Paper Money – Ken Follett (1977)

Paper Money by Ken Follett, first published in 1977, is a taut thriller set in a single day in London, where disparate lives intertwine through a complex web of crime, finance, and journalism. Written before Follett’s breakout hit Eye of the Needle, this novel showcases his early experimentation with form and narrative scope. The story is structured by the hour, capturing the relentless tempo of a city alive with corruption and ambition. Although lesser known among his later sprawling epics, Paper Money reveals Follett’s nascent mastery of plotting and suspense.

Plot Summary

The city stirred before the sun had warmed its streets. At six a.m., Tim Fitzpeterson woke in his London flat beside a red-haired woman half his age, her small features still in sleep. A Junior Minister with a rising star, Tim had broken his routine for one night of vivid escape – champagne, a nightclub, flirtation that became an affair. The girl was beautiful, responsive, intoxicating. She said he was special. He believed her.

By morning, he tried to convince himself it could be more than one night. He played out scenarios, calculated risks. There was his wife Julia, their three daughters, his ambitions. A Prime Minister had never been divorced. Then the phone rang. A reporter from the Evening Post asked whether he was getting divorced, naming the girl – Dizi Disney. Panic spread through him. He denied everything, hung up, and turned to ask the girl her real name. She answered him with indifference.

A knock came at the door. Tim answered to a broad-shouldered man in a gray coat with the rough charm of the East End. Tony Cox pushed his way inside, greeted Dizi like property, and dropped the pretense of civility. She worked for him, he said. Tim watched in stunned silence as she obeyed. Cox offered no money, just a demand – the name of the company awarded a lucrative government oil license. Hamilton Holdings. That was the name Tim whispered. In exchange, Cox would bury the scandal. For now. Then, like a brute from a different world, Cox humiliated him physically before walking out, leaving Tim trembling and broken.

At seven a.m., Arthur Cole sat at his desk at the Evening Post, already weary, already hunting for headlines. A tip from a gravel-voiced caller led him to the same name – Dizi Disney. Something about a Minister and a redhead. It could be gold or a goose chase. He called Tim Fitzpeterson directly. The Minister answered with barely controlled dread.

Elsewhere, Felix Laski was finishing his morning coffee. A City buccaneer with a thick chest and quick eyes, he had just received a phone call from Tony Cox. The oil license would go to Hamilton Holdings. That information, obtained through blackmail, would feed into another deal Felix was nursing – one involving millions in paper money and the physical transfer of currency across guarded routes. The connection to Peters at the Bank of England was his asset, and the route for today’s cash convoy – unchanged and predictable – was ripe for exploitation.

Derek Hamilton, head of Hamilton Holdings, struggled with the ulcer that marked every stressful turn of his corporate decline. He rose early, discussed failing half-year results with his elegant but emotionally distant wife Ellen, and boarded his train with the weight of disappointment wrapped tight around his midsection. Hamilton Holdings was failing. What began as a family printing business had grown too fast, too wide, and now teetered on the edge of collapse. Derek, who had once cared for ink and presses, had long since traded the smell of the shop floor for the cold calculus of liquidity ratios and leveraged takeovers.

In a cluttered room in North London, Herbert Chieseman sipped his tea and listened to the police radio through a homemade setup. A recluse with a meticulous hand and sharp ears, Herbert was an earwig – a paid informant for the Post. He recorded broadcasts overnight, scanning for crimes and crises that might make newsprint. He lived quietly, his life a pattern of headphones, scribbled notes, and an aging photograph of a woman who once loved him.

By mid-morning, Laski’s plan unfolded. He placed a call, confirming the details Cox had traded for. The cash convoy was on schedule. The target was clear. Across London, threads pulled tighter. Journalists sniffed for scandal. Stockbrokers whispered of Hamilton’s impending rise. The criminal underworld readied their next move.

Tony Cox returned to his role, arms-length from violence, close enough to profit. The redhead, Dizi, faded into the shadows. She had done her job. A man’s career had been gutted in a single morning, and another man’s empire would be sold or salvaged with the currency of betrayal.

At the Evening Post, Arthur Cole pieced together the outline of a scoop, unsure of its full shape, knowing only that the pieces fit too perfectly to be coincidence. Tim Fitzpeterson had cracked. Derek Hamilton’s luck had turned. The markets would shift by afternoon. Cole assigned reporters, placed calls, and braced for the weight of a news cycle heavier than most.

By two p.m., the convoy rolled forward as expected, heavy with cash. Somewhere along the route, men waited. Inside a nondescript vehicle, instructions were reviewed. Timing was everything. If the heist succeeded, millions would change hands. If not, arrests, headlines, and ruined lives would follow.

By four p.m., it was over.

Laski’s gamble, Cox’s muscle, Tim’s weakness, Hamilton’s desperation – all of it had played out across the hours of a single day. In boardrooms, newspapers, pubs, and back alleys, deals were made, trust was broken, and fortunes were shifted with the quiet inevitability of falling dominoes.

In the end, no single man held the truth, no one story told it all. But the streets of London knew. They held the whispers of scandal, the footsteps of betrayal, and the price of power measured not in morality, but in paper money.

Main Characters

• Tim Fitzpeterson – A Junior Minister in the Department of Energy, Tim is a man torn between ambition and personal indulgence. His affair with a younger woman and the subsequent blackmail unravel not just his integrity but the fragile façade of his personal and political life. Driven by a desire for power and passion, his character encapsulates the vulnerability of public figures in private turmoil.

• Tony Cox – A menacing figure from the criminal underworld, Cox is the orchestrator behind the blackmail scheme involving Tim. Charismatic yet ruthless, he manipulates events with cold efficiency, using people like tools in his calculated ventures. His role as the antagonist is grounded in his streetwise cunning and hunger for influence.

• Felix Laski – A self-made financier with a reputation for opportunistic brilliance, Laski epitomizes the morally ambiguous entrepreneur. With roots far from his current circles, he leverages insider trading and shady deals to expand his empire. His involvement in market manipulation reveals the book’s cynicism about the high-stakes world of finance.

• Arthur Cole – The deputy news editor at the Evening Post, Cole is a veteran journalist driven by a constant need to chase the next big scoop. Haunted by professional stagnation and health issues, he embodies the journalistic pressure to stay relevant in a world where headlines are currency.

• Derek Hamilton – The wealthy head of Hamilton Holdings, Derek represents the decaying core of corporate legacy. Battling an ulcer and financial ruin, he clings to past glories while navigating a collapsing empire. His strained marriage and prideful ambition contribute to a broader critique of corporate hubris.

Theme

• Interconnection of Power and Corruption – At its core, Paper Money explores how crime, finance, and politics are entangled. The narrative suggests that corruption is not confined to gangsters and conmen but permeates boardrooms and government offices alike, challenging the veneer of legitimacy in positions of authority.

• The Illusion of Control – Many characters believe they are in control of their lives and schemes, only to have their fates determined by coincidence or betrayal. This theme underscores the fragile boundary between order and chaos in complex societal systems.

• Public Persona vs. Private Reality – The contrast between how characters present themselves and who they truly are is a persistent motif. Tim’s affair, Hamilton’s marriage, and even Cox’s respectable front highlight the duplicity often necessary to survive or succeed.

• The Role of Media – Through Arthur Cole and the Evening Post, the novel reflects on the media’s power to create, shape, or destroy reputations. The press is both a truth-seeking institution and a pawn in larger manipulative games, emphasizing the blurred lines between journalism and exploitation.

Writing Style and Tone

Ken Follett’s writing in Paper Money is economical yet vivid, characterized by swift scene transitions and tightly packed chapters that build a palpable sense of momentum. He employs a third-person omniscient perspective, shifting seamlessly between various characters’ points of view. This multifocal narrative approach allows readers to witness how disparate threads are drawn together, reinforcing the theme of interconnectedness.

Follett’s tone is brisk and clinical, with a persistent undercurrent of cynicism. The prose is matter-of-fact, reflecting the utilitarian worldview of the characters. Dialogue is sharp, laced with subtext, and often reveals more about the speaker’s insecurities or hidden agendas than the plot itself. Despite its brevity, the novel delivers a pointed social commentary wrapped in the framework of a thriller, offering both intellectual intrigue and narrative satisfaction.