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1 Pound
| Issuer | Union Bank of Scotland Ltd. |
|---|---|
| Year | 1921 |
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| Value | 1 Pound |
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| Composition | Log in to see details |
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|---|---|
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| Reverse description | Printed entirely in blue, the reverse is covered by an elaborate engine-turned guilloche pattern of interlocking foliate and oval medallion motifs filling the entire field. At the centre, a circular medallion carries the legend "THE UNION BANK OF SCOTLAND LIMITED" surrounding a radiating sunburst underprint with the bank's monogram at its heart. |
| Reverse lettering | THE UNION BANK OF SCOTLAND LIMITED |
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| Comments |
The Union Bank of Scotland was one of the older Scottish joint-stock banks, established in Glasgow in 1830, and by 1921 it was already operating under the shadow of consolidation — it would be absorbed by the Bank of Scotland in 1955 after a long period of quiet decline in its independent standing. Waterlow & Sons in London handled the printing, as they did for a considerable number of British colonial and domestic issues during this period.
Scottish commercial bank notes occupied a legally peculiar position: private banks retained the right to issue their own currency under Scottish banking law, a privilege that survived repeated Westminster attempts to curtail it. The 1921 date places this note in a period of acute post-war deflation, when the return to gold standard orthodoxy was actively squeezing credit across Britain.