The 1948 Bank of England £1 Note – Peppiatt’s Wartime Legacy and Britannia’s Enduring Symbolism
The 1948 £1 banknote (Pick #369c, Numista N#203299) represents a pivotal moment in British currency design. Issued in the aftermath of World War II, this note continues the allegorical Britannia series and bears the signature of Kenneth O. Peppiatt, Chief Cashier during one of the most turbulent eras in British financial history. It bridges the transition from pre-war austerity to post-war recovery, offering collectors a tangible link to Britain’s resilience and artistic heritage.
Historical Context
Released on 13 September 1948, this note was part of the Bank of England’s Series A reissue, designed to restore public confidence and modernize currency security. It was among the first to incorporate a solid security thread, a response to wartime counterfeiting concerns. The continued use of Britannia—seated with trident and shield—reinforced themes of national strength and continuity, even as Britain faced economic reconstruction and the decline of empire.
Key Specifications
Pick Number: P#369c (Numista N#203299)
Denomination: One Pound Sterling
Issuing Authority: Bank of England
Date of Issue: 13 September 1948
Material: Paper
Dimensions: Approx. 151 × 84 mm
Chief Cashier: Kenneth O. Peppiatt
Watermark: Helmeted head of Britannia with wavy line pattern
Security Thread: Solid embedded thread
Printer: Bank of England Works
Design Features
Obverse:
Seated Britannia at upper left, engraved by W.M. Keesey
Ornate guilloché patterns and serifed text
Red serial numbers printed twice
Text: “Bank of England – I promise to pay the bearer on demand the sum of One Pound”
Signature: K.O. Peppiatt
Reverse:
Bank of England building at top center
Flanking sovereigns and acanthus leaves symbolizing life and immortality
Polychrome printing in brown, blue, and green tones
Security & Authentication
Watermark: Helmeted Britannia head, visible when held to light
Security Thread: Solid thread embedded vertically
Serial Numbers: Printed twice for verification
Color Scheme: Green dominant with multicolor underprint
Collector Appeal
This note is a cornerstone for collectors focused on mid-20th-century British currency. It holds appeal across several niches:
Post-War British Currency: A transitional design reflecting economic recovery
Britannia Series Enthusiasts: One of the last allegorical-only notes before monarch portraits emerged
Peppiatt Signature Series: A continuation of Peppiatt’s legacy, preceding the O’Brien issues
1948 Birth Year Memorabilia: A meaningful historical keepsake from a year of global change
Why Acquire the 1948 £1 Note?
The 1948 Peppiatt £1 note is more than a collectible—it’s a historical document. It captures Britain’s post-war identity, the evolution of banknote security, and the enduring symbolism of Britannia. For sellers and collectors on platforms like Notescounter, this note offers strong market potential due to its historical depth, aesthetic appeal, and cross-category relevance.
