1/2 Sovereign

Australia's half sovereign notes occupy an odd bureaucratic space: they were issued to correspond with the gold half sovereign coin, which itself was effectively demonetized as bullion was called in following World War I. The Commonwealth Bank inherited the note-issuing function from the individual state banks under the 1911 Australian Notes Act, but the half sovereign denomination lingered as a relic of the pre-Federation currency framework well into the interwar period.

Rarity varies sharply by signature combination. The Cerutty/Collins pairing is considerably scarcer than Riddle/Heathershaw, and the earliest Cerutty/Collins examples command multiples over the commoner varieties.