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1 Pound Commercial Bank of Scotland

Issuer Commercial Bank of Scotland
Year 1924-1926
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Value 1 Pound
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Obverse lettering The Commercial Bank of Scotland Limited Promise to pay the bearer on demand One Pound Sterling At the office here Edinburgh By order of the Court of Directors
Reverse description The reverse is dominated by a central intaglio vignette of the Commercial Bank of Scotland's neoclassical Edinburgh building, complete with a columned portico and steps, set within an elaborate oval cartouche. Intricate guilloche lacework surrounds the central vignette, extending to the note's borders, with a stylised numeral «1» medallion appearing on each lateral side within additional guilloche rosettes. The overall design is printed in a single deep blue-grey tone with fine engine-turned geometric patterning throughout.
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The Commercial Bank of Scotland was a major Edinburgh-based joint-stock bank that had operated independently since 1810, but by the mid-1920s it was already moving toward the merger with the National Bank of Scotland that would eventually come in 1959. This note falls within a relatively narrow window of issue, and Waterlow & Sons — a London firm with extensive experience printing colonial and dominion currency — handled production throughout the series.

Scottish commercial banks retained the right to issue their own pound notes under arrangements predating the Bank Charter Act of 1844, which applied differently north of the border. That issuing privilege, fiercely defended by Scottish institutions, is precisely why this note exists at all.

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