Do You Have This Rs500 Note? It’s Worth Rs1500 Already 

Hyderabad: You must be no longer amused of owning the defunct Rs500 note, are you? Some people do not even like to see and carry the note any longer, which used to be the most common high value note everyone loved to carry in his pocket or her purse until Prime Minister Narendra Modi made it a scrap on November 8.

You must be impatient to wait to exchange it with some other notes as new Rs500 note is not in sight so far. Some are even ready to exchange it for a lower value. Some vendors have put up boards notifying they would accept old Rs500 notes, but on one condition - you have to buy Rs200 worth goods at their shops.

Hold on, here's some good piece of news on the banned Rs500 note!

If you are in possession of a Rs500 note printed in 2015 and bearing an `R' inset along the serial numbers, preserve it.

In 2015, RBI printed only 3 million Rs500 notes with telescopic serial numbers (small to big in size), bleed lines in the corner and unique ‘R’ insets. These facts about the note make it precious and numismatics are ready to pay higher value to it to add it to their collections.

Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. People who are obsessed with collection of defunct currency notes of different periods are also referred to as numismatists.

On Wednesday, especially after seeing an article published in The Economic Times on numismatics, notes enthusiasts are out on their hunt for the particular Rs500 note. "It's my passion to collect notes and coins and now I am searching for this particular Rs500 note since it's precious," says Rajender Gupta of Banjara Hills enquiring people who were standing in long queues before a bank. He was ready to pay some 'attractive' premium and willing to buy in any quantity. He says the note is already going for a price of Rs1,500 to Rs2,000.

However, as most of the abolished notes were either deposited in banks or exchanged with other currency, not many were found. But this created some buzz among the people who still hold those old Rs500 notes and now they are checking for these features in hope of making some bucks.