10 Shillings

The Standard Bank of South Africa Limited was a commercial institution incorporated in London — not a central bank — and its right to issue notes in South Africa persisted well into the Union period, alongside competing issues from Barclays (DCO) and the Nederlandse Bank van Suid-Afrika. This series ran across two decades and multiple political shifts, including South Africa's departure from the sterling bloc in 1932 following Britain's suspension of the gold standard the previous year.

Waterlow & Sons had a long relationship with South African commercial bank printing. The 23-year date span on this issue reflects reuse of the same plate design across successive printings rather than continuous uninterrupted production.