20 Pounds Union Bank of Scotland

The Union Bank of Scotland had been absorbed into the Bank of Scotland by 1955, making this series among the final issues under the Union Bank name before that merger extinguished it entirely. Notes from the closing years of an institution's independent operation — 1950 through 1953 here — typically saw reduced print runs as the acquiring bank wound down parallel operations, which partly accounts for the relative scarcity of high-denomination survivors from this period.

Waterlow & Sons printed Scottish commercial banknotes for several issuers simultaneously during these years, and the security printing quality is consistent with their late-period work before Waterlow's own acquisition by De La Rue in 1961.