Papyrus a medium-sized brown horse "of fine quality"[3] with a white star, was bred by Sir John Robinson at the Worksop Manor Stud in Nottinghamshire.

He was sired by the American-bred Tracery, a son of Rock Sand who was sent to Britain to race following the passing of the Hart–Agnew Law and whose wins included the 1912 St Leger.

He later became a highly successful sire, with his best runners, apart from Papyrus, including The Panther (2000 Guineas) and Transvaal (Grand Prix de Paris).

As a yearling, Papyrus was put up for auction at the Doncaster Sales, where he was sold for 3,500 guineas to the trainer Basil Jarvis on behalf of Benjamin Irish, a wealthy farmer.

Lord Woolavington's colt had won his last six races and was regarded as the best two-year-old of the season, but Papyrus produced his best performance of the year to reverse the Ascot form and win decisively.

[8] Papyrus's win was considered a "fluke" by some observers, but he went into the winter break disputing favouritism for the following year's Derby with Town Guard.

Two furlongs from the finish he was challenged and headed by Pharos, but responded well and showed good stamina[3] to regain the advantage and win by a length after what was described as a "desperate and prolonged duel".

He took the lead in the straight and got the better of a prolonged struggle with Parth, but was caught in the closing stages and beaten by Lord Derby's filly Tranquil.

[23] Despite these special arrangements many British commentators felt that the race was futile, with the effects of the sea-voyage and the change in environment making Papyrus's task almost impossible.

[24] Racing on a dirt track for the first time and in heavy mud at Belmont Park, Papyrus lost by five lengths in front of a crowd of 70,000.

He wore ordinary smooth racing plates, whereas his rival was equipped with specially adapted "mud caulks" to cope with the sloppy conditions.

[28] At Royal Ascot he looked fit in the paddock before the two and a half mile Gold Cup but finished unplaced behind the French-trained winner Massine.