Indian Man Discovers Old ₹500 Note, But It’s Not as Rare as He Thought
Indian Man Discovers Old ₹500 Note, But It's Not as Rare as He Thought
An Indian man recently took to Reddit to share images of a ₹500 banknote he found tucked away in his grandfather’s old luggage. Believing the note to be over 50 years old, he sought advice from Reddit users about its possible worth.
“I found this old ₹500 Indian banknote from the 1970s in my dad’s trunk. It has some damage (a part is missing). I’m curious if it holds any value for collectors,” he wrote, posting pictures of the worn-out note, which was torn, taped together, and frayed at the edges.
Not as Old as Expected
Reddit users were quick to correct his assumption, identifying the signature on the note as belonging to C. Rangarajan, who served as the Reserve Bank of India’s governor from 1992 to 1997.
“This note is signed by C. Rangarajan, meaning it was printed much later than the 1970s,” a user pointed out.
Additionally, the ₹500 denomination was first introduced in 1987, followed by the ₹1,000 note. This meant the man’s discovery could not date back as far as he had initially believed.
“₹500 notes were introduced in the late 80s. There was no such note in the 70s. It’s not worth much now, but you could keep it safe for a few more decades,” suggested another user.
Questionable Value
While some users stated that the note was only worth its face value of ₹500, others claimed it was effectively worthless.
“Sorry to disappoint, but you can exchange it at a bank for exactly ₹500. Since pre-2016 ₹500 notes are no longer legal tender, its value is zero,” one comment read.
Another user noted that the poor condition of the note further diminished its collector’s value. “The condition is too bad for any real collector to be interested,” they remarked.
However, some users speculated that an enthusiast might still be willing to pay more than its actual worth. “It was demonetized before you were even born. Still, some collector might pay you a premium just to add it to their stash,” one user suggested.
