10 Shillings

Waterlow & Sons held the Gibraltar contract for decades, and this note's long date range — nearly forty years — reflects not prolific printing but chronic undersupply requests from a garrison colony where sterling circulated freely alongside local issues, reducing pressure to reprint frequently. Gibraltar's currency authority had no central bank; notes were issued directly by the colonial government, an arrangement that persisted long after most British territories had moved to currency boards.

The watermark remains the sole security feature, which was already conservative practice by the time the series was retired in the mid-1960s ahead of decimalization.