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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. Parnell started from pole position in Heat 1 and set fastest lap in the heat, and also in the final. 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.