THE 1950 PAKISTAN 100 RUPEES HAJ NOTE

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V18 2015 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 18, Number 24, June 14, 2015, Article 35

At my request, Joel Shafer of Lyn Knight Auctions penned some thoughts on an important banknote offered in the firm's upcoming Memphis paper money auction. First, here's the lot description. Note that the Haj (or 'Hajj') is the annual pilgrimage of Muslims to the holy site of Mecca in Saudi Arabia. -Editor

It is a great pleasure to present this absolutely incredible piece, certainly one of the rarest world notes we have ever offered and the only I have ever seen. Overprint "FOR/PILGRIMS FROM PAKISTAN/FOR USE IN/SAUDI ARABIA AND IRAQ". Signature Ghulam Mohammad.

The cross appeal of this wonder is blatantly clear. This Standard Catalog plate note is the first Haj note, not the Saudi Arabia 10 Riyals as some believe. Research by Peter Symes indicates that "the Haj notes were not legal tender in Pakistan, but...could be used in Saudi Arabia to purchase Saudi riyals and be remitted to Pakistan via the usual channel of the Saudi Arabian banks...the introduction of the 100-rupee Haj note was an outstanding success for the government.

In 1949, the year before the introduction of the Haj note, Pakistani notes to the value of Rs. 28,045,308 were repatriated from Saudi Arabia. In 1950, following the introduction of the Haj notes, only Rs. 11,186,100 were repatriated. This indicated a great saving for the government and the notes also proved popular with the pilgrims. However, it was seen that there was a need for a lower denomination Haj note, as the sole availability of such a large denomination note as the 100-rupee...often caused some inconvenience." Small spindle slit at left center as typical for notes of this region. For accuracy, light spot at right center does not significantly impact this overall problem free original with vivid color. Most likely equals or surpasses the rarity of the legendary Palestine issued 100 Pounds. This note represents an opportunity that may not be repeated for decades, if ever.

I also recently made the following observations:

1) Historic impact. This piece launched several other Haj types much better known including Saudi Arabia Standard Catalog #1 (scarce in its own right) as well as later Pakistan issues. Relatively few pieces hold the status of starting conceptually new issues for several different countries.

2) In some ways by contrast with this history, this type's relative obscurity. I would venture that many advanced hobbyists are unaware of the existence of this type, not to mention how rare it is! It is intriguing how some excessively rare types hold iconic status (the Palestine 100 Pounds) while others seem to slip through the cracks, thereby presenting an even more phenomenal opportunity.

To read the complete lot description, see:
R1 100 Rupees ND (1950) (www.lynknight.com/ShowAuctionDetails.Asp?auction_Id=252141)