5 Pounds Sterling

The National Bank of South Africa Limited was a commercial bank, not a central bank — it operated branches across the Union and issued its own notes under the provisions that governed private bank currency before the South African Reserve Bank was established in 1921. Once the Reserve Bank opened and began absorbing the right of note issue, private bank notes like this one were progressively withdrawn. The National Bank itself was eventually absorbed into Barclays Bank (Dominion, Colonial and Overseas) in 1926.

Perkins, Bacon had long experience printing South African bank paper, but attributing the print location to South Africa requires scrutiny — Perkins, Bacon operated from London, and "Printed: South Africa" in the catalog record likely reflects where notes were completed or issued, not necessarily where the plates were inked.