Review
Culture
Economics
Trust
5 min read

Money’s hidden meanings in a contactless age

The Bank of England Museum reveals the symbolism, morality and power woven into the history of money

Susan is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

Gold bars stacked in the Bank of England vault.
The Bank of England vaults.
Bank of England.

Our era of contactless payments obscures the symbolism once lavished on money. But the rich history of meaning, morality and power, layered into everyday transactions, is uncovered at an exhibition at the Bank of England Museum 

Building the Bank celebrates 100 years of the current Bank of England building, on the site of Sir John Soane’s original structure, completed in 1827. Surveying a century makes past practices seem quaint: until 1973 the institution was guarded by the Bank Piquet military guard. A 1961 photo shows 12 Guardsmen with bearskin hats and bayonets, together with a drummer or piper, a sergeant and an officer, marching into the Threadneedle Streer entrance. Even now, when the wealth of most people in developed countries is contained in data warehouses, 400,000 gold bars are held in vaults deep beneath the Bank. 

Faiths have grappled with money’s impact for millennia. Christianity’s relationship with money is tinged with unease, as St Paul’s oft misquoted letter to Timothy illustrates: “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.” Personally, the immobilising feeling of envy, particularly if it is towards friends, does feel exactly like being pierced with blinding toxicity. 

Contrastingly, in Hinduism pursuing wealth is one of four pillars of faith, called Artha. In Hinduism attempting to attain material wealth is part of attempting to attain salvation. 

Herbert Baker, architect of the Bank of England, embodies moral ambiguity around faith and money. Buried in Westminster Abbey, and architect of Church House next door, Baker established his reputation working for Cecil Rhodes, prime minister of the Cape Colony 1890- 96. Vicar’s son Rhodes is now seen as paving the way for apartheid in southern Africa, and imposing an economically exploitive, racist, and imperialist system on the region. Baker also worked with better- known Edwin Lutyens on government buildings in New Delhi from 1912, declaring of the British Raj’s new seat of power “it must not be Indian, nor English, nor Roman, but it must be Imperial”. 

After World War One, Soane’s bank was too small to house the increased staff numbers needed to service the ballooning national debt and financial complexity of the Roaring Twenties. Bordered by major roads at the heart of the City of London, the institution’s footprint could not expand, so Herbert created a design incorporating some of Soane’s classical aspects, but with floors at a greater depth and height than its processor.  

From grand gestures to tiny details, classical mythology is a key element of the Bank’s design. Sculptor Charles Wheeler modelled doorknobs showing the face of Mercury. Mercury is the patron deity of finance and communication. Tiles for an officials’ lunchroom show a caduceus, with two bright blue snakes, tails entwined, framing Mercury’s face. Caducei are the symbol of commerce, representing reciprocity and mutually beneficial transactions.  

Forty caryatids, the classical female form used in place of a pillar in Greek architecture, were salvaged from Soane’s building and reused. Some caryatids are in the area where old banknotes can be exchanged, besides the museum, now the only part of the Bank open to the public.  

Outside, on the dome at the northwest corner of the bank, a gilt bronze statue of Ariel, named after the spirit of the air in The Tempest, represents “the dynamic spirit of the Bank which carries Credit and Trust over the wide world.” 

The image of banks as depositories of trust and positive relationships took a pasting worldwide during the 2008 Credit Crisis and lean years that followed. But in 2015 former Archbishop of Canterbury, Justin Welby, argues that banking services are a key part of functioning communities, and banks should be able to put people before profit. “At the heart of both these expectations is the value of the person as sacred, and all other things as secondary to human dignity. It is a value rooted in many faiths and especially in our Judaeo-Christian tradition. Of course profits have to be made, but they need to be measured not only in terms of their absolute return on capital employed, but also in terms of the human cost of achieving that return. 

“Large institutions with adequate balance sheets working to maximise returns from those who can most afford it do not produce a sustainable society in the long term. Such an approach is narrow-minded and short-termist, because sustainable societies are essential to the large companies within them. It is also an immoral approach.” 

Mosaics created by Boris Anrep idealise the Bank’ of England’s sunnier intentions towards the wider community. Anrep also designed mosaics for Westminster Cathedral, Tate Britain and the National Gallery. For the Bank, a tiny coin from the reign of Henry VIII known as the George Noble, the first time St George and the dragon appeared on English coinage, was magnified into a roundel showing the galloping saint, visor up, lancing the prostate dragon at the base. The George Noble was one of 50 designs, based on advances in coinage, gracing the Bank’s corridors.  

At the main entrance, a mosaic showing a pillar, representing the Bank, is guarded by two lions, referencing the sculpture from Mycenae. The Bank’s global role, and place at the centre of the then British Empire is shown by the constellations of the Plough and Southern Cross, representing the southern and northern hemispheres. 

An image of the Empire Clock Baker made for the Bank, - now disassembled - shows an ornate dial, marked in 24 sections, with the sun representing India and an anchor symbolising the port cities of Singapore and Hong Kong. 

In 1946 the Bank of England was nationalised, formalising its role as a public institution, operating in a post war decolonialising world, totally different to the one its building had been designed for just 20 years before. 

Systems and symbols around money mutate with the times. Money’s intangibility in our time of app and tap payment, makes its power less distinct than in the days of gold sovereigns. But we fool ourselves if we say money is unimportant, because all of history says otherwise. 

  

 

Building the Bank, Bank of England Museum, until 2026

Article
Culture
Generosity
Virtues
6 min read

We need to rescue volunteering

Our use of the word now reflects unwanted obligations, rather than a deep desire to serve.

Juila is a writer and social justice advocate. 

Two small lifeboats raft together on a river rescue.
Lifeboats on the River Thames.
x.com/rnli_teddington

It’s a hot summer evening and there are 30 of us sweating in our dry suits. Tuesdays usually mean lifeboat training, but this night is a little different. An intermission from the usual intensity of a team-building exercise: racing two lifeboats across the river Thames. Allocated into teams of two rowing in a knockout tournament, we are going to be here for a while. Our cheers provide the soundtrack for the BBC radio crew recording a programme on volunteering. The mood is convivial; the competition is fierce. None of us have to be here; all of us choose to be. We are a lifeboat crew, and we are all volunteers.  

Around 25 million people in the UK do some form of volunteering. And they are celebrated during Volunteers’ Week, which has been running for 41 years. The benefits are well documented these days. The mental and physical health boost. A sense of purpose. The chance to learn new skills. A route to forging connections with other people. 

Despite this, though, the number of people volunteering has been on a twenty-year decline. One in three organisations are struggling to retain volunteers, in part due to the cost-of-living crisis making people’s time and capacity more precious than ever.  

Beyond that, our use of the word seems to have shifted to reflect unwanted obligations, rather than a deeply held desire to serve. ‘I suppose I better volunteer to put out the chairs’ we might pronounce with the deathly weight of Katniss Everdeen’s ‘I volunteer as tribute,’ glancing to the left and the right in case anyone saves us from the undesirable task. It seems the very idea of volunteering needs rescue.  

It wasn’t on my radar to be lifeboat crew, but an unexpected new job in an unfamiliar London suburb unlocked this possibility. When I considered ‘Why wouldn’t I?’, I couldn’t find a strong reason. So, one autumn evening I trekked down for my first Tuesday night at Teddington lifeboat station. It was time to fill in the paperwork: I was officially a volunteer. 

Over the months that followed, I found myself wondering why other people gave their time, energy and skills to complete the nearly 50 training modules and to be available 24/7 when someone on the water was in need. I hungered for people’s stories, to know why they kept answering the call when their beds were warm and the night was unknown. So, over the four years that I was on the crew, I asked them. I spoke with teachers and students, company directors and full-time parents. I heard stories of multiple generations on a crew, their family’s blood running orange and blue. One woman spoke of overcoming her fear of heights to scale the side of a boat; another had an unexpected tale of a dolphin attack. Each time, I had the same question: why do you do it? 

And I was struck by the fact that none of them gave an answer that fully added up. They could name parts of it: care for people, teamwork, a love of the sea. Sometimes of the reasons they started (‘Dad did it’) were not why they stayed on (‘I could make a palpable difference’). I didn’t meet anyone who didn’t enjoy being on the water. Play and peril can co-exist – and we need to have moments of joy along the way if we’re going to be in it for the long haul. But in each case, the answers always seemed to come up a little short. If I was looking for something neat and complete, I wasn’t finding it.  

This is, perhaps, the difference between volunteering and having a hobby. At some point, volunteering will cost you something. 

Back on the river, the knockout races are suddenly interrupted. A call from the coastguard: there’s a person in difficulty in the river. The mood switch is instantaneous; the action swings from contesting to collaborating to get a boat headed upstream as fast as possible. Somewhere, someone is having a very bad day. This is what we exist for.  

The RNLI was born out of a need. In the early nineteenth century, nearly 2,000 ships – and their crews – were being wrecked on British and Irish coasts every year. Sir William Hillary saw this loss firsthand from his home on the Isle of Man, joining with others to rescue as many as possible – but it wasn’t enough. People continued to perish. So, he rallied other activists and philanthropists, and in a London pub, the charity now called the Royal National Lifeboat Institution was formed. Hillary’s motto, 'with courage, nothing is impossible’, can still be found adorning lifeboat stations around the country. 

None of the lifeboat crew members that I met seemed to think of themselves as anything but ordinary. They were full of admiration in the stories of fellow crew mates, but saw themselves as entirely human, naming everyday needs and familiar comforts. Writing about courage, Andrew Davison recognised that, 

 ‘The willingness of a courageous person to forgo ease, safety, the comforts of home, and even to risk life and limb, does not spring from hatred of any of those things’.  

This is, perhaps, the difference between volunteering and having a hobby (also commendable for its health benefits, sense of purpose, opportunities for connection). At some point, volunteering will cost you something. That sacrifice is needed demonstrates the level of care; otherwise, it’s simply another act of self-actualisation in the service of the volunteer themselves. 

It’s dark on the river and the boat crew is still out. The BBC’s team has packed up for the evening. We have tidied the station, no evidence of the antics of hours earlier. We depart. Close to midnight, those of us who can, return. We bring the boat in from the water, and make it ready for the next call, which will inevitably come. One less job for those who’ve been on duty all evening. It’s the least we can do.  

In the origins of the term is a spirit of offering. The Latin voluntaries carries a sense of ‘to give of one’s free will’. This, perhaps, is where we’ve lost our way with the whole idea. For there to be a sense of duress in volunteering is to strip the generous act of its power. Where there is obligation on one side and self-interest on the other, we can find the middle ground marked by devotion, by having chosen to serve and therefore having the commitment to see it through. This is the invitation that volunteering can offer us, and that I glimpsed from people who had been volunteering on the lifeboats for decades.   

Writing to the sea-faring city of Ephesus in ancient Greece, the church leader Paul encouraged people to ‘submit to one another’, which is another way of saying sacrificially help each other. In smaller coastal communities, a lifeboat crew might be called out to save a family member. In London, a city of millions, it will always be a stranger. But either way the decision was the same: to show up. The reasons why we do it don’t always add up. There are flavours of compassion, of wanting to be useful, to be part of something bigger. But there seems to be something else as well. A dedication to meeting a need. Put another way, we might call it love. 

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