50 Kroner 2nd version: Zigzag in watermark

The 2nd version designation here refers specifically to the modified watermark — a zigzag pattern replacing the earlier plain watermark used when the series first appeared. Nationalbanken i Kjøbenhavn introduced such incremental security changes quietly, without formally retiring circulating stock, meaning both versions coexisted in Danish commerce for some years without most users noticing or caring about the distinction.

Pick 8 is scarce in any form. The 1904–1907 window was short, and Danish banknote survival rates from this period are poor — many notes were withdrawn and pulped as a matter of routine monetary hygiene long before collector interest in early Nationalbanken material developed.