1 pound 1937
Market Prices
7 salesAbout This Note
This is an Australian £1 note from 1937 issued by the Commonwealth Bank of Australia, representing the 'Governor' signature variety (P-16c). The note displays the characteristic dark olive-green on multicolor underprint with King George V's portrait on the right and the Australian coat of arms on the left. In VF condition, this circulated example shows expected aging with foxing and creasing, yet retains good legibility of the fine engraved details including the ornate border work and central star emblem on the obverse, and the historical Captain Cook landing scene on the reverse.
Common. The eBay market data shows VF examples regularly selling in the $200-$275 range, with catalog values (2016) for VF at $750. The relatively high number of PMG-graded examples in population reports and consistent auction results indicate this was a widely circulated issue with substantial print runs. This is not a scarce or rare variety.
This note was issued during the reign of King George V and reflects Australia's continued British Commonwealth ties in the interwar period. The reverse design commemorates Captain Cook's 1770 landing at Botany Bay, a pivotal moment in European exploration and colonial settlement of Australia. The signature title 'GOVERNOR / COMMONWEALTH BANK OF AUSTRALIA' indicates this was issued under the governance structure of the early Commonwealth Bank, before the formal separation of central banking functions that would occur in subsequent decades.
The obverse features a formal layout with King George V depicted in an oval medallion within a diamond-shaped frame on the right side, while the Australian coat of arms (with its central star emblem displaying cross-hatching for security) occupies a corresponding position on the left. The note is framed by an ornate scalloped border with geometric patterns and decorative scrollwork throughout. The reverse presents an engraved historical scene depicting Captain Cook's landing at Botany Bay with multiple figures in 18th-century military and colonial dress, set within an elaborate decorative border. The entire design employs fine line work and cross-hatching typical of high-security banknote engraving of the period.
Front side: 'COMMONWEALTH OF AUSTRALIA' (central heading), 'ONE POUND' (denomination), 'AUSTRALIA'S NOTE' (identifier), 'THE GOVERNOR' (signature line), 'SECRETARY' (signature line), 'TREASURER' (signature line), serial numbers 'J 251861' and '777251861'. Back side: Large ornamental '1' numerals on left and right sides denoting the pound denomination. No additional textual inscriptions on the reverse beyond the numeral.
Intaglio (engraved) printing on bank note paper, likely produced by the Reserve Bank Note Printing Office or a contracted security printer. The fine line work, cross-hatching patterns, and the intricate detail visible in both the portraits and the historical scene are characteristic of steel plate engraving. The multicolor effect was achieved through careful ink layering and sequential printing passes.
This is cataloged as Pick P-16c, identified by the woven pattern watermark. The signature title 'GOVERNOR / COMMONWEALTH BANK OF AUSTRALIA' distinguishes this from earlier varieties P-16a and P-16b. Related notes with different signature titles ('Chairman of Directors') are cataloged separately as P-11 and P-12. The serial number format (letter prefix followed by numerals) is consistent with the 1926-1937 issue period for this design type.
