At Epsom, Papyrus started at odds of 100/15 (approximately 6.7/1) in a field of nineteen runners for the Derby, with Town Guard starting favourite at 5/1, the two colts having headed the betting lists since the previous autumn. On a cold, dull and misty day, which led to the race being dubbed the "overcoat Derby" the race attracted a crowd estimated at 250,000, with the Royal Family represented by the Prince of Wales. Ridden by Steve Donoghue, Papyrus took the lead on the turn into the straight. Two furlongs from the finish he was challenged and headed by Pharos, but responded well and showed good stamina to regain the advantage and win by a length after what was described as a "desperate and prolonged duel". Parth finished third after losing a great deal of ground at the start and Town Guard was unplaced. The win gave Donoghue a "hat-trick" of Derby wins, following Humorist in 1921 and Captain Cuttle in 1922.