20 Pounds National Bank of New Zealand Limited

The National Bank of New Zealand Limited was incorporated in London in 1872 with British capital, opening its New Zealand branches the following year — which is why Perkins, Bacon & Petch handled production rather than any colonial printer. The bank remained a British-registered company for most of its early existence, and its note issue reflected that entirely: designed, printed, and quality-controlled in London before being shipped out for use in the colony.

Perkins, Bacon's steel-engraving process was chosen precisely for its resistance to counterfeiting, a serious concern in thinly policed colonial markets. Surviving examples from this 1873–1877 window are rare — the £20 denomination would have turned over slowly in everyday commerce and been retired quickly by the bank when returned.