20 Pounds British Linen Company

The British Linen Company — formally a trading corporation chartered in 1746, only later evolving into a full banking institution — issued notes under its own name until absorption into the Bank of Scotland in 1969. By 1903 it was operating as a conventional bank in all but legal formality, though it retained its independent issuing right under Scots law throughout.

Perkins, Bacon's involvement is worth noting. The London firm had built its reputation on security printing for colonial stamp issues and was not the dominant choice for Scottish private bank work — making this a less typical production arrangement than the note's conservative appearance might suggest.