10 Rupees

Sensational Gem Persian Gulf Note 10 RupeesINDIA. Reserve Bank of India. 10 Rupees, ND (1959-70). P-R3. Persian Gulf Note. PMG Gem Uncirculated 66 EPQ.Watermark of Ashoka Column. Signature #74. Gulf Rupees were issued by the Reserve Bank of India to combat gold smuggling in the Persian Gulf between 1959 and 1966. The smugglers would exchange gold for rupees, rupees for foreign currency, and foreign currency for gold. This was happening in the areas of present day Kuwait, Bahrain, Qatar, Oman, and the U.A.E. The Gulf Rupees were issued in these areas, to prevent Indian Rupees from being used or exchanged in the smuggling process, which was causing economic damage to India.The finest example we previously offered for this type was graded About Uncirculated 53 EPQ, and this Gem is sure to cause a stir when it crosses the auction block. Two others are graded in this Gem 66EPQ level by PMG, and only one note is graded finer. This sensational Gem 10 Rupees will surely draw spirited bidding from those collectors seeking Gem examples of this popular type, or from the condition minded buyer looking to upgrade to this beautiful piece. Worthy of a premium bid. PMG comments "Staple Holes at Issue". PMG Pop 3/1 Finer.Estimate: $7,500 - $12,500.