50 Rupees

Pakistan Security Printing Corporation had been established specifically to give the new state control over its own currency production — previously handled abroad — and this series was among the earlier domestic outputs to see full circulation. The 1972 dating coincides with the immediate aftermath of the 1971 war and the secession of East Pakistan, which became Bangladesh, a rupture that also forced a complete reissue of circulating notes to distinguish Pakistani currency from the now-separate Bengali monetary system.

The watermark is the sole security feature, modest even by early-1970s standards. Worn examples are far more common than clean ones, which is consistent with heavy circulation during a period of significant monetary instability and inflation under the Bhutto government.