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 Gray

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

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

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Review

Belief

Books

Culture

28 May 2025

4 min read

Could Lamorna Ash become a Christian in a year?

Moving, funny and beautifully written, this young writer’s quest for faith has lessons for all of us.

Lucy Denyer

Lucy is a writer and editor.

Lamorna Ash.

When two of Lamorna Ash’s university friends decided to leave behind their lives as standup comedians and train to become priests, Ash was fascinated. She interviewed them and wrote an essay about it for the Guardian but, by the time her piece came out, knew she was “not finished with Christianity.”

“Perhaps it was naive not to have anticipated how spending my days alongside two fresh converts… would have some cumulative effect on me,” she writes. “Through these encounters, it was as if the very corner of the sky had been pulled back. I couldn’t see what was going on behind it, but I understood it was there for them… they taught me how to believe in the belief of others… their stories became the starting point.”

And so Ash bought a second hand Toyota Corolla, stocked the glove box with CDs and set off on a Christian road-trip around the country that started with a Christianity Explored course and ended with a series of meetings with people who were consciously ‘dechurching’, taking in Catholics, Orthodox Christians, Quakers, Anabaptists and a YWAM community along the way. She books in ‘desert times’ on Iona; in Walsingham; at a silent Jesuit retreat. She walks, and talks, and tries to pray and thinks. Throughout her travels, Ash carried a ‘jokey’ question in the back of her mind to frame her research: could she become a Christian in a year?

The result of her quest is this book: tender, fascinating, moving, funny and beautifully written. Throughout my reading of Don’t Forget We’re Here Forever I kept thinking of people I would like to give it to, Christian and non-Christian alike. Ash has achieved a remarkable feat: to make faith and its pursuit a compelling subject regardless of whether you’re a believer or not.

Primarily, this is because she has not - joke question aside - set out with an agenda, other than to more fully understand what makes believers tick (and, she admits, because it is something to write about). Though she is scathing about Rico Tice, whom she finds performative and evasive, and finds the dogma of the Christianity Explored course too rigid and inflexible for her liking, she is sympathetic towards and interested in her fellow Christianity Explored small group companions - and is self-aware enough to admit that during this time she “played the worst version of myself: hackles raised, on alert, unable to let a conversation pass without some interjection”. Though she finds the intensity of Youth With A Mission’s community - along with the fact that many of the staff are married to each other - a bit much, she is individually drawn to some of the people who work there, and reflective about what and why they’re doing. As someone who has grown up with faith, it is fascinating to see what we often take for granted held up to scrutiny by someone who is not there to be deliberately combative, but to try and understand.

“I am still too close to it to tell you definitively all the ways the encounters… changed me,” Ash writes. “What it felt like at the time, though, was that each conversation was leading me to places in my own mind I had never visited before.”

There are elements of Ash’s book I am intrigued by, but sceptical of: her suggestion, for example, that the Bible should not stop where it does, but might be continually added to, “like a divine Wikipedia, updated in perpetuity.” Her theological understanding is not, perhaps understandably, advanced. She is a self-confessed product of her era: young, progressive, queer, and her readings of and understandings of other people are framed through that lens.

But despite its failings, Don’t Forget We’re Here Forever remains compelling because of its curiosity - a curiosity that Ash wonders might be the place “where God exists”; its attempts, however stumbling, to understand faith rather than just dismiss it. It is an atheist Quaker who teaches Ash “how I might approach Christianity: it was supposed to be a challenge.” You will have to read it to learn where Ash herself ends up, but her book extends the challenge to those of us who might benefit from a similar scrutiny of what we believe - not to fall out of faith, but also to understand it, and God, more.

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