1 Pound

Guernsey's early interwar pound issues were a direct consequence of the Channel Islands' anomalous constitutional position — not part of the United Kingdom, yet under the Crown, which gave the States the authority to issue their own currency without Bank of England oversight. The Perkins, Bacon & Petch imprint is worth noting: the firm had built its reputation on intaglio security printing for colonial and dominion issues worldwide, and Guernsey was a relatively minor commission in a portfolio that included banknotes for dozens of territories.

P#11 is the scarcer of the interwar pound types, with the 1921–1925 window representing a period before the series was revised. Surviving examples in any grade are infrequently encountered at auction.