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The governance of India passed to the Crown from East India Company after hostilities of 1857-1857.In 1859,Sir James Wilson who was the Finance Member in the newly created Governor-General's Council mooted the idea of a State-run Paper currency.Accordingly,an elaborate administrative system was set up to control the issue,circulation and destruction of notes through"issue offices"and treasuries,under a Head Commissioner of Currency.The first notes whose payment was guaranteed by the Government were introduced in circulation through the Indian Paper Money Act of 1861.
The paper produced at the Mill of Portal in England was hand-made and moulded.Moulded paper was introduced by the Bank of England for its own notes.The Mill had establised a mould-making department.In this department William Brewer (Senior) Conducted experiments to develop an opaque watermark.His son Willaim Brewer (Junior) along the die-sinker experimented on the moulded watermark.They patented their process,which become known as Smith & Brewer's process.Two years later,the Bank of England acquired the exclusive right to use the process.The Bank of England established a mould office of its own in 1850.Since then the moulds were prepared in its premises and the paper was manufactured at Portal Mill.The travel between the Bank and the Mill,situated at Laverstock,was time consuming.In 1852,the mould-making department was transferred to Laverstock under as agreement.The paper with shadow watermark began to be produced from there.The first banknotes on this new paper were issued in 1855.The same type of watermark was employed for the Indian Notes.
The first series had the Portrait of Queen Victoria.The design was changed shortly afterwards to an Uniface underprint series due to its simplistic nature.The system widened its basis through important structural changes such as introduction of a fiduciary component and 'Universalisation' of Notes that effectively increased their circulation.These Notes were printed and supplied from England.
It might also be interested to know that in accordance with the rules that were followed in England,under Section 17 of the Indian Currency Act III passed on March 22,1905,all notes of the value not exceeding Rupees 100,which were not presented for payment for 40 years with effect from April 1,1905 following the date of their issue would be deemed out of circulaton. Accordingly,the notes of these denominations that did not return to the Currency Officers till April 1,1905 were declared out of circulation.
The Uniface Notes ceased their existence from the Note Series of the Government of India after the Bank of England discontinued to supply them in 1923-24 for all denominations and in 1927 for Rupees 1000.The Uniface issue was withdrawn from circulation on December 31,1930.
{The contents of the above information was Copied from India Paper Money-2012 with the permission of its Author Sir Mr.Rezwan Razack.}
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