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10 Pounds

Issuer Union Bank of Scotland Ltd.
Year 1923-1935
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Composition Cotton paper
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Obverse description The obverse is printed in blue and red on a cream paper ground, with a central allegorical vignette at the top showing two classical female figures flanking the bank's armorial shield, above which the inscription INCORPORATED BY ACT OF PARLIAMENT arches. A large red guilloche underprint carries the denomination TEN POUNDS in bold letterpress across the centre, with the bank's promise-to-pay text in script between the title THE UNION BANK OF SCOTLAND LIMITED and the signature line. An equestrian vignette occupies the lower right corner, with serial number and date positioned at the upper and lower left and right respectively.
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Reverse description The reverse is printed entirely in blue, dominated by an elaborate central guilloche medallion bearing the large numeral 10 in pale yellow-green against a dense lathe-work background. A circular legend reading THE UNION BANK OF SCOTLAND LIMITED encircles the central motif, the whole surrounded by an ornate border of interlocking guilloche panels and rosettes forming a scalloped frame. The overall design is executed in fine intaglio and letterpress work typical of early twentieth-century Scottish commercial banknote production.
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Comments

The Union Bank of Scotland, formed in 1830 from the merger of several earlier provincial banks, was absorbed into the Bank of Scotland in 1955 — but this series predates that by decades, placing it squarely in the period when Scottish commercial banks still issued their own notes with genuine independence. Ten-pound denominations in this period were not everyday currency; they circulated primarily in commercial and wholesale transactions, meaning survival rates in any condition are disproportionately low relative to smaller values from the same issuer.

Waterlow & Sons had extensive Scottish banking contracts through this period, printing for multiple issuers simultaneously, which occasionally creates attribution confusion when plates were shared or adapted across clients.

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