1 pound 1949

Common. The eBay market data provided shows consistent sales in the $12.80-$79.95 range for this note in Fine to Very Fine condition, with multiple transactions documented over more than a decade. Fine grade examples regularly sell for under $20, which is the standard market indicator for common currency. While this is a legitimate historical issue from 1949, there is no evidence from print run data or the reference catalogs suggesting this Pick number was produced in limited quantities or recalled, and catalog values place Fine examples at approximately $5-$12 range.

This Currency Note represents Gibraltar's monetary independence during the post-World War II period, issued under the 1934 Ordinance that established the Government of Gibraltar's authority to issue its own currency. The Rock of Gibraltar depicted on the obverse symbolizes the territory's geographic and strategic significance, while the coat of arms featuring the castle tower on the reverse references Gibraltar's long military and fortress heritage. The note was printed by the prestigious London firm Waterlow & Sons, reflecting the standards of British Crown territory currency production during the late 1940s.

The obverse features an ornate Victorian-style design with decorative borders and corner medallions displaying the pound sterling symbol (£). The central vignette depicts the Rock of Gibraltar, the distinctive limestone promontory rising from the sea, serving as both geographical landmark and national symbol. The reverse displays Gibraltar's coat of arms—a castle tower with crenellations on a shield—positioned within an elaborate circular frame surrounded by intricate scrollwork, geometric patterns, and filigree designs. Serial number D810878 appears on both left and right sides of the obverse. The signature of Financial Secretary A.I. Lord appears on the front. The color scheme combines green printing with cream/beige underprint, characteristic of Waterlow & Sons currency production of this period.

FRONT: 'ISSUED BY THE GOVERNMENT OF GIBRALTAR UNDER AUTHORITY OF THE CURRENCY NOTE ORDINANCE 1934' - statement of legal authority; 'ONE POUND' - denomination; 'CURRENCY NOTES ARE LEGAL TENDER IN GIBRALTAR FOR THE PAYMENT OF ANY AMOUNT' - legal tender declaration; 'GIBRALTAR, 1st December 1949' - location and date of issue; 'A.I. Lord, FINANCIAL SECRETARY' - signatory and official title; 'WATERLOW & SONS LTD., LONDON WALL, LONDON' - printer identification. BACK: 'ONE POUND' - denomination; 'INSIGNIA MONTIS CALPE' - Latin inscription meaning 'Insignia of the Mountain Calpe' (Calpe being the ancient name for the Rock of Gibraltar); 'WATERLOW & SONS LTD., LONDON WALL, LONDON' - printer identification.

Intaglio letterpress printing executed by Waterlow & Sons Ltd., one of the world's premier banknote security printers. The visual analysis confirms complex intaglio engraving with fine line work evident in the decorative borders, corner medallions, and the detailed heraldic design on the reverse. The intricate geometric patterns, scrollwork, and fine detail work visible throughout the design are characteristic of high-security intaglio production techniques employed by Waterlow & Sons.

This note is cataloged as Pick-15b (P-15b), one of four documented variants by PMG. All variants feature W&S (Waterlow & Sons) as printer and Keys watermark. The visual analysis indicates this is a signature variety with A.I. Lord as Financial Secretary—the reference catalogs note five known signature varieties exist for this issue. The note displays serial number D810878 and is dated 1st December 1949. While this represents a specific signature variety within P-15b, the distinction between P-15a, P-15b, and P-15c relates to minor printing or watermark variations rather than major design changes, making all variants relatively common and similarly valued.