Lost in a shipwreck: Over 100 years old, rare Indian Rupee notes sold for lakhs at London auction

More than a century ago, a ship called the SS Shirala sank after being struck by a German U‑boat in 1918. Laden with goods ranging from wine and ammunition to shipments of freshly printed banknotes, it seemed destined to be lost to the sea until parts of its cargo washed ashore decades later. Among those recovered were Indian banknotes that somehow survived the saltwater and time. Two rare 10‑rupee banknotes from the 20th century, recovered from the wreck of the SS Shirala, were auctioned at Noonans Mayfair auction house in London on May 29, 2024, as part of their World Banknotes sale, according to a PTI report.The SS Shirala was travelling from Mumbai to London when it was sunk by a German U‑boat on July 2, 1918. The banknotes found in the wreck later bear the date May 25, 1918. Thomasina Smith, Worldwide Head of Numismatics at Noonans, says, “Whole blocks of these notes, along with lots of provisions ranging from marmalade to ammunition, were on their way to Bombay from London when the boat was sunk by a German U‑boat.” After the ship sank, many of the notes floated ashore, including unsigned 5‑ and 10‑rupee notes, and signed 1‑rupee notes. Most were destroyed by the authorities, replaced by new printings, but a very few survived and ended up in private collections, according to Noonan's official website. Despite the ordeal, these notes are in exceptional condition. Smith explains to the Noonans, “These are in very good condition – they must have been in the middle of a tightly bound bundle, so didn’t make contact with the sea. It’s also wonderful that they bear consecutive serial numbers.” The estimated auction value for the pair of 10‑rupee notes is between GBP 2,000 and 2,600. There are also other rare notes in the same auction. A rare Government of India 100‑rupee note from the British colonial era, signed and stamped in Calcutta, dated between 1917 and 1930, is expected to fetch GBP 4,400‑5,000. Also appearing is a “Reserve Bank of India, Persian Gulf Issue” 5‑rupee note from 1957‑62, estimated at GBP 2,200‑2,800, according to the PTI report.