10 Kroner 1st version: No zigzag in watermark

Danmarks Nationalbank issued this note under the Nationalbank Act of 1936 — wait, the relevant legislation here is the 1818 charter and subsequent reforms. The P#2 series was Denmark's first attempt at a standardized small-denomination national note following the transition away from Rigsbank and Rigsbanktegn paper. The absence of a zigzag pattern in the watermark is a recognized die variety distinguishing earliest impressions from later production runs of the same type; collectors have used this feature to sequence the series since the watermark was modified mid-run without a formal issue date change.

Nilaus Fristrup's involvement as designer is notable — he was primarily a painter, not a professional bank-note artist, which was unusual for the period.