10 shillings 1948

Common. eBay market data shows consistent sales in the $5-$20 range for VF examples over the past 15 years, with occasional higher prices for graded specimens (PMG 65-67 reaching $44-$128). The catalog value for VF condition is listed at $18. This is a regular-issue note from a long print run during a 12-year issuing period (1948-1960), and the abundance of sales data confirms robust collector circulation without scarcity premium.

This note was issued during the post-World War II period when Britain was transitioning its currency design while maintaining traditional iconography. The seated Britannia figure, holding her trident and shield, represents the classical British symbol of national strength and maritime power—particularly significant imagery for a nation rebuilding after the Second World War. The denomination of 10 Shillings remained in circulation until decimalization in 1971, making this issue part of the final generation of pre-decimal British banknotes.

The obverse features a classical allegorical representation of Britannia, depicted as a seated female figure in flowing robes within an ornate oval medallion on the left side. She holds a staff or scepter, typical of Britannia iconography representing governance and protection. A royal crown symbol appears above the figure. The center of the note displays the Bank of England's formal declaration in elaborate script. The denomination appears in a circular design on the right side. The reverse presents an ornamental design composed of symmetrical acanthus leaf and floral motifs arranged around a central blank space, with decorative scrollwork throughout. The entire palette employs mauve, pink, red-brown, and cream coloring typical of this series.

Front side: 'Bank of England' (issuing authority); 'Promise to pay the Bearer on Demand the sum of Ten Shillings' (legal tender declaration); 'For the Governor and Company of the Bank of England' (institutional attribution); 'L.K. O'Brien, Chief Cashier' (authorized signature); 'LONDON' (place of issue); serial number 'T87Y 042293'; denomination markings 'Ten Shillings' and '10'. Back side: '10/' appears in both lower corners (denomination markers).

Intaglio engraving (line engraving), evidenced by the fine line work, cross-hatching patterns, and intricate decorative borders visible throughout both sides. The sharp clarity of the engraved detail and the precision of the security features—particularly the ornamental patterning on the reverse—are characteristic of Bank of England's high-security intaglio production during this period. The note includes a security thread integrated into the paper as a modern anti-counterfeiting measure for this variant.

This note is identified as Pick P-368c, the security thread variant issued from 1955-1960. The signature of L.K. O'Brien as Chief Cashier is consistent with notes from this specific issuing period. The serial number prefix 'T87Y' indicates standard Bank of England numbering from this era. Collectors should note the distinction from Pick P-362 (1948-1955), which lacks the integrated security thread feature visible in this specimen.