10 Pounds Commercial Bank of New Zealand Limited

The Commercial Bank of New Zealand Limited was established in London in 1866 — the same year this note was issued — making early dated examples effectively inaugural issue material. The bank was a British-registered enterprise operating colonial branches, which explains why Perkins, Bacon & Petch handled production in London rather than any colonial printer.

Perkins, Bacon had by this point perfected the siderographic transfer process that made their banknote work extremely difficult to counterfeit, a serious concern in thinly policed colonial markets where detection was slow and legal recourse slower.

The bank failed in 1893 during a severe colonial financial contraction, leaving unredeemed notes across both islands.