When banks issued notes that circulated as money, they conjured money out of thin air, introducing the unique alchemy in money’s transition from the concrete to the abstract. Straddling perspectives of finance, history, public policy and art, this book explores the diversity, purpose and legacy of paper money, as it evolved in India from the late 18th century to the present.

Bazil Shaikh, author and former central banker, has worked in areas spanning trade, exchange rate management, rural development and governance, amongst others. He headed the team which conceived, researched and curated the RBI Monetary Museum, Mumbai. Having studied Economics at the Gokhale Institute of Politics and Public Policy at Princeton University, his doctoral thesis was on The Evolution of Modern Banking in India.