When Lord Denning declares that a case decided in 1849 by a lower court is decisive to his mind, as his Lordship did of R. v. Toshack, in delivering judgment in the House of Lords in Welham v. D.P.P. (1960), it goes without saying that his Lordship is satisfied not merely that the old ruling ought to be followed out of deference to the maxim stare decisis, but also that despite the elapse of over a century it has remained appropriate under modern conditions. Yet the unanimous decision of the House of Lords that intent to defraud, the mental element required for forgery of a private document, may exist without an intent to inflict economic loss, is at variance with current academic opinion, expressed over the last decade. Writers had refused to accept the judicial view that there could be an intent to defraud, provided that a course of action was thereby induced, even though the deceit in question was not designed to result in any deprivation of property. The object of this article is to welcome the House of Lords' decision, as in accordance with the historical background of the law of forgery, both in England and in other countries that have been influenced by English principles, and further as based upon good sense. At least one critic is already pleading for legislation to change the decision, but even on this view there is something to be said for an attempt to examine the full implications of a decision that is in the meantime supremely authoritative.