20 Pounds - Union Bank of Australia Limited

Union Bank of Australia Limited was one of the major Anglo-Australian trading banks, incorporated in London in 1837 and operating branches across the Australian colonies and New Zealand. By 1905 it had been issuing its own notes for decades, though federation in 1901 did nothing immediately to consolidate private bank currency — the Commonwealth Bank wouldn't begin operations until 1912, leaving the field open to institutions like this one.

Waterlow & Sons produced this note at their London works, a common arrangement for Australian private bank issues of the period. The £20 denomination placed it firmly in commercial rather than retail use — few ordinary transactions would have required a note of this value.