1 Pound - George V Treasury issue

The Treasury £1 series — issued directly by HM Treasury rather than the Bank of England — came into existence by necessity. The Currency and Bank Notes Act of August 1914 authorised Treasury notes almost overnight to prevent a gold run at the outbreak of war, and the series continued well past the Armistice before the Bank of England finally absorbed note-issuing responsibility in 1928. MacKennal, an Australian-born sculptor and medallist, is better known for designing the effigy of George V used on coinage across the Empire.

Controllers' signatures vary across the run — Fisher, Chalmers, Bradbury, Warren Fisher — and these differences drive significant catalogue spread.