500 Pounds

The Canadian Bank Note Company handled a substantial portion of Syrian currency production during the 1990s, an arrangement that persisted through periods of considerable diplomatic friction between Syria and Western governments. By 1998, Syria remained under U.S. sanctions, making the Ottawa connection a quietly notable one — Canadian firms operated under a separate sanctions framework that permitted this kind of contract work.

The watermark is the sole mechanical security feature on this issue, which is sparse for a high-denomination note of this date. By comparison, many regional central banks had moved toward foil strips and more complex substrate treatments well before 1998.