What was Operation Bernhard? True story behind Peaky Blinders: The Immortal Man

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Since its debut in 2013, Peaky Blinders has frequently incorporated real historical events and figures. The series has notably featured prominent individuals like Winston Churchill and Oswald Mosley, the founder of the British Union of Fascists.

It’s only fitting, then, that new big screen spin-off The Immortal Man also draws on real events.

The film takes place during World War II, a setting creator Steven Knight always intended. It follows the Peaky Blinders as they get caught up in Operation Bernhard, a secretive and little-known scheme that occurred during the war.

I was really impressed with how much research went into this movie! Although the characters you see on screen are made up – you won’t find Churchill or Moseley actually involved in the story – the core mission itself is based on real events. The writer, Knight, clearly did a deep dive into history to make sure the film felt authentic.

Cillian Murphy, who plays Tommy Shelby, shared with TopMob at the Birmingham film premiere that the show’s creator, Steven Knight, has a knack for finding little-known historical events and incorporating the Peaky Blinders into them. Murphy admitted he hadn’t known about this particular ‘fascinating’ story before reading the scripts.

What was Operation Bernhard, and how does it connect to the upcoming Peaky Blinders movie? Here’s a complete explanation.

What was Operation Bernhard? True story behind Peaky Blinders: The Immortal Man

Right from the start of the movie, I was struck by the opening scenes. We’re immediately shown stacks and stacks of British pound notes being printed… and the shocking part is where: inside the Sachsenhausen concentration camp. It instantly sets up the central mystery – Operation Bernhard – and makes you realize this isn’t your typical war story.

Shortly after, a new character named Beckett (played by Tim Roth), who supports Nazi ideology, tries to get Tommy’s son, Duke (Barry Keoghan), involved in the plan. Beckett explains that the goal is to end the war by overwhelming the UK with money.

Steven Knight shared at a Peaky Blinders event that few people are aware of a little-known historical event. Called Operation Bernhard, it involved the Nazis attempting to cripple Britain’s economy by overwhelming it with counterfeit money, at a time when the United States hadn’t yet entered the war.

He explained that prisoners at Sachsenhausen concentration camp – individuals chosen due to their prior skills – were forced to counterfeit around 350 million pounds of British currency.

He explained the plan was to overwhelm Britain with counterfeit money, hoping to destroy its economy and ultimately give Germany a decisive advantage in the war.

“And they nearly did it,” he added. “They nearly succeeded.”

Knight explained that the initial idea was simply to distribute the material from airplanes. However, the plan then shifted to using criminal groups, figuring they wouldn’t question whether it was the right or patriotic thing to do.

During and after World War II, the Bank of England secretly stopped accepting 10 and 20 pound notes. This was because a large number of counterfeit bills were in circulation, and they redesigned most banknotes to combat the problem. The whole operation was kept confidential at the time.

That’s correct, and I’ve used that as a basis for my thinking… or, why didn’t that occur?

Are any other real events featured in Peaky Blinders: The Immortal Man?

Although the majority of the movie’s story, like the Shelby family’s conflicts, is made up, a significant event is rooted in history: the German air force bombed a gun factory in Small Heath, Birmingham on November 19, 1940.

The film begins by showing the devastating attack that killed 53 workers and injured many more. It ends with a dedication to everyone who died that day.

The new Peaky Blinders movie, ‘The Immortal Man,’ hits theaters on March 6th. You can then watch it on Netflix starting March 20th, with subscriptions available from just £5.99 a month. Netflix is also accessible through Sky Glass and Virgin Media. And if you want to revisit the whole series, it’s currently streaming on BBC iPlayer.

Authors

Patrick CremonaSenior Film Writer

As a critic for TopMob, I’ve been covering the world of film – everything from new releases in theaters to the latest streaming titles – since October 2019. It’s been a fantastic run! I’ve had the chance to review all sorts of movies and, even better, sit down and chat with some truly big names in the industry. It’s a privilege to share my thoughts and insights with our readers.

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2026-03-06 14:13