1 Pound Commercial Bank of Australia Ltd.

The Commercial Bank of Australia Limited was founded in Melbourne in 1866 and remained one of the larger Victorian-chartered trading banks well into the twentieth century. By 1919, Australian private banknote issue was already in its final years — the Commonwealth Bank Act of 1911 had established the framework that would ultimately give the Commonwealth Bank sole note-issuing rights, a transition that effectively ended private circulation by 1910 for most practical purposes and was legally consolidated thereafter.

Waterlow & Sons produced notes for numerous colonial and dominion banks across this period, and the quality of their intaglio work was consistently high. Whether this note ever saw meaningful counter circulation by 1919 is a reasonable question.