notably, it issued some of the earliest banknotes in the region, including proof notes that were likely prepared for circulation but never formally issued. Such pieces are extremely rare today, making them highly sought after by collectors. The proof 50 Rupees note presented here exemplifies this rarity. Only one other example of a similar proof has been recorded in recent sales, achieving a remarkable hammer price of £22,000 in September 2023 (Auction 23009, Lot 198). That note, graded 62 Unc, highlights the significant value these rare artefacts command in the market. This note not only embodies the pioneering spirit of the Bank of Western India but also serves as a tangible connection to a transformative era in global commerce and finance. Its scarcity, historical importance, and exquisite preservation make it a truly remarkable piece for any collection. Undoubtedly, this note is a key piece that would elevate even the finest collections of Indian, British India, or Commonwealth banknotes, where its absence would be deeply felt.
(Pick Unlisted), in PMG holder 63 Choice Uncirculated, previously mounted, annotation, the Single Finest graded example for the type on PMG Census

Estimate
$8,000 to $12,000

Starting price
$5500