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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Why does the Pope matter today?

The personal, vivid link to the origins of the movement that changed the world.

Graham Tomlin

Graham is the Director of the Centre for Cultural Witness and a former Bishop of Kensington.

An Anglican bishop wearing purple shakes hands with the Pope.

The author meeting the late Pope, 2024.

There is something about the way popes are elected that captures the imagination. Whoever dreamt up the idea of black smoke for ‘no decision’, and white smoke for ‘habemus papam’ – ‘we have a new pope’ - was a genius at marketing. So much better than a press release or a tweet from the Vatican X account.

The conclave was brought to our imagination so vividly by the recent film with Ralph Fiennes. We love the idea of secret debates, intrigue, people locked away from the world until they come to a decision with arcane ancient rituals and an uncertain outcome. Was there ever a film whose release was better timed?

There are also the sheer numbers involved. There are approximately 1.4 billion Catholics in the world today – roughly the same as the population of India and China, the world most populous nations. Yet the identity of the new pope is of matters to the rest of us too. The leader of China of India is of interest especially to people living in China or India, but maybe less so for those of us who don’t. The new pope is the head of churches round the corner from where you live, or of people with whom you work, or, if you are Catholic yourself, your own spiritual leader. This appointment matters.

Yet it’s not just the optics, the drama, the numbers. And it’s not just for Catholics either. I am an Anglican, and since the Reformation of the sixteenth century, we have had in our own 39 Articles the statement: “The Bishop of Rome hath no jurisdiction in this Realm of England.” That might seem to settle the matter that it’s of no interest to English Protestants. But that would be wrong.

I met Pope Francis once. It was at a gathering of Anglican Archbishops in Rome last year. We all were led through magnificent Vatican corridors into an imposing state room, adorned with fantastic frescoes, where the white-robed Holy Father was brought in on his wheelchair to deliver a brief 20-minute homily to us all.

It was a good talk, thoughtful, well-constructed, but in many ways unremarkable. It didn’t say anything much that I hadn’t heard from other sources. Yet somehow this was different. His words carried a weight, a gravity that went beyond the content of the lecture itself. It was as if, when he entered that room, he carried with him two thousand years of church history.

The line of Bishops of Rome goes back to St Peter, the gruff, unschooled fisherman who Jesus called from his mundane life to become an apostle, and who then on, was so captured by the person of Jesus that he gave his life in the cause. I left that room conscious of the weight of the office of the papacy, even if I don’t recognise him as my direct spiritual father.

Listening to this successor of St Peter felt like you were listening to one of the friends of Jesus – and this was not just the personal quality of the man himself, but something about the office he occupied. It was a personal, vivid link to the origins of the Christian movement, the first stirrings of the revolution.

The papacy is one of those unique things in modern life - an umbilical link to the past.

Of course, there have been some pretty terrible occupants of the papal see, whose personal lives showed scant evidence of any knowledge of, or relationship with Jesus. The sixteenth century Roderigo Borgia (Pope Alexander VI) comes to mind, who despite the rule on clerical celibacy, had several children from various mistresses, won the Papacy by bribing cardinals, and made his favourite son bishop of several lucrative sees at the age of eighteen, and a cardinal at nineteen. So, there is nothing automatic about this – which is why the Protestant Reformers denied the idea of any blanket automatic papal authority.

Yet when a person of evident holiness is combined with this notion of the weight of the office, the papacy becomes a gift to all of us, linking us back to the earliest followers of Jesus – even to Jesus himself.

The papacy is one of those unique things in modern life - an umbilical link to the past. Monarchies do something similar – linking us to the past through the long line of kings and queens of England, Denmark, Spain or wherever, yet more often than not, the events they lead us back to, the process by which those families took power, reveal murky politics, bribery and bloody battles.

This is a line in history that links us to the event that, if Tom Holland’s Dominion is to be believed, has had more impact in shaping western culture than any other – the remarkable life, death and resurrection of Jesus – a radical life full of love, self-giving and transformative power – for both individuals and whole civilisations. And for that, whether we are Catholic, Protestant, Orthodox, or even, perhaps, unbeliever, we might raise a prayer - or a glass - of thanksgiving.