1 Rupee

The Government of Hyderabad issued its own currency independently of the Reserve Bank of India — a privilege maintained by the Nizam's state under the instrument of accession framework until 1950, when Hyderabad's monetary autonomy was formally extinguished following the 1948 police action. These rupee notes circulated alongside, but not interchangeably with, Indian government currency in most of the surrounding territory.

Hyderabad was one of only a handful of princely states that operated a functioning paper currency system with its own issuing authority, printing infrastructure, and redemption mechanism. The series is now a fairly compressed collecting field given how thoroughly the currency was withdrawn and demonetized after integration.