1 pound 1942

Common. This note is a regular issue from a standard print run during the 1942-1958 issue period under the 1934 Ordinance. The catalog data shows multiple signature varieties (five documented) and serial number varieties, indicating substantial production quantities. eBay market data confirms common-grade pricing: F-condition examples have sold for $12.80 to $19.99 in recent years, with VF examples reaching $25-$79.95. These modest prices are typical for circulated common-date banknotes. While historically interesting for Gibraltar numismatics, this is not a scarce issue.

This note was issued during World War II, a critical period when Gibraltar served as a strategic British fortress and naval base. The 1942 date reflects the Government of Gibraltar's assertion of monetary authority under the 1934 Ordinance, establishing Gibraltar's financial independence through its own currency notes. The coat of arms featuring the castle with three towers and the Latin motto 'Nulli Expugnabilis Hosti' (Conquered by no enemy) symbolizes Gibraltar's historical significance and steadfast allegiance during the conflict, while the Rock imagery emphasizes the territory's defining geographical and strategic landmark.

The obverse features a symmetrical layout with ornate Victorian-era borders incorporating pound sterling symbols (£) in corner medallions. The dominant design element is a detailed engraved landscape vignette of the Rock of Gibraltar at center-bottom, rendered in subtle gray tones against cream underprint, with water and shoreline details. The note carries legal inscriptions, the 1942 issue date, and a specimen signature of the Financial Secretary (Todd). The reverse presents Gibraltar's coat of arms as the focal point—a shield displaying a three-towered castle above a green field with white wavy band and key symbol—surrounded by an elaborate frame of scrollwork, geometric patterns, and decorative flourishes. Both sides employ the same teal-green and cream color palette, creating visual cohesion. The fine cross-hatching, filigree work, and intricate border details are characteristic of Waterlow & Sons' high-security banknote engraving.

FRONT: 'ISSUED BY THE / GOVERNMENT OF GIBRALTAR' / 'UNDER AUTHORITY OF THE CURRENCY NOTE ORDINANCE 1934' / 'ONE POUND' / 'CURRENCY NOTES ARE LEGAL TENDER IN GIBRALTAR FOR THE PAYMENT OF ANY AMOUNT.' / Serial number: D268434 / 'GIBRALTAR, 1st June 1942' / Signature: 'Todd' with title 'FINANCIAL SECRETARY,' / 'WATERLOW & SONS LTD. / LONDON WALL, LONDON.' (printer mark). BACK: 'ONE POUND' / 'NULLI EXPUGNABILIS HOSTI' (Latin: 'Conquered by no enemy' or 'To no enemy shall this be surrendered') / 'WATERLOW & SONS LTD. / LONDON WALL, LONDON.' (printer mark).

Intaglio engraving (steel plate engraving) executed by Waterlow & Sons Ltd., a premier British security printer. The visual analysis reveals the hallmarks of this technique: fine line work, intricate cross-hatching for tonal gradation, ornamental scrollwork with precise detail, and multi-layered decorative elements. The overall sharpness of design elements and the subtle variations in ink density visible on the aged paper confirm professional intaglio production. The printer's imprint 'WATERLOW & SONS LTD. LONDON WALL, LONDON' appears on both sides, confirming production by this respected London-based security printer.

This note is cataloged as Pick 15b, with the visual analysis showing it to be a Waterlow & Sons printing (W&S) with Keys watermark. The PMG Population Report identifies four variants: P-15a, P-15b, P-15c (all W&S, Keys watermark), and P-15s (W&S, no watermark noted). The observed signature reads 'Todd' with 'FINANCIAL SECRETARY' title, representing one of five documented signature varieties for this issue. The serial number visible (D268434) indicates standard numbering. No overprints or special markings are evident, confirming this as a standard regular-issue variant from the main production run.