10 Shillings

Malta remained under British rule in 1951, and the currency reflected that — the Government of Malta issued its own notes, but the denominations ran in sterling, and printing authority rested entirely with De La Rue in London. This was standard colonial monetary administration, with the Crown colony retaining no independent note-production capacity whatsoever.

Pick 21 shares its basic format with the broader 1949–1951 Government of Malta series. The watermark is the primary security feature — no security thread, no fluorescent elements, nothing beyond what De La Rue's paper mill built into the stock itself.