Currency Note: A Rare First Issue, Grade 67

A ₹20 Note That Survived Half a Century in Superb Gem Condition!

Some currency notes are collected for their age. Some for their design. And then there are notes like this—where history, scarcity and extraordinary preservation come together.

Presented here is India’s first ₹20 banknote issue, introduced by the Reserve Bank of India in 1972. This example bears the signature of RBI Governor S. Jagannathan and belongs to the distinctive dark-green variety catalogued as Pick #61a / Jhunjhunwalla 6.5.1.1A.

What makes it truly exceptional is its grade:

PMG 67 EPQ — Superb Gem Uncirculated

On PMG’s international 70-point grading scale, a grade of 67 represents a note with above-average margins, excellent registration and only the possibility of extremely minor handling. The EPQ designation—Exceptional Paper Quality—confirms that the note retains the quality and originality of its paper, without inappropriate processing or alteration.

For an Indian banknote issued more than half a century ago, achieving this grade is quite an accomplishment. Finding an ordinary example is one thing; finding one preserved at this elite level is an entirely different treasure hunt!

The note also carries the interesting “Incorrect Kashmiri” language-panel variety. Such details may have passed unnoticed by people using the note in daily life, but today they help distinguish important varieties for serious collectors.

The obverse features the Ashoka Lion Capital, while the reverse depicts India’s Parliament House—making the note a miniature record of the nation’s identity and democratic heritage.

The PMG holder additionally records “Staple Holes at Issue.” This reflects the old Indian practice of stapling bundles of banknotes before circulation. Importantly, these were recognised as occurring during the note’s original issuance and did not prevent it from receiving the magnificent grade of 67 EPQ.

Serial number: A/10 402629
Year of issue: 1972
Governor: S. Jagannathan
Variety: Dark Green – Incorrect Kashmiri
Grade: PMG 67 EPQ, Superb Gem Uncirculated

The ₹20 denomination was introduced partly as a cost-effective bridge between the ₹10 and ₹50 notes. Nobody handling one in 1972 could have imagined that, more than fifty years later, a beautifully preserved example would become such a coveted piece of Indian paper-money history.

Not merely twenty rupees anymore—but a superb little survivor from another era.

And yes, this one has earned a very special place in our collection. 😊