Lot 422

British India, George V (1910-1936 AD), 10 Rupees, Signed by H. Denning, 1st issue, Serial No. G64 493558, ND (1917-30), spindle hole at issue, The H. Denning signature on British India banknotes represents an important transitional period during the reign of King George V (c. 1920–1925). As the Controller of Currency, Government of India, Denning's signature appears on some of the earliest George V issues, including the first ₹5 portrait notes, and is associated with several watermark and prefix varieties. Owing to its relatively short period of use, Denning-signed notes are highly regarded by collectors, particularly when found in scarce combinations of denomination, watermark, prefix, and high grade.  According to the PMG Population Report, only 38 examples have been graded at Very Fine 35 (VF 35), with a mere 60 notes recorded in finer grades. Such a limited certified population underscores the rarity and desirability of this note in higher states of preservation, J&R # 3.7.1, Pick # 7a, graded by PMG as 35 choice very fine, rare.