Commemoratives Cause Confusion
Circulating commemoratives have confused the public in many countries. One of the latest such incidents is Pakistan’s 2022 and 2023 75-rupee (Rs75) bank notes and Rs1, Rs5, and Rs10 coins.
During the United States bicentennial celebration, citizens began hoarding the ill-timed 2-dollar Federal Reserve bank notes on which the signing of the Declaration of Independence appears on the reverse. Some people stashed them away, thinking they were commemoratives (which they were not), while others (to this day) question if they are legal tender.
The United States isn’t alone. Circulating commemorative bank notes has confused the public in other countries as well. One of the latest such incidents is Pakistan’s 2022 and 2023 75-rupee (Rs75) bank notes meant to mark the 75th anniversary of the modern Pakistani nation.
At the heart of the confusion is the denomination chosen for these commemoratives. Pakistan’s official bank note series have denomination values of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000, and Rs5,000 that circulate alongside coins in denominations of Rs1, Rs5, and Rs10. Pakistan issued a Rs5 bank note in 1987 to mark the nation’s 50th anniversary, but the Rs5 denomination is mainstream—there also is a coin of that value. People simply aren’t certain of what to make of an Rs75 denomination bank note.
Pakistan went all out over the Rs75 bank note, issuing more than 100 million of each of the two notes. The plan was to have the notes circulate on a scale sufficient to ensure they reached the common man while making the anniversary memorable. The unusual denomination may have made the anniversary memorable for the wrong reason.
Rumors of the Rs75 notes being discontinued are partly true since the commemoratives were printed only once like as have been other commemorative coins and notes. The notes are legal tender; however, many shopkeepers have been reported refusing to accept them and questioning if the notes would be accepted by banks.
State Bank of Pakistan spokesperson Abid Qamar said, “The central bank has no intention to discontinue the Rs75 bank notes. These notes will remain in circulation till they remain.”
Qamar continued, “I think there is a misconception that they are commemorative notes and that’s why they cannot be accepted. Perhaps for this reason, shopkeepers are reluctant to accept it. Let me clarify that all the commemorative coins and notes produced from time to time are legal tender. They all can be used to make payments.”
All Pakistani bank notes feature a vignette of Quaid-e-Azam Muhammad Ali Jinnah, the father of the nation, on the front. The reverse vignettes are different for each denomination.
The 2022 Rs75 bank note has a vignette that includes Quaid-e-Azam Muhammad Ali Jinnah with the Quaid-e-Azam. This made the note obviously different from the other notes in circulation. The 2023 note features a vignette of the Quaid-e-Azam alone, more in step with the other circulating bank notes. Unfortunately, the first note already set the stage for questioning the acceptance of the odd denomination.
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