On the decline of the Mughal Empire, Kashmir was annexed by the Afghans and later
in 1819 by the Sikhs and in 1845 by the British. In 1846, Gulab Singh was confirmed
the Feudatory Chief of Jammu & Kashmir by the British. In 1947, the Maharaja
opted to Merge with the then Dominion of India.
Paper Money was issued sometime in 1877 in the reign of Maharaja Ranbir Singh on
watermarked paper. The notes were not very popular and were in circulation for a
very short period. The notes carried the 'Sun' motif of the Dogra family.