The Thames Tunnel was one of the most popular subjects for paper peepshows. Its construction started in 1825, and after various flood accidents and a long period of suspension of work between 1828 and 1835, the Tunnel finally opened to the public on 25 March 1843. It was received with great excitement both during and immediately after its construction, both in Great Britain and abroad. A great variety of souvenirs were produced, including paper peepshows of different designs.

This Italian paper peepshow is quite puzzling as, although an inscription in Italian on the back of the slipcase, claims that it encloses an accurate representation of the Thames Tunnel, the peep reveals an interior more akin to that of an empty Romanesque church, with barrel vaults and sturdy pillars. The slipcase and front panel, on the other hand, are decorated with Gothic windows and tracery (see Gestetner 119 for a similar design). Although its peep-hole is extremely small, it does not jeopardise the viewing experience. On the contrary, the small opening forces the eye to narrow its focus on the inside panels and helps create an even more effective illusion of depth.

If this is indeed meant to represent the London tunnel, its empty archways also stand in stark contrast with other representation of the Tunnel, which always show the underground passages teaming with visitors. This, however, may not be such an unrealistic depiction as, by 1862, the Tunnel had lost much of its popularity and came to be seen as an urban ruin, where crime and disorder ruled. In 1865 it was sold to the East London Railway Company and converted into a railway tunnel in 1869. Today the Tunnel forms part of the London Overground network.