10 Shillings - George V

Bermuda's first government-issued paper currency dates to 1914, but the 1927 series — of which P#4 is part — represented the government's consolidation of note-issuing authority that had previously been shared with private banks. Waterlow & Sons produced the plates in London, and the quality of the intaglio work reflects their concurrent contracts with numerous British colonial governments during the interwar period.

The 10 Shilling denomination is the scarcest in the series by survival rate. Bermuda's small population and tourist-driven economy meant low print runs, and ordinary circulation wore these notes hard.