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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22 April 2025

5 min read

Let me level-up about playing games on my phone

Like all art, there's no standard for 'good', but good art doesn’t leave you puzzling over how you wasted an hour.

Mark Gilbert

Mark is a research mathematician who writes on ethics, human identity and the nature of intelligence.

Onur Binay on Unsplash.

Earlier this year I got a bit too into a mobile phone game. In the game, I was master and controller of a small virtual grid of assorted shiny objects. By the flick of my finger on the screen, I’d swap the objects to try to match groups together. If I did this in the right way, then the matching objects would merge into shinier ones which would help me win the game. I’d want to know what the next shiny thing would be and how I could use it to beat the next level.

I first started playing on my commute to work – usually I like to read or write and listen to music and sometimes to catch up on emails – but on that day I felt too tired for any of that. The puzzles started easy but got gradually harder. They were challenging enough to occupy the mind, but never felt too taxing, and the satisfaction-hit from each small win along with the visuals and sound-effects made me really want to keep playing. On the train home, it felt easier to just open the app and play a few levels than do anything else. I’d start the journey by telling myself I’d do a few levels and would do something else, but I’d easily spend the best part of the journey rearranging shiny objects.

I knew this wasn’t ideal. I’ve come to see my commutes as a rare unfilled moment, each a scrap of time, a space to read and think, and I was filling this gift with a pixellated dopamine hit. I’d try to stop and bargain with myself – setting a limit of say five levels per journey, but knowing this to be an arbitrary number, I’d blow straight through it. There are other empty moments, waiting for the bath to run or once the children are in bed, but these other scraps are empty only in appearance, and I started to play in these too.

My phone has a ‘sleep mode’ which tries to mitigate the by now well-documented negative effects of phone use on sleeping – lower sleep quality, duration and interference with circadian rhythms. In sleep mode, you choose a time – after this the colours of your phone will be replaced by black and grey. I started using this feature, thinking that at least if I dulled the bright colours to greys then I’d take the enjoyment out of playing and it’d be harder to tell the shiny squares apart. It was a good try, but it didn’t work. I learnt to tell the grey objects apart, and played on.

Mainly, what I'm not doing when I’m glued to my phone is engaging with life.

You’ve heard it before, but our devices are not that good for us – excessive smartphone use fuels depression, anxiety and insomnia, and the average teenager spends seven to eight hours a day in front of a screen. Smartphones are closely related to social media - a recent study found one in six adolescent girls showed signs of social media addiction. Smartphone use has become a well-worn topic with a familiar set of talking points: How lucky we are to have all the world’s knowledge in our pocket; how bad we should all feel about being so distracted; how smug we can feel about the fools stuck to their phones. These discussion points aren't new - many of the concerns about smartphones and screen-time started decades earlier in response to TV and video games.

These concerns are certainly valid, but I find it easier to consider what some of my smartphone habits are stopping me from doing. I'm not sure I'd advocate that we all stop using smartphones - having easy access to the Internet is a huge convenience, but I do pause to think about what I'm not spending time doing when I obsessively scroll or click. I'm also not convinced that all mobile games or even all social media use is bad. Computer games can be entertaining and thought provoking. Like all art, there's no globally agreed standard about what's good, but good art doesn’t leave you puzzling over how you wasted an hour. What differentiates social media and certain phone games is their business model – your time and attention is their revenue stream.

Mainly, what I'm not doing when I’m glued to my phone is engaging with life. If I put the phone down, I could be more attentive to the people I'm with – be able to listen to all the subtle ways we tell each other how we are – in short, I could be more fully present. I could read books, and I could read whole magazine articles or news stories on my phone, actually stopping to read rather than scrolling from headline to headline. Or I could do nothing and just be, undisturbed. If I’m commuting, I could enjoy the scenery or just let my mind wander. And I can remember that even in the quietest moments I'm not alone - God is always alongside us, and we can always spend time and speak to Him in prayer. Even for a few short moments to lift up the joys and troubles of the day.

“Well”, you may say, “That's all very nice hearing about these possibilities I could enjoy if I clawed back time from social media and freemium games. But how do I actually do it!?” Most of the answers I’ve found to this involve either stopping the habit completely – deleting the app or even not having a smartphone, or else they involve enforced periods away. Some have found that a digital detox of several days or weeks has helped to reset their relationship with tech, others set fixed times in their day when they can and can’t use their devices or certain apps, and some observe a “digital sabbath” where they intentionally avoid or reduce technology use for a full day each week.

As for me, my only way out was to delete the shiny object game, losing all record of all 1,500 completed levels. Given that I rejected my own help by outsmarting “night mode”, I doubt moderation would have helped. Unsettlingly, my fingers and part of mind really seemed to miss it. As I unlocked my phone, I’d feel a tinge of absence, as though checking my emails or messages didn’t have the same grip as matching colourful blocks

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