Memorable Evening at the Book Launch of Paper Money of Hyderabad

A memorable evening in the world of Indian numismatics and notaphily unfolded with the launch of Paper Money of the Princely State of Hyderabad, authored by renowned paper money collector and museum founder Dr. Rezwan Razack, on January 31, 2026, at Conrad, Bengaluru.

The event brought together distinguished personalities, collectors and enthusiasts to celebrate this landmark contribution to the study and documentation of the paper money of the erstwhile Princely State of Hyderabad. The chief guest was Dr. D. Subbarao, former Governor of the Reserve Bank of India, while the event was presided over by Mr. Irfan Razack, CMD of Prestige Group.

Dr. Rezwan Razack is a well-known figure in Indian notaphilic circles. He has established the spectacular Museum of Indian Paper Money in Bengaluru and has authored and co-authored several important reference works on the currency issued by the Government of India and the Reserve Bank of India. There was therefore considerable anticipation surrounding the release of his latest work.

Paper Money of the Princely State of Hyderabad: A Numismatic History of the Hyderabad State. A Journey Through the Nizams is an impressive work, and the first impressions immediately live up to its stature. The book is beautifully hardbound, housed in a slipcase and finished with gold-edged pages, some of which are made from genuine security paper. It is accompanied by an ultraviolet torch that allows readers to examine the hidden security features on these pages. The print quality is exceptional, with the images reproduced in excellent resolution and remarkable colour balance. It is clearly more than a reference work; it is a visual spectacle in itself.

The State of Hyderabad issued only two series of notes, each comprising denominations of 1, 5, 10, 100 and 1,000 rupees. These notes are exceptionally beautiful, highly popular among collectors and command substantial prices irrespective of condition. Yet, considering that the book deals with only ten principal note varieties, its nearly 350 pages may initially seem surprising.

The book offers an extremely detailed study of Hyderabad's paper money, covering subjects such as microprinting, print-plate identification letters, coats of arms, language panels, printing works and the delivery of the notes. The two series are treated separately, chronologically and in denomination order. Each note type is examined in detail, followed by a denomination-wise synopsis presented in tabular format, with individual varieties assigned catalogue numbers.

Particularly impressive is the comprehensive coverage of specimens, proofs and even hand-painted essays. Every recorded variety is accompanied by an image, allowing readers to study the remarkable range of Hyderabad's paper money. Many of these notes are exceptionally rare, while the original artworks are unique and beyond the reach of most collectors. In this respect, the book offers the next best opportunity—the chance to see and study these remarkable pieces of Hyderabad's monetary heritage in exceptional detail.

The presence of Dr. D. Subbarao added another important dimension to the occasion, particularly for those interested in modern Indian banknotes. His tenure as Governor of the Reserve Bank of India coincided with a significant milestone in Indian currency history, the introduction of the distinctive ₹ symbol on banknotes. Following the adoption of the rupee symbol in 2010, it began appearing on Indian banknotes in 2011.

Among the early issues featuring the new symbol were the ₹10 banknotes bearing Dr. Subbarao's signature as Governor of the Reserve Bank of India. These notes provide an interesting connection between a major development in modern Indian banknote design and the Governor who signed them.

The opportunity to meet Dr. Subbarao was therefore especially meaningful for a numismatist and notaphilist. During the interaction, a few ₹10 banknotes from his tenure were presented to him for his autograph, and he graciously signed them personally. These autographed notes have become treasured pieces, carrying significance beyond their monetary and numismatic attributes. They are tangible mementos associated with the Governor of the Reserve Bank of India whose signature appears on the notes and with an important period in the evolution of India's modern paper currency.

Banknotes graded by PMCS (Paper Money Certification Services)

The book launch consequently brought together two fascinating chapters of Indian monetary history, the historic paper money of Hyderabad, meticulously documented by Dr. Rezwan Razack, and the modern era of Indian banknotes represented by Dr. D. Subbarao. For a collector, the personally autographed ₹10 notes made the occasion particularly memorable, adding a personal dimension to the study and preservation of India's rich notaphilic heritage.