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Despite his technical excellence and the general popularity of his prints, Baxter's business was never profitable – his process was laborious and it seems likely that his perfectionism prevented him from completing many of his commissioned works on time. In 1860, he held a sale of all his stock and equipment, most of which was not sold. Eventually, he sold his plates and blocks to the printer Vincent Brooks, who later republished some of Baxter's images. Baxter was declared bankrupt in 1865 and died in 1867, after an accident involving a horse omnibus.

He was an actor, known for The Flying Saucer (1950), Space Patrol (1950) and Sofia (1948). He was married to Anne Lewington.

George Baxter was born on April 8, 1905 in Paris, France.

A number of printers purchased a licence from Baxter, following the renewal of his patent in 1849. The most well known of these was Abraham Le Blond. Other firms who worked under Baxter's license include Bradshaw & Blacklock; William Dickes; Kronheim & Co.; Joseph Mansell and Myers & Co. Other printers known to have used Baxter's methods after his patent expired included George Baxter Jr.; Vincent Brooks; Edmund Evans; Gregory, Collins & Reynolds; Leighton Bros; Moor & Crosby and William Russell. George Cargill Leighton, a former apprentice of Baxter's, never worked under Baxter's licence but became a prominent printer in his own right, becoming the printer and later owner of the Illustrated London News, the first journal in the world to include regular colour plates. Leighton could not use a metal intaglio plate as a base without infringing upon Baxter's patent, although "… the fact that he had to do without it probably helped to ensure his commercial success". Nevertheless, Leighton did often use an aquatint base.

Baxter prints bear an imprint such as "Printed in Oil Colours and Published by G. Baxter, Patentee, 11, Northampton Square" or "Baxter Patent Oil Printing 11 Northampton Square". The house at 11 Northampton Square in Clerkenwell, London, was Baxter's home and workshop from 1844–1860. The site is marked by a plaque on the modern building at that address.

In 1835, Baxter was granted Patent No. 6916 – Improvements in Producing Coloured Steel Plate, Copper Plate and other Impressions, which outlined the combined intaglio and relief process he would continue to use for the next thirty years. Baxter's original patent ran for 14 years; after the renewal of his patent in 1849 for another five years, he began to sell licenses for the use of his printing process to other printing firms.

Though colour printing had been developed in China centuries before, it was not commercially viable. However, in early years of the 19th century the process of colour printing had been revived by George Savage, a Yorkshireman in London. It was to be Savage's methods upon which Baxter, already an accomplished artist and engraver, was to improve. In 1828, Baxter began experimenting with colour printing by means of woodblocks.

George Baxter (1804–1867) was an English artist and printer based in London. He is credited with the invention of commercially viable colour printing.