10 Shillings Commercial Bank of Australia Ltd.

The Commercial Bank of Australia was one of the few Australian trading banks still issuing its own notes into the 1920s, a practice that the Commonwealth Bank was actively working to eliminate. The Note Issue Act of 1910 had imposed a prohibitive tax on private bank notes, and by the time this series was produced, the handwriting was clearly on the wall — private issuance would end in 1910 effectively, with final notes circulating into the early 1930s before being wholly displaced.

Waterlow & Sons handled the printing from their London operation, a long-standing arrangement for Australian private banks that lacked domestic security printers of comparable capability. The CBA itself collapsed in 1925 and was absorbed into the National Bank of Australasia — notes already in circulation continued to be honored through the transition.