Within days of the first notes being issued, a new design was being worked on. The design was produced by Mr. George Eve and the notes were printed on banknote paper. The notes were issued on 23rd October 1914 (£1) and 21st January 1915 (10/-). These notes are referred to as the second issue.

Some of these second issue notes were overprinted in Arabic, by the Treasury, for use by British forces in the Mediterranean.