Fake Indian Coins and Currencies - Part 3 - Fake Currencies

A e.Book [Fake Coins of Republic India] of all the items is available as PDF in download section.

This article is on Fake Indian Coins and Currencies is Organised into 5 parts.
Part 1 - Fake Commemorative Coins
Part 2 - Fake Definitive Coins
Part 3 - Fake Currencies
Part 4 - Fake Error Coins.
Private Package UNC Set
Use the Index or older / newer post to navigate

Like the fake coins, there are quite a few fake currency notes as well in circulation. There are quite a few fakes that are put into circulation by Unfriendly countries with the intention to destabilize our economy. These are difficult to detect as the design is same as that of the actual currencies. This section does not list such currencies, but rather lists the currencies that were printed to deceive the collectors.

1962 Rs 1 I J Patel Fake Note
There was no currency note printed in the year 1962. So the forgers came up with the brillint idea of printing one. They used a genuine note by I J Patel signed in the years 1968 to 1972 and reprinted the date to make it look like 1962. Saw this around Jan 2016.

1964 Rs 1 S Bhoothalingam Fake Note
Amongst the most expensive Rs 1 note. A bundle can cost a fortune. Saw this fake in 2015, where by a 1965 Bhoothalingam note is taken and the date reprinted to make it look like 1964.

Another type of fake that is printed using a standard printer

1982 Rs 1 Fake Note
There are quite a few Rs 1 note where the date is changed to an year when the note was not printed to make it scarce / rare. The Popular ones being 1982, 1995, 1996, 1997.

1995 Rs 1 Fake Note
The last Rs 1 note was printed in the year 1994 after which this was discontinued. However the 1995 Fake makes quite a few rounds in the market. The price it commands is quite high than some of the other genuine currencies. There are 1996 and 1997 as well.

CD Deshmukh Rs 5 Fake Note
These are quite popular with collectors. At times these go for as much as Rs 3,000 to Rs 4,000/-. CD Deshmukh was the RBI governor before Independence and continued as the first governor of RBI after Independence. Before Independence he has signed quite a few notes of denominations Rs 2, Rs 5, Rs 10 and Rs 100. After Independence the first note was of Rs 10. This was the only note signed by CD Deshmukh post Independence.

Type 2: 5 Deer’s

Type 3: 7 Deer’s
Images Comming Soon

CD Deshmukh Rs 10 Fake Note
As the original Rs 10 note was and is still quite expensive, there are quite a few of the replicas created to dupe the collectors. The most popular being 3 peacock and 1 peacock notes


CD Deshmukh Rs 100 Fake Note
A Rs 100 denomination was never issued by CD Deshmukh. The only note signed by CD Deshmukh was the Rs 10. The first Rs 100 note was by second governor, “Benegal Rama Rau”. This fancy note goes with the description of Snake & Eagle. Another fancy note goes with the description of Snake & Eagle. Notice that it says East India Company. As to why CD Deshumkh would sign a note with East India Company when the Reserve Bank of India was already established is hard to imagine. But the unsuspecting collectors seldom have knowledge of things

Rs 2 Fake Note - Manmohan Singh
Another of printing technique, the RBI Logo have been reprinted on an Original Rs 2 Note signed by Manmohan Singh. The front side logo is reprinted on the back and the back side reprinted on front.

Rs 5 Fake Note – S Jagannathan - 5 Deers 
Seen in 2015, one of the deer's is reprinted to make the original design of 4 deer's look like 5 deer's.

Rs 10 Fake Note – 3 Peacock and 1 Peacock Varieties

The Original Peacock notes were issued beginning from around 1970 to around 1990 before the design was discontinued and the Shalimar Garden design was adopted. The Original Peacock notes have 2 Peacocks at the back [along with other animals] and were signed by S Jagannathan, K R Puri, M Narasimhan, I G Patel, Manmohan Singh and RN Malothra.

The Trick: Unlike the CD Deshmukh notes, the forgers this time followed a simple trick. They got hold of a genuine Note by these governors and reprinted a portion of the note. This is easy to do with a good quality scanner, a color printer and an image editing software. All one needs to do is scan the image of the note, edit such that one only copies the peacock. Put the note back in the printer and print off the 3rd peacock. After a few trial and errors, one would get an exact position. The colors themselves blend with the background and are difficult to identify as re-printed.

Authentic Tag: Now if one looks for tell tale signs like design details, the Watermark, the security thread, the feel of paper or other such feature’s they would all pass this test with flying colors, because the note is genuine. There were quite a few stories going about these notes as to they are actually errors or oddities and hence these are not catalogued.

To add some twist to the tale, the forgers at times took slightly used notes for reprinting so that it gives the note a more authentic look.
Some even challenged that show it to any banker and he would certify that these are original Notes.

They even post pictures of the note clearly showing the watermark and other details [see images below for one such instance]. Even when one is buying face to face, and see’s the note he is convinced that it’s a original note.

The Obvious: If you see enough samples of these notes, you would notice that the third peacock is not exactly at the same position; there is a difference at times in few millimetres. This is because individual notes are taken and printed, often leading to alignment mismatch.

The Original Note

S Jagannathan
Here the peacock from left upper hand is taken, scanned, cut and then reprinted on the bottom space to show it as a third peacock.

K R Puri
Here the Second peacock [upper right hand] is taken, scanned, cut and then reprinted on the bottom portion to give an impression of third peacock.

M Narasimhan
Similar to the KR Puri Note, the upper left hand peacock is used to create the third one.

RN Malothra
One Peacock:

One peacock is created by copying the tree feature from the bottom, notice closely the tree trunk; were the peacock should be present and you would see the additional tree portion. This is more easily identifiable.

Three peacock: Type A

This is similar to the S Jagannathan note were the peacock in the upper left side is used to create the 3rd peacock.

Three peacock: Type B

This is similar to the KR Pure note were the peacock in the upper left side is used to create the 3rd peacock. Notice in this the placement is more overlapping with the upper peacock, not sure it this is by error or on purpose.

Manmohan Singh
Also available in 3 peacock version with Manmohan Singh's signature.

More from Printing Techniques
There are quite a few variations of the printing techniques.
Recently [in Feb 2015] came across a bunch of Rs 10 notes that have one peacock in black and white or 3 peacocks in black and white. There is also a 2 boat variety incase anyone is interested.It is amazing as to how innovative people get.

IJ Patel
The I J Patel Rs 10 notes reprinted to get a two boats.

Fake Rs 20 - Bimal Jalan - Full Konark Wheel
Saw this one in 2015, advertised as full Konark Wheel. The standard design of Rs 20 Konark Wheel is the bottom portion is truncated by the design strip. However this fake has the full wheel reconstructed. Very innovative I would say

Fake Rs 20 - Small Full Konark Wheel
Another variation to the Konark wheel. This is better done and the Konark wheel is shrunk and reprinted.

Other Printing Techniques:
A simple paper and a black and white printer with some creativity and lots of naive collectors and then we have notes of Rs 5000, Rs 10000 and Rs 1000 easily available. And to lend authenticity to them, stamp some numbers etc on the back and or scribble something in the watermark window and presto you have a rare fake note ready for naive collectors.

Gulf Haj Notes Fakes of Rs 100

Fake Error Notes:
A new type of Error notes being circulated in the market. There are genuine Number errors where the number on the note does not get printed at its correct location, however in this the correct numbers notes are taken, additional number is printed to make it look like error with double numbers.

Rs 1 Signed by S Venkatirmanan

Rs 5 HV Iyengar

Rs 10 HV Iyengar

Rs 100 S Jagannathan

Rupees Two Annas Eight
One of the most sought after note of British India is the Rupees Two Annas Eight note. It’s an odd denomination but was quite common. The Original note is quite rare and expensive. This makes this note very popular with the collectors. However taking advantage of this, there are quite a few fakes of this note. Some are quite good and that even experts need a close look to determine it as fake.


  1. I really like this post,people should know about these notes and fake news and it's harm.

  2. Hi Admin,
    I enjoyed going through your article and wanted your suggestion. As per your article you did mention that Sir CD Deshmukh had signed 10 Rupees note before independence as well. How do we know if its genuine and its value ? Your feedback would be much appreciated.

  3. The Original CD Deshmukh note have "Sailing Show" design on the back. Now there could be fakes in these as well. However I haven't seen one. The price is in the range of Rs 2,000 to Rs 40,000 depending on the prefix/inset's and the condition. These notes in UNC condition are next to impossible and hence go at huge premium. A good condition note should be in the range of 3 K. If you don't know, best is buy from a Reputed dealer.

  4. Geart work by you ,Saw the value for manmohan sing 100 rupee note ...can you tell me what is the price range I can get for manmohan 100 rupee bundle ...thnx

  5. Hi admin,

    Could you please share some more details about the 100 rupee note eagle and snake, signed by C D Deshmukh. I am planning to buy 1 of the notes and if you can suggest should I buy or not or the correct price.

  6. Not sure what details you need. Its a fake note printed using an good quality printer & paper. Its up to an individual if they want to collect fakes. There is no price for fakes, it depends upon how much one can extract from a buyer. There is no dearth of quantity.

  7. Hi I heared that cd deshmukh Rs.100 Eagle notes have any power,please anyone tell me its true or false?

  8. You have mentioned E Bay as a genuine site to avoid fake notes.
    BUT unfortunately, I have seen auctions for fake notes also.
    If you do not believe, I can tell you specifically the notes, seller and dates also when these were put for auction.
    my e mail is

  9. Sorry if I gave the impression that eBay is Genuine. Nope there are quite a few fakes out there. Not just eBay, even Auction houses have at times sold fakes. So there is no substitute to having knowledge on the subject.

  10. Hello admin, u've mentioned in your brief article that 100 rupee note of east india company is fake and it was never printed and signed by c.d deshmukh then could u please tell me why u r saying this b'coz c.d deshmukh was the first governor of india and also served east india company as well and his woking profile as a governor started in year 1943 and as we all know by that time india was ruled by the britishers however the reserve bank of india had came in existence in year 1939 but by that time or until we get freedom the rbi was not fully functional in this sector..please reply

  11. Read up India's history. The East India company ruled till 1858 and was replaced by British Raj [or Crown Dependency]. The East India company was dissolved in 1874. C. D Deshmukh was Governor of RBI in 1943 and did sign British Raj notes. There is no Snake & Eagle note from East India Company. Its a fake.

  12. Tell me one person said to me that to find 20 paise coin year 1970 having lotus and half sun having 17 or 19 rays. Is that true ? RBI has made any kind of such coin.

  13. Any note of Rupees 10 is published with 3 peacock or 1 peacock.

  14. Can u please tell me the details about cd Deshmukh 100 and 5 deer notes and I have purchased 4 deer notes for eBay mr.jaganathan call me at 9566699918

    1. What details? The CD Deshmukh, Rs 100 and 5 deer are fake note's

    2. Can you tell me whether the old notes like with snake and eagle has some functions like disturbing the TV or a tubelights. I've seen few videos of the notes doing so. How far is it true and why these notes do so

  15. great article by the way, enjoyed reading through.
    can u please give me details as to how can i get the special coins issued by the RBI, like the denominations 100/500 etc.,?

    1. Read the article http://coinsofrepublicindia.blogspot.com/2013/03/booking-coins-from-mint.html

    2. Hello admin recently I got a seller of 100 rs coin. He wants to sell it in 20 lks, so I want to know how do they get these coins from RBI? Can I or we common people get the such denomination coins from RBI and minimum what should be the quantity

    3. Read articles for beginners. Yes rs 100 coins can be booked by anyone when the booking are open.

  16. Appreciate the efforts put in by you to educate amateur collectors like us
    request you to please inform me if any of these are fakes,
    Also guide me the proper person or site where I can buy genuine currency in future as Iam a serious collector

    thanks in advance

    1. I have not come across fake bundle. The best way is to learn. I don't recommend specific dealers.

  17. SIR,

  18. Dear Admin, i have a 100 rupee note 2nd issue by rama rao, but there was not a security thread, i check same in some internet forum and they mention security thread in 100 rupee note was started from 3rd issue of 100 rupees. it is REAL i m so contused!!

  19. many coins are fake on ebay

  20. whats meant by UNC and proof coins??

  21. As a ardent, serious, passionate, but a naive numismatist, I can't thank you enough for your blog. Your blog is my first resource to establish the authenticity before I make a purchase. The detailed information, and the crisp pictures show how much efforts you have put in. Thanks to you, I have learnt a lot about the history of Indian currency. Not to mention how much you have made me aware about the fakes doing rounds all over. It is sad to see people posing elementary questions to you without reading your blog carefully and doing their own research. Kindly accept my sincere appreciations and gratitude for the knowledge and awareness shared. Your efforts are indeed commendable! Thanks a lot!!

    1. Thank you for taking efforts to write kind words. All begin as naive numismatist. Passion is what makes the difference.

  22. Hi admin,I enjoyed going through ur articles and gain more knowledge about fake INR notes. So here i want your suggestion/help, what will be the selling value for 10 Rs note (2 peacock and other animals) signed by RN Malhotra. Your feedback is highly appreciated.

  23. Rs 2 Fake Note - Manmohan Singh
    Another of printing technique, the RBI Logo have been reprinted on an Original Rs 2 Note signed by Manmohan Singh. The front side logo is reprinted on the back and the back side reprinted on front.

    I have a question about this note, i have one of these note but signed by different governor s. Venkitaramanan