New Delhi:
A man posted a picture of a Rs 500 note he found inside his father’s old trunk on Reddit. He believed it was a rare banknote from over 50 years ago and asked people on the platform about its possible value.
“I found this old Rs 500 Indian banknote from the 1970s in my dad’s old trunk. It has some damage (a part is missing). I’m curious if it holds any value for collectors,” he wrote, along with an image of the note, which appeared torn and taped together.
Found an Old ₹500 Note probably from 1970s – Any Idea About Its Value?
byu/fcbmafaan inindia
Reddit users took no time to correct him, pointing out that the Rs 500 note was first introduced in 1987.
One user identified the signature on the note as C. Rangarajan, who served as the governor of the Reserve Bank of India from 1992 to 1997. The user clarified that “this note was printed much later than the period you mentioned.”
The user added that no Rs 500 notes existed in the 1970s, advising the man to hold on to it for another few decades to gain any collector’s value.
Regarding its worth, a user pointed out that pre-2016 Rs 500 notes are no longer legal tender, meaning the note holds no monetary value. “Sorry to disappoint, but you can exchange it at a bank for exactly Rs 500. Since pre-2016 Rs 500 notes are no longer legal tender, its value is zero,” wrote one user.
Another user commented, “Seems like it was demonetized before your birth. Some lunatic can still pay you well above its value to put it in his collection.”
A person highlighted the poor condition of the note and advised him to take it to the bank for an exchange as soon as possible, as it no longer held any real collector value.
Last year, a pair of rare Rs 10 notes, issued in May 1918, were found and sold at a hefty amount. One of the notes was sold for Rs 6.90 lakh and the other for Rs 5.80 lakh at an auction.