5 Rupees

Pakistan's 5-rupee note in this series had an unusually long production run — fifteen years is a wide window, and the issued quantity of just over twelve million is modest by subcontinental standards. The State Bank periodically released dated tranches across the series rather than printing the full quantity at once, which is why date varieties within P#38 carry meaningfully different scarcity profiles.

The watermark is the sole security feature, a thin line of defense that reflected Pakistan's printing economics of the period rather than any particular policy decision. By the late 1990s, the note was effectively obsolete in everyday transactions due to inflation.