Commercial Bank of Scotland Limited, £5, 2 January 1918, serial number 13/E 115/167, blue and pale orange, bank offices top centre and at left and right, classical frieze low centre, value in pale orange underprint at centre, Scotia low centre, printed signatures of Mackay low left, manuscript signature low right, reverse blue, Scotia at centre, (PMS CO57b, Banknote Yearbook 412b), a pleasing and original example, extremely fine and rare in this grade.

Estimate: £1,100 - £1,200

SRN: Estimate changed to £1100-1200. Note in PMG holder 35 choice very fine.