100 Pounds / Pond

The Union Treasury's highest-denomination note of the series, the 100 Pond sits at a level where individual issue numbers were recorded — these were not mass-circulation notes but instruments used for large institutional transfers between banks and government accounts. Very few entered ordinary commerce.

Surviving examples are genuinely rare. The 1920 date places this note in the period of post-WWI fiscal strain, when South Africa was managing both demobilization costs and the pressures of the 1920 sterling exchange crisis. High-denomination Treasury notes of this type were frequently cancelled and withdrawn rather than worn out through use.