2½ Rupias

Portuguese India. Banco Nacional Ultramarino. 2 1/2 Rupias, 1917. P-22A. Jhun&Rez 12.12.2. Poor.While this note has seen its share of circulation, and is missing a rather large piece, it is nevertheless a very challenging type to find in any grade. This is the highest denomination of this series and it was first printed in brown, until the seal was updated and it was issued in red, with the same date. It seems the issue in red was small and most were redeemed, making survivors rare in any grade (and all examples we have seen are in heavily circulated condition). The only recent sales result of this Pick number in issued form that we have been able to find was for a PMG Very Good 10 NET graded note that sold more than five years ago for over $3000; that piece had extensive rust damage and was missing a corner. While the present piece does not win any beauty awards, the paper quality of this example is better than that note. A note from colonial India that many will overlook but which specialists will know is an important opportunity.Estimate: $750 - $1,250.