1 Pound Sterling

The London & Natal Bank was incorporated in London in 1862 specifically to service the Colony of Natal's growing commercial needs, with Durban as its operational base. It was a short-lived institution — absorbed into the Standard Bank of British South Africa by 1867 — which sharply limits the window during which this note could have been issued and circulated.

Waterston of Edinburgh was an uncommon choice for colonial banknote printing, a market dominated by Perkins Bacon and similar security printers. The "186x" date designation in the catalog reflects genuine uncertainty about the precise year of issue, likely within a very narrow range given the bank's brief independent existence.