The 1940 10 Shillings note (Pick 366) is one of the most iconic wartime banknotes issued by the Bank of England. Introduced just months after the outbreak of World War II, this emergency‑print half‑pound note reflects a nation mobilising every resource — including its currency — to withstand unprecedented threats. With its mauve‑and‑grey palette, classical Britannia engraving, and the signature of Chief Cashier Kenneth Oswald Peppiatt, it stands as a compact yet powerful symbol of Britain’s wartime resilience.
Issued on 2 April 1940, this note belongs to the first generation of Emergency Banknotes created during World War II. Britain faced a very real danger: Nazi Germany’s Operation Bernhard, a large‑scale counterfeiting scheme intended to destabilise the British economy by flooding Europe with forged sterling.
To counter this threat, the Bank of England redesigned its lower‑denomination notes with:
new colours
simplified layouts
enhanced security features
and, for the first time, a metal security thread (a feature that became permanent from 1948 onward)
The 10 Shillings note was especially important. As the smallest major denomination, it circulated widely among civilians, soldiers, and essential wartime industries. Its reliability helped maintain public confidence during rationing, air raids, and economic uncertainty.
This note remained in use throughout the war and well into the post‑war period, finally being demonetized on 22 October 1962.
Pick Number: P‑366
Denomination: 10 Shillings (½ Pound)
Type: Emergency Issue
Issuing Authority: Bank of England
Reign: King George VI (1936–1952)
Issue Date: 2 April 1940
Demonetized: 22 October 1962
Material: Paper
Size: 138 × 78 mm
Shape: Rectangular
Currency: Pound sterling (pre‑decimal)
Signature: Kenneth Oswald Peppiatt (Chief Cashier)
Engraver: W. M. Keesey
Printed in mauve and grey, the front of the note features:
Seated Britannia at the left — a timeless emblem of national strength and maritime heritage
Traditional promise text: “Bank of England – I Promise to pay the Bearer on Demand the sum of Ten Shillings”
London printed below, with the formal inscription: “For the Govr. and Compa. of the Bank of England”
Crisp, balanced engraving by W. M. Keesey, whose work defined many wartime and early post‑war British notes
The colour scheme was intentionally distinct from pre‑war issues, making counterfeits easier to detect.
The reverse is clean and functional, featuring:
The denomination (10/-) repeated within an elegant leaf‑style frame
Symmetrical layout designed for clarity and quick recognition
Engraving again by W. M. Keesey
This minimalist design reflects wartime priorities: clarity, efficiency, and security over ornamentation.
The 1940 10 Shillings note introduced several important anti‑forgery measures:
Watermark: “10 Shillings” wartime watermark
Metal Security Thread: One of the earliest British notes to include this feature — a direct response to Operation Bernhard
Distinctive Colour Scheme: Mauve and grey tones chosen to differentiate it from earlier issues
Serial Numbers: Printed twice for verification
These features helped ensure the integrity of Britain’s currency during a period of intense economic warfare.
This note is highly desirable across several collecting themes:
WWII history – A direct product of Britain’s wartime emergency measures
George VI collectors – A key denomination from the wartime reign
Pre‑decimal currency enthusiasts – The classic half‑pound note
Security‑feature collectors – One of the first Bank of England notes with a metal thread
Britannia‑themed collections – Featuring the iconic allegorical figure
Historical gifts – A meaningful keepsake from the 1940s home‑front era
Its compact size and distinctive colouring make it visually striking in any collection.
The 1940 10 Shillings Emergency Issue is more than a small denomination — it is a wartime innovation. Born from the need to protect Britain’s financial system from enemy sabotage, it represents the intersection of national security, economic stability, and traditional British design.
With its early use of a metal security thread, its wartime colour scheme, and its association with the George VI era, this note remains a historically rich and aesthetically appealing addition to any serious numismatic collection.