1 Pound

Guernsey's pound notes of this series carried two treasurer signatures across the decade — W. C. Bull and M. J. Brown — making signature variety the primary collecting distinction within P#48. The States of Guernsey has always issued its own currency independently of the UK, but the pound maintained parity with sterling throughout, which kept these notes in practical daily circulation alongside their Bank of England equivalents rather than being treated as novelties.

De La Rue's watermark security on this issue is straightforward — no metallic thread, no UV features. By the late 1980s that was already looking dated for a circulating note.