Explainer

Culture

Royalty

29 April 2023

4 min read

Making sense of the coronation’s oaths, oils and acclamations

The significance of the thousand-year-old coronation ceremony is unpacked by Ian Bradley to reveal the vulnerability at its heart.

Ian Bradley

Ian Bradley is Emeritus Professor of Cultural and Spiritual History at the University of St Andrews.

A medieval illustration of King Edgar's coronation shows him between his predecessor and successor, while angels hover above him.

King Edgar enjoys his coronation, the first in English history.

Life of St Edward the Confessor, CC BY-NC 3.0, University of Cambridge.

Coronations point to the sacred nature of the United Kingdom monarchy. Packed with religious symbolism and imagery, they exude mystery, bind together church and state through the person of the monarch and clearly proclaim the derivation of all power and authority from God and the Christian basis on which government is exercised and justice administered. At their coronations kings and queens are not simply crowned and enthroned but consecrated, set apart and anointed, dedicated to God and invested with sacerdotal garb and symbolic regalia. Here, if anywhere, we find the divinity which, as Shakespeare observed more than four hundred years ago, hedges the British throne.

The United Kingdom is the only country which still marks the accession of a new monarch with a coronation. Of the other European monarchies, Belgium, Luxembourg and the Netherlands have never held coronations, Spain discontinued them in 1492 (they were not revived when the monarchy was restored there in 1975), Denmark in 1849 and Sweden in 1873. Norway abolished coronations in 1908 although since then its monarchs have undergone a ceremony of consecration or blessing in Nidaros Cathedral, Trondheim, with the royal regalia present in the church but not used in the ceremony.

Anglo-Saxon innovation

Coronations are religious services rather than constitutional ceremonies. While details have been subtly adapted over the centuries, the basic format has essentially remained the same for over a thousand years. The crowning of the monarch is just one of several distinct elements in the service. Others include recognition by the assembled congregation representing the people of their new sovereign, administration of oaths, anointing with holy oil, investiture with the royal regalia and celebration of Holy Communion. All these elements are present in the earliest surviving order for the coronation of an English monarch, prepared by St Dunstan as Archbishop of Canterbury for the Anglo-Saxon King Edgar in 973.

Edgar’s coronation, which took place in Bath Abbey, included many features found in all subsequent coronations. Held on Whit Sunday, the traditional day for ordinations to the priesthood, it laid considerable emphasis on the theme of consecration and the priestly aspects of kingship, exemplified by the wearing of priestly robes. Anointed and crowned by Dunstan, Edgar was entrusted with the protection and supervision of the church and graced with the titles rex dei gratia (king by the grace of God) and vicarus dei (Vicar of God). His wife, Aelfthryth, was anointed and crowned as queen. This practice, of a double crowning and anointing, was followed in the coronations of all subsequent married kings and queens as it will be with Charles and Camilla on 6 May.

Oaths and oil

Edgar was led into Bath Abbey by two bishops, as Charles will be as he enters Westminster Abbey which has been used for all English coronations since 1066. Before crowning, he was required to swear three oaths which form the basis of those still taken by every British monarch. As now framed, they include promises to adhere to the rule of law and the principles of justice and mercy, and to maintain the laws of God, the Protestant religion and the Church of England. Having taken the oaths, the monarch is anointed with holy oil, a further sign of being set apart and consecrated in the manner of a priest.

Earning the right

Edgar’s coronation included the celebration of Mass and it remains the case that the coronation is embedded in a celebration of Holy Communion. Dunstan’s order clearly established the church’s control over royal inauguration rites in England and specifically the key role of the Archbishop of Canterbury in presiding over the ceremony. In the sermon that he preached at a second coronation over which he presided, that of Ethelred the Unready at Kingston Upon Thames in 979, he preached on the duties of a consecrated king, describing him as the shepherd over his people and reminding him that while ruling justly would earn him ‘worship in this world’ as well as God's mercy, any departure from his duties would lead to punishment at Doomsday.

A sense of sharing

Rooted in tradition as they are, coronations still have the power to connect with the popular spiritual and religious instincts that remain strong, if often hidden, in our so-called post-Christian society. In a much-quoted article on Queen Elizabeth II’s coronation in 1953 two sociologists, Edward Shils and Michael Young, described it as:

‘the ceremonial occasion for the affirmation of the moral values by which the society lives. It was an act of national communion and an intensive contact with the sacred.’

They noted that it was frequently spoken of as an ‘inspiration’ and a ‘re-dedication of the nation’. The ceremony had ‘touched the sense of the sacred’ in the population, heightening a sense of solidarity in both families and communities. They pointed to examples of reconciliation between long-feuding neighbours and family members brought about by the shared experience of watching the ceremony together on television.

We have recently witnessed something of this sense of national communion and intensive contact with the sacred in the public reaction to the death of Elizabeth II, as shown by the numbers who came out to witness the progress of the late queen’s coffin on its last journeys and to file past it in the High Kirk of St Giles in Edinburgh and Westminster Hall.

Ultimately, Christian monarchy points beyond itself to the majesty, mystery and vulnerability of God. It is a lonely, noble and sacrificial calling. What our sovereign needs and deserves most is our loyal and heartfelt prayers. As we prepare for the king’s coronation, we could do well to reflect on and respond to the request that his mother made before hers:

“You will be keeping it as a holiday; but I want to ask you all, whatever your religion maybe, to pray for me on that day, to pray that God may give me wisdom and strength to carry out the solemn promises I shall be making, and that I may faithfully serve them and you, all the days of my life.”

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence is a journalist at the Financial Times.

A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.

$Trump coin marketing image.

gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend.

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin.

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”.

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap.

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages).

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history.

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators.

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s.

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities?

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources...

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment.

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis.

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation).

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk.

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production.

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold.

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains.

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one.

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded.

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank.

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option.

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”.

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud.

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment.

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved.

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.