1 Pound Caledonian Banking Company Limited

The Caledonian Banking Company was a provincial Scottish bank headquartered in Inverness, and by 1895 it was already living on borrowed time. It had weathered the Caledonian Bank Act of 1838 and several decades of intense competition from Edinburgh and Glasgow institutions, but the absorption of smaller regional banks was accelerating sharply in the late nineteenth century. Caledonian was eventually acquired by the Bank of Scotland in 1907, making later-date notes from this period among the last issued under independent management.

George Waterston & Sons were a well-established Edinburgh printing and stationery firm, not a specialist security printer in the Bradbury Wilkinson mould. Their involvement here reflects the tighter budgets and local supplier preferences common among the smaller Scottish provincial issuers.