The banknote that never was: Stephen Gooden and the forgotten banknotes

Blog

Eleanor Paton, Collections Manager

Our collection of items related to banknote design is fascinating, with objects ranging from initial research all the way to the final test prints. Even more excitingly, we hold design material about banknotes that didn’t make the cut.

Stephen Gooden (1892-1955) was an artist, engraver and illustrator. He was approached by the Bank of England in the early 1930s to design a new banknote series. At this time the Bank was talking to 3 artists about designs: George Kruger Gray, FL Griggs and Stephen Gooden. The artists were given a list of requirements for the new notes, including being recognisably banknotes, being difficult to forge and being a work of art.

Gooden didn’t like the Bank’s strict requirements for the placement of certain features and security printing. He felt that these requirements interrupted his designs and limited artistic possibilities. He summed this up nicely in a letter sent to the General Manager of the Printing Works:

During the design process, Gooden was very hands on and at times highly critical of the work being produced. He had exceptionally high standards, always pushing for the most awe-inspiring work. 

Despite his complaints, by November 1931 Gooden had created the rough outline of a 10 shilling, £1, £2 and £5 banknote. The designs are often referred to as the Houblon series, as they all feature Sir John Houblon, the first Governor of the Bank of England. Each has a different theme on the back of the note, including George and the Dragon, Britannia and lions. The banknotes are vibrant, intricately detailed and importantly met the Bank’s strict criteria.

By 1933, the design of the notes had been approved by the Court of Directors and the Bank and by 1936, the industrial strength hardened plates were ready for production.

So why weren’t they issued? Simply put, there was no need. At the time, it was felt that the number of counterfeit banknotes was still relatively low, making the production and issue of new notes an expensive and unnecessary exercise. 

So, despite being worked on for 8 years, these banknotes never made it past this final test print stage. Gooden himself commented that he didn’t mind if they were ever used and that for him, the enjoyment was in designing them. In fact, he was rather glad that they weren’t used saying: “I’m afraid that if I had to see them every day of my life, I should be constantly worried by their imperfections.” 

After his death, however, a different design created by Gooden was issued as the £5 note which was in circulation from 1957 to 1967. The vibrant use of colours and the sculptural-like quality of his design is very reminiscent of the Houblon series which never came to be.