10 Pounds Ulster Bank

Ulster Bank is one of four note-issuing commercial banks in Northern Ireland, operating under a long-standing arrangement that permits private banks to issue sterling-denominated notes provided they hold equivalent Bank of England notes in reserve. The notes are legal currency but not legal tender anywhere in the United Kingdom — a distinction that continues to cause friction at English retailers despite being widely misunderstood.

De La Rue's involvement with Ulster Bank stretches back well over a century, making this a relationship of genuine continuity rather than routine contracting. The ten-pound denomination in this series ran for a full decade before polymer replacement notes were introduced.