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| 正面描述 | Salmon-red intaglio printing over a pale green guilloche underprint, with the central vignette occupied by the royal arms of the Hongkong and Shanghai Banking Corporation, surmounted by the bilingual English and Thai bank title and the Bangkok office designation below. Serial number boxes are positioned at upper left and right flanking the vignette, the denomination 400 repeated in each corner, and the promise-to-pay legend in English distributed across two ornamental ribbon panels at centre, with the word BANGKOK set in a decorative cartouche at the foot. Chinese characters reading 香港上海滙豐銀行 run along the upper border, while Thai and Chinese denomination inscriptions occupy the side margins; the printer's imprint reads "Engraved on Steel by Barclay & Fry, London." |
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| 背面铭文 | ๔๐๐ ๔๐๐ ฮองกงและเชียงไฮ้แบงกิงกอปอเรชัน สัญญกว่า เมื่อผู้ ใด หนึ่ง } ได้นํฃหนังสือสำคัญฉบับนี้ มายื่นทิ่ห้างข้าทเจ้าในหัวเมืองนี้แล้ว ฃา้ทเจา้จะใช้ เงินให้แก่ผู้นั้นในทันใด เปนเงินสยาม สี่ร้อย บาท โดยบัญท่แห่งผู้บังคัปการนี้ กรุงเทพฯ ๔๐๐ ๔๐๐ |
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The Hongkong and Shanghai Banking Corporation operated in Bangkok under a royal concession that permitted foreign banks to issue notes denominated in the local tical — an arrangement that would have been unthinkable within a decade, as Siamese financial nationalism gathered force in the 1890s. The 400-tical denomination is unusually high and suggests this note was designed for wholesale trade settlement rather than retail commerce, almost certainly tied to the rice export business that dominated Bangkok's international economy at the time.
Barclay & Fry printed for several colonial and foreign banking clients during this period, working primarily in intaglio. Only a handful of HSBC Bangkok issues from this era are known to survive.