100 Rupees

Hyderabad maintained its own currency — the Osmania Sikka — entirely independent of the British Indian rupee system, a privilege the Nizam's government defended vigorously until accession in 1948. This 100-rupee note, printed by Waterlow & Sons in London, was issued under that parallel monetary authority, which operated its own treasury, its own coinage, and its own note-issuing apparatus with a formality that rivaled any colonial administration.

The FE dating refers to the Fasli Era, the agricultural calendar used for official Hyderabadi fiscal purposes. FE 1339 corresponds to 1928–29 CE, with the QA and PY–PZ series distinctions suggesting sequential signature or control batches within that year's issue.