The 1st August Cup was a motor race, run to Formula One rules, held on 2 August 1954 at Crystal Palace Circuit, London.

The race was run over two heats of 10 laps and a final of 10 laps, and was won by British driver Reg Parnell in a Ferrari 500.

Connaught driver Tony Rolt started from pole position in Heat 2 and won, while Tony Crook set fastest lap in that heat in a Cooper.

Maserati driver Roy Salvadori was second in the final and Rolt was third.

[1] The name of the event is referred to in at least one source as the August Trophy Race.