1 Pound Commercial Bank of Australia Ltd.

The Commercial Bank of Australia Limited was absorbed into the National Bank of Australasia in 1981, but by 1926 it was already one of the older surviving colonial-era trading banks, having operated since 1866. Australian private banknote issue was on borrowed time during these years — the Commonwealth Bank had held a monopoly on new note issue since 1911, and trading banks were restricted to circulating only notes they had outstanding before that cutoff. This series therefore represents the tail end of a contracting pool of legitimately circulating private paper.

Waterlow & Sons printed the series in London, as they did for numerous British colonial and dominion banking clients throughout this period.