1940 Bank of England 1 Pound – George VI Emergency Issue (Pick 367)
The 1940 £1 note (Pick 367) is one of the most historically significant pieces of mid‑20th‑century British currency. Issued at the height of World War II under King George VI, this emergency‑print banknote reflects a nation under pressure, adapting its currency to wartime realities while preserving the dignity and symbolism of the Bank of England’s long tradition. With its blue‑and‑pink colour palette, classical Britannia vignette, and engraving by W. M. Keesey, it stands as a compelling artefact of Britain’s wartime resilience.
Historical Context
Issued on 29 March 1940, this note belongs to the special series of Emergency Banknotes produced during the early years of World War II. Britain faced unprecedented threats — including the risk of enemy invasion and the possibility that large quantities of currency could fall into hostile hands.
To counter this, the Bank of England redesigned its £1 and 10‑shilling notes with new colours and layouts that could be quickly invalidated if necessary. The 1940 £1 note thus represents a strategic shift in currency design driven by national security rather than aesthetics alone.
This issue circulated throughout the war and into the post‑war recovery period, remaining legal tender until 28 May 1962. It is one of the last major Bank of England notes issued during the reign of King George VI (1936–1952).
Key Features & Specifications
Pick Number: P‑367
Denomination: 1 Pound
Type: Emergency Issue
Issuing Authority: Bank of England
Reign: King George VI
Issue Date: 29 March 1940
Demonetized: 28 May 1962
Material : Paper
Size: 151 × 84 mm
Shape: Rectangular
Currency: Pound sterling (pre‑decimal)
Engraver: W. M. Keesey
Design Elements
Obverse
Printed in light or dark blue with pink undertones, the front features:
Seated Britannia at the upper left — a classical emblem of national strength, maritime power, and continuity during wartime uncertainty.
Ornate guilloché patterns that provide both decoration and anti‑counterfeiting complexity.
Traditional promise text: “Bank of England – I promise to pay the Bearer on Demand the sum of One Pound.”
London printed below, with the formal inscription: “For the Govr. and Compa. of the Bank of England.”
The engraving work by W. M. Keesey gives the note a crisp, authoritative aesthetic typical of pre‑decimal British currency.
Reverse
The back of the note features:
A detailed engraving of the Bank of England building at the top — a symbol of financial stability during wartime.
Sovereign coins depicted at left and right, reinforcing the note’s link to Britain’s long monetary heritage.
Clean, symmetrical layout characteristic of early‑20th‑century British banknote design.
Security Features
While simpler than later post‑war issues, the 1940 emergency note includes:
Watermark: Classical head (varies by print batch), visible when held to light
Serial Numbers: Printed twice for verification
Colour Scheme: Distinctive blue and pink tones chosen specifically to differentiate it from pre‑war notes
These features were designed to make counterfeiting more difficult during a period when enemy forgery was a genuine threat.
Collector’s & Gift Appeal
This wartime £1 note holds strong appeal across multiple collecting themes:
WWII collectors – A direct product of Britain’s wartime emergency measures
George VI enthusiasts – A key note from the final pre‑decimal reign before Elizabeth II
Britannia‑themed collections – One of the last major issues to feature the classical allegory
Pre‑decimal currency fans – A cornerstone piece from the shilling‑and‑pound era
Historical gift item – A meaningful keepsake for anyone with family ties to the 1940s
Its long circulation life (1940–1962) also makes it a nostalgic piece for those who lived through the post‑war decades.
Why Collect This Banknote?
The 1940 £1 Emergency Issue is more than a monetary instrument — it is a wartime document. It captures a moment when Britain had to rethink even its currency to protect national security. The combination of its emergency‑issue status, George VI era origin, and classical Britannia design makes it a standout piece in any numismatic collection.
It represents adaptation under pressure, continuity in crisis, and the enduring symbolism of the Bank of England during one of the most challenging periods in modern British history.
