Bhutan – 100 Ngultrum

A scarce early Bhutanese banknote issued by the Royal Government of Bhutan, featuring King Jigme Singye Wangchuck on the obverse and the historic Tashichho Dzong on the reverse. This Pick #4, 1978 issue was printed by India Security Press, Nashik, and bears the distinctive Dorje (thunderbolt) watermark. PMG 35 Choice Very Fine, with the original PMG holder noting “Staple Holes at Issue – Stains Lightened.” Serial A/1 004466. A desirable early Bhutan type, particularly for collectors of Himalayan, royal, and South Asian banknotes.