100 Rupees

India's currency arrangements during the early 1920s were split between the Finance Department of the Government of India and the Imperial Bank, which had only just been proposed — it would not open until 1921. Treasury issues of this period carried the signature of the Controller of Currency, and the specific signatory on P#5 notes can help narrow the issue window considerably, as the series ran across several controllers.

High-denomination Treasury notes from this period suffer disproportionate attrition. Wartime inflation had already stressed confidence in paper, and the 1920s saw active replacement campaigns as the Reserve Bank framework was debated. Few examples survived the transition intact.