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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21 May 2025

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Third Space: the gym that offers belonging, but at a cost

The real third spaces are not about cost and exclusivity.

Jessica Norman

Jessica is a Formation Tutor at St Mellitus College, and completing a PhD in Pauline anthropology,

An exercise class underway in a smart gym.

Third Place.

In the past 25 years, London has been overrun by a new luxury health club chain called Third Space. There are now thirteen sites across the city - and one just opened down the road from where I live. You can probably guess what happened next.

I was in the market for a new gym, so I enquired. And I must admit, it was stunning. There’s a beautiful reformer Pilates studio, a state-of-the-art gym floor, spin classes, even a spa. All of which made sense of the monthly fee. But there is also a two-month waiting list to join.

Living in London, where waiting more than five minutes for a tube feels outrageous, this was baffling. When I asked about it, I was told the list was to prevent overcrowding, as spots were “limited.” But when I visited, the gym was nearly empty.

This wasn’t about capacity—it was about exclusivity; a classic case of the scarcity principle: the idea that things become more desirable when they’re harder to access. It’s a tactic brands like Crocs and Stanley have famously used—make something hard to get and everyone wants it.

In its recent report, The Quiet Revival, the Bible Society noted how society has recently lost community “third places” such as pubs, libraries, and local clubs. Home is the first space; places of work are the second space. The loss of traditional third places—those informal, accessible gathering spots—has left a vacuum; we are becoming increasingly fragmented. Changes in work patterns and costly financial barriers to recreation mean fewer people feel rooted in their communities.

As humans, we are wired for connection. Research confirms what we intuitively know: deep community strengthens mental health, reduces loneliness, and brings a sense of purpose. With traditional third places in stark decline, many will now look to curated, branded “third spaces” like exclusive gyms, co-working lounges, or members-only clubs. These new spaces offer belonging—but at a cost. They are often expensive, exclusive, and subtly suggest that you need to be someone to gain entry. There is a bitter irony in Third Space’s success, built as it is on the exact opposite principles of what its namesake was all about.

The Church, by contrast, is radically different. It is not about earning access but receiving grace. There’s no waitlist to get in. No premium fee. No scarcity model. In fact, the more disqualified you feel, the more welcome you are. Grace doesn’t limit access—it throws the doors wide open.

While I have kept my Third Space membership (it really is incredible), I have tried to step more into community life in other ways. I take part in my weekly Parkrun and recently joined my local library. These things have been a gift to me in allowing me to connect with people in my local area in ways that everyone can access.

And I am a big fan of Church, too. Where Third Space focuses on my endeavour to be better, fitter, or stronger, it – and the Parkrun, and the library – encourage community, connection, and mutual care for other people. They are a reminder that grace isn’t scarce, community isn’t earned, and you don’t need a membership card to be welcomed. The doors are wide open—everyone is invited.

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