5 Rupees 2nd Issue

Pick 15 marks the transition point at which the Government of India began producing its own currency paper domestically — the India Security Press at Nashik had only opened in 1925, and these early runs were something of a proving exercise for a facility that had to establish credibility against decades of British metropolitan printing. Taylor and Kelly both served as Controller of Currency during this issue's lifespan, accounting for the two signature varieties collectors distinguish between.

Notes from the early years of this print run are considerably scarcer than later examples, as output at Nashik was constrained while the press scaled up.