5 pounds 1948

Common. This is a widely circulated military payment note from a substantial post-war issue. The eBay pricing data provided shows consistent sales in the $3–$10 range for uncirculated examples over the past decade, with professional grades (PMG 64-68) commanding $11–$41. The abundance of sales records and the low prices even for certified higher grades indicate this is a common note in the secondary market. Millions of these vouchers were issued for use in occupied territories, ensuring availability today.

This Special Voucher was issued by command of the Army Council for use exclusively within official British Service canteens and authorized organizations in occupied territories following World War II. The restrictive conditions of use inscribed on the reverse—limiting transactions to military personnel and authorized canteens only—reflect the controlled currency system implemented in occupied zones during the immediate post-war period. The 'Second Series' designation indicates this was part of a revised issue of military payment notes designed to prevent unauthorized circulation and maintain discipline within the armed forces.

The note features a highly ornamental design typical of British security printing of the period, with no portrait or landmark imagery. Instead, the design emphasizes security through elaborate decorative elements: large numerals '5' appear prominently within ornamental oval cartouches with shell-like ornamentation on both sides, surrounded by intricate scrollwork and cross-hatching patterns. The front displays the denomination and issuing authority across an ornate banner at the top, with geometric and floral patterns filling the borders. The reverse side contains the full conditions of use in small printed text at the bottom, complemented by matching ornamental frames and decorative borders. The multi-color printing in navy blue, pink, yellow-gold, and cream creates visual complexity designed to deter counterfeiting through the precision of the color registration and fine line work.

FRONT SIDE: 'FIVE POUNDS' (denomination), 'BRITISH ARMED FORCES' (issuing authority), 'SPECIAL VOUCHER' (note classification), 'FOR USE ONLY AS DETAILED ON THE REVERSE' (usage restriction), 'EE272187' (serial number), '2ND SERIES' (issue variant), 'ISSUED BY COMMAND OF THE ARMY COUNCIL' (authorization), 'THOMAS DE LA RUE & COMPANY, LIMITED. LONDON.' (printer identification). REVERSE SIDE: 'FIVE POUNDS' (denomination, repeated twice), 'THIS NOTE IS VALID ONLY FOR TRANSACTIONS WITHIN OFFICIAL CANTEENS AND ORGANISATIONS LAID DOWN IN G.R.Os OF THE THEATRE. EXCEPT AS MAY BE EXPRESSLY PROVIDED IN G.R.Os. IT MUST IN NO CIRCUMSTANCES BE OFFERED TO ANY PERSON NOT ENTITLED TO USE BRITISH SERVICE CANTEENS. IMPROPER USE OF THIS NOTE IS A DISCIPLINARY OFFENCE AND MAY RENDER THE OFFENDER LIABLE TO PENALTIES.' (detailed conditions of use and legal notice).

Intaglio printing (engraved and printed by Thomas De La Rue & Company, Limited), evidenced by the deep, precise line work, fine cross-hatching patterns, intricate scrollwork, and multi-color registration visible throughout both sides of the note. The fine detail and crisp impressions are characteristic of high-security intaglio production methods used for military payment notes. The sophisticated ornamental design with its complex geometric and floral patterns represents the security printing standards of De La Rue during the immediate post-war period.

This note is identified as Pick P-M23, Second Series variant. The visual analysis confirms the serial number EE272187 with the EE prefix, which may indicate a specific printing batch or geographic allocation. The PMG population report indicates one catalogued variant for this base Pick number. The printer is confirmed as TDLR (Thomas De La Rue & Company), consistent with the printed attribution visible on the note itself.