Review

Culture

Economics

Trust

21 November 2025

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 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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Mental Health

26 May 2025

4 min read

Why we should mourn the death of the semi-colon

In our busy, frenetic lives, we need that small pause more than ever.

Paul Bradbury

Paul is a pioneer minister, writer and researcher based in Poole, Dorset.

A woman stands across a busy roads, looking up from her phone in a sad way.

Su San Lee on Unsplash.

In the morning news; a headline about the decline of a species. Thankfully not a rare rhino or butterfly this time. It’s a punctuation mark. The semi-colon is an increasingly endangered creature. According to recent research it has declined in use by 50 per cent in the past two decades. This on top of a 70 per cent slide in usage between 1800 and 2000. Further research suggests that 67 per cent of students rarely use it and over 50 per cent wouldn’t know how to anyway.

I’m kind of indifferent on the merits or otherwise of the semi-colon. But I at least appreciate the option. So, its value feels worth defending. Who knows what unintended consequences in the ecology of language might occur if we lost it all together?

The semi-colon was invented in the 15th century by a scholar and printer Aldus Pius Manutius the Elder (whose name might have benefited from a semicolon itself). A hybrid between a comma and a colon, the semi-colon invites a pause; it’s a moment to breathe. And it opens enough space to reflect on what might be being said between what went before and what comes after. It signals a kind of meaning in the gap. It creates a hint of resonance beyond the plain meaning of the words of a sentence.

Despite its enthusiastic use by the likes of no less than Jane Austen and Charles Dickens it has certainly come in for some stick over the years. Kurt Vonnegut famously said of semi-colons ‘all they do is show you’ve been to college.’ Who knew two marks on a page could signal such elitism? The semi-colon says, ‘you're trying too hard’. Or it might just say, ‘why did you do that?’, since so many people fail to understand what it represents. Novelist John Irvine reckoned readers ‘think the author has killed a fruit fly directly above a comma’.

So what is killing off the semi-colon? Well, if the statistics above are to be believed it could be as simple as a decreasing understanding on how to use it. Though of course there are feedback loops here. We learn grammar and punctuation as much by reading as by being taught. Others point the finger at the breathless world of social media. As more and more of our communication is constrained by space and time, the semi-colon’s quiet request for a pause for consideration is being largely ignored.

We need semi-colons if our lives are to be more than just an incessant flow of connected moments .

If this is the case then the semi-colon is another species within a kind of mass extinction which is the result of the great acceleration of our age, alongside the coffee break, lunch break, walk round the block and long stare out of the window. These are simply things that we don’t have time for anymore; we wonder if they had any value in the first place. The semi-colon is largely being replaced by the dash. Which is pretty ironic when you think about it.

Perhaps concern over the loss of this little mark is in an awareness that it’s a kind of canary in the gold mine of our culture of acceleration. The loss of the semi-colon is a sign of the loss of something far more significant: the rhythms and cadences of our lives that afford pause, reflection; that open up the kind of spaces where creativity; meaning; imagination; spirituality happen.

The semi-colon reminds me, strangely, of the Hebrew psalms. The monastic tradition includes regular communal singing (or saying) of the psalms. Typically, these poems, which formed such a key part of Hebrew worship, work on the basis of what is known as parallelism. Essentially each thought in a psalm is composed as a sentence in two lines. The two halves of these sentences are parallel, in the sense that they both make statements about the same thing. Sometimes these statements say the same thing differently. Sometimes one half of the sentence builds on another. There are endless creative ways in which the psalmists use this simple device.

When psalms are used in prayer or worship parallelism is often observed by introducing a pause at the end of the first half of the sentence. It's an odd tradition if you are not used to it. An established monastic community naturally feels the length of pause together. Visitors to a service in a monastery often end up coming in early.

Yet, with time you begin to realise these pauses are a wonderful thing. The pauses create a rhythm and time signature that invites reflection. The pause says ‘take your time, there’s a lot of meaning here in all these similes and metaphors, what might they mean to you?’ Perhaps even ‘what, in this moment to breathe, might God be saying to you?’

There’s a feeling for so many of us that life is starting to feel a bit like the final chapter of James Joyces’ Ulysses: devoid of punctuation. We need semi-colons if our lives are to be more than just an incessant flow of connected moments. And we need to learn how to use them. We need practices that make space for the undervalued attributes of reflection, daydreaming, prayer. In that sense saying the psalms may be a practice worth giving time to.

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