1 Pound Union Bank of Scotland

Union Bank of Scotland's Waterlow-printed pound series ran through one of the most turbulent periods in Scottish banking history — the interwar depression, wartime controls, and the postwar renegotiation of sterling convertibility. The notes themselves changed relatively little across that span, which reflects the institutional conservatism that defined Scottish commercial banking.

Union Bank was absorbed into the Bank of Scotland in 1955, making notes from the later end of this series among the last issued under the Union Bank name before that merger resolved decades of competitive consolidation among the Edinburgh-based majors.