10 Pound Sterling

The London & Natal Bank Ltd. was a short-lived institution, incorporated in London in 1860 to service colonial trade through Durban. It collapsed in 1866 after a run on deposits triggered by financial instability in Natal's young mercantile economy, which makes any surviving note from this issuer genuinely rare — the bank barely outlasted its own founding decade.

Waterston of Edinburgh is not a name that appears frequently in colonial banknote printing history, and their involvement here may reflect cost-driven choices rather than established relationships with African colonial issuers. The decade date "186x" confirms the entire note run falls within that single troubled period of operation.