10 Pounds National Bank of New Zealand Limited

The National Bank of New Zealand Limited was a privately chartered commercial bank incorporated in London in 1873, a significant detail for understanding why it contracted with Perkins, Bacon & Petch rather than an Australasian printer. New Zealand had no domestic security printing industry capable of handling banknotes at this scale during the 1920s, and the London connection made the relationship a natural one.

By the mid-1920s the bank's days as a note-issuing institution were effectively numbered. The Reserve Bank of New Zealand Act of 1933 would terminate private note issue entirely, and surviving high-denomination examples from this 1924–1926 window are scarce partly because £10 notes in everyday colonial commerce saw hard use and rarely survived intact.