Similar to the Peaky Blinders TV show, Peaky Blinders: The Immortal Man blends historical events with made-up stories to conclude Tommy Shelby’s narrative.
During a recent Reddit Q&A, Steven Knight, the creator and writer, explained his approach to storytelling. He often uses historical events as a framework for his narratives, providing a sense of direction for his characters and plot. He believes that actual historical events are often stranger and more unbelievable than anything he could invent.
The storyline beginning in Peaky Blinders: The Immortal Man involves a seemingly far-fetched Nazi plot, but it’s based on a real historical event – though Tommy Shelby wasn’t actually part of it. Here at Digital Spy, we’re taking a closer look to distinguish what’s fact and what’s fiction.

Peaky Blinders: The Immortal Man true story – what was Operation Bernhard?
Set during World War II, Peaky Blinders: The Immortal Man tells the story of a Nazi plot to flood the UK with fake British money, hoping to destroy the country’s economy. Disturbingly, they are carrying out this scheme using Jewish concentration camps.
The real Operation Bernhard did happen, though it wasn’t connected to the characters in Peaky Blinders. The show The Immortal Man begins with a scene showing British banknotes being printed at the Sachsenhausen concentration camp in Germany as part of this operation.
During a recent Q&A about Peaky Blinders at the BFI, creator Steven Knight revealed that the people involved were chosen based on their past experience with forgery – specifically, they were able to create around 350 million pounds worth of fake British currency.
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Knight explained that the initial idea was simply to distribute the material from airplanes. However, they then considered using criminal groups, figuring these individuals wouldn’t question whether the operation was ethical or served the national interest.
In the film, the Shelbys get involved when Beckett attempts to enlist Tommy’s son, Duke, to help the Nazis spread counterfeit money. This prompts Tommy to emerge from his self-imposed exile, and he ultimately thwarts the entire operation in a dramatic and action-packed showdown.
By 1941, the idea of dropping counterfeit money over Britain had been scrapped, and attempts to secretly flood the country with fake notes also failed.
During a recent Q&A, Knight revealed a fascinating historical detail: after 1942, the Bank of England quietly stopped accepting ten and twenty pound notes. This was due to a large number of counterfeit bills in circulation, prompting a redesign of most banknotes. The whole operation was kept confidential at the time.

Despite Arthur Nebe’s efforts, Operation Bernhard was ultimately unsuccessful. This wasn’t surprising, as Nebe had a pattern of failures. Ironically, he was executed in 1945 for attempting to assassinate Hitler, after having overseen more than 46,000 executions himself.
The idea to use Jewish prisoners to create the forgeries actually came from Bernhard Krüger, a colleague of Nebe, which is why the operation was named as it was. Krüger carefully selected 134 prisoners who worked around the clock in 12-hour shifts at Sachsenhausen, constantly producing counterfeit money.
Beckett wasn’t modeled after either Nebe or Krüger. However, he shares similarities with Friedrich Schwend, who led the sales efforts for Operation Bernhard.
Beyond the fictional story, the bombing at the beginning of Peaky Blinders: The Immortal Man was inspired by a real event. The film is dedicated to the memory of the victims of that attack.
On November 19, 1940, during the Birmingham Blitz, German planes bombed a Small Arms factory in Small Heath. The attack killed 53 workers and injured many others, stopping the factory from making rifles and machine guns for three months.
Interestingly, the story has a personal connection for actor Sean Knight. In the movie’s production notes, he shared that his mother worked at the British Security Agency (BSA) during the war. One night, his older brother got sick, and she stayed home to care for him. That same night, the BSA building was directly hit by a bomb.
If she had gone to work that day, I wouldn’t be here today. The bombing has always had a deep and lasting impact on me.

The real-life Peaky Blinders explained
Let’s talk about the Peaky Blinders. If you’re new to their story and watching the movie, you might be curious about what’s based on real events. Here’s a quick look at the truth behind the fiction.
The Shelby family is fictional, created for the show. However, the Peaky Blinders gang was a real group that existed in England, but they were active from the late 1800s until the beginning of World War I – a bit earlier than the timeline in the series.
Both the real and fictional gangs shared a common ground: they both controlled the industrial districts of Bordesley and Small Heath.
The Peaky Blinders, led by Tommy Shelby, built a criminal organization that eventually became much bigger than the real one it was based on. However, their distinctive style – including bell-bottom pants, sturdy boots, and their famous caps – remains instantly recognizable, both in the TV show and in historical accounts.
Historians might recognize the locations where the show’s characters cause trouble. The Garrison pub, a frequent hangout for Tommy and his gang, is based on a real pub that once stood at 110 Garrison Lane in Birmingham. However, the original pub is no longer there – the building has been renovated and is now a store selling kitchens and bedrooms called Elegant.

It’s not surprising Cillian Murphy has been so interested in the real Peaky Blinders – he actually has a family connection to them. He revealed (in an interview with Radio Times) that his parents were raised in Birmingham during the 1920s, which sparked his initial interest.
When I was growing up, my family shared stories of a tough past. My mum used to run bets as a child – back then, it was common to use kids for illegal activities. And my dad’s uncle was actually involved with the Peaky Blinders gang. Through these reluctant tales, I got glimpses into a world of travelers, horses, street brawls, guns, and surprisingly, very sharp dressing.
Knight shared that one of his earliest inspirations came from a story about his father’s childhood. His dad was sent to deliver a message and found himself in a room full of well-dressed men. They were drinking beer from jam jars around a table covered in money and guns – apparently, people prioritized clothing over things like glassware back then.
The Peaky Blinders are now only known through fictional accounts, like the popular series created by Knight.
Honestly, as other gangs like the Birmingham Boys and the Sabinis started getting stronger, the Peaky Blinders kind of disappeared by the 1930s – I guess a lot of the guys just got too old for that life. I’ve read they mostly moved out of the city and settled down in the countryside around Birmingham. It’s funny, I wonder where exactly Steven Knight’s great-uncle ended up, though – maybe he knows the full story!
Peaky Blinders: The Immortal Man is available to watch now on Netflix.
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2026-03-20 15:22