20 Rupees

Pick 46 falls within a transitional period for Pakistani currency design, when the State Bank was quietly standardizing the series ahead of more substantive security upgrades introduced after 2008. The 20-rupee denomination had long occupied an awkward middle position in everyday commerce — too small for significant transactions, too large to ignore — and notes from this window circulated hard, which is why heavily worn examples vastly outnumber anything approaching uncirculated.

The security thread specification for this type is a basic windowed filament, notably less sophisticated than the magnetic and color-shifting threads introduced on later issues. Worth noting for anyone attributing specimens by technical features alone.