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Auction: 24862 - The Robin Benke Collection of English Banknotes
Lot: 198

Bank of England, K. O. Peppiatt, £500, Liverpool, 30th September 1936, serial number 43/Z 02556,

this £500 Bank of England note, issued from the Liverpool branch on the 30th September 1936, carries the serial number 43/Z 02556 and is signed by Kenneth O. Peppiatt, who held the esteemed position of Chief Cashier from 1934 to 1949. Peppiatt, born in 1893, was not only a key figure in the Bank of England's history but also a decorated military officer. After serving in World War I with distinction, earning the Military Cross and Bar, he joined the Bank in 1919, quickly ascending through its ranks. His tenure as Chief Cashier was marked by significant changes in banknote design for security reasons, including the introduction of an embedded metal security thread during his term, a revolutionary move at the time. Beyond his banking career, Peppiatt's contributions to the Bank extended into policymaking, where he worked on stabilising the British economy amidst the challenges of the inter-war period and the onset of World War II.

The Liverpool branch of the Bank of England, where this note was issued, has a rich historical background. Established in 1826, it was part of the Bank's strategic response to the financial crisis of 1825-1826, which had led to the failure of numerous provincial banks. The establishment of branches like Liverpool was a pioneering move to extend the Bank's reach beyond London, aiming to manage the currency supply more effectively across the UK and to stabilise the economy through centralised control of banknote issuance. The Liverpool branch was particularly significant due to the city's role as a major trading and industrial centre, especially in the cotton trade, which was pivotal to the British economy at the time.

In terms of the note itself, £500 in the 1930s was an extraordinary amount, representing far more than just a means of transaction; it was a symbol of wealth, security, and, in some cases, personal legacy. Such denominations were rarely encountered in daily commerce; instead, they were more commonly associated with large-scale investments, estate transactions, or as a store of value. This particular note, certified by PMG with a grade of 58, Choice AU (About Uncirculated), is in remarkable condition for its age, showing only the slightest signs of handling. Its design incorporates the traditional Britannia image, now a hallmark of British banknotes, with additional security features and ornate details that were Peppiatt's legacy in banknote design,


(EPM B246e, Pick 340c), in PMG holder 58 Choice About Uncirculated, annotation, only 1 note in higher grade on PMG Census

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Estimate
£7,000 to £10,000

Starting price
£4800