It is often when a war begins, is raging on, or coming to an end, that the economic effect ravages direct and indirect nations as a result. Such effects impact nations in different ways, including coinage production. In today’s blog highlighting Whitman Publishing’s 100 Greatest Modern World Coins series, we look at a coin created by war and judged by numbers. Authors Charles Morgan and Hubert Walker talk us through the rarity that has some funny business attached to its existence.
#31 – India 1939-B Rupee
Early India was controlled by the British East India Company a century before it was officially ruled by the British Crown in 1858. Queen Victoria was named princess two years after the East India Company dissolved in 1874. It was not until 1947 that the country would become an independent member of the Commonwealth.
With their new independence came a need for new coinage. The coins that were in use reflected the East India Company, and coinage featuring Queen Victoria was subsequently released in 1862. Denominations include the pie, the pice, the anna, and the rupee. Even gold coins were struck in 1918. However, much like the rest of the world, the effects of World War I would halt Great Britain’s production of silver rupees in 1923 and not continue again until 1938. Authors Morgan and Walker note that this is important to remember moving forward as mintages and dates are not representative of the total picture.
Referencing the Coins of the British Commonwealth of Nations, authors Morgan and Walker mention that a small sum of 1938 1-rupee coins were struck in Bombay (Mumbai) in the latter part of 1939. This meant that the majority of 1938-dated coins were left to be produced in 1940 to which they were until mid-year when they stopped and switched to 1939 rupees.
One factor that arose is the significant amount of hoarding that took place of the 1938 issue due to its silver content. Britain had entered World War II in 1938, and many feared a bullion shortage. Reform would take place to prevent hoarding as the Bombay Mint would start striking 1939 rupees with .917 fine silver. However, they would halt this production in July and reduce silver content to .500 and begin the production of rupee paper notes. This, in turn, means that those 1939-dated rupee issues were produced in a small quantity. This is also where authors Morgan and Walker note the minting inconsistencies, pointing out that in just two days of production, Bombay would report 2.5 million strikes of the 1939-B rupees.
The coin today is considered rare, and no one can recall any significant event that would wipe out the mintage i.e. melting, or destruction of some kind. They point out that Bombay Mint, at the time, released “proposed” mintage numbers instead of actual production numbers.
Some numismatists have estimated the “real” numbers at around 7,500-10,000 of the .917 silver rupees, with the survival rate much lower.