A Persian Gulf Quartet — Finally Graded & Together
Government of India / Reserve Bank of India Persian Gulf notes — ₹1, ₹5, ₹10 and ₹100 — are now all authenticated and graded, with the final two notes recently returning from grading.
The grades may look modest:
₹1 — PMG 25 Very Fine
₹5 — PMG 20 Very Fine
₹10 — PMCS 25 Very Fine
₹100 — PMG 15 Choice Fine
But with notes such as these, the number on the holder tells only part of the story.
These are survivors of a fascinating episode in Indian monetary history.
Introduced for circulation in the Persian Gulf region, these special Indian rupee notes are immediately recognisable to collectors by their distinctive “Z” prefix. They circulated in places including Kuwait, Bahrain, Qatar and the Trucial States — the region that would later include the United Arab Emirates.
For someone who has spent much of his life in the UAE while retaining deep roots in India, that historical connection makes this series particularly special to me. 🇮🇳🤝🇦🇪
And then there is the reality of collecting them.
Finding attractive examples is not easy. These notes actually circulated, and surviving pieces often show folds, handling, staple holes and other evidence of their working life
A pristine note is beautiful. But a circulated note can have a biography.
Imagine where these pieces might have travelled more than six decades ago — across counters, markets and trading houses around the Gulf, passing through hands in a region that was about to undergo an extraordinary transformation.
And today, they sit together in my collection.
For me, therefore, this little group isn’t about chasing a 60, 65 or 67 grade.
It is about history, survival, geography and completing a difficult set.
The grading is simply the finishing touch: authentication, protection and preservation for the years ahead. “This set was not acquired together. I built it patiently, one denomination at a time, over the course of nearly a year. That makes seeing all four — ₹1, ₹5, ₹10 and ₹100 — finally graded and together particularly satisfying.”
And yes… after hunting for the missing pieces and finally getting the balance two graded, there is considerable satisfaction in being able to say:
₹1. ₹5. ₹10. ₹100.
Persian Gulf Issue.
Together at last.
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