1 Pound Bank of New Zealand

The Bank of New Zealand was established by colonial legislation in 1861, and its early note issues were produced in London by Bradbury Wilkinson — a practical arrangement that placed the physical manufacture of the currency thousands of miles from where it actually circulated. Notes arrived in the colony by ship, a supply chain that created periodic shortfalls and made any large loss at sea a banking crisis in miniature.

P#S191 falls within a two-decade window that covers considerable economic turbulence in New Zealand, including the Long Depression that bit hard through the 1880s and forced several provincial banks into collapse. The Bank of New Zealand itself came close to failure in 1895, just after this series ended.