5 Pounds Sterling

The North of Scotland Bank Ltd. was absorbed into the Clydesdale Bank in 1950, which puts a hard terminus on this series. Notes issued in the final years of the 1938–1949 period were likely still in circulation when the merger closed the issuing institution entirely, making late-dated examples of particular interest to collectors tracking the bank's final active phase.

De La Rue's involvement guarantees a certain standard of intaglio quality, though this series is not among their more celebrated Scottish commissions. The watermark remains the sole listed security feature — modest for the denomination, even by the standards of the period.