The George VI Watermarked 5 rupees Note and the SS Breda: Numismatic Evidence and Historical Perspectives

Albert Frederick Arthur George, better known as King George VI, reigned as King of the United Kingdom and the Dominions of the British Commonwealth from 1936 to 1952. He was also the last Emperor of British India, retaining the imperial title until the dissolution of the British Raj in August 1947. His reign coincided with a transformative period in the history of Indian paper currency, encompassing the establishment of the Reserve Bank of India, the Second World War, and the final years of British rule on the Indian subcontinent.

Paper currency had already become an important part of India's monetary system by the late eighteenth century, when several private and Presidency Banks began issuing their own banknotes. This fragmented system ended with the enactment of the Paper Currency Act of 1861, which granted the Government of India the exclusive authority to print and circulate paper money. A further milestone was reached with the establishment of the Reserve Bank of India (RBI) on 1 April 1935, following the recommendations of the Royal Commission on Indian Currency and Finance (Hilton Young Commission). Initially, the Government of India continued issuing notes on behalf of the newly created central bank. The first RBI notes bearing the portrait of King George VI appeared shortly after his accession: the 5 rupees note was issued in January 1936, followed by the 10 rupees note in February, the 100 rupees note in March, and the 1,000 rupees and 10,000 rupees denominations in June 1938. Notes depicting George VI continued to circulate after Indian independence and remained in production until 1950, reflecting the gradual transition to the new Republic.

Among collectors of British Indian paper money, one of the more intriguing subjects concerns the existence of watermarked currency paper associated with King George VI. It has long been suggested that Portals Ltd., the renowned British manufacturer of high-security banknote paper, supplied watermark paper for Indian currency featuring the portrait of George VI. According to an often-repeated account, consignments of this specialised paper intended for the Reserve Bank of India were transported aboard the Dutch cargo ship SS Breda during the early years of the Second World War. Some versions of the story further claim that the paper included watermark designs for both the 5 rupees and 10 rupees denominations.

The SS Breda was a Dutch cargo steamship that became a wartime casualty after the German invasion of the Netherlands. While sheltering off the west coast of Scotland, the vessel was attacked by Heinkel He 111 bombers and sank on 23 December 1940 with a large and varied cargo still aboard. Decades later, the wreck became a popular archaeological and recreational diving site because of its remarkably well-preserved contents.

An interesting claim emerged in connection with the wreck when members of the Tralee Bay Diving and Watersports Club reportedly recovered fragments of watermarked banknote paper from a previously inaccessible cargo hold during the early 1990s. The recovered paper was said to bear the watermark portrait of King George VI, giving rise to speculation that the vessel had indeed been transporting currency paper or related security-printing materials destined for India. If accurate, such a discovery would provide a remarkable intersection between maritime archaeology and the history of British Indian paper money, illustrating the logistical challenges faced in supplying secure banknote materials during wartime.

However, despite the appeal of this narrative, documentary evidence remains limited. While the sinking of the SS Breda and its diverse cargo are well documented, there is no widely published archival record or official Reserve Bank of India documentation conclusively confirming that watermarked Indian banknote paper formed part of its cargo. Likewise, reports concerning the recovery of George VI watermarked paper by divers have received little attention in mainstream archaeological or numismatic literature. As a result, the story remains interesting but unverified, and should be treated with appropriate caution until supported by contemporary shipping manifests, Portals production records, Reserve Bank archives, or authenticated archaeological reports.

From a numismatic perspective, a genuine George VI watermark paper would be of exceptional historical significance. Watermark papers represent one of the principal security features of British Indian banknotes, and surviving examples outside the normal printing process are exceedingly rare. If authenticated, such material would provide valuable evidence relating to the manufacture, transport, and wartime distribution of security paper used for Indian currency. Until stronger documentary evidence becomes available, however, the association between the George VI watermark, Portals Ltd., and the SS Breda should be regarded as a plausible but unconfirmed historical hypothesis, rather than an established fact.

Continued research into wartime shipping records, Portals manufacturing archives, Reserve Bank of India documents, and underwater archaeological findings may eventually determine whether this fascinating story represents a genuine chapter in the history of British Indian paper money or a numismatic legend that has grown over time.