Central Banking

Nazis “destroyed confidence” in BoE notes with expert counterfeits

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In newly released MI5 documents dating back to 1945, it has been revealed that the Nazis managed to produce counterfeit British banknotes of startling quality.

The report by Edward Reid of MI5's section B1B, made the frank admission that the German objective of "destroying confidence" in the Bank of England notes had been achieved. "At present, no-one will accept a Bank of England note in any neutral country of Europe except at a very large discount," lamented the report.

Alfred Naujocks, a spy

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