5 Rupees

The Hyderabad Government issued its own currency independently of the Reserve Bank of India — the Nizam's dominion maintained that right until military integration in 1948. Notes from this period circulated alongside British Indian issues but were not interchangeable outside Hyderabad State, a source of persistent friction for traders crossing the border.

The P#S273 series spans nearly a decade precisely because the Nizam resisted adopting central Indian monetary policy at every turn. That resistance ended abruptly with Operation Polo in September 1948, after which remaining stocks were withdrawn and largely destroyed.