Review
Culture
Economics
Trust
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 is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

Gold bars stacked in the Bank of England vault.
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

Review
Culture
Film & TV
Language
Music
6 min read

The Phoenician Scheme - opening the mind to wider horizons

Wes Anderson's new film widens our vision to a bigger world

Oliver is a Junior Research Fellow at Pembroke College, Oxford, writing and speaking about theology and AI.

Characters from a Wes Anderson film sit in a stylish plane interior.
Benicio del Toro and Mia Threapleton star.

Wes Anderson’s latest film – The Phoenician Scheme – has caused as much confusion amongst critics and viewers as it has the usual delight. It tells the story of Anatole – Zsa-Zsa – Korda, his mad-cap business scheme across an imagined near-Eastern world, and his growing relationship with his daughter (apparently), Liesl, a novitiate nun. There are the usual Anderson-ian tropes and characters, with superb cameos by Tom Hanks, Richard Ayoade, and Benedict Cumberbatch (worth watching in itself), and a real star turn for the young Liesl, Mia Threapleton.  

I first watched it on a transatlantic flight (viewer advisory: there are several scenes in rickety planes). I was hooked from the first moment. Why? Not just the usual Anderson style and panache and dead-pan weird story and acting. It was the music. Anderson himself first trained as a musician. It shouldn’t be a surprise that amidst the rest of Anderson’s meticulously designed and curated world the music should carry so much meaning.  

The opening scene (no spoiler, it’s in the trailer), involves the burning wreckage of a plane (viewer advisory). There are birds – crows, hovering. And from the wreckage, bloodied but unbowed, emerges Korda. We hear from a voiceover that this is by no means the first assassination attempt he has survived. It won’t be his last. But the music at this precise point? It is a dark and brooding short melodic fragment. Does this portray a dark and brooding – evil, even – presence in the main character? Indeed, this dark melodic fragment follows Korda around the whole film, a leitmotif.  

But far from it. And this is what delighted me and hooked me. Because this isn’t just any old dark and brooding melodic fragment. It is the opening notes of Stravinsky’s magnificent ballet score, his first hit for the Russian impresario in Paris, Diaghilev and his ‘Ballets Russes’, The Firebird. Now here’s the fun thing. If you know the ballet, you know that it is the magic of the firebird’s feather which brings new life out of death in the ballet’s wonderful conclusion. And that is because the Firebird story itself is based on another mythical bird-creature – the phoenix (remember the title of the movie). The mythical phoenix is a bird which cyclically dies in flames, only to be reborn from the ashes to new life. So immediately, even though all we can see is the burnt-out wreckage of a plane, what we might think to ourselves if we know our Stravinsky, is that perhaps what this melodic fragment signifies, far from a brooding menacing presence, is someone who is constantly going to reemerge from the ashes to new life. In fact, I immediately felt I would be surprised if that wouldn’t happen. Korda himself says at a certain point ‘I won’t die, I never do’. Just from a musical fragment, the whole story can be seen in one glimpse.  

There are two other Stravinsky ballets which Anderson skilfully deploys (although less intrusively than the Firebird theme): the joyous whirligig of the opening of Petrushka, and the searing epilogue of the ballet Apollo. Now the Petrushka music does seem to be associated with another character, just like Firebird is associated with Korda. In the movie, Petrushka appears in two moments of significance for Liesl, (apparently) Korda’s daughter, the novitiate nun (and therefore herself already intimately associated with music – The Sound of Music). But the telling thing here is that, unlike Firebird, Petrushka (the ballet) doesn’t end well for its eponymous puppet-hero. Petrushka is killed by another puppet, with only a fleeting appearance at the end as a ghost. So the music of the ballet of Petrushka, despite the excerpt we hear being full of joyousness and innocent youthful energy, and its association with Liesl, suggests that her journey in the film is going to go in a very different direction to the convent of her initial intentions. Once again, knowing the music and the whole pattern of it can foretell an entire history that will unfold, even just from a mere fragment.  

Now the next thing that is so fascinating here is the combination of Stravinsky and Wes Anderson. Stravinsky wrote several ballet scores for the ‘Ballet Russes’ and Diaghilev in the glamour of Paris of the 1920s and 1930s (amongst other famous ones are The Rite of Spring (which caused a riot), Orpheus, and Pulcinella). They are highly stylised pieces, often returning to Classical ideas and tropes (musically, as well as in theme), presenting stylised and formal dances, tableaux. And whilst all these descriptions could be applied to Anderson’s films, The Phoenician Scheme itself presents a series of quirkily introduced tableaux, with their own distinctive characters and settings. And, in the concluding scene, set in a theatre, all the characters are present all at once. A miniature mechanical device representing all of Korda’s business interests appears on a stage. And the music at that point? The opening movement of Pictures at an Exhibition (by Mussorgsky, a Russian composer from the generation before Stravinsky), music which presents its own series of musical tableaux. Artistic tableau, musical tableau, ballet, and now film presented as a series of tableaux all coming together in Anderson’s fertile imagination.  

But there is one last thing that is fascinating for us in this presentation of music and art and film and plot. There is a much earlier precursor for the technique I referred to above, of one musical fragment potentially carrying with it the implication and meaning of the whole work. That earlier precursor for this technique is found in the New Testament. The authors of the New Testament, especially Paul, were saturated in the texts which we now call the Old Testament, or what they thought of as their Scriptures (just as, we might say, Anderson is clearly saturated in Stravinsky). Scholars think the New Testament writers assumed a familiarity with those Scriptures in the hearers and readers of their new writings, or, alternatively, they were helping their hearers and readers newly think and imagine along the lines set out in the Scriptures. Time and again, as Richard Hays masterfully showed (in Echoes of Scripture in the Letters of Paul, and Echoes of Scripture in the Gospels), the authors resort to a technique called metalepsis. That is, in quoting or near quoting a few words or a phrase from their Scriptures, not only are the hearers/readers meant to understand that it is a quotation, but to import the sense of the entire passage or even book from which that miniature quotation emerges. It was Richard Hays’s groundbreaking work on this literary hermeneutical aspect which caused a sensation in New Testament studies in the 1980s and 1990s when it first emerged, because it opened up whole new lines of interpretation, without any question remaining about their veracity. What it means is that, as we read the New Testament, we have constantly to be aware of what Scriptures the writer had in mind, either consciously or semi-consciously, in order to allow that thought-world to permeate our reading. It is a reminder, whatever we are reading or watching or listening to, never to be too reductive about our own cultural horizons when we approach such a text, but to be listening and open and willing to be enlarged by the life-world of the text before us, as the great philosopher Paul Ricoeur used to say.  

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