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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Article

AI - Artificial Intelligence

Community

Culture

Education

27 October 2025

5 min read

Artificial Intelligence needs these school lessons to avoid a Frankenstein fail

To learn and to learn to care are inseparable

Joel Pierce

Joel Pierce is the administrator of Christ's College, University of Aberdeen. He has recently published his first book.

A cyborg like figure opens the door to a classroom.

AI in the classroom.

Nick Jones/Midjourney.ai.

Recent worries expressed by Anthropic CEO, Dario Amodei, over the welfare of his chatbot bounced around my brain as I dropped my girls off for their first days at a new primary school last month. Maybe I felt an unconscious parallel. Maybe setting my daughters adrift in the swirling energy of a schoolyard containing ten times as many pupils as their previous one gave me a twinge of sympathy for a mogul launching his billion-dollar creation into the id-infused wilds of the internet. But perhaps it was more the feeling of disjuncture, the intuition that whatever information this bot would glean from trawling the web,it was fundamentally different from what my daughters would receive from that school, an education.

We often struggle to remember what it is to be educated, mistaking what can be assessed in a written or oral exam for knowledge. However, as Hannah Arendt observed over a half century ago, education is not primarily about accumulating a grab bag of information and skills, but rather about being nurtured into a love for the world, to have one’s desire to learn about, appreciate, and care for that world cultivated by people whom one respects and admires. As I was reminded, watching the hundreds of pupils and parents waiting for the morning bell, that sort of education only happens in places, be it at school or in the home, where children themselves feel loved and valued.

Our attachments are inextricably linked to learning. That’s why most of us can rattle off a list of our favourite teachers and describe moments when a subject took life as we suddenly saw it through their eyes. It’s why we can call to mind the gratitude we felt when a tutor coached us through a maths problem, lab project, or piano piece which we thought we would never master. Rather than being the pouring of facts into the empty bucket of our minds, our educations are each a unique story of connection, care, failure, and growth.

I cannot add 8+5 without recalling my first-grade teacher, the impossibly ancient Mrs Coleman, gazing benevolently over her half-moon glasses, correcting me that it was 13, not 12. When I stride across the stage of my village pantomime this December, I know memories of a pint-sized me hamming it up in my third-grade teacher’s self-penned play will flit in and out of mind. I cannot write an essay without the voice of Professor Coburn, my exacting university metaphysics instructor, asking me if I am really saying what is truthful, or am resorting to fuzzy language to paper over my lack of understanding. I have been shaped by my teachers. I find myself repaying the debts accrued to them in the way I care for students now. To learn and to learn to care are inseparable.

But what if they weren’t? AI seems to open the vista where intelligences can simply appear, trained not by humans, but by recursive algorithms, churning through billions of calculations on rows of servers located in isolated data centres. Yes, those calculations are mostly still done on human produced data, though the insatiable need for more has eaten through most everything freely available on the web and in whatever pirated databases of books and media these companies have been able to locate, but learning from human products is not the same as learning from human beings. The situation seems wholly original, wholly unimaginable.

Except it was imagined in a book written over two hundred years ago which, as Guillermo del Toro’s recent attempt to capture that vision reminds us, remains incredibly relevant today. Filmmakers, and from trailers I suspect Del Toro is no different here, tend to treat the story of Frankenstein as one of glamorous transgression: Dr Frankenstein as Faust, heroically testing the limits of human knowledge and human decency. But Mary Shelley’s protagonist is an altogether more pathetic character, one who creates in an extended bout of obsessive experimentation and then spends the rest of the book running from any obligation to care for the creature he has made.

It is the creature who is the true hero of the novel and he is a tragic one precisely because his intelligence, skills, and abilities are acquired outside the realm of human connection. When happenstance allows him to furtively observe lessons given within a loving, but impoverished family, he imagines himself into that circle of growing love and knowledge. It is when he is disabused of this notion, when the family discovers him and is disgusted, when he learns that he is doomed to know, but not be known, that he turns into a monster bent on revenge. As the Milton-quoting monster reminds Frankenstein, even Adam, though born fully grown, was nurtured by his maker. Since even this was denied creature, what choice does he have but to take the role of Satan and tear down the world that birthed him?

Are our modern maestros of AI Dr Frankensteins? Not yet. For all the talk of sentient-like responses by LLMs, avoiding talking about distressing topics for example, the best explanation of such behaviour is that they simply are mimicking their training sets which are full of humans expressing discomfort about those same topics. However, if these companies are really as serious about developing a fully sentient AGI, about achieving the so-called singularity, as much of the buzz around them suggests, then the chief difference between them and Frankenstein is one of ability rather than ambition. If eventually they are able to realise their goals and intelligences emerge, full of information, but unnurtured and unloved, how will they behave? Is there any reason to think that they will be more Adam than Satan when we are their creators?

At the end of Shelley’s novel, an unreconstructed Frankenstein tells his tale to a polar explorer in a ship just coming free from the pack ice. The explorer is facing the choice of plunging onward in the pursuit of knowledge, glory, and, possibly, death, or heeding the call of human connections, his sister’s love, his crew’s desire to see their families. Frankenstein urges him on, appeals to all his ambitions, hoping to drown out the call of home. He fails. The ship turns homeward. Knowledge shorn of attachment, ambition that ignores obligation, these, Shelley tells us, are not worth pursuing. Will we listen to her warning?

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