100 Pounds Commercial Bank of Scotland

The Commercial Bank of Scotland was one of the Edinburgh-based joint-stock banks that survived long enough to be absorbed into the National Commercial Bank of Scotland in 1959, but during the interwar decades it operated with full note-issuing authority under Scottish banking law — a privilege that English provincial banks had lost nearly a century earlier. A £100 denomination was never a retail instrument; these circulated almost exclusively between merchants, solicitors, and the bank's own branches for internal settlement.

Waterlow & Sons held a substantial share of Scottish banknote printing contracts during this period, a relationship built on security printing expertise and competitive tendering rather than any exclusive arrangement.