5 Pounds Ulster Bank

Ulster Bank Limited occupied an unusual position in the Irish banking system during the 1920s — a Belfast-headquartered institution issuing private banknotes under the Currency Act 1927 framework, yet operating commercially on both sides of the newly hardened border. The 1924 date places this note in the brief window before Southern Irish regulations began squeezing cross-border note circulation in earnest.

Waterlow and Sons had a long relationship with Irish private banks, and their intaglio work on Ulster Bank issues of this period is generally competent. Known examples show a tendency toward ink offset along the lower margin, apparently a recurring feature of this specific print run rather than mishandling.