Kenneth Peppiatt (1934-1949)

During the Second World War the Bank of England was concerned that the currency could be counterfeited. To thwart counterfeiters it was decided to change the colour of the £1 note from the traditional green to blue pink Perhaps the most significant change was the introduction of an embedded security thread in the body of the note. We regard this feature as standard today but then it was considered revolutionary. The bank ditched the new colours once the war was over reverting to the traditional green. The new security feature was retained. This is a classic note which any Bank of England collection should include. It is important because it was the first note to contain an embedded metal security thread. Available in AU/Unc. Image of note is a representative item from stock and will not necessarily be the actual item supplied.

A revolutionary note which was the first to include the embedded metal security thread. Signed by K.O. Peppiatt as Chief Cashier.

A revolutionary note which was the first to include the embedded metal security thread. Signed by K.O. Peppiatt as Chief Cashier.

A revolutionary note which was the first to include the embedded metal security thread. Signed by K.O. Peppiatt as Chief Cashier.

A revolutionary note which was the first to include the embedded metal security thread. Signed by K.O. Peppiatt as Chief Cashier.

Bank of England green Britannia £1, 4th issue, threaded, K.O. Peppiatt as Chief Cashier (B260). Extremely Fine Condition

Bank of England green Britannia £1, 4th issue, threaded, K.O. Peppiatt as Chief Cashier (B260). Very Fine Condition.

The Channel Islands were the only part of British territory occupied by the Germans in World War II. The local residents in Guernsey wanted to issue small denomination notes for change as all-metal coins had long disappeared from circulation. The Germans only allowed these small notes to be issued if the locals put up the equivalent in English Pounds. A total of 5000 £1 notes were taken from the vaults and overprinted 'Withdrawn from Circulation' so they could not be used by anyone, not even their German occupiers! A number of different types were taken from the bank that day but the ones we have on offer now are the Peppiatt pre-War issue of which there were a total of 1,885 surviving (B239A). All the serial numbers in the hoard which came to light over 20 years ago have been recorded and they are scarce. Very limited availability and an important part of our numismatic history.

The Channel Islands were the only part of British territory occupied by the Germans in World War II. The local residents in Guernsey wanted to issue small denomination notes for change as all metal coins had long disappeared from circulation. The Germans only allowed these small notes to be issued if the locals put up the equivalent in English Pounds. A total of 5000 £1 notes were taken from the vaults and overprinted 'Withdrawn from Circulation' so they could not be used by anyone, not even their German occupiers! A number of different types were taken from the bank that day but the ones we have on offer now are the Peppiatt pre-War issue of which there were a total of 1,885 surviving (B239A). All the serial numbers in the hoard which came to light over 20 years ago have been recorded and they are scarce. Very limited availability and an important part of our numismatic history.

KO Peppiatt was one of the longest serving Chief Cashiers at the Bank of England in the modern period. He served from 1934 until 1948. During that time there were 4 different varieties of the Britannia £1 note. The fourth and last variety was issued in September 1948, just 6 months before he stepped down to become an Executive Director of the bank. The Fourth Issue follows the regular Britannia £1 design except an embedded metal security thread is included (B260) Available in Crisp Good Fine-VF.

K O Peppiatt £1 note (2nd Issue), coloured Blue & Pink, Britannia Threaded, B249, features Z-D prefix. In fine condition.

During the Second World War, the Bank of England changed the colour of its 10 shillings and £1 notes in an effort to thwart counterfeiters. The green £1 was printed in blue and pink while the 10 shillings note went from red brown to mauve.