The RBI Burma Peacock banknotes of 1938–1939, commonly known as the King George VI Burma Peacock series, were paper currency notes issued by the Reserve Bank of India for circulation in British Burma following its separation from British India on 1 April 1937. Although administratively managed by the RBI, these notes formed a distinct monetary issue, created specifically for Burma and circulated only during a brief pre-Second World War window.
Introduced between May 1938 and July 1939, the series comprised five denominations — 5, 10, 100, 1000, and 10,000 Rupees — all bearing a side-face portrait of King George VI and featuring uniquely Burmese design elements such as peacocks, elephants in forest settings, and river scenes with sailing boats. Unlike contemporary languages on Indian notes of the same period, the Burma issues incorporated Burmese and Shan scripts, reflecting Burma’s separate administrative and cultural identity within the British Empire.
Every denomination in the series was printed for a short, finite period, carried a single signature (J. B. Taylor), and was issued within tightly limited prefix ranges — factors that would later prove decisive to their scarcity. The outbreak of the Second World War and the Japanese invasion of Burma abruptly ended circulation and disrupted survival, making the Burma Peacock banknotes one of the most compact yet historically significant series the RBI ever issued.
Today, these notes occupy a unique position in Indian and Burmese numismatics — valued not only for their design and rarity, but for the geopolitical circumstances that shaped their brief existence. For collectors building out a British India or Burma-focused collection, understanding how this series fits between the earlier provisional overprints and the broader RBI denomination structure of the late 1930s is essential context.
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Legal and Monetary Background of the RBI Burma Issue
Following Burma’s formal separation from British India on 1 April 1937, responsibility for Burma’s currency did not immediately pass to a local central bank — none yet existed. Instead, under the India and Burma (Burma Monetary Arrangements) Order, 1937, the Reserve Bank of India was mandated to continue managing Burma’s monetary system on an interim basis. This arrangement preserved financial continuity during Burma’s administrative transition while avoiding disruption to trade, banking, and government finance.
As an immediate stopgap, the RBI authorised the continued use of existing King George V Indian banknotes, overprinted “LEGAL TENDER IN BURMA ONLY” specifically for circulation in Burma. These overprinted notes — covering only the 5, 10, and 100 Rupee denominations — constituted a purely provisional issue, intended solely to bridge the gap between Burma’s separation from India and the introduction of a fully distinctive Burmese paper currency. The complete design history, overprint varieties, and prefix data for this earlier series are covered in detail in our companion guide, King George V Burma Overprint Banknotes.
While the RBI retained administrative control of Burma’s currency throughout this transition, continued reliance on adapted Indian banknotes was never a long-term solution for a territory that was now constitutionally separate from India. Burma required distinct paper currency, clearly identifiable in design, language, and legal promise, while still remaining within the RBI’s institutional framework. This led directly to the introduction of purpose-designed Burma banknotes beginning in May 1938 — the Burma Peacock series, which gradually replaced the overprint notes as it rolled out denomination by denomination over the following year.
Importantly, the Burma Peacock banknotes were not issued by a Burmese central bank, because none existed at the time. They were an official RBI issue, printed by the India Security Press, governed by Indian currency law, and signed by the Governor of the Reserve Bank of India. This legal and administrative framework places the 1938–1939 Burma Peacock series firmly within the broader corpus of RBI-issued paper money, even as it marks a distinct and short-lived monetary issue shaped by constitutional change rather than independent monetary sovereignty.
Design Continuity with the 1938 King George VI India Side-Face Series
The RBI Burma Peacock banknotes were conceived within the same production and administrative framework as the 1938 King George VI India Side-Face series, resulting in clear points of continuity alongside deliberate design divergence.
Notably, neither series included a 1 Rupee denomination. Both the India and Burma issues comprised 5, 10, 100, 1000, and 10,000 Rupees, indicating a consistent approach to paper money structure across the RBI’s portfolio at the time. All denominations in both series were initially issued with the signature of J. B. Taylor, the second Governor of the Reserve Bank of India, reinforcing their contemporaneous origin and shared administrative oversight. The use of a side-face portrait of King George VI, together with the same general watermark paper stock, further suggests coordination in design philosophy and production planning between the two programs.
Despite these similarities, the Burma Peacock series was not a derivative or variant of the Indian side-face notes. While both issues featured English-only obverse text and the familiar “RESERVE BANK OF INDIA” heading, their artistic treatment diverged significantly. The Indian notes retained a standardised imperial style, whereas the Burma series incorporated distinctly local motifs — peacocks, elephants, rural agricultural scenes, and river landscapes — establishing a separate visual identity intended specifically for Burmese circulation and Burmese cultural reference points.
It’s also worth noting that a 2 Rupees denomination was introduced later into the King George VI India side-face series in 1943, reflecting wartime currency requirements. This denomination did not form part of the original 1938 RBI issue framework and therefore has no counterpart in the Burma Peacock series, which remained limited to five denominations throughout its brief issuance.
Denominations Issued Under the RBI Burma Peacock Series
The RBI Burma Peacock series, issued between 1938 and 1939, consisted of a complete and self-contained set of five denominations produced exclusively for circulation within Burma. All denominations formed part of a single unified issue bearing the portrait of King George VI, sharing common production characteristics, administrative authority, and overall design philosophy under the Reserve Bank of India. While consistent in structure, each denomination was distinguished by its own colour palette and vignette treatment, with no design or signature varieties recorded within any single denomination — a structural simplicity that, as explored further below, actually plays directly into how collectors assess relative rarity across the series.
5 Rupees Banknote
The 5 Rupee denomination, issued in May 1938, was the first of the Burma Peacock banknotes to enter circulation and served as the principal note for everyday transactions. It is printed predominantly in violet and green, giving it a visually distinctive yet restrained appearance. The obverse features a side-face portrait of King George VI alongside a central peacock flanked by stylised lion heads, while the reverse depicts an elephant in a forest setting. The note bears the signature of J. B. Taylor and was issued with serial number prefixes ranging from A/0 to A/36.
Catalog references: Banknote Book (BNB) Burma Chapter B201; Standard Catalog of World Paper Money Burma Chapter (Pick) 4; The Revised Standard Reference Guide to Indian Paper Money (IPM) 5.4.1
10 Rupees Banknote
The 10 Rupee banknote followed in June 1938 and was intended as the higher-value companion to the 5 Rupee note for routine commercial use. Its design is multi-coloured, appearing predominantly green with additional elements in violet, blue, and orange. The obverse illustrates a farmer ploughing with oxen and a bullock cart, symbolising Burma’s agrarian economy, while the reverse shows a sailing vessel associated with river and coastal trade. As with all denominations in the series, it carries the signature of J. B. Taylor and was issued with prefixes from A/0 to A/50.
Catalog references: BNB B202; Pick 5; IPM 5.4.2
100 Rupees Banknote
Introduced in May 1939, the 100 Rupee denomination was designed to facilitate higher-value commercial and banking transactions. The note is predominantly blue, accented with green, orange, and violet, giving it a markedly richer appearance than the lower denominations. The obverse returns to the peacock motif alongside a larger portrait of King George VI, while the reverse depicts elephants engaged in teak logging — a key industry in colonial Burma and a fitting choice of vignette for the territory’s economy.
Serial numbers appear on both sides of the note, a feature that facilitated banking practices such as note splitting. Prefixes are known from A/0 to A/2, with recorded examples of the A/2 prefix observed only up to serial number 500000, underscoring the genuinely limited scale of this issue.
Catalog references: BNB B203; Pick 6; IPM 5.4.3
1000 Rupees Banknote
The 1000 Rupee denomination was issued in June 1939 and intended primarily for institutional and inter-bank transactions rather than general circulation. It is printed predominantly in brown, complemented by blue, violet, and green elements. The obverse places the portrait of King George VI prominently at the centre with the promise text and signature below, while the reverse features a walking tiger framed by peacock imagery. Only a single prefix, A/0, is known for this denomination — among the clearest indicators of just how restricted production was at the high end of the series.
Catalog references: BNB B204; Pick 7; IPM 5.4.4
10,000 Rupees Banknote
The 10,000 Rupee note represents the highest denomination issued for British Burma and entered circulation in May 1939. It is printed in a striking combination of violet, brown, yellow, and orange. The obverse features a central portrait of King George VI flanked by watermark windows, while the reverse depicts a waterfall scene framed by peacock motifs. Like the 1000 Rupee note, only the A/0 prefix is recorded — confirming that both high-denomination notes in this series were produced in genuinely small quantities, intended for institutional rather than public use from the outset.
Catalog references: BNB B205; Pick 8; IPM 5.4.5
Signature, Series Structure and Administrative Context
The RBI Burma Peacock series is characterised by an unusually simple administrative structure: a single signature, a single series format, and no recognised design or signature varieties across any denomination. All notes bear the signature of J. B. Taylor, who served as the second Governor of the Reserve Bank of India. This uniformity reflects the narrow time frame within which the entire series was conceived, printed, and issued.
Unlike many RBI issues of the period, the Burma Peacock banknotes did not progress through multiple signature phases. The absence of additional signatures or revised series was not the result of simplified policy or limited administrative ambition — it was a direct consequence of historical interruption. The entire series was planned and completed before the outbreak of the Second World War in Southeast Asia, leaving no scope for later modifications or administrative revisions.
A comparison with contemporary Indian banknotes makes this clearer. The King George VI India Side-Face series, initially issued with J. B. Taylor’s signature in 1938, later appeared with the signature of C. D. Deshmukh, who assumed office as Governor of the Reserve Bank of India in August 1943. As a result, no Burma Peacock banknotes exist bearing later signatures, nor were revised series ever contemplated — the series is, in effect, frozen at a single administrative moment in time.
The single-signature structure of the Burma Peacock series therefore stands as direct evidence of a prematurely terminated currency program, shaped by geopolitical events rather than by deliberate monetary design.
Collectibility, Rarity and Market Value
The RBI Burma Peacock series occupies a distinctive position in the market for British Indian and Southeast Asian paper money. Although structurally simple — lacking multiple signatures or recognised varieties — the series is regarded as scarce across all denominations due to its limited print volume, short circulation life, and abrupt historical termination. As a result, collectibility within the series is driven less by conventional variety hunting and more by quantitative and historical evidence of original print volume.
Prefix Evidence and Comparative Print Volume
In the absence of multiple design or signature varieties, prefix analysis provides the most reliable proxy for assessing relative scarcity within the Burma Peacock series. Each denomination was issued with a restricted and clearly documented prefix range, allowing collectors to estimate production scale with a high degree of confidence.
When compared with contemporary Indian issues, the contrast is striking. The King George VI India 5 Rupee side-face note bearing the J. B. Taylor signature is known across approximately 900 prefixes, reflecting sustained wartime production for domestic circulation. The Burma 5 Rupee Peacock note, by comparison, is confined to just 37 prefixes. A similar disparity is evident at the 10 Rupee level, where the Indian issue spans approximately 712 prefixes compared with only 51 prefixes for the Burma counterpart. At the 100, 1000, and 10,000 Rupee levels, the gap widens further still — production at these denominations was clearly calibrated to Burma’s much smaller institutional and commercial economy relative to British India as a whole, rather than to public demand.
This prefix evidence gives collectors a useful rule of thumb when comparing two notes of similar nominal grade across the Indian and Burma series: even a well-circulated Burma Peacock note can represent meaningfully greater scarcity than a pristine Indian equivalent, simply because so much less of the Burma print run ever existed in the first place.
Impact of the Japanese Invasion on Survival Rates
Although all Burma Peacock denominations were fully issued by mid-1939, their survival was severely affected by the events that followed almost immediately. The outbreak of war in Southeast Asia soon disrupted administrative control across the region. The Japanese invasion of Burma, beginning in late 1941, led to the rapid collapse of British authority, with major cities falling by mid-1942.
As a result, currency stocks were destroyed, abandoned, or lost outright, and circulation was abruptly curtailed well before the series had any opportunity for a natural, extended circulation life. Unlike Indian banknotes, which continued to be printed and circulated within India throughout the war years, Burma Peacock notes had an exceptionally short functional lifespan — perhaps three years at most before wartime disruption effectively ended their use.
This combination of already-low original print volumes and a wartime survival shock unique to this series is what places Burma Peacock notes in a different rarity category from most comparable King George VI Indian issues, even those with similarly restrictive prefix ranges.
Collector Demand
Collector demand for the RBI Burma Peacock series remains strong across all denominations, driven by its finite issue size, historical importance, and distinctive visual design.
Demand for the series is further strengthened by its genuinely broad cross-collecting appeal. The Burma Peacock banknotes are sought after simultaneously by collectors of Indian and Burma paper money, by British colonial and Commonwealth specialists, by Southeast Asian currency collectors, by general world paper money collectors, and by thematic collectors focused on animal imagery — peacocks, elephants, and tigers each appear prominently across the series’ five denominations.
This wide collector base, combined with consistently lower market availability compared to equivalent Indian side-face notes, firmly establishes the series as one of the most desirable and enduring pre-war RBI currency issues available today.
Post-War Treatment and Demonetisation
Following the Japanese surrender on 14 August 1945, Allied forces re-established control over Burma, and British military administration resumed responsibility for the territory’s currency system. In the immediate post-war period, Indian currency notes overprinted “Military Administration of Burma” were introduced to address acute shortages of circulating paper money. At the same time, existing RBI-issued Burma Peacock banknotes remained legal tender and continued to circulate alongside these new overprint issues, with their status later formalised under the Currency Notes Act, 1946 (Burma Act XXV of 1946).
Despite this temporary reuse, the Burma Peacock series was never reinstated as an active currency program. The higher denominations of 1000 and 10,000 Rupees were formally demonetised in May 1945, reflecting their limited relevance in the post-war economy and their primarily institutional function. The remaining 5, 10, and 100 Rupee denominations retained legal tender status for a longer transitional period but were ultimately demonetised in June 1950.
Conclusion
The RBI Burma Peacock banknotes of 1938–1939 represent one of the most clearly defined and historically self-contained currency issues administered by the Reserve Bank of India. Issued during a narrow pre-war window following Burma’s separation from British India, the series combined institutional continuity with deliberate local distinction, producing a complete five-denomination set that was never expanded, revised, or reissued.
Unlike many contemporaneous RBI issues, the Burma Peacock series was shaped less by evolving monetary policy than by geopolitical disruption. Limited production, a single-signature structure, and restricted prefix ranges reflect the genuine brevity of the program, while the Japanese invasion of Burma abruptly curtailed circulation and severely reduced survival rates. Post-war reuse of surviving notes did not lead to continuation, and subsequent demonetisation confirmed the series as a closed colonial issue rather than a transitional national currency.
Today, the Burma Peacock banknotes occupy a unique position within Indian and regional numismatics. They are collected across multiple disciplines — Indian paper money, British colonial and Commonwealth issues, Southeast Asian currency, and thematic collections — yet remain united by a common narrative of administrative intent interrupted by history. As a result, the series stands as a compelling example of how political change and wartime events can decisively shape both the structure and legacy of a paper money issue, ensuring its enduring significance to collectors and researchers alike.
