100 Pounds National Bank of Scotland

The National Bank of Scotland's higher denomination notes from this period were not everyday commercial instruments — a £100 note in 1940s Scotland was a tool of business, moving between firms, solicitors, and bank branches rather than passing through ordinary hands. Waterlow & Sons had a long relationship with Scottish banks, and the quality of intaglio work on this series reflects their pre-war standard, maintained despite wartime production pressures on the London plant.

The National Bank merged with the Commercial Bank of Scotland in 1959, making post-merger survival of this series under the original issuing name a fixed point for collectors dating examples within the 1943–1952 window.