5 pounds 1939

Common. The 1939-1952 issue of the £5 note (Pick P-27 series) represents a standard regular issue with substantial print runs across multiple years and variants. Secondary market evidence from eBay shows EF specimens selling in the $150-250 range as recently as 2010-2012, indicating ready availability and consistent collector demand at modest prices. Notes in Fine condition appear regularly in the market. The 2016 catalogue value of $275 for VG condition further confirms this is a widely available note rather than a scarce issue.

This 1939 £5 note represents Australia's pre-decimal currency era under the Commonwealth Bank of Australia's stewardship during the reign of King George VI. The allegorical 'Commerce' scene on the reverse reflects the economic themes of late 1930s Australia, emphasizing trade and commercial activity during a period of economic recovery following the Great Depression. The dual signatures of the Governor of the Commonwealth Bank and the Secretary to the Treasury underscore the note's official status as legal tender throughout the Commonwealth and its territories.

The obverse features King George VI in formal attire within an ornate oval frame positioned at the left, accompanied by the Australian coat of arms within a matching decorative frame on the right. The note is dominated by intricate engraved filigree work and a distinctive scalloped border with geometric patterns and repeating decorative elements framing the composition. The reverse displays a classical allegorical figure representing 'Commerce,' rendered in the neoclassical style typical of banknote artistry of this period, surrounded by ornamental scrollwork, hop flower designs, and geometric lattice patterns. The entire design emphasizes security through fine-line engraving and complex visual complexity characteristic of 1930s-1940s banknote production.

Front: 'COMMONWEALTH OF AUSTRALIA' - identifies the issuing nation. 'This Note is legal tender for FIVE POUNDS in the Commonwealth and in all Territories under the control of the Commonwealth.' - establishes legal tender status. 'GOVERNOR COMMONWEALTH BANK OF AUSTRALIA' - identifies first signatory's office. 'SECRETARY TO THE TREASURY' - identifies second signatory's office. Serial number 'R 25 229595' appears in top corners. Back: 'COMMERCE' - labels the allegorical scene. '£5' and 'FIVE' - denomination markers. All inscriptions are in English.

Steel plate intaglio (recess) engraving, the standard security printing method for Commonwealth Bank of Australia notes of this era. The fine lines, intricate filigree patterns, and exceptional detail visible throughout the note—particularly in the allegorical scene, scrollwork, and geometric mesh patterns—are hallmarks of master engraving by skilled security printers. The Captain Cook watermark was incorporated into the paper during manufacture. This note was likely produced by the Note Printing Branch of the Commonwealth Bank or an authorized security printer contracted for the purpose.

This note is catalogued as Pick P-27a, one of four documented variants (P-27a through P-27d) distinguished by the PMG population reports. The specific variety appears related to subtle printing or signature variations across the 1939-1952 production period. The observed signatures read 'N.Bruxan' (Governor) and 'R.B.Harlane' (Secretary to Treasury), which would correspond to specific printing periods within this range. The serial number prefix 'R 25' suggests a particular printing batch. Collectors should consult detailed Pick or PMCS references to confirm the exact variety based on signature combinations and serial number ranges.