Spectacular Jammu & Kashmir Telegraph Franking

What is especially rare about the telegraph receipt depicted is the denomination - it bears four two-rupees telegraph stamps and an eight anna stamp on the reverse (not shown) and is dated 1903 ! Note that telegraph stamps meant for official use were printed in black - so this was initiated by a private party! Interesting enough, in 1908 the remainder of the 5Rs telegraph stamps were over-printed eight annas, the 2Rs overprinted two annas, etc - clearly proving a point about the exceptional franking of the item above in the context of Jammu & Kashmir.

What is the worth of eight rupees in 1903 ? From a case in findlaw - the exchange rate was 32cents per Rupee in 1905 meaning that the receipt has the equivalent of $2.56 (in 1905 terms !!).

So in 2004, $2.56 from 1905 is worth:

$54 using the Consumer Price Index , $400 if invested in the Dow Jones, $1,070 using the relative share of GDP and millions if invested in California Real Estate.