20 Pounds Bank of Scotland

Bank of Scotland's position as one of only three Scottish banks retaining commercial note-issuing rights after the Currency and Bank Notes Act 1928 meant its paper series carried genuine legal standing in Scotland — though technically, Scottish notes have never been legal tender anywhere, including Scotland itself. The bank was required to hold equivalent Bank of England notes or coin in reserve against every Scottish note issued, a requirement formalized under the 1845 Banking Act and still in force across this entire series.

The signature progression here spans a decade of senior management turnover, from Sir Bruce Pattullo's long governorship through to the early tenure of Gordon McQueen Mitchell — six discrete signature combinations on a single Pick number.