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Founded of necessity due to damage caused largely by the American Civil War, the Peabody Education Fund was established by George Peabody in 1867 for the purpose of promoting "intellectual, moral, and industrial education in the most destitute portion of the Southern States." The gift of foundation consisted of securities to the value of $2,100,000, of which $1,100,000 were in Mississippi State bonds, afterward repudiated.
Famous Clothworkers included King James I, Samuel Pepys, Prince Albert of Saxe-Coburg and Gotha, Baroness Burdett-Coutts, George Peabody, Sydney Waterlow, Edward VII, Lord Kelvin, Viscount Slim, Robert Menzies and the Duke of Kent.