10 Pounds Commercial Bank of Australia Ltd.

The Commercial Bank of Australia Limited was one of the longest-surviving private trading banks in Australian history, eventually absorbed into the Westpac group after its 1981 merger with the Bank of New South Wales. By 1919, Australian private banknote issue was already in sharp decline — the Commonwealth Bank had been issuing notes since 1913, and legislative pressure was mounting to centralise currency entirely. This note was printed against that backdrop, during what proved to be the final years of meaningful private bank circulation in Australia.

Waterlow & Sons handled the printing, as they did for much of the CBA's later note production. The £10 denomination was rarely handled by ordinary depositors; high-value private notes of this period circulated primarily between merchants and in interbank settlement.