100 Kroner 2nd version: Zigzag in watermark

Pick 9 is the second of two distinct versions of the early twentieth-century 100 Kroner issue, differentiated from its predecessor by a zigzag pattern in the watermark — a quiet but deliberate security revision made partway through the series run. Danmarks Nationalbank introduced such incremental changes without issuing entirely new series, which makes precise dating of individual notes difficult and keeps collectors attentive to paper characteristics rather than just serial ranges.

Henrik Olrik was primarily a sculptor and medallist, and his involvement in banknote design was unusual for the period — his training shows in the modelling of figures rather than the flatter engraving conventions more common to contemporary note designers.