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10 Pounds National Bank

Issuer The National Bank Limited
Year 1937-1959
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Composition Paper
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Reverse lettering TEN
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Protection description Portrait watermark of Daniel O'Connell
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Comments

The National Bank Limited was an Australian trading bank — not a central bank — and its authority to issue banknotes ended with the passage of the Commonwealth Bank Act of 1945, which progressively withdrew the right of private banks to circulate their own currency. Notes from this issuer dated after 1945 were almost certainly in reserve or paying-out stock rather than freshly authorised circulation, making the tail end of this date range something of a legal grey area in practice.

At the ten-pound denomination, survival rates are low. High-value trading bank notes were scrutinised, redeemed promptly, and rarely retained by the public.

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