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

Culture

Freedom

Justice

11 September 2025

4 min read

Free speech for me, but not for thee

A hate crime hoo-ha and the limits of free speech

George Pitcher

George is a visiting fellow at the London School of Economics and an Anglican priest.

Two brown bears fight while baring their teeth.

Zdeněk Macháček on Unsplash.

It was the the legendary Manchester Guardian editor CP Scott who said “Comment is free, but facts are sacred.” His dictum hay have held a century ago, but it doesn’t stand up today. In post-truth societies, facts are anything but sacred. And, leaving aside for now whether the opposite of sacred is freedom, comment isn’t free either.

I don’t mean in the sense of whether or not you have to pay for it – you’re not paying for this, for example – but whether comment, as Scott took it for granted to be, is an act of freedom. Graham Linehan, the Father Ted comedy writer, temporarily lost his freedom to a squad of police officers at Heathrow airport for a social media post he’d tweeted: "If a trans-identified male is in a female-only space, he is committing a violent, abusive act. Make a scene, call the cops and if all else fails, punch him in the balls."

The subsequent hoo-ha has precisely been about whether Linehan should have been free to make his comment. The police, under prevailing hate-crime laws, felt obliged to arrest him. Subsequently the media, politicians and assembled chatterati – even the Met Police commissioner weighed in – wailed how ridiculous it all was and, adopting serious-face, what a threat it represented to free speech, which is one of the most potent graven images of our time. Facts may be free these days, but comment is sacred.

Except it also depends whose comments and opinions are deemed sacred. So some people’s speech is more free than others. Take the Free Speech Union (FSU), founded by the liberally-challenged Toby Young. Here, right-wing freedom of speech is inalienable and non-negotiable. So silly intrusions into the views of Islamophobes and critics of trans-activism? Outrageous. But supporters of Palestine Action (PA), nearly 1,000 of whose supporters had to be arrested by police for peacefully holding placards? Not a word. They’re all lefties, you see.

As Hugo Rifkind pointed out in The Times, neo-conservative and FSU director Douglas Murray was asked by Daniel Finkelstein whether his free-speech principles extended to PA’s superannuated supporters. Apparently not. And Reform UK’s Richard Tice simultaneously believes that protesters outside asylum hotels are “part of who we are”, but that the correct response to PA protesters is to “arrest and charge the lot. Jail them.” Forgive me, but I thought a central tenet of faith in free speech is that it’s consistently applied?

“Part of who we are ” used to be a tolerant, inclusive and pluralistic society. Not just campaign for our lot and bang up all the rest. And I’d contend that we should self-regulate freedom of speech rather than legislate for it. The Met Police commissioner, Sir Mark Rowley, seems to agree with that: “Regulations that were understandably intended to improve policing and laws that were intended to protect the vulnerable are now tying officers’ hands, removing appropriate professional discretion — which some call common sense.”

That “common sense” is much beloved of freedom-of-speech warriors at places such as FSU. But they always get to define what it is and who gets to benefit from it, because it’s tribal. “If they pick on you, we’ll pick on them,” declares Young on his FSU website. It’s freedom for my tribe to say what it likes, not yours. And freedom of speech is meaningless if it’s not for everyone, including your political enemies.

Where we agree is that freedom of speech should not be adjudicated by the law. There are enough laws without legalising what people can’t say or write. Where, I imagine, we disagree is that it shouldn’t be adjudicated by Young and Murray and Tice either. As matters stand, we have those who want to legislate for the right to free speech and those who campaign to restrict it. Nothing can come of that.

By regulating ourselves, the risk is run of sounding conservatively nostalgic for a golden age of civility that never really existed, or rather that was imposed by social authority. It’s the sort of proposed solution you hear when someone says it’s really a question of good manners. It’s true that freedom of speech largely worked in a period of deference, but deference was probably not a good price to pay for it.

What can be said is that, like any freedom, freedom of speech comes with congruent responsibilities. We hold a responsibility not to cause violence with what we say, even or especially if that means turning the other cheek. In ecclesiological management terms, this would make freedom of speech a pastoral rather than systemic provision. We serve each other; we don’t require the state to serve us.

Linehan’s post was fine up until it’s final phrase. But it’s peer pressure, not the law, that should have prevented him from using it. Taking the violence out of speech should be an educated, peaceful instinct. And that remains a social duty, not a governance one.

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