1934 Bank of England 1 Pound – The First Peppiatt Issue & Britannia’s Legacy
The 1934 £1 note (B238) is a cornerstone of British numismatic history. Issued during the interwar period, it was the first to bear the signature of Kenneth O. Peppiatt, who would go on to become one of the Bank of England’s longest-serving Chief Cashiers. This note continues the Britannia series, a design tradition that predates the inclusion of monarch portraits on English banknotes.
🏛️ Historical Context
Issued in the wake of the Great Depression, this note reflects a time of economic caution and national pride. The Britannia motif, long associated with strength and stability, was a reassuring symbol during uncertain times. It was also one of the last Bank of England notes to feature only allegorical imagery before the introduction of royal portraits in 1960.
📌 Key Features & Specifications
Pick Number: B238
Denomination: 1 Pound
Material: Paper
Issuing Authority: Bank of England
Date of Issue: 1934
Size: Approx. 155 × 85 mm
Chief Cashier: Kenneth O. Peppiatt
Watermark: Head of Britannia
Security Thread: Absent (introduced in later wartime issues)
🎨 Design Elements
Front: Features a seated figure of Britannia at upper left, holding a trident and shield. The note is printed in green ink with ornate guilloché patterns and serifed text.
Back: Plain or minimally decorated, as was typical for Bank of England notes of the era.
Lettering: “Bank of England – I promise to pay the bearer on demand the sum of One Pound.” Signed: K.O. Peppiatt, Chief Cashier
🔐 Security Features
Watermark: A classical Britannia head, visible when held to light
Serial Number: Printed twice for verification
Color Scheme: Deep green on cream paper, with no multicolored underprint
🎁 Collector’s & Gift Appeal
This note is a prized piece for collectors of early 20th-century British currency:
✨ Pre-WWII collectors – A foundational note from the interwar period
✨ Britannia-themed collections – Featuring the iconic allegorical figure
✨ Peppiatt signature series – The first of four major £1 designs under his tenure
✨ 1934 birth year keepsake – A meaningful gift from a pivotal year in British history
💬 Why Collect This Banknote?
The 1934 £1 note is more than a relic — it’s a symbol of Britain’s financial resilience and artistic tradition. As the first Peppiatt issue and a continuation of the Britannia legacy, it holds a special place in the evolution of British banknote design.
