Waterlow & Sons Ltd
Historic British printer and security-document producer known for banknotes, postage stamps, share certificates and bonds.
Last updated August 25, 2026
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Overview
Waterlow & Sons was a historic British printing and engraving company whose activities developed from commercial lithography into the production of high-value and security-sensitive documents. James Waterlow began the business in London in 1810, initially making lithographic copies of legal documents. Over the following decades the enterprise expanded its technical capabilities and customer base, eventually becoming associated with the production of postage stamps, banknotes, share certificates, bonds and other documents requiring specialized engraving, printing and anti-counterfeiting features. The company became a family enterprise as James Waterlow's sons Alfred, Walter, Sydney and Albert joined the business. It began printing postage stamps in 1852, an important step in its evolution from a general printer into a specialist producer for governments, banks and public institutions. After James Waterlow's death in 1876, the business was reorganized as a limited-liability company. A family dispute led to a separation in 1877, when Alfred and his sons established Waterlow Bros. & Layton. The two branches later reunited in 1920, restoring a single broader Waterlow organization. Waterlow's international work included contracts for overseas financial institutions. In 1924, the Imperial Bank of Persia commissioned the company to print banknotes denominated in tomans. These notes were notable for using a Lion and Sun watermark, an example of the firm's role in combining graphic design, engraving and security techniques for national currencies. The company was also involved in one of the most consequential banknote-printing disputes of the interwar period. In 1925, Banco de Portugal brought proceedings in the English courts over notes printed by Waterlow & Sons for an operation that the bank treated as unauthorized or counterfeit. The litigation continued for years and was ultimately resolved in 1932 in favour of Banco de Portugal. William Waterlow, who had led the company during the episode, later left the firm and went on to serve as Lord Mayor of London. Waterlow had also printed Treasury notes in the United Kingdom. When the Bank of England assumed responsibility for ten-shilling and one-pound notes in 1928, the change removed an important contract from the company. The loss contributed to the closure of Waterlow's Milton Street operations in Watford. This episode reflected the wider consolidation of British note issuance and the increasing concentration of currency production in institutions with formal monopolies or tightly controlled contracts. Ownership changed in the post-war period. Purnell and Sons acquired Waterlow's in 1961, but soon sold the parts of the business concerned with banknotes, postage stamps, traveller's cheques and bonds to De La Rue. The transfer placed major elements of Waterlow's specialist security-printing heritage within one of the world's leading security-printing groups. De La Rue later acquired the Bank of England's banknote-printing operations in 2003, decades after Waterlow had lost that work. Waterlow and Sons Ltd was formally dissolved in January 2009. A company using the name was incorporated again as a dormant company in November 2016, but the historical operating business is treated as defunct. Its legacy survives through archival material, philatelic and numismatic references, and the continuing history of the security-printing activities transferred to successor owners.
History
Waterlow & Sons originated in 1810, when James Waterlow established a London business producing lithographic copies of legal documents. Lithography allowed the firm to reproduce documents more efficiently than older copying methods, and the company gradually broadened its work as demand increased for reliable commercial and administrative printing. A decisive development came in 1852, when Waterlow began producing postage stamps. Stamp work required precise engraving, controlled printing and protection against alteration or forgery, skills that later became central to the firm's identity. James Waterlow's sons Alfred, Walter, Sydney and Albert joined the business, making it a substantial family enterprise. Following James's death in 1876, the business was converted into a limited-liability company. In 1877, a dispute within the family divided the operation. Alfred and his sons formed Waterlow Bros. & Layton, while the original business continued separately. The two companies reunited in 1920, bringing their capabilities back under the Waterlow name. During the late nineteenth and early twentieth centuries, the firm became associated with the production of government and financial documents, including postage stamps, banknotes, share certificates and bonds. The company developed an international customer base. In 1924, the Imperial Bank of Persia commissioned Waterlow to print one-, five- and ten-toman banknotes. The notes incorporated a Lion and Sun watermark, demonstrating the firm's involvement in technically demanding currency production for foreign institutions. Waterlow's history also includes a major legal and reputational crisis. In 1925, Banco de Portugal sued the company in the High Court in London in connection with banknotes that the Portuguese bank considered counterfeit or unauthorized. The case became exceptionally complex and was not finally resolved until 1932, when the outcome favoured Banco de Portugal. William Waterlow, who had led the company during the controversy, retired from the business and later became Lord Mayor of London. In Britain, Waterlow printed Treasury notes during the period when the government used small-denomination paper currency. The Bank of England's assumption of responsibility for ten-shilling and one-pound notes in 1928 ended that work. The loss of the contract contributed to the closure of Waterlow's Milton Street works in Watford and illustrated the commercial effect of changes in the legal and institutional structure of British currency issuance. The post-war period brought a change in ownership. Purnell and Sons acquired Waterlow's in 1961, then sold the business segments involved in banknotes, postage stamps, traveller's cheques and bonds to De La Rue. Although the Waterlow corporate identity continued to be referenced in historical and specialist contexts, important operating capabilities and contracts moved into De La Rue's organization. De La Rue's later acquisition of the Bank of England's banknote-printing operations in 2003 indirectly connected a successor business with work that Waterlow had lost in the 1920s. Waterlow and Sons Ltd was dissolved in January 2009. A company with the name was incorporated again in November 2016 as a dormant entity, rather than as a continuation of the historical operating printer. The firm's legacy is preserved in the history of British printing, international banknote production, postage-stamp manufacture and security-document technology.
- 2016
Name re-incorporated as a dormant company
[1]A company using the Waterlow and Sons name is incorporated again as dormant.
- 2009
Historical company dissolved
[1]Waterlow and Sons Ltd is dissolved in January.
- 2003
De La Rue acquires Bank of England banknote operations
[1]De La Rue acquires the Bank of England's banknote-printing operations, linking a successor group to work once associated with Waterlow.
- 1961
Acquisition by Purnell and Sons
[1]Purnell and Sons acquires Waterlow's; specialist security-printing activities later pass to De La Rue.
- 1932
Portuguese banknote case resolved
[1]The litigation concludes in favour of Banco de Portugal, and William Waterlow leaves the company.
- 1928
Bank of England takes over small-denomination note issuance
[1]The Bank of England begins issuing ten-shilling and one-pound notes, ending Waterlow's Treasury-note contract.
- 1925
Banco de Portugal litigation begins
[1]Banco de Portugal initiates High Court proceedings concerning banknotes printed by Waterlow.
- 1924
Imperial Bank of Persia banknote commission
[1]Waterlow prints toman banknotes for the Imperial Bank of Persia with a Lion and Sun watermark.
- 1920
Waterlow businesses reunite
[1]The separated Waterlow operations are reunited.
- 1877
Family split creates Waterlow Bros. & Layton
[1]A family dispute separates Alfred Waterlow and his sons into a related company.
Products and positioning
A specialist British security printer serving governments, banks, public authorities and financial institutions with engraved and difficult-to-counterfeit documents.
Security printing · 1852
Postage stamps
Waterlow entered postage-stamp production in 1852. Stamp printing became a significant part of its public-sector work and relied on precise design reproduction, engraving and controlled production methods intended to limit alteration and forgery.
Currency printing · 1924
Banknotes
The company produced banknotes for British and overseas institutions. Its international work included 1924 notes for the Imperial Bank of Persia, while its British work included Treasury notes before the Bank of England took over small-denomination note issuance.
Financial security documents
Share and bond certificates
Waterlow printed engraved certificates representing shares and bonds. These documents required durable materials, controlled design and anti-counterfeiting features because they represented financial ownership or debt obligations.
Financial security documents
Traveller's cheques
Traveller's cheques formed part of the specialist security-printing activities later transferred to De La Rue after the 1961 ownership change.
Commercial printing · 1810
Legal-document reproductions
The original business reproduced legal documents using lithographic methods. This early capability provided the foundation for the company's later move into more specialized engraved and security-sensitive work.
Controversies
1925
Portuguese banknote crisis
Banco de Portugal sued Waterlow & Sons in the English High Court over banknotes it regarded as counterfeit or unauthorized. The dispute became a major legal and reputational crisis for the printer and was ultimately resolved in 1932 in favour of Banco de Portugal.
Brand decisions
1961
Sell specialist security-printing activities to De La RueM&ABackground
Purnell and Sons acquired Waterlow's but did not retain all of its specialist security-printing activities.
Action taken
The banknote, postage-stamp, traveller's-cheque and bond-printing segments were sold to De La Rue.
Aftermath
Important parts of Waterlow's technical and commercial heritage continued within De La Rue.
1928
Respond to the loss of the Treasury-note contractStrategyBackground
The Bank of England assumed responsibility for issuing ten-shilling and one-pound notes, replacing Treasury issues that Waterlow had printed.
Action taken
Waterlow's Milton Street operation in Watford was closed after the contract was lost.
Aftermath
The change reduced Waterlow's role in British currency printing and reflected the consolidation of note issuance under the Bank of England.
1877
Separate the family businessesStrategyBackground
A dispute within the Waterlow family divided the business after its conversion to a limited-liability company.
Action taken
Alfred Waterlow and his sons established Waterlow Bros. & Layton as a separate operation.
Aftermath
The two Waterlow businesses eventually reunited in 1920.
Recent events
- 2009
Waterlow and Sons Ltd dissolved[1]
Bankruptcy
The historical company was formally dissolved in January 2009.
- 1961
Waterlow acquired by Purnell and Sons[1]
M&A
Purnell and Sons acquired Waterlow's, after which the specialist security-printing operations were transferred onward to De La Rue.
- 1928
Bank of England assumes responsibility for small-denomination notes[1]
Regulation
The Bank of England began issuing ten-shilling and one-pound notes, replacing Treasury issues that Waterlow had printed and contributing to the closure of the company's Milton Street operation.
- 1924
Waterlow prints Imperial Bank of Persia banknotes[1]
Product launch
The Imperial Bank of Persia commissioned Waterlow to produce one-, five- and ten-toman notes featuring a Lion and Sun watermark.
- 1852
Waterlow begins printing postage stamps[1]
Product launch
The company expanded into postage-stamp production, strengthening its position as a specialist printer for public and security-related documents.
Sources1 sources
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