Well, it’s what makes the world go around for sure! But some people love money for reasons other than what it can buy.

Bangalore has one such lover of money—Rezwan Rajak, the world’s biggest collector of Indian paper money. And fortunately, he has chosen to share this passion. No, not by giving away the notes, but by setting up a museum!

Rezwan is the co-founder and Managing Director of the Prestige Group (there is a good chance you resident of a Prestige property if you live in Bangalore!). His passion for collecting Indian paper money started when he was 13 or 14. He came across some old currency notes from British India, which no longer were legal tender (think de-mo!) and were stamped ‘Refused payment’. The story behind these intriguing notes goes back to partition. Apparently, when partition happened, the new country of Pakistan did not have currency notes of its own. So for the initial period, they used the notes from undivided India, with their own stamp on them. . So the notes said ‘Reserve Bank of India’ but had an additional over-printing of ‘Government of Pakistan’.  While these were accepted in Pakistan, they were not in India. Some smart people in India of course tried to scratch off the Pakistan stamp and use them here. But the banks had a record of the notes printed for Pakistan and refused payment, in fact stamping these notes with ‘Payment refused.’

From this, to the world’s largest collection! The Museum of Indian Paper Money has over 700 specimens of Indian paper currency collected by Rezwan Razak over the decades. And the fascinating stories that go with them! For instance, there are specimens of notes of Hyderabad state which were printed in England and were being transported by sea. The ship sank with the notes and a million pound worth of gold. After 12 years, bounty hunters after the gold salvaged the ship’s cargo inlcuding the currency, and the notes were still intact in their vault.

All the currency notes printed after Independence, as well as notes from the princely states of India are displayed. There are beautifully designed Portuguese-India notes which were used in their territories, which Razak values very highly for their aesthetic appeal. There are also French-India notes.

Also on view are tokens which 36 princely states were permitted to print when metal for minting coins ran out during World War II. They look like stamps or the platform tickets which those of an older generation will be familiar with.

Another fascinating set of items on display are the prisoner of war money-coupons. During WWII, prisoners of war of various nationalities were housed in India. They could do voluntary work during this time, for which they were paid. But the payment could not be in real money as then they could use this to bribe the jailers. So coupons which looked like currency notes, but were stamped ‘Prisoner of War’ were given to them as payment. These were used to buy luxuries in jail like post-cards, chocolates, etc.

And so on and on….

India also has  the Reserve Bank of India (RBI) Monetary Museum in Mumbai. This displays about 1,500 items including coins dating back to the 6^th century BC, and covering the Indus Vally period, the Gupta period, the Kushana empire, coming right up to notes and coins of modern times.  

But Razak’s museum, housed in Prestige Falcon Tower, Bangalore, the corporate headquarters of the Group, is different because it is a result of what the collector himself refers to as: ‘… a hobby which became a passion which has in turn become an obsession.’!

Sadly however, physical money may soon completely disappear with almost all transactions moving to electronic payments.  These museums become even more precious in this context!

–Meena