1 Pound Union Bank of Scotland

The Union Bank of Scotland had been absorbed into the Bank of Scotland by 1955, which makes this series — issued in the final years of the institution's independent existence — effectively the last chapter of a note-issuing tradition stretching back to 1830. The merger was agreed in 1952, but Union Bank retained its own notes in circulation through the transition period, a common enough Scottish banking courtesy that allowed existing stock to be exhausted rather than immediately withdrawn.

Waterlow & Sons had a long relationship with Scottish chartered banks, and the P#S816 sits within their later output, before the firm's acquisition by De La Rue in 1961 ended that chapter entirely.