New Zealand. - 1 Pound 1905 - Pick S-362b

The 1 Pound note of 1905 (Pick S362b) was issued by the Commercial Bank of Australia for its New Zealand branch, at a time when banknote issuance was entrusted to the country's major commercial banks. Printed by the prestigious Waterlow & Sons, it reflects the private banking system that characterized New Zealand until the founding of the Reserve Bank of New Zealand in 1934. This note constitutes an important testament to New Zealand's monetary history and the evolution of the financial system in the early years of the 20th century.