5 Rupees

The Reserve Bank of India's wartime 5 Rupee issues are frequently misattributed to British printers, but by 1943 the Security Printing Press at Nasik Road was handling domestic production — a direct consequence of wartime shipping risks making reliance on foreign contractors untenable. India's currency printing infrastructure had been deliberately expanded through the late 1930s precisely to reduce that vulnerability.

Pick 23 covers a range of signature varieties, and the specific signatory matters considerably to valuation. Notes bearing the signature of C.D. Deshmukh — appointed Governor in August 1943 — command a meaningful premium over earlier signatories within the same pick number.