25 New Drachmai / 25 Francs Ionian Bank

The Ionian Bank was a British-chartered institution operating primarily in the Ionian Islands and later Greece, occupying a peculiar position as a private bank of issue in territory that passed from British protectorate to Greek sovereignty in 1864. This note's dual denomination — denominated in both New Drachmai and Francs — reflects the bank's need to function across monetary systems simultaneously, serving Greek commerce while maintaining credibility with European trading partners operating on the Latin Monetary Union standard.

Perkins, Bacon & Petch were the dominant security printers of the Victorian period, responsible for the first adhesive postage stamp and a substantial portion of British colonial currency. Their intaglio work for the Ionian Bank series is characteristically fine, though the plates show wear progression across the issue window of this series, which ran into the early 1880s.