5 Colones Series B

Waterlow & Sons closed in 1961, absorbed into De La Rue after decades of decline accelerated partly by the Stavisky scandal of the 1930s, in which forged Waterlow-printed Hungarian bonds played a peripheral role. Notes from the tail end of their production runs — including this series — were among the last to leave their works before the merger. Whether plates for this issue transferred to De La Rue or were retired outright is not definitively established in the published literature.

The P#227 series ran across four years, suggesting relatively steady reordering rather than a single large print contract.