1 pound 1938
Market Prices
About This Note
This 1938 Gibraltar 1 Pound note (Pick P-15a) features the iconic Rock of Gibraltar depicted in fine engraved detail on the obverse, with the nation's coat of arms (castle and key) prominently displayed on the reverse. The note exhibits heavy circulation wear consistent with an F grade, displaying significant creasing, foxing, and age-related discoloration throughout, yet the intricate engraving remains legible and the ornamental design elements are still appreciable to the collector.
Common. The eBay pricing data shows consistent availability across multiple condition grades with numerous listings in the $6.99 to $97.71 range, and catalogue 2016 values reflecting a well-established market with typical specimens in VF condition valued at $100. The note was issued during a 20-year period (1938-1958) and represents a regular issue rather than a limited run or emergency currency, with multiple signature and serial number varieties documented by PMG, indicating substantial circulation and availability in the collector market today.
Issued under the Currency Note Ordinance of 1934, this note represents Gibraltar's early monetary sovereignty during the interwar period. The Rock of Gibraltar depicted on the obverse is the territory's most iconic natural landmark and symbol of identity, while the reverse's coat of arms—featuring the castle tower and key—reflects Gibraltar's historical strategic importance as a fortress and gateway to the Mediterranean, making this note a tangible representation of Gibraltar's colonial-era governance and territorial identity.
The obverse features an elaborate engraved composition with the Rock of Gibraltar as the central vignette, depicted as a massive rocky promontory rising from water, flanked by ornate baroque-style scrollwork and decorative flourishes. The denomination 'ONE POUND' appears in the upper center and lower corners, with pound sterling symbols (£) positioned in all four corners. The reverse displays the coat of arms of Gibraltar—a castle tower with a key symbol beneath it—housed within an ornamental oval medallion surrounded by extensive baroque decorative elements. Both sides employ a green and cream/beige color scheme with black intaglio printing, creating a formal and dignified appearance typical of inter-war Commonwealth currency notes.
FRONT: 'ISSUED BY THE GOVERNMENT OF GIBRALTAR' — governmental issuing authority; 'UNDER AUTHORITY OF THE CURRENCY NOTE ORDINANCE 1934' — legal framework for issuance; 'ONE POUND' — denomination; 'CURRENCY NOTES ARE LEGAL TENDER IN GIBRALTAR FOR THE PAYMENT OF ANY AMOUNT' — legal tender declaration; 'GIBRALTAR' — territory identification; '1st June 1938' — issue date; 'Treasurer' — signatory title; 'WATERLOW & SONS LTD. LONDON WALL LONDON' — printer identification; Serial number 'C373197'. BACK: 'ONE POUND' — denomination; 'NULIS INSIGNIA MONTIS CALPE' — Latin phrase meaning 'The Insignia of the Rock of Calpe' (Calpe being the classical name for the Rock of Gibraltar); 'WATERLOW & SONS LTD. LONDON WALL LONDON' — printer identification.
Intaglio engraving (steel plate engraving), produced by Waterlow & Sons, Ltd., one of the premier security printers of London during this period. The fine line work, intricate decorative patterns, and sharp reproduction of the Rock of Gibraltar and heraldic imagery are characteristic of the highest quality intaglio printing. The note employs traditional engraved security elements through the complexity of the design itself rather than modern security features.
This specimen is catalogued as Pick P-15a, the first major variety of the 1938 Gibraltar 1 Pound note. PMG population records document four variants for this base Pick number (P-15a, P-15b, P-15c, and P-15s), distinguished by signature varieties and printer markings. All documented variants share the Waterlow & Sons printer identification and Keys watermark. The visible 'Treasurer' signature title and serial number prefix 'C373197' are consistent with the P-15a variety specifications.
