5 Pounds National Bank

National Bank Limited was one of the three private trading banks authorized to issue notes in New Zealand before the Reserve Bank Act of 1933 ended private currency issue entirely. The 1922–1926 dating on this series reflects a print run that bridged a period of considerable agricultural deflation in New Zealand — wool and meat prices collapsed sharply after 1921, and rural bank customers were under serious strain through much of this note's active life.

Pick 226B distinguishes a specific signature combination within the series. Collector interest in these National Bank issues tends to concentrate on signature varieties precisely because the bank changed signatories more than once during the early 1920s.