5538 was built in 1928 and started life working from Cheltenham shed where it stayed for many years.
BR motive power depot allocations since 1948.
| Date Arrived | Depot |
| January 1948 | Cheltenham |
| January 1960 | Truro |
| June 1961 | Machynlleth |
| July 1961 | Shrewsbury |
| October 1961 | St Blazey |
| October 1961 | Newton Abbott |
It was withdrawn from service at Newton Abbot in October 1961.
5538 was given to the local council by Woodham Brothers with the intention that the engine be displayed on the Barry seafront.
After some restoration which involved swapping some parts with classmate 5532 the cosmetically restored 5538 was put on display from 1992 until 1997 when it was moved to the Vale of Glamorgan Railway and effectively became number eleven of the Barry Ten. (The Barry Ten was a collection of locomotives which remained unsold when Dai Woodham retired in 1990. The locomotives were taken on by the Vale of Glamorgan Council who continued to store them in scrapyard condition for a further twenty years before they were sold.)
It later moved to the Dean Forest Railway.
At the Dean Forest Railway the frames and other components from classmate number 5532 were donated to what had been 5538. Whilst wheelsets and boilers were frequently swapped between locomotives the number carried the identity of an engine is normally based on the number allocated to the frames. As a result of what had originally been 5538, now with the frame of 5532, became 5532.
The remaining parts of 5538 are now being used for restoration of 5538 at the Flour Mill. By the end of 2018 restoration of the bottom half was close to completion.
| Home Base | Current Status | Owner |
| Parts used for restoration of other locomotives | Mike Little |
 | 5538 in Woodham’s scrapyard at Barry – October 1968 |
| 5538 in Woodham’s scrapyard at Barry – July 1970 |
